Acorah Software Products - Accounts Production 14.5.601 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 05442174 Mr Miles Griffin iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05442174 2023-03-31 05442174 2024-03-31 05442174 2023-04-01 2024-03-31 05442174 frs-core:CurrentFinancialInstruments 2024-03-31 05442174 frs-core:ComputerEquipment 2024-03-31 05442174 frs-core:ComputerEquipment 2023-04-01 2024-03-31 05442174 frs-core:ComputerEquipment 2023-03-31 05442174 frs-core:FurnitureFittings 2024-03-31 05442174 frs-core:FurnitureFittings 2023-04-01 2024-03-31 05442174 frs-core:FurnitureFittings 2023-03-31 05442174 frs-core:MotorVehicles 2024-03-31 05442174 frs-core:MotorVehicles 2023-04-01 2024-03-31 05442174 frs-core:MotorVehicles 2023-03-31 05442174 frs-core:PlantMachinery 2024-03-31 05442174 frs-core:PlantMachinery 2023-04-01 2024-03-31 05442174 frs-core:PlantMachinery 2023-03-31 05442174 frs-core:ShareCapital 2024-03-31 05442174 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 05442174 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05442174 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 05442174 frs-bus:SmallEntities 2023-04-01 2024-03-31 05442174 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 05442174 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05442174 frs-bus:Director1 2023-04-01 2024-03-31 05442174 frs-bus:Director1 2023-03-31 05442174 frs-bus:Director1 2024-03-31 05442174 frs-countries:EnglandWales 2023-04-01 2024-03-31 05442174 2022-03-31 05442174 2023-03-31 05442174 2022-04-01 2023-03-31 05442174 frs-core:CurrentFinancialInstruments 2023-03-31 05442174 frs-core:ShareCapital 2023-03-31 05442174 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 05442174
OLVER ASSOCIATES LIMITED
Unaudited Financial Statements
For The Year Ended 31 March 2024
Whitefield Tax Limited
Chartered Certified Accountants and Registered Auditor
Arnold House
2 New Road
Brading
Isle Of Wight
PO36 0DT
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05442174
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 40,532 15,363
40,532 15,363
CURRENT ASSETS
Debtors 5 13,796 13,300
Cash at bank and in hand 95,920 168,803
109,716 182,103
Creditors: Amounts Falling Due Within One Year 6 (10,033 ) (33,725 )
NET CURRENT ASSETS (LIABILITIES) 99,683 148,378
TOTAL ASSETS LESS CURRENT LIABILITIES 140,215 163,741
NET ASSETS 140,215 163,741
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 140,115 163,641
SHAREHOLDERS' FUNDS 140,215 163,741
Page 1
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For the year ending 31 March 2024 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 Miles Griffin
Director
16 April 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
OLVER ASSOCIATES LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 05442174 . The registered office is Arnold House, 2 New Road, Brading, Isle Of Wight, PO36 0DT.
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:
Plant & Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
Computer Equipment 25% Reducing Balance
2.4. 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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3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 1 1
1 1
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 12,530 - 9,514 21,100 43,144
Additions - 35,047 - 3,634 38,681
As at 31 March 2024 12,530 35,047 9,514 24,734 81,825
Depreciation
As at 1 April 2023 4,070 - 7,485 16,226 27,781
Provided during the period 2,115 8,762 508 2,127 13,512
As at 31 March 2024 6,185 8,762 7,993 18,353 41,293
Net Book Value
As at 31 March 2024 6,345 26,285 1,521 6,381 40,532
As at 1 April 2023 8,460 - 2,029 4,874 15,363
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 13,529 13,300
Director's loan account 267 -
13,796 13,300
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 9,219 18,112
Other taxes and social security (Current liabilities - creditors < 1 year) 257 199
VAT 557 7,650
Director's loan account - 7,764
10,033 33,725
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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Page 5
8. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Miles Griffin - 267 - - 267
The above loan is unsecured, interest free and repayable on demand.
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