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Registered number: 09623231
K Small and Son Limited
Unaudited Financial Statements
For The Year Ended 31 July 2023
Balme Kitchen & Pearce
25 Lemon Street
Truro
Cornwall
TR1 2LS
Unaudited Financial Statements
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 09623231
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 4,000 6,000
Tangible Assets 5 307,529 284,064
311,529 290,064
CURRENT ASSETS
Stocks 6 452,306 400,000
Debtors 7 10,666 -
Cash at bank and in hand 66,348 88,481
529,320 488,481
Creditors: Amounts Falling Due Within One Year 8 (510,389 ) (442,972 )
NET CURRENT ASSETS (LIABILITIES) 18,931 45,509
TOTAL ASSETS LESS CURRENT LIABILITIES 330,460 335,573
Creditors: Amounts Falling Due After More Than One Year 9 (13,333 ) (23,333 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (31,870 ) (53,972 )
NET ASSETS 285,257 258,268
CAPITAL AND RESERVES
Called up share capital 10 5,000 5,000
Income Statement 280,257 253,268
SHAREHOLDERS' FUNDS 285,257 258,268
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 Income Statement.
On behalf of the board
Mr Kenneth William Small
Director
25 March 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
K Small and Son Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09623231 . The registered office is 25 Lemon Street, Truro, Cornwall, TR1 2LS.
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 - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to income statement over its estimated economic life of .... 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:
Plant & Machinery 10% Reducing balance
Motor Vehicles 20% Reducing balance
Fixtures & Fittings 25% Reducing balance
Computer Equipment 10% Reducing balance
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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Page 4
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 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: 7 (2022: 6)
7 6
4. Intangible Assets
Goodwill
£
Cost
As at 1 August 2022 20,000
As at 31 July 2023 20,000
Amortisation
As at 1 August 2022 14,000
Provided during the period 2,000
As at 31 July 2023 16,000
Net Book Value
As at 31 July 2023 4,000
As at 1 August 2022 6,000
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5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 August 2022 189,421 148,117 21,027 22,822 381,387
Additions - 80,856 - 958 81,814
Disposals - (17,250 ) - - (17,250 )
As at 31 July 2023 189,421 211,723 21,027 23,780 445,951
Depreciation
As at 1 August 2022 40,333 49,239 3,154 4,597 97,323
Provided during the period 14,909 35,223 2,681 1,918 54,731
Disposals - (13,632 ) - - (13,632 )
As at 31 July 2023 55,242 70,830 5,835 6,515 138,422
Net Book Value
As at 31 July 2023 134,179 140,893 15,192 17,265 307,529
As at 1 August 2022 149,088 98,878 17,873 18,225 284,064
6. Stocks
2023 2022
£ £
Materials 452,306 400,000
7. Debtors
2023 2022
£ £
Due within one year
VAT 10,666 -
10,666 -
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 51,259 102,281
Corporation tax (759 ) (759 )
VAT - 867
...CONTINUED
Page 5
Page 6
CREDIT CARD 1,406 263
Accruals and deferred income 7,990 19,027
Director's loan account 450,493 321,293
510,389 442,972
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
JCB LOAN 13,333 23,333
13,333 23,333
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 5,000 5,000
Page 6