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Registered number: 05536723
Primepac Solutions Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2023
GLX Advisory Limited
Chartered Accountants
69-75 Thorpe Road
Norwich
NR1 1UA
Unaudited Financial Statements
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Company Information
Directors Ms C Spencer
Mr G Jones
Company Number 05536723
Registered Office Unit 36, Rassau Industrial Estate
Ebbw Vale
Gwent
NP23 5SD
Accountants GLX Advisory Limited
Chartered Accountants
69-75 Thorpe Road
Norwich
NR1 1UA
Page 1
Page 2
Balance Sheet
Registered number: 05536723
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 123,486 130,482
123,486 130,482
CURRENT ASSETS
Stocks 5 254,047 204,102
Debtors 6 937,550 983,732
Cash at bank and in hand 79,882 79,594
1,271,479 1,267,428
Creditors: Amounts Falling Due Within One Year 7 (314,198 ) (380,038 )
NET CURRENT ASSETS (LIABILITIES) 957,281 887,390
TOTAL ASSETS LESS CURRENT LIABILITIES 1,080,767 1,017,872
Creditors: Amounts Falling Due After More Than One Year 8 (99,023 ) (120,082 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (5,406 ) (23,965 )
NET ASSETS 976,338 873,825
CAPITAL AND RESERVES
Called up share capital 9 105,842 84,242
Share premium account 40,205 11,805
Profit and Loss Account 830,291 777,778
SHAREHOLDERS' FUNDS 976,338 873,825
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For the year ending 31 October 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
Ms C Spencer
Director
10/04/2024
The notes on pages 4 to 7 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
Primepac Solutions Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 05536723 . The registered office is Unit 36, Rassau Industrial Estate, Ebbw Vale, Gwent, NP23 5SD.
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:
Leasehold 5% straight line
Plant & Machinery 5% reducing balance
Motor Vehicles 15% straight line
Plant & Machinery and leasehold depreciation rates have been revised from 1st November 2022 following a change in the estimated useful life of assets within the category from 15% and 20% straight line respectively, to 5% reducing balance and straight line, respectively.
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2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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.
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 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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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: 41 (2022: 60)
41 60
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 November 2022 117,160 758,567 2,680 878,407
Additions - 3,932 - 3,932
As at 31 October 2023 117,160 762,499 2,680 882,339
Depreciation
As at 1 November 2022 80,177 666,140 1,608 747,925
Provided during the period 3,815 6,711 402 10,928
As at 31 October 2023 83,992 672,851 2,010 758,853
Net Book Value
As at 31 October 2023 33,168 89,648 670 123,486
As at 1 November 2022 36,983 92,427 1,072 130,482
5. Stocks
2023 2022
£ £
Finished goods 254,047 204,102
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6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 204,627 256,557
Other debtors 293,944 318,511
498,571 575,068
Due after more than one year
Amounts owed by group undertakings 438,979 408,664
438,979 408,664
937,550 983,732
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 10,156 9,511
Trade creditors 94,302 280,981
Bank loans and overdrafts 42,039 37,164
Other creditors 11,493 10,168
Taxation and social security 156,208 42,214
314,198 380,038
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 14,048 24,204
Bank loans 62,975 95,878
Other creditors 22,000 -
99,023 120,082
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 105,842 84,242
10. Related Party Transactions
The company has taken advantage of the exemption under FRS 102 Section 33.1A allowing wholly owned group members and their immediate parent to depart from the requirement to disclose transactions with other companies in the group.
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