Acorah Software Products - Accounts Production 14.5.601 false true true 31 July 2022 1 August 2021 false 1 August 2022 31 July 2023 31 July 2023 03572942 Dr Ashwain Rayit Mrs Rajinder Rayit iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 03572942 2022-07-31 03572942 2023-07-31 03572942 2022-08-01 2023-07-31 03572942 frs-core:CurrentFinancialInstruments 2023-07-31 03572942 frs-core:Non-currentFinancialInstruments 2023-07-31 03572942 frs-core:ComputerEquipment 2023-07-31 03572942 frs-core:ComputerEquipment 2022-08-01 2023-07-31 03572942 frs-core:ComputerEquipment 2022-07-31 03572942 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-08-01 2023-07-31 03572942 frs-core:FurnitureFittings 2023-07-31 03572942 frs-core:FurnitureFittings 2022-08-01 2023-07-31 03572942 frs-core:FurnitureFittings 2022-07-31 03572942 frs-core:OtherResidualIntangibleAssets 2023-07-31 03572942 frs-core:OtherResidualIntangibleAssets 2022-08-01 2023-07-31 03572942 frs-core:OtherResidualIntangibleAssets 2022-07-31 03572942 frs-core:PlantMachinery 2023-07-31 03572942 frs-core:PlantMachinery 2022-08-01 2023-07-31 03572942 frs-core:PlantMachinery 2022-07-31 03572942 frs-core:WithinOneYear 2023-07-31 03572942 frs-core:ShareCapital 2023-07-31 03572942 frs-core:RetainedEarningsAccumulatedLosses 2023-07-31 03572942 frs-bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 03572942 frs-bus:FilletedAccounts 2022-08-01 2023-07-31 03572942 frs-bus:SmallEntities 2022-08-01 2023-07-31 03572942 frs-bus:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 03572942 frs-bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 03572942 frs-bus:Director1 2022-08-01 2023-07-31 03572942 frs-bus:CompanySecretary1 2022-08-01 2023-07-31 03572942 frs-countries:EnglandWales 2022-08-01 2023-07-31 03572942 2021-07-31 03572942 2022-07-31 03572942 2021-08-01 2022-07-31 03572942 frs-core:CurrentFinancialInstruments 2022-07-31 03572942 frs-core:Non-currentFinancialInstruments 2022-07-31 03572942 frs-core:BetweenOneFiveYears 2022-07-31 03572942 frs-core:WithinOneYear 2022-07-31 03572942 frs-core:ShareCapital 2022-07-31 03572942 frs-core:RetainedEarningsAccumulatedLosses 2022-07-31
Registered number: 03572942
Saras Technology Limited
Unaudited Financial Statements
For The Year Ended 31 July 2023
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: 03572942
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 3 18,798 31,767
Tangible Assets 4 74,008 56,639
92,806 88,406
CURRENT ASSETS
Stocks 279,636 251,444
Debtors 5 793,703 613,156
Cash at bank and in hand 65,526 112,386
1,138,865 976,986
Creditors: Amounts Falling Due Within One Year 6 (328,353 ) (258,236 )
NET CURRENT ASSETS (LIABILITIES) 810,512 718,750
TOTAL ASSETS LESS CURRENT LIABILITIES 903,318 807,156
Creditors: Amounts Falling Due After More Than One Year 7 (87,828 ) (126,590 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (14,200 ) (10,542 )
NET ASSETS 801,290 670,024
CAPITAL AND RESERVES
Called up share capital 10 100 100
Income Statement 801,190 669,924
SHAREHOLDERS' FUNDS 801,290 670,024
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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
Dr Ashwain Rayit
Director
25 March 2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. Accounting Policies
1.1. 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.
1.2. Going Concern Disclosure
When preparing the financial statements, the directors have made an assessment of the company's ability to continue as a going concern. The company is considered a going concern as the directors have no intention to liquidate the company or to cease trading. In assessing whether the going concern assumption is appropriate, the directors have taken into account all available information about the future, which is at least, but is not limited to, twelve months from the date when the financial statements are authorised for issue.
1.3. 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.
1.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are computer software. It is amortised to income statement over its estimated economic life of 5 years.
1.5. 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% on reducing balance
Fixtures & Fittings 25% on reducing balance
Computer Equipment 33% on cost
1.6. 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 income statement 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 income statement as incurred.
1.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.
1.8. 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.
...CONTINUED
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1.8. 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 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.
1.9. Government Grant
Government grants are recognised in the income statement in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 15 (2022: 12)
15 12
3. Intangible Assets
Computer software
£
Cost
As at 1 August 2022 64,847
As at 31 July 2023 64,847
Amortisation
As at 1 August 2022 33,080
Provided during the period 12,969
As at 31 July 2023 46,049
Net Book Value
As at 31 July 2023 18,798
As at 1 August 2022 31,767
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 August 2022 237,426 83,767 142,465 463,658
Additions 1,950 - 36,296 38,246
As at 31 July 2023 239,376 83,767 178,761 501,904
Depreciation
As at 1 August 2022 187,572 78,279 141,168 407,019
Provided during the period 10,118 1,372 9,387 20,877
As at 31 July 2023 197,690 79,651 150,555 427,896
Net Book Value
As at 31 July 2023 41,686 4,116 28,206 74,008
As at 1 August 2022 49,854 5,488 1,297 56,639
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5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 702,591 481,610
Other debtors 91,112 131,546
793,703 613,156
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 2,473 5,934
Trade creditors 177,398 170,508
Bank loans and overdrafts 43,142 39,482
Other creditors 85,223 26,826
Taxation and social security 20,117 15,486
328,353 258,236
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts - 2,473
Bank loans 80,975 124,117
Other creditors 6,853 -
87,828 126,590
8. Secured Creditors
Of the creditors the following amounts are secured.
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 2,473 8,407
Bank loans and overdrafts 124,117 163,599
9. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The maturity of these amounts is as follows:
Within one year 2,473 5,934
Between one and five years - 2,473
2,473 8,407
2,473 8,407
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
Land and buildings
2023 2022
£ £
Within 1 year 28,500 14,250
Between 1 and 5 years 114,000 -
After 5 years 285,000 -
427,500 14,250
12. General Information
Saras Technology Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03572942 . The registered office is Windmill House, 277 Tong Road, Leeds, LS12 4NQ.
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