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Registered number: 03386045
Bell Flow Systems Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
AM Taxation Limited
Church View Barn
Beech Tree Court
Whitchurch
Buckinghamshire
HP22 4JR
Unaudited Financial Statements
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Accountant's Report
In accordance with the engagement letter, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the director in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the director the financial statements that we have been engaged to compile, to report to the director that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's director for our work or for this report.
You have acknowledged on the balance sheet as at year ended 31 December 2023 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
4th April 2024
AM Taxation Limited
Church View Barn
Beech Tree Court
Whitchurch
Buckinghamshire
HP22 4JR
Page 1
Page 2
Balance Sheet
Registered number: 03386045
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 25,000 31,666
Tangible Assets 5 162,339 92,917
187,339 124,583
CURRENT ASSETS
Stocks 7 422,171 425,587
Debtors 8 256,461 336,227
Cash at bank and in hand 805,574 399,701
1,484,206 1,161,515
Creditors: Amounts Falling Due Within One Year 9 (377,772 ) (330,304 )
NET CURRENT ASSETS (LIABILITIES) 1,106,434 831,211
TOTAL ASSETS LESS CURRENT LIABILITIES 1,293,773 955,794
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (34,335 ) (14,550 )
NET ASSETS 1,259,438 941,244
CAPITAL AND RESERVES
Called up share capital 12 100 100
Profit and Loss Account 1,259,338 941,144
SHAREHOLDERS' FUNDS 1,259,438 941,244
Page 2
Page 3
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 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 L Brogan
Director
22nd March 2024
The notes on pages 4 to 7 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Bell Flow Systems Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03386045 . The registered office is Unit 7 Swan Business Centre, Osier Way, Buckingham, Buckinghamshire, MK18 1TB.
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 as well as management charges, excluding discounts, rebates, value added tax and other sales taxes.
2.3. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are patents which are amortised to the profit and loss account overtheir estimated economic life of 5 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 over the life of the lease
Plant & Machinery 20% on a straight line basis
Motor Vehicles 15% on a reducing balance
Fixtures & Fittings 10% on a straight line basis
Computer Equipment 33% on a straight line basis
2.5. Stocks and Work in Progress
Stocks 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.
2.6. 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.
2.7. 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.
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Page 5
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.9. 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.
2.10. Stocks
Stocks 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.
2.11. Research and development
Expenditure on research and development is written off in the year in which it is incurred.

Development costs, for example for product design and testing, are recognised as intangible assets when certain criteria are met, which include the reliable measurement and attribution of the costs, and reasonable certainty of the technical feasibility and future commercial viability of the product. Development costs that are capitalised as intangibles are amortised over the estimated useful life.
2.12. Investment in subsidiaries
Investments in subsidiary undertakings are recognised at cost.
2.13. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2022: 8)
8 8
4. Intangible Assets
Intellectual Property
£
Cost
As at 1 January 2023 33,333
As at 31 December 2023 33,333
Amortisation
As at 1 January 2023 1,667
Provided during the period 6,666
As at 31 December 2023 8,333
Net Book Value
As at 31 December 2023 25,000
As at 1 January 2023 31,666
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Page 6
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 January 2023 110,151 17,356 107,580 22,225
Additions - - 165,283 -
Disposals - - (102,485 ) -
As at 31 December 2023 110,151 17,356 170,378 22,225
Depreciation
As at 1 January 2023 110,151 17,356 24,275 17,289
Provided during the period - - 21,160 894
Disposals - - (26,044 ) -
As at 31 December 2023 110,151 17,356 19,391 18,183
Net Book Value
As at 31 December 2023 - - 150,987 4,042
As at 1 January 2023 - - 83,305 4,936
Computer Equipment Total
£ £
Cost
As at 1 January 2023 21,124 278,436
Additions 6,132 171,415
Disposals - (102,485 )
As at 31 December 2023 27,256 347,366
Depreciation
As at 1 January 2023 16,448 185,519
Provided during the period 3,498 25,552
Disposals - (26,044 )
As at 31 December 2023 19,946 185,027
Net Book Value
As at 31 December 2023 7,310 162,339
As at 1 January 2023 4,676 92,917
7. Stocks
2023 2022
£ £
Stock 422,171 425,587
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8. Debtors
2023 2022
£ £
Due within one year
Trade debtors 100,643 228,240
Amounts owed by group undertakings - 1,097
Other debtors 155,818 106,890
256,461 336,227
9. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 109,682 87,733
Amounts owed to group undertakings 3,568 3,874
Other creditors 16,138 11,100
Taxation and social security 248,384 227,597
377,772 330,304
10. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Other timing differences 34,335 14,550
11. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 January 2023 14,550 14,550
Additions 19,785 19,785
Balance at 31 December 2023 34,335 34,335
12. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
13. Related Party Transactions
Bell Flow Systems Holdings Limited
The parent company; the balance owed to Bell Flow Systems Holdings Limited is £3,568 (2022: £3,874)
Cortex Displays Limited
A wholly owned subsidiary company; the balance owed to Bell Flow Systems Limited is £nil (2022: £1,097).
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