Acorah Software Products - Accounts Production 14.5.601 false true 31 January 2023 1 February 2022 false 1 February 2023 31 January 2024 31 January 2024 11720067 Mr Neil Johnson iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11720067 2023-01-31 11720067 2024-01-31 11720067 2023-02-01 2024-01-31 11720067 frs-core:CurrentFinancialInstruments 2024-01-31 11720067 frs-core:ComputerEquipment 2024-01-31 11720067 frs-core:ComputerEquipment 2023-02-01 2024-01-31 11720067 frs-core:ComputerEquipment 2023-01-31 11720067 frs-core:FurnitureFittings 2024-01-31 11720067 frs-core:FurnitureFittings 2023-02-01 2024-01-31 11720067 frs-core:FurnitureFittings 2023-01-31 11720067 frs-core:MotorVehicles 2024-01-31 11720067 frs-core:MotorVehicles 2023-02-01 2024-01-31 11720067 frs-core:MotorVehicles 2023-01-31 11720067 frs-core:PlantMachinery 2024-01-31 11720067 frs-core:PlantMachinery 2023-02-01 2024-01-31 11720067 frs-core:PlantMachinery 2023-01-31 11720067 frs-core:ShareCapital 2024-01-31 11720067 frs-core:RetainedEarningsAccumulatedLosses 2024-01-31 11720067 frs-bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 11720067 frs-bus:FilletedAccounts 2023-02-01 2024-01-31 11720067 frs-bus:SmallEntities 2023-02-01 2024-01-31 11720067 frs-bus:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 11720067 frs-bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 11720067 frs-bus:Director1 2023-02-01 2024-01-31 11720067 frs-countries:EnglandWales 2023-02-01 2024-01-31 11720067 2022-01-31 11720067 2023-01-31 11720067 2022-02-01 2023-01-31 11720067 frs-core:CurrentFinancialInstruments 2023-01-31 11720067 frs-core:ShareCapital 2023-01-31 11720067 frs-core:RetainedEarningsAccumulatedLosses 2023-01-31
Registered number: 11720067
ISSAC Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2024
PA Brown & Co Ltd
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 11720067
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 126,373 36,173
126,373 36,173
CURRENT ASSETS
Stocks 5 70,188 91,643
Debtors 6 277,696 100,568
Cash at bank and in hand 218,607 132,319
566,491 324,530
Creditors: Amounts Falling Due Within One Year 7 (122,388 ) (53,439 )
NET CURRENT ASSETS (LIABILITIES) 444,103 271,091
TOTAL ASSETS LESS CURRENT LIABILITIES 570,476 307,264
NET ASSETS 570,476 307,264
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account 570,475 307,263
SHAREHOLDERS' FUNDS 570,476 307,264
Page 1
Page 2
For the year ending 31 January 2024 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 Neil Johnson
Director
12/03/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
ISSAC Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11720067 . The registered office is Wansbeck Workspace, Rotary Parkway, Ashington, Northumberland, NE63 8QZ.
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 20% straight line
Motor Vehicles 25% reducing balance
Fixtures & Fittings 20% straight line
Computer Equipment 20% straight line
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: 116 (2023: 88)
116 88
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 February 2023 - 32,999 1,650 6,306 40,955
Additions 102,702 - 779 3,882 107,363
As at 31 January 2024 102,702 32,999 2,429 10,188 148,318
Depreciation
As at 1 February 2023 - 687 434 3,661 4,782
Provided during the period 7,756 7,352 440 1,615 17,163
As at 31 January 2024 7,756 8,039 874 5,276 21,945
Net Book Value
As at 31 January 2024 94,946 24,960 1,555 4,912 126,373
As at 1 February 2023 - 32,312 1,216 2,645 36,173
5. Stocks
2024 2023
£ £
Work in progress 70,188 91,643
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 247,497 96,230
Prepayments and accrued income 30,199 4,338
277,696 100,568
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 3,390 551
Corporation tax 53,185 39,587
Other taxes and social security 63,012 258
Accruals and deferred income 2,511 3,693
Director's loan account 290 9,350
122,388 53,439
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
Page 4