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Registered number: 04870924
Elementary Technology Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 04870924
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 206,284 212,555
206,284 212,555
CURRENT ASSETS
Stocks 5 120,100 338,518
Debtors 6 1,390,079 1,188,014
Cash at bank and in hand 606,347 544,405
2,116,526 2,070,937
Creditors: Amounts Falling Due Within One Year 7 (1,343,952 ) (1,287,476 )
NET CURRENT ASSETS (LIABILITIES) 772,574 783,461
TOTAL ASSETS LESS CURRENT LIABILITIES 978,858 996,016
PROVISIONS FOR LIABILITIES
Deferred Taxation (31,280 ) (31,691 )
NET ASSETS 947,578 964,325
CAPITAL AND RESERVES
Called up share capital 8 300 300
Fair Value Reserve 11 10,620 10,620
Profit and Loss Account 936,658 953,405
SHAREHOLDERS' FUNDS 947,578 964,325
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Page 2
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 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 Christopher Deeley
Director
Mr Paul Land
Director
Mr Edmund Fairfield
Director
Mr Peter Lee
Director
15 April 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Elementary Technology Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 04870924 . The registered office is Suite A, 1st Floor 4 Airport West, Lancaster Way, Yeadon, Leeds, LS19 7ZA.
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. 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 5 years straight line
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% straight line
Computer Equipment 33%, 50% and 100% straight line
2.4. 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.
2.5. 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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2.6. 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.
2.7. Employee benefits - share based payments
The company provides share-based payment arrangements to certain employees. Equity-settled arrangements are measured at fair value (excluding the effect on nonmarket based vesting conditions) at the date of the grant. The fair value is expensed on a straight-line basis over the vesting period. The amount recognised as an expense is adjusted to reflect the actual number of shares or options that will vest.

Where equity-settled arrangements are modified, and are of benefit to the employee, the incremental fair value is recognised over the period from the date of modification to date of vesting. Where a modification is not beneficial to the employee there is no change to the charge for share-based payment. Settlements and cancellations are treated as an acceleration of vesting and the unvested amount is recognised immediately in the income statement.

The company has no cash-settled arrangements.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 31 (2022: 32)
31 32
4. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 102,796 64,491 254,330 421,617
Additions 13,284 9,522 55,542 78,348
Disposals - - (4,967 ) (4,967 )
As at 31 December 2023 116,080 74,013 304,905 494,998
Depreciation
As at 1 January 2023 - 18,413 190,649 209,062
Provided during the period 21,455 9,225 53,939 84,619
Disposals - - (4,967 ) (4,967 )
As at 31 December 2023 21,455 27,638 239,621 288,714
Net Book Value
As at 31 December 2023 94,625 46,375 65,284 206,284
As at 1 January 2023 102,796 46,078 63,681 212,555
5. Stocks
2023 2022
£ £
Stock 120,100 338,518
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Page 5
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 842,443 931,728
Prepayments and accrued income 39,999 45,970
Other debtors 259,687 95,444
1,142,129 1,073,142
Due after more than one year
Trade debtors 247,950 114,872
247,950 114,872
1,390,079 1,188,014
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 550,448 659,249
Corporation tax 227,797 178,355
Other taxes and social security 68,034 52,533
VAT 105,203 104,271
Other creditors 5,764 11,882
Accruals and deferred income 198,079 156,999
Directors' loan accounts 188,627 124,187
1,343,952 1,287,476
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 300 300
9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are £171,792 (2022 - £223,134).
10. Directors Advances, Credits and Guarantees
Total dividends paid to the directors and their wives during the year were £648,637 (2022: £516,737)
11. Reserves
Fair Value Reserve
£
As at 1 January 2023 10,620
As at 31 December 2023 10,620
12. Share based payments
Certain employees are granted share options in the Company under an EMI scheme. The options are granted with a fixed exercise price, are exercisable providing certain conditions are met and expire ten years after the date of grant. Employees are not entitled to dividends until the shares are exercised. Employees are required to remain in employment with the Company until exercise, otherwise the awards lapse. On exercise of the options by the employees, the Company issues new shares.
...CONTINUED
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The Company is unable to directly measure the fair value of employee services received. Instead the fair value of the share options granted during the year is determined using a simplified model taking the likely value of the company at the end of the vesting period to arrive at a best estimate of the value of the option at grant and spreading this cost in equal proportions over the vesting period.
The total charge for the year was £nil (2022: £nil).
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