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Registered number: 12102872
Fox & Hare Group Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2023
Barnridge Accountancy Ltd
128 City Road
London
EC1V 2NX
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12102872
2023 2022
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 4,870 6,415
4,870 6,415
CURRENT ASSETS
Debtors 5 237,060 76,089
Cash at bank and in hand 78,047 126,556
315,107 202,645
Creditors: Amounts Falling Due Within One Year 6 (314,387 ) (182,548 )
NET CURRENT ASSETS (LIABILITIES) 720 20,097
TOTAL ASSETS LESS CURRENT LIABILITIES 5,590 26,512
Creditors: Amounts Falling Due After More Than One Year 7 (15,780 ) -
PROVISIONS FOR LIABILITIES
Deferred Taxation (817 ) (1,081 )
NET (LIABILITIES)/ASSETS (11,007 ) 25,431
CAPITAL AND RESERVES
Called up share capital 8 75 1
Profit and Loss Account (11,082 ) 25,430
SHAREHOLDERS' FUNDS (11,007) 25,431
Page 1
Page 2
For the year ending 31 July 2023 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 Craig Hares
Director
02/11/2023
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
Fox & Hare Group Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12102872 . The registered office is 116 Commercial Street, London, E1 6NF.
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 rendering of services including direct expenses incurred on client projects.
Rendering of services
Where the outcome of a project can be estimated reliably and the revenue associated with the project can be estimated reliably, the project revenue is recognised in the profit and loss account by reference to the stage of completion at the balance sheet date, if the right to the consideration has been obtained through performance.
Factors taken into account in assessing the percentage completion of a project include, hours worked against expected hours, project phases, milestones or deliverables completed.
Consideration accrues as project activity progresses by reference to the value of work performed. Where the value of consideration exceeds the amount invoiced, this is recognised as accrued income within debtors. Where the amount invoiced exceeds the value of project work performed the excess is recognised as deferred income within creditors.
If the right to consideration is conditional or contingent on a specified future event or outcome, the occurrence of which is outside the Company's control, turnover is not recognised until that critical event occurs.
When services are performed by an indeterminate number of acts over a specified period of time, revenue is recognised on a straight-line basis over the specified period unless there is evidence that some other method better represents the stage of completion.
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:
Fixtures & Fittings Straight line over 4 years
Computer Equipment Straight line over 4 years
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 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.
Page 3
Page 4
2.5. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2022: 13)
12 13
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 August 2022 164 16,253 16,417
Additions 665 1,223 1,888
As at 31 July 2023 829 17,476 18,305
Depreciation
As at 1 August 2022 164 9,838 10,002
Provided during the period 83 3,350 3,433
As at 31 July 2023 247 13,188 13,435
Net Book Value
As at 31 July 2023 582 4,288 4,870
As at 1 August 2022 - 6,415 6,415
5. Debtors
2023 2022
as restated
£ £
Due within one year
Trade debtors 57,883 20,690
Prepayments and accrued income 23,509 -
Other debtors 15,995 11,880
Corporation tax recoverable assets 69,747 41,457
Director's loan account 69,926 2,062
237,060 76,089
6. Creditors: Amounts Falling Due Within One Year
2023 2022
as restated
£ £
Trade creditors 49,418 36,339
Bank loans and overdrafts 23,315 992
Other taxes and social security 110,131 58,530
VAT 47,941 37,197
Other creditors 1,327 37,011
Accruals and deferred income 82,255 8,201
Director's loan account - 4,278
314,387 182,548
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Page 5
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
as restated
£ £
Bank loans 15,780 -
15,780 -
8. Share Capital
2023 2022
as restated
£ £
Allotted, Called up and fully paid 75 1
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 August 2022 Amounts advanced Amounts repaid Amounts written off As at 31 July 2023
£ £ £ £ £
Mr Craig Hares 2,062 101,023 33,159 - 69,926
The above loan is unsecured, interest free and repayable on demand.
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