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Registered number: 02774757
Automatic Choice Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
MKL Accountants Limited
Chartered Certified Accountants
Herston Cross House
230 High Street
Swanage
Dorset
BH19 2PQ
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02774757
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 73,823 50,695
Investment Properties 5 2,794 2,794
76,617 53,489
CURRENT ASSETS
Stocks 6 869,818 770,498
Debtors 7 410,246 441,680
Investments 8 30,000 30,000
Cash at bank and in hand 1,068,094 544,616
2,378,158 1,786,794
Creditors: Amounts Falling Due Within One Year 9 (479,640 ) (330,803 )
NET CURRENT ASSETS (LIABILITIES) 1,898,518 1,455,991
TOTAL ASSETS LESS CURRENT LIABILITIES 1,975,135 1,509,480
PROVISIONS FOR LIABILITIES
Deferred Taxation (14,026 ) (8,226 )
NET ASSETS 1,961,109 1,501,254
CAPITAL AND RESERVES
Called up share capital 10 1,100 1,100
Share premium account 19,900 19,900
Profit and Loss Account 1,940,109 1,480,254
SHAREHOLDERS' FUNDS 1,961,109 1,501,254
Page 1
Page 2
For the year ending 31 December 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
Mr Robert Withey
Director
26/03/2024
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
Automatic Choice Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02774757 . The registered office is Herston Cross House, 230 High Street, Swanage, Dorset, BH19 2PQ.
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 Method
Motor Vehicles 25% Reducing Balance Method
Fixtures & Fittings 25% Reducing Balance Method
Computer Equipment 25% Reducing Balance Method
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
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.
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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.
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.
2.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 14 (2022: 14)
14 14
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4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 32,782 53,820 24,911 111,513
Additions 6,996 29,995 14,683 51,674
Disposals (458 ) (23,825 ) (7,409 ) (31,692 )
As at 31 December 2023 39,320 59,990 32,185 131,495
Depreciation
As at 1 January 2023 16,627 28,939 15,252 60,818
Provided during the period 5,787 13,123 5,697 24,607
Disposals (458 ) (21,440 ) (5,855 ) (27,753 )
As at 31 December 2023 21,956 20,622 15,094 57,672
Net Book Value
As at 31 December 2023 17,364 39,368 17,091 73,823
As at 1 January 2023 16,155 24,881 9,659 50,695
5. Investment Property
2023
£
Fair Value
As at 1 January 2023 and 31 December 2023 2,794
6. Stocks
2023 2022
£ £
Materials 869,818 770,498
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 402,771 433,596
Prepayments and accrued income 6,653 7,673
Directors' loan accounts 822 411
410,246 441,680
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8. Current Asset Investments
2023 2022
£ £
Unlisted investments 30,000 30,000
30,000 30,000
9. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 146,496 176,917
Bank loans and overdrafts - 242
Corporation tax 141,629 89,080
Other taxes and social security 16,082 -
VAT 162,380 40,832
Other creditors 12,564 22,813
Accruals and deferred income 489 527
Directors' loan accounts - 392
479,640 330,803
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1,100 1,100
11. Dividends
2023 2022
£ £
On equity shares:
Interim dividend paid 550,000 580,000
550,000 580,000
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