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Registered number: 08500000
Minhoco 21 Limited
Financial Statements
For The Year Ended 31 December 2023
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08500000
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 12,367 12,367
Tangible Assets 5 126,262 84,218
138,629 96,585
CURRENT ASSETS
Stocks 6 37,000 14,000
Debtors 7 260,767 314,130
Cash at bank and in hand 122,322 164,147
420,089 492,277
Creditors: Amounts Falling Due Within One Year 8 (200,614 ) (184,919 )
NET CURRENT ASSETS (LIABILITIES) 219,475 307,358
TOTAL ASSETS LESS CURRENT LIABILITIES 358,104 403,943
Creditors: Amounts Falling Due After More Than One Year 9 (312 ) -
PROVISIONS FOR LIABILITIES
Deferred Taxation (19,495 ) (10,064 )
NET ASSETS 338,297 393,879
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 338,197 393,779
SHAREHOLDERS' FUNDS 338,297 393,879
Page 1
Page 2
For the year ending 31 December 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 Profit and Loss Account.
On behalf of the board
Mr Jon Liddicoat
Director
12/03/2024
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
Minhoco 21 Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08500000 . The registered office is Unit 3b Airport Industrial Estate, Kingston Park, Newcastle Upon Tyne, NE3 2EF.
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 profit and loss account over its estimated economic life of .... years.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are .... It is amortised to profit and loss account over its estimated economic life of .... years.
2.5. 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 15% straight line
Motor Vehicles 15% straight line
Fixtures & Fittings 15% straight line
Computer Equipment 15% straight line
2.6. 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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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 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.
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: 43 (2022: 22)
43 22
4. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 January 2023 16,091 7,566 23,657
As at 31 December 2023 16,091 7,566 23,657
Amortisation
As at 1 January 2023 11,290 - 11,290
As at 31 December 2023 11,290 - 11,290
Net Book Value
As at 31 December 2023 4,801 7,566 12,367
As at 1 January 2023 4,801 7,566 12,367
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5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 177,611 47,920 57,356 15,163 298,050
Additions 36,362 51,523 11,924 292 100,101
Disposals - (3,333 ) - - (3,333 )
As at 31 December 2023 213,973 96,110 69,280 15,455 394,818
Depreciation
As at 1 January 2023 118,582 46,685 36,365 12,200 213,832
Provided during the period 30,768 12,358 9,277 2,321 54,724
As at 31 December 2023 149,350 59,043 45,642 14,521 268,556
Net Book Value
As at 31 December 2023 64,623 37,067 23,638 934 126,262
As at 1 January 2023 59,029 1,235 20,991 2,963 84,218
6. Stocks
2023 2022
£ £
Stock 37,000 14,000
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 204,369 180,200
Prepayments and accrued income 11,856 11,532
Other Debtors Account 8,539 -
VAT 36,003 57,559
260,767 249,291
Due after more than one year
Intercompany Loan - Liddicoat Property Ltd - 64,839
- 64,839
260,767 314,130
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8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 108,199 92,415
Bank loans and overdrafts 19,497 27,185
Corporation tax - 1,301
PAYE 46,966 49,506
Net wages 18,520 8,134
Accruals and deferred income 7,432 6,378
200,614 184,919
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Directors loan account 312 -
312 -
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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