Acorah Software Products - Accounts Production 16.7.461 false true 31 March 2024 1 April 2023 false 1 April 2024 31 March 2025 31 March 2025 SC062313 Mr Jason Clark Mr James Clark Mrs Helen Clark Mrs Helen Clark iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC062313 2024-03-31 SC062313 2025-03-31 SC062313 2024-04-01 2025-03-31 SC062313 frs-core:CurrentFinancialInstruments 2025-03-31 SC062313 frs-core:Non-currentFinancialInstruments 2025-03-31 SC062313 frs-core:BetweenOneFiveYears 2025-03-31 SC062313 frs-core:FurnitureFittings 2025-03-31 SC062313 frs-core:FurnitureFittings 2024-04-01 2025-03-31 SC062313 frs-core:FurnitureFittings 2024-03-31 SC062313 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2025-03-31 SC062313 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-04-01 2025-03-31 SC062313 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-03-31 SC062313 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2025-03-31 SC062313 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 SC062313 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-03-31 SC062313 frs-core:MotorVehicles 2025-03-31 SC062313 frs-core:MotorVehicles 2024-04-01 2025-03-31 SC062313 frs-core:MotorVehicles 2024-03-31 SC062313 frs-core:PlantMachinery 2025-03-31 SC062313 frs-core:PlantMachinery 2024-04-01 2025-03-31 SC062313 frs-core:PlantMachinery 2024-03-31 SC062313 frs-core:WithinOneYear 2025-03-31 SC062313 frs-core:OtherReservesSubtotal 2025-03-31 SC062313 frs-core:ShareCapital 2025-03-31 SC062313 frs-core:RetainedEarningsAccumulatedLosses 2025-03-31 SC062313 frs-bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 SC062313 frs-bus:FilletedAccounts 2024-04-01 2025-03-31 SC062313 frs-bus:SmallEntities 2024-04-01 2025-03-31 SC062313 frs-bus:AuditExempt-NoAccountantsReport 2024-04-01 2025-03-31 SC062313 frs-bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 SC062313 frs-bus:Director1 2024-04-01 2025-03-31 SC062313 frs-bus:Director2 2024-04-01 2025-03-31 SC062313 frs-bus:Director2 2024-03-31 SC062313 frs-bus:Director2 2025-03-31 SC062313 frs-bus:Director3 2024-04-01 2025-03-31 SC062313 frs-bus:CompanySecretary1 2024-04-01 2025-03-31 SC062313 frs-core:CurrentFinancialInstruments 1 2025-03-31 SC062313 frs-countries:Scotland 2024-04-01 2025-03-31 SC062313 2023-03-31 SC062313 2024-03-31 SC062313 2023-04-01 2024-03-31 SC062313 frs-core:CurrentFinancialInstruments 2024-03-31 SC062313 frs-core:Non-currentFinancialInstruments 2024-03-31 SC062313 frs-core:BetweenOneFiveYears 2024-03-31 SC062313 frs-core:WithinOneYear 2024-03-31 SC062313 frs-core:OtherReservesSubtotal 2024-03-31 SC062313 frs-core:ShareCapital 2024-03-31 SC062313 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 SC062313 frs-core:CurrentFinancialInstruments 1 2024-03-31
Registered number: SC062313
Thistle Marine (Peterhead) Limited
Unaudited Financial Statements
For The Year Ended 31 March 2025
M Squared Accountants Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: SC062313
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,402,597 1,198,308
1,402,597 1,198,308
CURRENT ASSETS
Stocks 5 870,459 216,335
Debtors 6 337,535 555,513
Cash at bank and in hand 356,495 160,924
1,564,489 932,772
Creditors: Amounts Falling Due Within One Year 7 (1,069,677 ) (1,133,304 )
NET CURRENT ASSETS (LIABILITIES) 494,812 (200,532 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,897,409 997,776
Creditors: Amounts Falling Due After More Than One Year 8 (285,057 ) (371,578 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (90,042 ) (60,209 )
NET ASSETS 1,522,310 565,989
CAPITAL AND RESERVES
Called up share capital 10 2,550 2,550
Other reserves 2,550 2,550
Profit and Loss Account 1,517,210 560,889
SHAREHOLDERS' FUNDS 1,522,310 565,989
Page 1
Page 2
For the year ending 31 March 2025 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
Mr Jason Clark
Director
05/12/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Thistle Marine (Peterhead) Limited is a private company, limited by shares, incorporated in Scotland, registered number SC062313 . The registered office is Thistle House, Thunderton Industrial Estate, Peterhead, Aberdeenshire, AB42 3EB.
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. 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 2% straight line
Leasehold over the period of the lease
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.5. 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.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Page 3
Page 4
2.7. 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.8. 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: 18 (2024: 21)
18 21
4. Tangible Assets
Land & Property
Freehold Leasehold Plant & Machinery Motor Vehicles
£ £ £ £
Cost
As at 1 April 2024 814,539 339,049 1,307,256 280,388
Additions - 8,964 243,517 131,984
Disposals - - - (77,668 )
As at 31 March 2025 814,539 348,013 1,550,773 334,704
Depreciation
As at 1 April 2024 39,747 304,792 1,062,595 146,806
Provided during the period 16,290 27,306 71,999 41,096
Disposals - - - (55,067 )
As at 31 March 2025 56,037 332,098 1,134,594 132,835
...CONTINUED
Page 4
Page 5
Net Book Value
As at 31 March 2025 758,502 15,915 416,179 201,869
As at 1 April 2024 774,792 34,257 244,661 133,582
Fixtures & Fittings Total
£ £
Cost
As at 1 April 2024 83,149 2,824,381
Additions 1,870 386,335
Disposals - (77,668 )
As at 31 March 2025 85,019 3,133,048
Depreciation
As at 1 April 2024 72,133 1,626,073
Provided during the period 2,754 159,445
Disposals - (55,067 )
As at 31 March 2025 74,887 1,730,451
Net Book Value
As at 31 March 2025 10,132 1,402,597
As at 1 April 2024 11,016 1,198,308
5. Stocks
2025 2024
£ £
Finished goods 870,459 216,335
6. Debtors
2025 2024
£ £
Due within one year
Trade debtors 232,707 500,670
Prepayments and accrued income 1,031 270
Other debtors 61,017 12,000
VAT 42,780 42,487
Directors' loan accounts - 86
337,535 555,513
Page 5
Page 6
7. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 110,313 74,259
Trade creditors 666,481 733,896
Bank loans and overdrafts 152,540 277,814
Corporation tax 98,436 -
Other taxes and social security 27,351 31,079
Other creditors 2,212 886
Pension creditor 7,522 7,175
Accruals and deferred income 4,609 7,911
Government grants within one year 213 284
1,069,677 1,133,304
8. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 172,156 205,743
Bank loans 112,262 164,984
Government grants after one year 639 851
285,057 371,578
9. Obligations Under Finance Leases and Hire Purchase
2025 2024
£ £
The future minimum finance lease payments are as follows:
Not later than one year 110,313 74,259
Later than one year and not later than five years 172,156 205,743
282,469 280,002
282,469 280,002
10. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 2,550 2,550
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2024 Amounts advanced Amounts repaid Amounts written off As at 31 March 2025
£ £ £ £ £
Mr James Clark 86 - - - -
The above loan is unsecured, interest free and repayable on demand.
Page 6