Acorah Software Products - Accounts Production 14.5.601 false true true 31 December 2021 1 January 2021 false 1 January 2022 31 December 2022 31 December 2022 NI634593 Mr Robin Horner Mr Hamish Baird Mrs Dianne Horner Ms Angela Flanagan Mr Conall Humston iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure NI634593 2021-12-31 NI634593 2022-12-31 NI634593 2022-01-01 2022-12-31 NI634593 frs-core:CurrentFinancialInstruments 2022-12-31 NI634593 frs-core:Non-currentFinancialInstruments 2022-12-31 NI634593 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 NI634593 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-01-01 2022-12-31 NI634593 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-12-31 NI634593 frs-core:NetGoodwill 2022-12-31 NI634593 frs-core:NetGoodwill 2022-01-01 2022-12-31 NI634593 frs-core:NetGoodwill 2021-12-31 NI634593 frs-core:OtherReservesSubtotal 2022-12-31 NI634593 frs-core:SharePremium 2022-12-31 NI634593 frs-core:ShareCapital 2022-12-31 NI634593 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 NI634593 frs-bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 NI634593 frs-bus:FilletedAccounts 2022-01-01 2022-12-31 NI634593 frs-bus:SmallEntities 2022-01-01 2022-12-31 NI634593 frs-bus:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 NI634593 frs-bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 NI634593 frs-bus:Director1 2022-01-01 2022-12-31 NI634593 frs-bus:Director2 2022-01-01 2022-12-31 NI634593 frs-bus:Director3 2022-01-01 2022-12-31 NI634593 frs-bus:Director4 2022-01-01 2022-12-31 NI634593 frs-bus:Director5 2022-01-01 2022-12-31 NI634593 frs-countries:NorthernIreland 2022-01-01 2022-12-31 NI634593 2020-12-31 NI634593 2021-12-31 NI634593 2021-01-01 2021-12-31 NI634593 frs-core:CurrentFinancialInstruments 2021-12-31 NI634593 frs-core:Non-currentFinancialInstruments 2021-12-31 NI634593 frs-core:OtherReservesSubtotal 2021-12-31 NI634593 frs-core:SharePremium 2021-12-31 NI634593 frs-core:ShareCapital 2021-12-31 NI634593 frs-core:RetainedEarningsAccumulatedLosses 2021-12-31
Registered number: NI634593
Loft Crag (N.I.) Limited
Unaudited Financial Statements
For The Year Ended 31 December 2022
RWCA LTD
158 Upper Newtownards Road
Belfast
Co Antrim
BT4 3EQ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: NI634593
2022 2021
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 12,769 2
12,769 2
CURRENT ASSETS
Stocks 5 662,269 296,460
Debtors 6 63,582 107,435
Cash at bank and in hand 6,178 14,765
732,029 418,660
Creditors: Amounts Falling Due Within One Year 7 (115,875 ) (129,625 )
NET CURRENT ASSETS (LIABILITIES) 616,154 289,035
TOTAL ASSETS LESS CURRENT LIABILITIES 628,923 289,037
Creditors: Amounts Falling Due After More Than One Year 8 (631,247 ) (687,813 )
NET LIABILITIES (2,324 ) (398,776 )
CAPITAL AND RESERVES
Called up share capital 9 575 100
Share premium account 754,425 -
Other reserves - 150,000
Profit and Loss Account (757,324 ) (548,876 )
SHAREHOLDERS' FUNDS (2,324) (398,776)
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Page 2
For the year ending 31 December 2022 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 Hamish Baird
Director
Ms Angela Flanagan
Director
04/04/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
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Notes to the Financial Statements
1. General Information
Loft Crag (N.I.) Limited is a private company, limited by shares, incorporated in Northern Ireland, registered number NI634593 . The registered office is 158 Upper Newtownards Road, Belfast, BT4 3EQ.
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. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. Whilst the balance sheet is overdrawn by £2,324 at the year end (2021 - £398,776), the major creditor at that date was the directors loan account of £437,378 and they have confirmed that they will not seek repayment until the company can afford to do so.
2.3. 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.
2.4. 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 5 years.
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. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2022 2021
Office and administration 1 -
Sales, marketing and distribution 6 6
7 6
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4. Intangible Assets
Goodwill Development Costs Total
£ £ £
Cost
As at 1 January 2022 304,842 925,289 1,230,131
Additions - 15,958 15,958
As at 31 December 2022 304,842 941,247 1,246,089
Amortisation
As at 1 January 2022 304,841 925,288 1,230,129
Provided during the period - 3,191 3,191
As at 31 December 2022 304,841 928,479 1,233,320
Net Book Value
As at 31 December 2022 1 12,768 12,769
As at 1 January 2022 1 1 2
5. Stocks
2022 2021
£ £
Finished goods 662,269 296,460
6. Debtors
2022 2021
£ £
Due within one year
Prepayments and accrued income - 50,000
VAT 63,582 57,435
63,582 107,435
7. Creditors: Amounts Falling Due Within One Year
2022 2021
£ £
Trade creditors 55,847 41,655
Bank loans and overdrafts 57 39,912
Other taxes and social security 38,723 32,810
Accruals and deferred income 21,248 15,248
115,875 129,625
8. Creditors: Amounts Falling Due After More Than One Year
2022 2021
£ £
Bank loans 193,869 196,782
Directors loan account 437,378 491,031
631,247 687,813
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9. Share Capital
2022 2021
£ £
Allotted, Called up and fully paid 575 100
Page 5