Acorah Software Products - Accounts Production 12.4.009 false true 1 January 2021 31 December 2021 31 December 2021 11710324 Mr Marcus Hill Mr Nick Torday Mr Damian Routley iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11710324 2020-12-31 11710324 2021-12-31 11710324 2021-01-01 2021-12-31 11710324 frs-core:CurrentFinancialInstruments 2021-12-31 11710324 frs-core:CurrentFinancialInstruments 2021-01-01 2021-12-31 11710324 frs-core:Non-currentFinancialInstruments 2021-12-31 11710324 frs-core:Non-currentFinancialInstruments 2021-01-01 2021-12-31 11710324 frs-core:CurrentFinancialInstruments 2021-01-01 2021-12-31 11710324 frs-core:CurrentFinancialInstruments 2021-12-31 11710324 frs-core:AfterOneYear 2021-01-01 2021-12-31 11710324 frs-core:BetweenOneFiveYears 2021-01-01 2021-12-31 11710324 frs-core:BetweenOneFiveYears 2021-12-31 11710324 frs-core:ComputerEquipment 2021-12-31 11710324 frs-core:ComputerEquipment 2021-01-01 2021-12-31 11710324 frs-core:ComputerEquipment 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Registered number: 11710324
Bower Collective Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2021
Finerva

Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11710324
2021 2020
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 12,040 11,640
12,040 11,640
CURRENT ASSETS
Stocks 5 216,578 64,929
Debtors 6 225,071 36,312
Cash at bank and in hand 1,221,195 244,936
1,662,844 346,177
Creditors: Amounts Falling Due Within One Year 7 (382,751 ) (76,136 )
NET CURRENT ASSETS (LIABILITIES) 1,280,093 270,041
TOTAL ASSETS LESS CURRENT LIABILITIES 1,292,133 281,681
Creditors: Amounts Falling Due After More Than One Year 8 (55,326 ) (68,359 )
PROVISIONS FOR LIABILITIES
Deferred Taxation - (2,212 )
NET ASSETS 1,236,807 211,110
CAPITAL AND RESERVES
Called up share capital 10 18 15
Share premium account 2,689,281 590,016
Profit and Loss Account (1,452,492 ) (378,921 )
SHAREHOLDERS' FUNDS 1,236,807 211,110
Page 1
Page 2
For the year ending 31 December 2021 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.
The financial statements were approved by the board of directors on 12 September 2022 and were signed on its behalf by:
Mr Nick Torday
Director
12 September 2022
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2. Going Concern Disclosure
The company’s financial statements have been prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the company’s needs. In assessing going concern, the directors have a reasonable expectation that the company will continue as a going concern and is able to meet all of its obligations as they fall due for a minimum of 12 months from the date of approval of these financial statements.
1.3. Turnover
Revenue is recognised to the extent that it is probable economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of the ownership of the goods have passed to the buyer, usually on delivery of the goods and the costs incurred or to be incurred in respect of the transaction be measured reliably.
1.4. Research and Development
Expenditure on research and development is written off in the year it is incurred.
1.5. 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 4 years on a reducing balance basis
Computer Equipment 3 years on a straight line basis
The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Repairs and maintenance costs are charged to profit or loss during the period in which they are incurred.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use. Any impairment loss is recognised immediately as an expense within the profit or loss.

1.6. Leasing and Hire Purchase Contracts
Leases in which the company assumes substantially all the risks and rewards of ownership of the leased asset are classified as finance leases. All other leases are classified as operating leases.
Leased assets acquired by way of finance lease are stated on initial recognition at an amount equal to the lower of their fair value and the present value of the minimum lease payments at inception of the lease, including any incremental costs directly attributable to negotiating and arranging the lease. At initial recognition a finance lease liability is recognised equal to the fair value of the leased asset or, if lower, the present value of the minimum lease payments, calculated using the interest rate implicit in the lease.
Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability using the rate implicit in the lease. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. Contingent rents are charged as expenses in the periods in which they are incurred.
Payments (excluding costs for services and insurance) made under operating leases are recognised in the profit and loss account on a straight-line basis over the term of the lease unless the payments to the lessor are structured to increase in line with expected general inflation; in which case the payments related to the structured increases are recognised as incurred. Lease incentives received are recognised in profit and loss over the term of the lease as an integral part of the total lease expenses.

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1.7. 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.
1.8. Financial Instruments
Trade and other debtors / creditors

Trade and other debtors are recognised initially at transaction prices less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Impairment of financial assets

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised within profit or loss.

For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset’s carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

1.9. 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.
1.10. 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.
1.11. Pensions
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions in a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in profit or loss in the periods during which services are rendered by employees.
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1.12. Government Grant
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.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2. Average Number of Employees
Average number of employees during the year was as follows: 8 (2020: 4)
8 4
4. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 January 2021 11,640 - 11,640
Additions 1,063 2,838 3,901
As at 31 December 2021 12,703 2,838 15,541
Depreciation
As at 1 January 2021 - - -
Provided during the period 3,021 480 3,501
As at 31 December 2021 3,021 480 3,501
Net Book Value
As at 31 December 2021 9,682 2,358 12,040
As at 1 January 2021 11,640 - 11,640
5. Stocks
2021 2020
£ £
Stock - finished goods 216,578 64,929
216,578 64,929
6. Debtors
2021 2020
£ £
Due within one year
Trade debtors 9,955 5,828
Other debtors 215,116 30,484
225,071 36,312
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7. Creditors: Amounts Falling Due Within One Year
2021 2020
£ £
Net obligations under finance lease and hire purchase contracts 3,368 -
Trade creditors 236,399 70,769
Bank loans and overdrafts - 3,241
Other creditors 127,561 2,126
Taxation and social security 15,423 -
382,751 76,136
Included within other creditors are outstanding pension contributions of £1,170 (2020: £nil)
8. Creditors: Amounts Falling Due After More Than One Year
2021 2020
£ £
Net obligations under finance lease and hire purchase contracts 4,693 -
Bank loans 50,633 46,759
Directors loan account - 21,600
55,326 68,359
9. Obligations Under Finance Leases and Hire Purchase
2021 2020
£ £
The maturity of these amounts is as follows:
Amounts Payable:
Within one year 3,368 -
Between one and five years 4,693 -
8,061 -
8,061 -
10. Share Capital
2021 2020
Allotted, Called up and fully paid 18 15
11. Post Balance Sheet Events
On 08 March 2022 there were 347,698 ordinary shares allotted in receipt for £2,100,096. This resulted in share capital of £3 and share premium of £2,100,093.
12. General Information
Bower Collective Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11710324 . The registered office is The Court, Alhampton, Shepton Mallet, BA4 6PZ.
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