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Registered number: 04503662
Zeffirellis Limited
Unaudited Financial Statements
For The Year Ended 30 September 2023
Hanley & Co
25 Main Street
Staveley
Kendal
Cumbria
LA8 9LU
Unaudited Financial Statements
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—7
Page 1
Statement of Financial Position
Registered number: 04503662
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1 1
Tangible Assets 5 2,763,116 3,248,748
2,763,117 3,248,749
CURRENT ASSETS
Stocks 37,230 24,142
Debtors 6 36,055 28,468
Cash at bank and in hand 732,030 371,488
805,315 424,098
Creditors: Amounts Falling Due Within One Year 7 (1,060,623 ) (1,285,433 )
NET CURRENT ASSETS (LIABILITIES) (255,308 ) (861,335 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,507,809 2,387,414
PROVISIONS FOR LIABILITIES
Deferred Taxation (139,683 ) (149,968 )
NET ASSETS 2,368,126 2,237,446
CAPITAL AND RESERVES
Called up share capital 8 100 100
Income Statement 2,368,026 2,237,346
SHAREHOLDERS' FUNDS 2,368,126 2,237,446
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For the year ending 30 September 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 Income Statement.
On behalf of the board
Mrs D M Smith
Director
08/04/2024
The notes on pages 3 to 7 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Zeffirellis Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04503662 . The registered office is Compston Road, Ambleside, Cumbria, LA22 9AD.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
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 arises on business aquisitions and represents the excess of the cost of the acquisition over the company's interest ion the net amounts of the identifiable assets, liabilities and contingent liabilities of the acquired business.
Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life.
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:
Freehold property 2% straight line
Short leasehold property straight line over the remaining lease term
Plant and machinery 15% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% reducing balance
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
2.6. 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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2.7. 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 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.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
2.9. Government Grant
Government grants are recognised in the income statement 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 income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement 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 income statement over the useful life of the asset concerned.
All grants in the income statement are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees during the year was: 64 (2022: 79)
64 79
4. Intangible Assets
Goodwill
£
Cost
As at 1 October 2022 230,000
As at 30 September 2023 230,000
Amortisation
As at 1 October 2022 229,999
As at 30 September 2023 229,999
Net Book Value
As at 30 September 2023 1
As at 1 October 2022 1
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5. Tangible Assets
Land & Property
Freehold property Short leasehold property Plant and machinery Motor Vehicles
£ £ £ £
Cost
As at 1 October 2022 2,979,312 470,519 240,031 15,100
Additions - - - -
Disposals (385,228 ) - (1,929 ) -
As at 30 September 2023 2,594,084 470,519 238,102 15,100
Depreciation
As at 1 October 2022 348,260 412,940 176,649 8,347
Provided during the period 51,882 41,607 9,356 1,688
Disposals (38,525 ) - (923 ) -
As at 30 September 2023 361,617 454,547 185,082 10,035
Net Book Value
As at 30 September 2023 2,232,467 15,972 53,020 5,065
As at 1 October 2022 2,631,052 57,579 63,382 6,753
Fixtures & Fittings Total
£ £
Cost
As at 1 October 2022 1,973,266 5,678,228
Additions 48,659 48,659
Disposals (3,043 ) (390,200 )
As at 30 September 2023 2,018,882 5,336,687
Depreciation
As at 1 October 2022 1,483,284 2,429,480
Provided during the period 80,573 185,106
Disposals (1,567 ) (41,015 )
As at 30 September 2023 1,562,290 2,573,571
Net Book Value
As at 30 September 2023 456,592 2,763,116
As at 1 October 2022 489,982 3,248,748
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6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 2,002 2,216
Prepayments and accrued income 16,466 17,837
Other debtors - 8,415
Directors' loan accounts 17,587 -
36,055 28,468
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 169,644 138,201
Corporation tax 88,000 76,500
Other taxes and social security 22,648 33,549
VAT 165,227 164,267
Other creditors 18,678 48,642
Accruals and deferred income 102,614 131,143
Directors' loan accounts 493,812 693,131
1,060,623 1,285,433
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 18,527 1,370
Later than one year and not later than five years 13,410 91,470
Later than five years 158,620 187,460
190,557 280,300
10. Pension Commitments
The company operates a defined contribution pension scheme with NOW pensions for its employees to meet its obligations under pension auto enrolment. The assets of the scheme are held separately from those of the company in an independently administered fund. At the statement of financial position date unpaid contributions of £6,039 (2022 : £6,081) were due to the fund. They are included in Other Creditors.
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11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 October 2022 Amounts advanced Amounts repaid Amounts written off As at 30 September 2023
£ £ £ £ £
Mrs Dorothy Smith 255,588 (319,800 ) 46,625 - (17,587 )
The above loan is unsecured, interest free and repayable on demand. The loan was repaid in full on 30 October 2023.
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