Account Tax Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: SC185712 (Scotland)

Financial Statements for the Year Ended 30 September 2023

for

ACCOUNT TAX LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N J Bradford FCCA

K A Humphries FCCA

REGISTERED OFFICE:

12 Traill Drive

Montrose

Angus

DD108SW

REGISTERED NUMBER:

SC185712 (Scotland)

ACCOUNTANTS:

Account Tax Ltd

Chartered Certified Accountants

12 Traill Drive

Montrose

Angus

DD10 8SW

FIXED ASSETS

Intangible assets

4

379,954

381,079

Tangible assets

5

13,346

17,269

393,300

398,348

CURRENT ASSETS

Stocks

13,723

12,586

Debtors

6

96,504

102,357

Cash at bank and in hand

138,965

82,212

249,192

197,155

CREDITORS

Amounts falling due within one year

7

122,241

89,127

NET CURRENT ASSETS

126,951

108,028

TOTAL ASSETS LESS CURRENT LIABILITIES

520,251

506,376

PROVISIONS FOR LIABILITIES

2,571

2,894

NET ASSETS

517,680

503,482

CAPITAL AND RESERVES

Called up share capital

18

18

Revaluation reserve

8

132,000

132,000

Retained earnings

385,662

371,464

SHAREHOLDERS' FUNDS

517,680

503,482

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 October 2023 and were signed on its behalf by:

N J Bradford FCCA - Director

K A Humphries FCCA - Director

1.	STATUTORY INFORMATION

Account Tax Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

at varying rates on cost

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on cost

Work in progress

Work in Progress reflects uninvoiced work at the year end. Thus is valued at its subsequent selling price, profit is therefore recognised.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 12 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 October 2022

and 30 September 2023

368,376

14,953

383,329

AMORTISATION

At 1 October 2022

-

2,250

2,250

Charge for year

-

1,125

1,125

At 30 September 2023

-

3,375

3,375

NET BOOK VALUE

At 30 September 2023

368,376

11,578

379,954

At 30 September 2022

368,376

12,703

381,079

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 October 2022

34,585

26,271

34,600

95,456

Additions

-

-

2,556

2,556

Disposals

-

-

(1,409

)

(1,409

)

At 30 September 2023

34,585

26,271

35,747

96,603

DEPRECIATION

At 1 October 2022

34,585

24,606

18,996

78,187

Charge for year

-

416

5,924

6,340

Eliminated on disposal

-

-

(1,270

)

(1,270

)

At 30 September 2023

34,585

25,022

23,650

83,257

NET BOOK VALUE

At 30 September 2023

-

1,249

12,097

13,346

At 30 September 2022

-

1,665

15,604

17,269

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

84,374

90,935

Other debtors

12,130

11,422

96,504

102,357

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

1,612

1,715

Taxation and social security

119,155

78,941

Other creditors

1,474

8,471

122,241

89,127

8.

RESERVES

Revaluation

reserve

£

At 1 October 2022

and 30 September 2023

132,000

9.	RELATED PARTY DISCLOSURES

During the year, total dividends of £163,363 (2022 - £157,583) were paid to the directors .

The company was under the control of N J Bradford and K A Humphries throughout the current and previous year. N J Bradford and K A Humphries are both directors.

As at 30 September 2023 included within other creditors is a balance outstanding due to the director of £0 (2022 - £264).

As at 30 September 2023 included within other creditors is a balance outstanding due to the director of £0 (2022 - £2,111).

During the year the company has continued to rent premises which are owned by a registered pension scheme for one of the directors, N J Bradford. Rent is payable by the company at a commercial rate as set by an independent valuer. The lease agreement is fixed for five years. It is therefore due to be renewed July 2027.