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Registration number: 04354129

Accentis Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2023

 

Accentis Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Accentis Limited

Company Information

Director

Mr Neil Edward O'Brien

Registered office

71-75 Shelton Street
Covent Garden
London
Greater London
WC2H 9JQ

Accountants

Accentis
Parallel House
32 London Road
Guildford
GU1 2AB

 

Accentis Limited

(Registration number: 04354129)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

12,210

18,015

Tangible assets

5

5,867

7,314

 

18,077

25,329

Current assets

 

Stocks

6

12,252

-

Debtors

7

113,945

158,750

Cash at bank and in hand

 

126,377

11,748

 

252,574

170,498

Creditors: Amounts falling due within one year

8

(236,333)

(151,509)

Net current assets

 

16,241

18,989

Total assets less current liabilities

 

34,318

44,318

Creditors: Amounts falling due after more than one year

8

-

(10,213)

Net assets

 

34,318

34,105

Capital and reserves

 

Called up share capital

9

200

200

Retained earnings

34,118

33,905

Shareholders' funds

 

34,318

34,105

For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 14 November 2023
 

 

Accentis Limited

(Registration number: 04354129)
Balance Sheet as at 31 January 2023

.........................................
Mr Neil Edward O'Brien
Director

 

Accentis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
71-75 Shelton Street
Covent Garden
London
Greater London
WC2H 9JQ
United Kingdom

The principal place of business is:
Parallel House
32 London Road
Guildford
GU1 2AB

These financial statements were authorised for issue by the director on 14 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Accentis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

Straight line over three years

Office equipmemt

Straight line over three years

Fixtures and fittings

Straight line over four years

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Software

Straight line over four years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Accentis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 13 (2022 - 13).

 

Accentis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 February 2022

24,418

24,418

At 31 January 2023

24,418

24,418

Amortisation

At 1 February 2022

6,403

6,403

Amortisation charge

5,805

5,805

At 31 January 2023

12,208

12,208

Carrying amount

At 31 January 2023

12,210

12,210

At 31 January 2022

18,015

18,015

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2022

47,251

47,251

Additions

7,821

7,821

At 31 January 2023

55,072

55,072

Depreciation

At 1 February 2022

39,937

39,937

Charge for the year

9,268

9,268

At 31 January 2023

49,205

49,205

Carrying amount

At 31 January 2023

5,867

5,867

At 31 January 2022

7,314

7,314

 

Accentis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

6

Stocks

2023
£

2022
£

Work in progress

12,252

-

7

Debtors

Current

2023
£

2022
£

Trade debtors

111,772

112,832

Prepayments

1,035

630

Other debtors

1,138

45,288

 

113,945

158,750

 

Accentis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

22,675

3,803

Trade creditors

 

12,937

14,758

Taxation and social security

 

3,027

20,920

Accruals and deferred income

 

2,820

3,308

Other creditors

 

194,874

108,720

 

236,333

151,509

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

-

10,213

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

200

200

200

200

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

10,213

 

Accentis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,676

2,898

Bank overdrafts

12,999

905

22,675

3,803

11

Dividends

Final dividends paid

   

2023
£

 

2022
£

Final dividend of £Nil per each Ordinary shares

 

-

 

-

         

12

Related party transactions

Transactions with the director

2023

At 1 February 2022
£

Repayments by director
£

At 31 January 2023
£

Mr Neil Edward O'Brien

Loan to/from

(108,720)

(86,154)

(194,874)

       
     

 

2022

At 1 February 2021
£

Repayments by director
£

At 31 January 2022
£

Mr Neil Edward O'Brien

Loan to/from

(61,033)

(47,687)

(108,720)