Acorah Software Products - Accounts Production 16.5.460 false true 31 December 2023 1 January 2023 false 1 January 2024 31 December 2024 31 December 2024 SC136128 Mrs Anne Campbell Mr Alistair Logan iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC136128 2023-12-31 SC136128 2024-12-31 SC136128 2024-01-01 2024-12-31 SC136128 frs-core:CurrentFinancialInstruments 2024-12-31 SC136128 frs-core:ComputerEquipment 2024-12-31 SC136128 frs-core:ComputerEquipment 2024-01-01 2024-12-31 SC136128 frs-core:ComputerEquipment 2023-12-31 SC136128 frs-core:FurnitureFittings 2024-12-31 SC136128 frs-core:FurnitureFittings 2024-01-01 2024-12-31 SC136128 frs-core:FurnitureFittings 2023-12-31 SC136128 frs-core:NetGoodwill 2024-12-31 SC136128 frs-core:NetGoodwill 2024-01-01 2024-12-31 SC136128 frs-core:NetGoodwill 2023-12-31 SC136128 frs-core:InvestmentPropertyIncludedWithinPPE 2024-12-31 SC136128 frs-core:InvestmentPropertyIncludedWithinPPE 2024-01-01 2024-12-31 SC136128 frs-core:InvestmentPropertyIncludedWithinPPE 2023-12-31 SC136128 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-12-31 SC136128 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 SC136128 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-12-31 SC136128 frs-core:MotorVehicles 2024-12-31 SC136128 frs-core:MotorVehicles 2024-01-01 2024-12-31 SC136128 frs-core:MotorVehicles 2023-12-31 SC136128 frs-core:PlantMachinery 2024-12-31 SC136128 frs-core:PlantMachinery 2024-01-01 2024-12-31 SC136128 frs-core:PlantMachinery 2023-12-31 SC136128 frs-core:CapitalRedemptionReserve 2024-12-31 SC136128 frs-core:ShareCapital 2024-12-31 SC136128 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 SC136128 frs-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 SC136128 frs-bus:FilletedAccounts 2024-01-01 2024-12-31 SC136128 frs-bus:SmallEntities 2024-01-01 2024-12-31 SC136128 frs-bus:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 SC136128 frs-bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 SC136128 frs-core:DeferredTaxation 2024-01-01 2024-12-31 SC136128 frs-core:DeferredTaxation 2023-12-31 SC136128 frs-core:DeferredTaxation 2024-12-31 SC136128 frs-bus:Director1 2024-01-01 2024-12-31 SC136128 frs-bus:Director2 2024-01-01 2024-12-31 SC136128 frs-core:CurrentFinancialInstruments 1 2024-12-31 SC136128 frs-core:CurrentFinancialInstruments 2 2024-12-31 SC136128 frs-countries:Scotland 2024-01-01 2024-12-31 SC136128 2022-12-31 SC136128 2023-12-31 SC136128 2023-01-01 2023-12-31 SC136128 frs-core:CurrentFinancialInstruments 2023-12-31 SC136128 frs-core:CapitalRedemptionReserve 2023-12-31 SC136128 frs-core:ShareCapital 2023-12-31 SC136128 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 SC136128 frs-core:CurrentFinancialInstruments 1 2023-12-31 SC136128 frs-core:CurrentFinancialInstruments 2 2023-12-31
Registered number: SC136128
Ovec Systems Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: SC136128
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 2,750,565 2,728,305
2,750,565 2,728,305
CURRENT ASSETS
Stocks 6 27,186 31,476
Debtors 7 233,839 286,314
Cash at bank and in hand 2,352,047 1,618,726
2,613,072 1,936,516
Creditors: Amounts Falling Due Within One Year 8 (744,196 ) (579,423 )
NET CURRENT ASSETS (LIABILITIES) 1,868,876 1,357,093
TOTAL ASSETS LESS CURRENT LIABILITIES 4,619,441 4,085,398
PROVISIONS FOR LIABILITIES
Deferred Taxation (48,371 ) (10,119 )
NET ASSETS 4,571,070 4,075,279
CAPITAL AND RESERVES
Called up share capital 10 8 8
Capital redemption reserve 192 192
Profit and Loss Account 4,570,870 4,075,079
SHAREHOLDERS' FUNDS 4,571,070 4,075,279
Page 1
Page 2
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Anne Campbell
Director
25/09/2025
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Ovec Systems Limited is a private company, limited by shares, incorporated in Scotland, registered number SC136128 . The registered office is 7 Deerdykes Road, Cumbernauld, Glasgow, G68 9HF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets in 2008. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 0% - 5% on cost
Plant & Machinery 20% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 15% on reducing balance
Yacht 10% on reducing balance
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Financial Instruments
The company only has basic financial instruments.

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured
initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective
interest method, less any impairment.

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans,
are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost
using the effective interest method.
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Page 4
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.10. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 20 (2023: 20)
20 20
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2024 5,000
As at 31 December 2024 5,000
Amortisation
As at 1 January 2024 5,000
As at 31 December 2024 5,000
Net Book Value
As at 31 December 2024 -
As at 1 January 2024 -
Page 4
Page 5
5. Tangible Assets
Land & Property
Freehold Investment Properties Plant & Machinery Motor Vehicles
£ £ £ £
Cost
As at 1 January 2024 1,799,113 1,049,868 117,393 44,883
Additions - - - 41,658
As at 31 December 2024 1,799,113 1,049,868 117,393 86,541
Depreciation
As at 1 January 2024 158,972 - 111,664 35,669
Provided during the period 10,379 - 859 5,776
As at 31 December 2024 169,351 - 112,523 41,445
Net Book Value
As at 31 December 2024 1,629,762 1,049,868 4,870 45,096
As at 1 January 2024 1,640,141 1,049,868 5,729 9,214
Fixtures & Fittings Yacht Total
£ £ £
Cost
As at 1 January 2024 7,217 80,000 3,098,474
Additions - - 41,658
As at 31 December 2024 7,217 80,000 3,140,132
Depreciation
As at 1 January 2024 6,251 57,613 370,169
Provided during the period 145 2,239 19,398
As at 31 December 2024 6,396 59,852 389,567
Net Book Value
As at 31 December 2024 821 20,148 2,750,565
As at 1 January 2024 966 22,387 2,728,305
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Page 6
Cost or valuation as at 31 December 2024 represented by:
Land & Property
Freehold Investment Properties Plant & Machinery Motor Vehicles
£ £ £ £
At cost 1,799,113 - 117,393 86,541
At valuation - 1,049,868 - -
1,799,113 1,049,868 117,393 86,541
Fixtures & Fittings Yacht Total
£ £ £
At cost 7,217 80,000 2,090,264
At valuation - - 1,049,868
7,217 80,000 3,140,132
If investment property had not been revalued it would have been included at the following historical cost of £1,049,868 (2023: £1,049,868)
Investment property was valued on an open market basis on 31 December 2024 by the directors
6. Stocks
2024 2023
£ £
Stock 27,186 31,476
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 169,620 253,434
Prepayments and accrued income 10,499 5,541
VAT 53,720 27,339
233,839 286,314
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 229,647 123,808
Corporation tax 155,250 147,687
Other taxes and social security 13,667 15,721
Other creditors 79,494 95,212
Deposits Received 197,687 150,723
Pension creditor 2,777 3,133
Accruals and deferred income 4,220 4,167
Directors' loan accounts 61,454 38,972
744,196 579,423
Page 6
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9. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 January 2024 10,119 10,119
Additions 38,252 38,252
Balance at 31 December 2024 48,371 48,371
The provision for deferred taxation is made up of accelerated capital allowances.
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 8 8
Page 7