Acorah Software Products - Accounts Production 14.5.601 false true 28 February 2023 1 March 2022 false 1 March 2023 29 February 2024 29 February 2024 04963562 Mr Matthew Pine Mr R Colwill Mr Matthew Pine iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 04963562 2023-02-28 04963562 2024-02-29 04963562 2023-03-01 2024-02-29 04963562 frs-core:CurrentFinancialInstruments 2024-02-29 04963562 frs-core:Non-currentFinancialInstruments 2024-02-29 04963562 frs-core:ComputerEquipment 2024-02-29 04963562 frs-core:ComputerEquipment 2023-03-01 2024-02-29 04963562 frs-core:ComputerEquipment 2023-02-28 04963562 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-02-29 04963562 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-03-01 2024-02-29 04963562 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-02-28 04963562 frs-core:PlantMachinery 2024-02-29 04963562 frs-core:PlantMachinery 2023-03-01 2024-02-29 04963562 frs-core:PlantMachinery 2023-02-28 04963562 frs-core:ShareCapital 2024-02-29 04963562 frs-core:RetainedEarningsAccumulatedLosses 2024-02-29 04963562 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 04963562 frs-bus:FilletedAccounts 2023-03-01 2024-02-29 04963562 frs-bus:SmallEntities 2023-03-01 2024-02-29 04963562 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 04963562 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 04963562 frs-bus:Director1 2023-03-01 2024-02-29 04963562 frs-bus:Director1 2023-02-28 04963562 frs-bus:Director1 2024-02-29 04963562 frs-bus:Director2 2023-03-01 2024-02-29 04963562 frs-bus:Director2 2023-02-28 04963562 frs-bus:Director2 2024-02-29 04963562 frs-bus:CompanySecretary1 2023-03-01 2024-02-29 04963562 frs-countries:EnglandWales 2023-03-01 2024-02-29 04963562 2022-02-28 04963562 2023-02-28 04963562 2022-03-01 2023-02-28 04963562 frs-core:CurrentFinancialInstruments 2023-02-28 04963562 frs-core:Non-currentFinancialInstruments 2023-02-28 04963562 frs-core:ShareCapital 2023-02-28 04963562 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28
Registered number: 04963562
Blue Groove Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
TaxAssist Barnstaple
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04963562
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 113,249 103,871
113,249 103,871
CURRENT ASSETS
Stocks 5 2,500 1,900
Debtors 6 364,631 332,170
Cash at bank and in hand 20,438 83,321
387,569 417,391
Creditors: Amounts Falling Due Within One Year 7 (75,224 ) (84,809 )
NET CURRENT ASSETS (LIABILITIES) 312,345 332,582
TOTAL ASSETS LESS CURRENT LIABILITIES 425,594 436,453
Creditors: Amounts Falling Due After More Than One Year 8 (29,222 ) (40,370 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (23,016 ) (13,313 )
NET ASSETS 373,356 382,770
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 373,354 382,768
SHAREHOLDERS' FUNDS 373,356 382,770
Page 1
Page 2
For the year ending 29 February 2024 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
Mr Matthew Pine
Director
30/04/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Blue Groove Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04963562 . The registered office is 2 Hobbs Hill, Croyde, Braunton, Devon, EX33 1LZ.
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.
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 6.67% on cost
Plant & Machinery 25% on reducing balance
Computer Equipment Straight Line Over 3 Years
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 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:
2024 2023
Office and administration 2 2
Sales, marketing and distribution 34 33
36 35
Page 3
Page 4
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Computer Equipment Total
£ £ £ £
Cost
As at 1 March 2023 111,960 239,416 260 351,636
Additions - 35,752 2,438 38,190
As at 29 February 2024 111,960 275,168 2,698 389,826
Depreciation
As at 1 March 2023 59,926 187,753 86 247,765
Provided during the period 6,162 21,759 891 28,812
As at 29 February 2024 66,088 209,512 977 276,577
Net Book Value
As at 29 February 2024 45,872 65,656 1,721 113,249
As at 1 March 2023 52,034 51,663 174 103,871
5. Stocks
2024 2023
£ £
Materials 2,500 1,900
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 30 -
Prepayments and accrued income 1,994 1,553
Other debtors 9,986 2,565
Corporation tax recoverable assets 41,889 41,889
VAT 6,196 2,046
Directors' loan accounts 172,565 284,117
232,660 332,170
Due after more than one year
Other debtors 131,971 -
131,971 -
364,631 332,170
Page 4
Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 3,125 2,938
Bank loans and overdrafts 5,500 3,667
Corporation tax 41,021 71,054
Other creditors 5,193 4,900
Accruals and deferred income 20,385 2,250
75,224 84,809
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 29,222 40,370
29,222 40,370
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 March 2023 Amounts advanced Amounts repaid Amounts written off As at 29 February 2024
£ £ £ £ £
Mr Matthew Pine 149,176 93,383 149,129 - 93,430
Mr R Colwill 134,942 93,322 149,129 - 79,135
The above loan is unsecured, interest free and repayable on demand.
Page 5