Acorah Software Products - Accounts Production 16.8.200 false true 31 March 2024 1 April 2023 false 1 April 2024 31 March 2025 31 March 2025 SC247980 Eileadh Swan iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC247980 2024-03-31 SC247980 2025-03-31 SC247980 2024-04-01 2025-03-31 SC247980 frs-core:CurrentFinancialInstruments 2025-03-31 SC247980 frs-core:Non-currentFinancialInstruments 2025-03-31 SC247980 frs-core:ComputerEquipment 2024-04-01 2025-03-31 SC247980 frs-core:FurnitureFittings 2025-03-31 SC247980 frs-core:FurnitureFittings 2024-04-01 2025-03-31 SC247980 frs-core:FurnitureFittings 2024-03-31 SC247980 frs-core:PlantMachinery 2024-04-01 2025-03-31 SC247980 frs-core:CapitalRedemptionReserve 2025-03-31 SC247980 frs-core:ShareCapital 2025-03-31 SC247980 frs-core:RetainedEarningsAccumulatedLosses 2025-03-31 SC247980 frs-bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 SC247980 frs-bus:FilletedAccounts 2024-04-01 2025-03-31 SC247980 frs-bus:SmallEntities 2024-04-01 2025-03-31 SC247980 frs-bus:AuditExempt-NoAccountantsReport 2024-04-01 2025-03-31 SC247980 frs-bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 SC247980 frs-core:ListedExchangeTraded 2025-03-31 SC247980 frs-core:ListedExchangeTraded 2024-03-31 SC247980 frs-core:CostValuation frs-core:ListedExchangeTraded 2024-03-31 SC247980 frs-core:DisposalsRepaymentsInvestments frs-core:ListedExchangeTraded 2025-03-31 SC247980 frs-core:RevaluationsIncreaseDecreaseInInvestments frs-core:ListedExchangeTraded 2025-03-31 SC247980 frs-core:CostValuation frs-core:ListedExchangeTraded 2025-03-31 SC247980 frs-core:ProvisionsForImpairmentInvestments frs-core:ListedExchangeTraded 2024-03-31 SC247980 frs-core:ProvisionsForImpairmentInvestments frs-core:ListedExchangeTraded 2025-03-31 SC247980 frs-bus:Director1 2024-04-01 2025-03-31 SC247980 frs-bus:Director1 2024-03-31 SC247980 frs-bus:Director1 2025-03-31 SC247980 1 2024-04-01 2025-03-31 SC247980 frs-countries:Scotland 2024-04-01 2025-03-31 SC247980 2023-03-31 SC247980 2024-03-31 SC247980 2023-04-01 2024-03-31 SC247980 frs-core:CurrentFinancialInstruments 2024-03-31 SC247980 frs-core:Non-currentFinancialInstruments 2024-03-31 SC247980 frs-core:CapitalRedemptionReserve 2024-03-31 SC247980 frs-core:ShareCapital 2024-03-31 SC247980 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 SC247980 1 2023-04-01 2024-03-31
Registered number: SC247980
Morningside Gallery Limited
Unaudited Financial Statements
For The Year Ended 31 March 2025
Prime Numbers
Chartered Accountants
1 Lochrin Square
92 Fountainbridge
Edinburgh
EH3 9QA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: SC247980
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 3,774 3,081
Investments 5 136,436 150,000
140,210 153,081
CURRENT ASSETS
Stocks 6 2,000 2,000
Debtors 7 191,014 74,966
Investments 8 3,067 -
Cash at bank and in hand 251,153 255,168
447,234 332,134
Creditors: Amounts Falling Due Within One Year 9 (158,703 ) (138,638 )
NET CURRENT ASSETS (LIABILITIES) 288,531 193,496
TOTAL ASSETS LESS CURRENT LIABILITIES 428,741 346,577
PROVISIONS FOR LIABILITIES
Deferred Taxation (717 ) (2,486 )
NET ASSETS 428,024 344,091
CAPITAL AND RESERVES
Called up share capital 10 532 532
Capital redemption reserve 470 470
Profit and Loss Account 427,022 343,089
SHAREHOLDERS' FUNDS 428,024 344,091
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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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
Eileadh Swan
Director
30/12/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Morningside Gallery Limited is a private company, limited by shares, incorporated in Scotland, registered number SC247980 . The registered office is 94 Morningside Road, Edinburgh, EH10 4BY.
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 commission revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
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:
Plant & Machinery 25% per annum straight line
Office equipment 25% per annum straight line
Computer Equipment 33.33% per annum straight line
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 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2025 2024
Average number of employees, including directors, during the year 4 4
4 4
Page 3
Page 4
4. Tangible Assets
Office equipment
£
Cost
As at 1 April 2024 127,621
Additions 3,049
Disposals (123,809 )
As at 31 March 2025 6,861
Depreciation
As at 1 April 2024 124,540
Provided during the period 2,356
Disposals (123,809 )
As at 31 March 2025 3,087
Net Book Value
As at 31 March 2025 3,774
As at 1 April 2024 3,081
5. Investments
Listed
£
Cost or Valuation
As at 1 April 2024 150,000
Disposals (3,067 )
Revaluations (10,497 )
As at 31 March 2025 136,436
Provision
As at 1 April 2024 -
As at 31 March 2025 -
Net Book Value
As at 31 March 2025 136,436
As at 1 April 2024 150,000
6. Stocks
2025 2024
£ £
Stock 2,000 2,000
Page 4
Page 5
7. Debtors
2025 2024
£ £
Due within one year
Trade debtors 47,946 19,041
Prepayments and accrued income 5,340 -
Other debtors - 55,925
Director's loan account 108,759 -
162,045 74,966
Due after more than one year
Corporation tax recoverable assets 28,969 -
191,014 74,966
8. Current Asset Investments
2025 2024
£ £
Short term deposits 3,067 -
9. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 54,415 51,347
Bank loans and overdrafts 729 195
Corporation tax 75,557 44,257
Other taxes and social security 228 1,206
VAT 25,632 39,692
Accruals and deferred income 2,142 1,940
Director's loan account - 1
158,703 138,638
10. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 532 532
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
£ £ £ £ £
Dr Eileadh Swan - 108,759 - - 108,759
The above loan is unsecured, interest free and repayable on demand.
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