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Registered number: 06102310
Contact Electrical (South West) Limited
Unaudited Financial Statements
For The Year Ended 31 March 2025
The Regent Chapel Street
Penzance
Cornwall
TR18 4AE
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 06102310
2025 2024
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 19,683 21,870
Tangible Assets 5 135,490 122,753
155,173 144,623
CURRENT ASSETS
Debtors 6 129,489 53,101
Cash at bank and in hand 37 5,879
129,526 58,980
Creditors: Amounts Falling Due Within One Year 7 (164,634 ) (106,480 )
NET CURRENT ASSETS (LIABILITIES) (35,108 ) (47,500 )
TOTAL ASSETS LESS CURRENT LIABILITIES 120,065 97,123
Creditors: Amounts Falling Due After More Than One Year 8 (134,002 ) (88,848 )
NET (LIABILITIES)/ASSETS (13,937 ) 8,275
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account (14,037 ) 8,175
SHAREHOLDERS' FUNDS (13,937) 8,275
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 Christian Gordon
Director
Mr Jonathan Gordon
Director
31/12/2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Contact Electrical (South West) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06102310 . The registered office is The Regent, Chapel Street, Penzance, Cornwall, TR18 4AE.
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. It is amortised to profit and loss account at 10% net book value.
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:
Plant & Machinery 25% WDV
Motor Vehicles 15% WDV
Fixtures & Fittings 25% WDV
Computer Equipment 35% WDV
2.5. 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.
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2.6. 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.
2.7. 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: 5 (2024: 6)
5 6
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2024 100,000
As at 31 March 2025 100,000
Amortisation
As at 1 April 2024 78,130
Provided during the period 2,187
As at 31 March 2025 80,317
Net Book Value
As at 31 March 2025 19,683
As at 1 April 2024 21,870
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5. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2024 64,369 150,708 2,033 217,110
Additions 18,372 45,935 - 64,307
Disposals - (13,195 ) - (13,195 )
As at 31 March 2025 82,741 183,448 2,033 268,222
Depreciation
As at 1 April 2024 27,172 65,671 1,514 94,357
Provided during the period 13,892 29,444 130 43,466
Disposals - (5,091 ) - (5,091 )
As at 31 March 2025 41,064 90,024 1,644 132,732
Net Book Value
As at 31 March 2025 41,677 93,424 389 135,490
As at 1 April 2024 37,197 85,037 519 122,753
6. Debtors
2025 2024
£ £
Due within one year
Trade debtors 52,774 6,850
VAT - 6,690
Directors' loan accounts 76,715 33,113
Amounts owed by associates - 6,448
129,489 53,101
7. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 32,080 13,390
Trade creditors 31,263 6,744
Bank loans and overdrafts 49,423 46,653
Corporation tax 3,111 11,392
Other taxes and social security 735 23
VAT 2,944 -
Net wages - 3,028
Bounce back loan (less than one year) 8,100 8,100
Accruals and deferred income 2,500 2,500
Amounts owed to associates 17,108 14,650
Amounts owed to other participating interests 17,370 -
164,634 106,480
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8. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 96,602 47,478
Bank loans - Funding Circle 19,100 19,100
Bounce back loan greater than a year 18,300 22,270
134,002 88,848
9. Obligations Under Finance Leases and Hire Purchase
2025 2024
£ £
The future minimum finance lease payments are as follows:
Not later than one year 32,080 13,390
Later than one year and not later than five years 96,602 47,478
128,682 60,868
128,682 60,868
10. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 100 100
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