Acorah Software Products - Accounts Production 16.6.950 false true 30 November 2023 1 December 2022 false 1 December 2023 30 November 2024 30 November 2024 SC527651 Mr Scott Sharkey Mr Scott Sharkey iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC527651 2023-11-30 SC527651 2024-11-30 SC527651 2023-12-01 2024-11-30 SC527651 frs-core:CurrentFinancialInstruments 2024-11-30 SC527651 frs-core:FurnitureFittings 2024-11-30 SC527651 frs-core:FurnitureFittings 2023-12-01 2024-11-30 SC527651 frs-core:FurnitureFittings 2023-11-30 SC527651 frs-core:MotorVehicles 2024-11-30 SC527651 frs-core:MotorVehicles 2023-12-01 2024-11-30 SC527651 frs-core:MotorVehicles 2023-11-30 SC527651 frs-core:ShareCapital 2024-11-30 SC527651 frs-core:RetainedEarningsAccumulatedLosses 2024-11-30 SC527651 frs-bus:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 SC527651 frs-bus:FilletedAccounts 2023-12-01 2024-11-30 SC527651 frs-bus:SmallEntities 2023-12-01 2024-11-30 SC527651 frs-bus:AuditExempt-NoAccountantsReport 2023-12-01 2024-11-30 SC527651 frs-bus:SmallCompaniesRegimeForAccounts 2023-12-01 2024-11-30 SC527651 frs-bus:Director1 2023-12-01 2024-11-30 SC527651 frs-countries:Scotland 2023-12-01 2024-11-30 SC527651 2022-11-30 SC527651 2023-11-30 SC527651 2022-12-01 2023-11-30 SC527651 frs-core:CurrentFinancialInstruments 2023-11-30 SC527651 frs-core:ShareCapital 2023-11-30 SC527651 frs-core:RetainedEarningsAccumulatedLosses 2023-11-30
Registered number: SC527651
Shark Industries Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2024
14 Newton Place
Glasgow
G3 7PY
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—4
Page 1
Statement of Financial Position
Registered number: SC527651
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 96,896 68,714
96,896 68,714
CURRENT ASSETS
Stocks 5 105,000 115,000
Debtors 6 228,864 298,564
Cash at bank and in hand 20,504 37,198
354,368 450,762
Creditors: Amounts Falling Due Within One Year 7 (215,602 ) (269,617 )
NET CURRENT ASSETS (LIABILITIES) 138,766 181,145
TOTAL ASSETS LESS CURRENT LIABILITIES 235,662 249,859
NET ASSETS 235,662 249,859
CAPITAL AND RESERVES
Called up share capital 8 100 100
Income Statement 235,562 249,759
SHAREHOLDERS' FUNDS 235,662 249,859
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For the year ending 30 November 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 Income Statement.
On behalf of the board
Mr Scott Sharkey
Director
Mr Scott Sharkey
Director
30th November 2025
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Shark Industries Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC527651 . The registered office is 14 Newton Place, Glasgow, G3 7PY.
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.
2.3. 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:
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
2.4. 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.
2.5. 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 years 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 assets reflect 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
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4. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 December 2023 - 122,158 122,158
Additions 50,000 5,813 55,813
As at 30 November 2024 50,000 127,971 177,971
Depreciation
As at 1 December 2023 - 53,444 53,444
Provided during the period 9,000 18,631 27,631
As at 30 November 2024 9,000 72,075 81,075
Net Book Value
As at 30 November 2024 41,000 55,896 96,896
As at 1 December 2023 - 68,714 68,714
5. Stocks
2024 2023
£ £
Stock 105,000 115,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 228,864 298,564
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 49,742 31,459
Corporation tax 40,875 38,954
Other taxes and social security 18,083 14,344
VAT 55,376 69,879
Accruals and deferred income 1,589 3,226
Directors' loan accounts 49,937 111,755
215,602 269,617
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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