Acorah Software Products - Accounts Production 14.5.601 false true 30 November 2022 1 December 2021 false 1 December 2022 30 November 2023 30 November 2023 02179307 Mr Martin Jones Mr Leslie Jones Mrs Linda Jones Mrs Sarah Metcalf Mrs Rebecca Jones Mr Paul Metcalf Mrs Sarah Metcalf Martin Jones true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 02179307 2022-11-30 02179307 2023-11-30 02179307 2022-12-01 2023-11-30 02179307 frs-core:CurrentFinancialInstruments 2023-11-30 02179307 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-01 2023-11-30 02179307 frs-core:FurnitureFittings 2023-11-30 02179307 frs-core:FurnitureFittings 2022-12-01 2023-11-30 02179307 frs-core:FurnitureFittings 2022-11-30 02179307 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-11-30 02179307 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 02179307 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2022-11-30 02179307 frs-core:MotorVehicles 2023-11-30 02179307 frs-core:MotorVehicles 2022-12-01 2023-11-30 02179307 frs-core:MotorVehicles 2022-11-30 02179307 frs-core:OtherResidualIntangibleAssets 2023-11-30 02179307 frs-core:OtherResidualIntangibleAssets 2022-12-01 2023-11-30 02179307 frs-core:OtherResidualIntangibleAssets 2022-11-30 02179307 frs-core:PlantMachinery 2023-11-30 02179307 frs-core:PlantMachinery 2022-12-01 2023-11-30 02179307 frs-core:PlantMachinery 2022-11-30 02179307 frs-core:ShareCapital 2023-11-30 02179307 frs-core:RetainedEarningsAccumulatedLosses 2023-11-30 02179307 frs-bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 02179307 frs-bus:FilletedAccounts 2022-12-01 2023-11-30 02179307 frs-bus:SmallEntities 2022-12-01 2023-11-30 02179307 frs-bus:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 02179307 frs-bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 02179307 1 2022-12-01 2023-11-30 02179307 frs-core:DeferredTaxation 2022-12-01 2023-11-30 02179307 frs-core:DeferredTaxation 2022-11-30 02179307 frs-core:DeferredTaxation 2023-11-30 02179307 frs-bus:Director1 2022-12-01 2023-11-30 02179307 frs-bus:Director2 2022-12-01 2023-11-30 02179307 frs-bus:Director2 2022-11-30 02179307 frs-bus:Director2 2023-11-30 02179307 frs-bus:Director3 2022-12-01 2023-11-30 02179307 frs-bus:Director4 2022-12-01 2023-11-30 02179307 frs-bus:Director5 2022-12-01 2023-11-30 02179307 frs-bus:Director6 2022-12-01 2023-11-30 02179307 frs-bus:CompanySecretary1 2022-12-01 2023-11-30 02179307 frs-countries:EnglandWales 2022-12-01 2023-11-30 02179307 2021-11-30 02179307 2022-11-30 02179307 2021-12-01 2022-11-30 02179307 frs-core:CurrentFinancialInstruments 2022-11-30 02179307 frs-core:ShareCapital 2022-11-30 02179307 frs-core:RetainedEarningsAccumulatedLosses 2022-11-30
Registered number: 02179307
Level Developments Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02179307
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1,391 1,855
Tangible Assets 5 1,196,896 1,144,749
1,198,287 1,146,604
CURRENT ASSETS
Stocks 6 1,206,828 1,202,439
Debtors 7 353,695 744,844
Cash at bank and in hand 1,537,706 1,467,797
3,098,229 3,415,080
Creditors: Amounts Falling Due Within One Year 8 (413,194 ) (968,562 )
NET CURRENT ASSETS (LIABILITIES) 2,685,035 2,446,518
TOTAL ASSETS LESS CURRENT LIABILITIES 3,883,322 3,593,122
PROVISIONS FOR LIABILITIES
Deferred Taxation (114,037 ) (102,472 )
NET ASSETS 3,769,285 3,490,650
CAPITAL AND RESERVES
Called up share capital 960 960
Profit and Loss Account 3,768,325 3,489,690
SHAREHOLDERS' FUNDS 3,769,285 3,490,650
Page 1
Page 2
For the year ending 30 November 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
Mrs Sarah Metcalf
Director
23/02/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Level Developments Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02179307 . The registered office is Spencer Place, 97-99 Gloucester Road, Croydon, Surrey, CR0 2DN.
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. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are patents. It is amortised to profit and loss account over its estimated economic life of 10 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:
Freehold Straight line over 50 years
Plant & Machinery 15% on reducing balance
Motor Vehicles 20% straight line
Fixtures & Fittings 20% to 33% straight line
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.
Page 3
Page 4
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 17 10
Sales, marketing and distribution 6 7
Manufacturing 41 53
64 70
4. Intangible Assets
Other
£
Cost
As at 1 December 2022 4,637
As at 30 November 2023 4,637
Amortisation
As at 1 December 2022 2,782
Provided during the period 464
As at 30 November 2023 3,246
Net Book Value
As at 30 November 2023 1,391
As at 1 December 2022 1,855
Page 4
Page 5
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 December 2022 656,697 1,104,266 26,640 448,233 2,235,836
Additions - 178,971 - 10,209 189,180
Disposals - (93,541 ) - (32,744 ) (126,285 )
Transfers - (991 ) - 991 -
As at 30 November 2023 656,697 1,188,705 26,640 426,689 2,298,731
Depreciation
As at 1 December 2022 56,000 611,538 26,640 396,909 1,091,087
Provided during the period 4,000 97,490 - 23,755 125,245
Disposals - (81,424 ) - (33,073 ) (114,497 )
Transfers - (551 ) - 551 -
As at 30 November 2023 60,000 627,053 26,640 388,142 1,101,835
Net Book Value
As at 30 November 2023 596,697 561,652 - 38,547 1,196,896
As at 1 December 2022 600,697 492,728 - 51,324 1,144,749
6. Stocks
2023 2022
£ £
Materials 1,206,828 1,202,439
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 277,605 643,313
Prepayments and accrued income 48,010 35,813
Other debtors 5,709 7,984
VAT 19,192 54,731
Directors' loan accounts 3,179 3,003
353,695 744,844
Page 5
Page 6
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 220,743 547,954
Corporation tax 91,129 194,695
Other taxes and social security 42,150 103,884
Net wages - 111
Other creditors 11,706 32,032
Accruals and deferred income 47,466 89,886
413,194 968,562
9. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 December 2022 102,472 102,472
Additions 11,565 11,565
Balance at 30 November 2023 114,037 114,037
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 December 2022 Amounts advanced Amounts repaid Amounts written off As at 30 November 2023
£ £ £ £ £
Mr Martin Jones 3,003 3,179 3,003 - 3,179
The above loan is unsecured, interest free and repayable on demand.
11. Ultimate Controlling Party
The company's ultimate controlling party is Martin Jones by virtue of his ownership of 55% of the issued share capital in the company.
Page 6