Acorah Software Products - Accounts Production 14.5.601 false true 31 October 2022 1 November 2021 false 1 November 2022 31 October 2023 31 October 2023 12983560 Mr Attila Palfi Miss Edit Szabo iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12983560 2022-10-31 12983560 2023-10-31 12983560 2022-11-01 2023-10-31 12983560 frs-core:CurrentFinancialInstruments 2023-10-31 12983560 frs-core:FurnitureFittings 2023-10-31 12983560 frs-core:FurnitureFittings 2022-11-01 2023-10-31 12983560 frs-core:FurnitureFittings 2022-10-31 12983560 frs-core:MotorVehicles 2022-11-01 2023-10-31 12983560 frs-core:ShareCapital 2023-10-31 12983560 frs-core:RetainedEarningsAccumulatedLosses 2023-10-31 12983560 frs-bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 12983560 frs-bus:FilletedAccounts 2022-11-01 2023-10-31 12983560 frs-bus:SmallEntities 2022-11-01 2023-10-31 12983560 frs-bus:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 12983560 frs-bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 12983560 frs-bus:Director1 2022-11-01 2023-10-31 12983560 frs-bus:Director2 2022-11-01 2023-10-31 12983560 frs-core:CurrentFinancialInstruments 2 2023-10-31 12983560 frs-countries:EnglandWales 2022-11-01 2023-10-31 12983560 2021-10-31 12983560 2022-10-31 12983560 2021-11-01 2022-10-31 12983560 frs-core:CurrentFinancialInstruments 2022-10-31 12983560 frs-core:ShareCapital 2022-10-31 12983560 frs-core:RetainedEarningsAccumulatedLosses 2022-10-31 12983560 frs-core:CurrentFinancialInstruments 1 2022-10-31 12983560 frs-core:CurrentFinancialInstruments 2 2022-10-31
Registered number: 12983560
Taylor & Palson Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12983560
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 16,669 19,586
16,669 19,586
CURRENT ASSETS
Stocks 5 27,000 32,000
Debtors 6 2,182 2,204
Cash at bank and in hand 2,333 806
31,515 35,010
Creditors: Amounts Falling Due Within One Year 7 (98,061 ) (112,438 )
NET CURRENT ASSETS (LIABILITIES) (66,546 ) (77,428 )
TOTAL ASSETS LESS CURRENT LIABILITIES (49,877 ) (57,842 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,863 ) -
NET LIABILITIES (52,740 ) (57,842 )
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account (52,840 ) (57,942 )
SHAREHOLDERS' FUNDS (52,740) (57,842)
Page 1
Page 2
For the year ending 31 October 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
Miss Edit Szabo
Director
28/02/2024
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
Taylor & Palson Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12983560 . The registered office is 19 Albert Road, Wellingborough, Northants, NN8 1EL.
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:
Motor Vehicles 25% Reducing balance
Fixtures & Fittings 20% Reducing balance
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 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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2022: 10)
5 10
4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 November 2022 26,231
Additions 1,250
As at 31 October 2023 27,481
Depreciation
As at 1 November 2022 6,645
Provided during the period 4,167
As at 31 October 2023 10,812
Net Book Value
As at 31 October 2023 16,669
As at 1 November 2022 19,586
5. Stocks
2023 2022
£ £
Finished goods 27,000 32,000
6. Debtors
2023 2022
£ £
Due within one year
VAT 2,182 2,204
2,182 2,204
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 5,196 8,973
Bank loans and overdrafts 18,755 30,347
Other taxes and social security 820 935
Net wages 11,221 7,903
Other creditors (1) - 579
Other creditors (2) 174 170
Directors' loan accounts 61,895 63,531
98,061 112,438
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8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
Page 5