Acorah Software Products - Accounts Production 14.5.501 false true 31 July 2022 1 August 2021 false 1 August 2022 31 July 2023 31 July 2023 03606613 Mr Alan Ladd Mrs Sheila Ladd iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 03606613 2022-07-31 03606613 2023-07-31 03606613 2022-08-01 2023-07-31 03606613 frs-core:CurrentFinancialInstruments 2023-07-31 03606613 frs-core:Non-currentFinancialInstruments 2023-07-31 03606613 frs-core:ComputerEquipment 2023-07-31 03606613 frs-core:ComputerEquipment 2022-08-01 2023-07-31 03606613 frs-core:ComputerEquipment 2022-07-31 03606613 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-07-31 03606613 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 03606613 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2022-07-31 03606613 frs-core:MotorVehicles 2023-07-31 03606613 frs-core:MotorVehicles 2022-08-01 2023-07-31 03606613 frs-core:MotorVehicles 2022-07-31 03606613 frs-core:PlantMachinery 2023-07-31 03606613 frs-core:PlantMachinery 2022-08-01 2023-07-31 03606613 frs-core:PlantMachinery 2022-07-31 03606613 frs-core:ShareCapital 2023-07-31 03606613 frs-core:RetainedEarningsAccumulatedLosses 2023-07-31 03606613 frs-bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 03606613 frs-bus:FilletedAccounts 2022-08-01 2023-07-31 03606613 frs-bus:SmallEntities 2022-08-01 2023-07-31 03606613 frs-bus:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 03606613 frs-bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 03606613 frs-bus:Director1 2022-08-01 2023-07-31 03606613 frs-bus:Director1 2022-07-31 03606613 frs-bus:Director1 2023-07-31 03606613 frs-bus:CompanySecretary1 2022-08-01 2023-07-31 03606613 frs-core:CurrentFinancialInstruments 1 2023-07-31 03606613 frs-countries:EnglandWales 2022-08-01 2023-07-31 03606613 2021-07-31 03606613 2022-07-31 03606613 2021-08-01 2022-07-31 03606613 frs-core:CurrentFinancialInstruments 2022-07-31 03606613 frs-core:Non-currentFinancialInstruments 2022-07-31 03606613 frs-core:ShareCapital 2022-07-31 03606613 frs-core:RetainedEarningsAccumulatedLosses 2022-07-31 03606613 frs-core:CurrentFinancialInstruments 1 2022-07-31
Registered number: 03606613
Ladds Of Crediton Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 03606613
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 124,866 133,633
124,866 133,633
CURRENT ASSETS
Stocks 5 43,235 52,336
Debtors 6 622,206 359,096
Investments 7 5,000 5,000
Cash at bank and in hand 367,932 564,255
1,038,373 980,687
Creditors: Amounts Falling Due Within One Year 8 (43,383 ) (27,007 )
NET CURRENT ASSETS (LIABILITIES) 994,990 953,680
TOTAL ASSETS LESS CURRENT LIABILITIES 1,119,856 1,087,313
Creditors: Amounts Falling Due After More Than One Year 9 (20,463 ) (20,939 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (14,359 ) (14,743 )
NET ASSETS 1,085,034 1,051,631
CAPITAL AND RESERVES
Called up share capital 10 5 5
Profit and Loss Account 1,085,029 1,051,626
SHAREHOLDERS' FUNDS 1,085,034 1,051,631
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 Alan Ladd
Director
4 April 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
Ladds Of Crediton Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 03606613 . The registered office is Downes Mill, Crediton, Devon, EX17 3PW.
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:
Freehold 2% on cost
Plant & Machinery 25% on reducing balance
Motor Vehicles 25% on reducing balance
Computer Equipment 33% on cost
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. Financial Instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at the market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
2.6. 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.
...CONTINUED
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2.6. Taxation - continued
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.
2.7. 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.
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.
2.9. Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
2.10. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 3)
3 3
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 August 2022 63,681 102,061 54,995 975 221,712
Additions - 15,568 - 380 15,948
As at 31 July 2023 63,681 117,629 54,995 1,355 237,660
Depreciation
As at 1 August 2022 7,279 51,797 28,405 598 88,079
Provided during the period 1,273 16,458 6,647 337 24,715
As at 31 July 2023 8,552 68,255 35,052 935 112,794
Net Book Value
As at 31 July 2023 55,129 49,374 19,943 420 124,866
As at 1 August 2022 56,402 50,264 26,590 377 133,633
Page 4
Page 5
5. Stocks
2023 2022
£ £
Stock 43,235 52,336
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 15,778 23,568
Prepayments and accrued income 2,229 2,142
Corporation tax recoverable assets 44,428 73,903
Director's loan account 288 -
Amounts owed by related parties 559,483 259,483
622,206 359,096
7. Current Asset Investments
2023 2022
£ £
Listed investments 5,000 5,000
5,000 5,000
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 7,979 5,600
Corporation tax 10,479 551
Other taxes and social security 278 -
VAT 6,139 3,734
Net wages 137 -
Pension control 328 158
Credit card 15,903 15,044
Accruals 2,140 1,920
43,383 27,007
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Deferred Government grants 20,463 20,939
20,463 20,939
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 5 5
Page 5
Page 6
11. 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 Alan Ladd - 288 - - 288
The above loan is unsecured, interest free and repayable on demand.
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