Acorah Software Products - Accounts Production 14.3.260 false true 31 December 2022 1 January 2022 true No description of principal activity 1 January 2023 31 December 2023 31 December 2023 07414466 Mr Viral Lalwala iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07414466 frs-core:CurrentFinancialInstruments frs-core:WithinOneYear 2022-12-31 07414466 frs-core:CurrentFinancialInstruments frs-core:WithinOneYear 2023-12-31 07414466 frs-core:Non-currentFinancialInstruments frs-core:BetweenOneFiveYears 2023-12-31 07414466 frs-core:Non-currentFinancialInstruments frs-core:MoreThanFiveYears 2023-12-31 07414466 frs-core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-01-01 2023-12-31 07414466 frs-core:AllSubsidiaries 2023-01-01 2023-12-31 07414466 frs-core:KeyManagementPersonnel 2023-01-01 2023-12-31 07414466 frs-core:EntitiesControlledByKeyManagementPersonnel 2023-01-01 2023-12-31 07414466 frs-core:OtherRelatedParties 2023-01-01 2023-12-31 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Registered number: 07414466
N V SUBWAY LIMITED
Director's Report and
Unaudited Financial Statements
For The Year Ended 31 December 2023
Director's Report and Unaudited Financial Statements
Contents
Page
Company Information 1
Director's Report 2
Income Statement 3
Statement of Financial Position 4—5
Notes to the Financial Statements 6—8
Page 1
Company Information
Director Mr Viral Lalwala
Company Number 07414466
Registered Office Subway Unit 16a Gallions Reach Shoping Park
Armada Way
Beckton
London
E6 7ER
Accountants Aarnic Ltd
36 Silk Mill Road
Watford
WD19 4JY
Page 1
Page 2
Director's Report
The director presents his report and the financial statements for the year ended 31 December 2023 .
Directors
The director who held office during the year were as follows:
Mr Viral Lalwala
Statement of Director's Responsibilities
The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the director is required to: 
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small Company Rules
This report has 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.
On behalf of the board
Mr Viral Lalwala
Director
12/02/2024
Page 2
Page 3
Income Statement
2023 2022
Notes £ £
TURNOVER 4,433,863 3,285,175
Cost of sales (2,208,796 ) (1,170,300 )
GROSS PROFIT 2,225,067 2,114,875
Administrative expenses (1,760,673 ) (1,894,093 )
Other operating income 13,516 -
OPERATING PROFIT 477,910 220,782
Interest payable and similar charges (89,517 ) (37,228 )
PROFIT BEFORE TAXATION 388,393 183,554
Tax on Profit (64,128 ) (18,626 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 324,265 164,928
The notes on pages 6 to 8 form part of these financial statements.
Page 3
Page 4
Statement of Financial Position
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1,641,337 1,397,715
Tangible Assets 5 530,333 225,054
2,171,670 1,622,769
CURRENT ASSETS
Stocks 6 48,578 59,403
Debtors 7 359,536 410,462
Cash at bank and in hand 175,002 27,475
583,116 497,340
Creditors: Amounts Falling Due Within One Year 8 (648,635 ) (550,190 )
NET CURRENT ASSETS (LIABILITIES) (65,519 ) (52,850 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,106,151 1,569,919
Creditors: Amounts Falling Due After More Than One Year 9 (888,768 ) (616,101 )
NET ASSETS 1,217,383 953,818
CAPITAL AND RESERVES
Called up share capital 10 4 4
Income Statement 1,217,379 953,814
SHAREHOLDERS' FUNDS 1,217,383 953,818
Page 4
Page 5
For the year ending 31 December 2023 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
Mr Viral Lalwala
Director
12/02/2024
The notes on pages 6 to 8 form part of these financial statements.
Page 5
Page 6
Notes to the Financial Statements
1. General Information
N V SUBWAY LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 07414466 . The registered office is Subway Unit 16a Gallions Reach Shoping Park, Armada Way, Beckton, London, E6 7ER.
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 income statement over its estimated economic life of 10 years.
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:
Leasehold 4% SLM
Plant & Machinery 25% RBM
Fixtures & Fittings 15% RBM
Computer Equipment 33.33% SLM
2.5. 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.
2.6. 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.
...CONTINUED
Page 6
Page 7
2.6. Taxation - continued
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 55 (2022: 52)
55 52
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2023 1,742,566
Additions 340,000
As at 31 December 2023 2,082,566
Amortisation
As at 1 January 2023 344,851
Provided during the period 96,378
As at 31 December 2023 441,229
Net Book Value
As at 31 December 2023 1,641,337
As at 1 January 2023 1,397,715
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 107,704 - 555,538 887 664,129
Additions 31,000 446 362,623 1,480 395,549
As at 31 December 2023 138,704 446 918,161 2,367 1,059,678
Depreciation
As at 1 January 2023 107,702 - 330,634 739 439,075
Provided during the period 1,240 112 88,129 789 90,270
As at 31 December 2023 108,942 112 418,763 1,528 529,345
Net Book Value
As at 31 December 2023 29,762 334 499,398 839 530,333
As at 1 January 2023 2 - 224,904 148 225,054
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6. Stocks
2023 2022
£ £
Stock 48,578 59,403
48,578 59,403
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 40,844 164,279
Prepayments and accrued income 16,508 132,938
Other debtors 301,545 113,245
Pension scheme prepayments 639 -
359,536 410,462
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 99,480 8,570
Bank loans and overdrafts - 227,759
Other loans 46,612 -
Corporation tax 48,099 4,871
Other taxes and social security 29,544 32,564
VAT 159,572 -
Net wages 4,960 -
Other creditors 46,640 163,073
Accruals and deferred income 2,113 12,255
Director's loan account 211,615 101,098
648,635 550,190
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Other loans 888,768 616,101
888,768 616,101
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 4 4
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