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Registered number: 04460901
Purbeck Heating And Electrical Limited
Unaudited Financial Statements
For the Period 1 August 2022 to 30 April 2023
MKL Accountants Limited
Chartered Certified Accountants
Herston Cross House
230 High Street
Swanage
Dorset
BH19 2PQ
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 04460901
30 April 2023 31 July 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 58,594 61,899
58,594 61,899
CURRENT ASSETS
Stocks 6 10,000 8,500
Debtors 7 100,284 181,827
Cash at bank and in hand 330,229 282,098
440,513 472,425
Creditors: Amounts Falling Due Within One Year 8 (154,464 ) (185,689 )
NET CURRENT ASSETS (LIABILITIES) 286,049 286,736
TOTAL ASSETS LESS CURRENT LIABILITIES 344,643 348,635
PROVISIONS FOR LIABILITIES
Deferred Taxation (10,905 ) (11,761 )
NET ASSETS 333,738 336,874
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 333,638 336,774
SHAREHOLDERS' FUNDS 333,738 336,874
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For the period ending 30 April 2023 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.
On behalf of the board
Mr Tristian Howlett
Director
18/03/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Purbeck Heating And Electrical Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04460901 . The registered office is Woodfield, Valley Road, Swanage, Dorset, BH19 3DX.
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 profit and loss account over its estimated economic life of twenty 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:
Plant & Machinery 25% Reducing Balance Method
Motor Vehicles 25% Reducing Balance Method
Fixtures & Fittings 25% Reducing Balance Method
Computer Equipment 25% Reducing Balance Method
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.
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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 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.
2.7. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
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.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the period was: 6 (2022: 6)
6 6
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4. Intangible Assets
Goodwill
£
Cost
As at 1 August 2022 9,000
As at 30 April 2023 9,000
Amortisation
As at 1 August 2022 9,000
As at 30 April 2023 9,000
5. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 August 2022 20,819 157,027 5,079 182,925
Additions 15,820 330 575 16,725
Disposals (1,779 ) - (135 ) (1,914 )
As at 30 April 2023 34,860 157,357 5,519 197,736
Depreciation
As at 1 August 2022 10,811 107,663 2,552 121,026
Provided during the period 6,351 12,424 756 19,531
Disposals (1,356 ) - (59 ) (1,415 )
As at 30 April 2023 15,806 120,087 3,249 139,142
Net Book Value
As at 30 April 2023 19,054 37,270 2,270 58,594
As at 1 August 2022 10,008 49,364 2,527 61,899
6. Stocks
30 April 2023 31 July 2022
£ £
Materials 10,000 8,500
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7. Debtors
30 April 2023 31 July 2022
£ £
Due within one year
Trade debtors 95,935 177,353
Prepayments and accrued income 4,349 4,474
100,284 181,827
8. Creditors: Amounts Falling Due Within One Year
30 April 2023 31 July 2022
£ £
Trade creditors 56,505 55,518
Corporation tax 14,887 52,674
Other taxes and social security 2,143 8,113
Net wages - 2,634
VAT on cash accounting 10,475 21,888
Accruals and deferred income 2,375 2,260
Directors' loan accounts 68,079 42,602
154,464 185,689
9. Share Capital
30 April 2023 31 July 2022
£ £
Allotted, Called up and fully paid 100 100
10. Dividends
30 April 2023 31 July 2022
£ £
On equity shares:
Interim dividend paid 65,000 65,000
65,000 65,000
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