Acorah Software Products - Accounts Production 14.5.601 false true 31 August 2022 1 September 2021 false 1 September 2022 31 August 2023 31 August 2023 04524906 Mr Steven Shaughnessy iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 04524906 2022-08-31 04524906 2023-08-31 04524906 2022-09-01 2023-08-31 04524906 frs-core:CurrentFinancialInstruments 2023-08-31 04524906 frs-core:ComputerEquipment 2023-08-31 04524906 frs-core:ComputerEquipment 2022-09-01 2023-08-31 04524906 frs-core:ComputerEquipment 2022-08-31 04524906 frs-core:FurnitureFittings 2023-08-31 04524906 frs-core:FurnitureFittings 2022-09-01 2023-08-31 04524906 frs-core:FurnitureFittings 2022-08-31 04524906 frs-core:PlantMachinery 2023-08-31 04524906 frs-core:PlantMachinery 2022-09-01 2023-08-31 04524906 frs-core:PlantMachinery 2022-08-31 04524906 frs-core:CapitalRedemptionReserve 2023-08-31 04524906 frs-core:ShareCapital 2023-08-31 04524906 frs-core:RetainedEarningsAccumulatedLosses 2023-08-31 04524906 frs-bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 04524906 frs-bus:FilletedAccounts 2022-09-01 2023-08-31 04524906 frs-bus:SmallEntities 2022-09-01 2023-08-31 04524906 frs-bus:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 04524906 frs-bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 04524906 frs-bus:Director1 2022-09-01 2023-08-31 04524906 frs-countries:EnglandWales 2022-09-01 2023-08-31 04524906 2021-08-31 04524906 2022-08-31 04524906 2021-09-01 2022-08-31 04524906 frs-core:CurrentFinancialInstruments 2022-08-31 04524906 frs-core:CapitalRedemptionReserve 2022-08-31 04524906 frs-core:ShareCapital 2022-08-31 04524906 frs-core:RetainedEarningsAccumulatedLosses 2022-08-31
Registered number: 04524906
P B S Spindle Systems Limited
Unaudited Financial Statements
For The Year Ended 31 August 2023
Accounts Un Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04524906
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 13,663 14,541
13,663 14,541
CURRENT ASSETS
Stocks 5 12,889 10,774
Debtors 6 34,506 34,587
Cash at bank and in hand 38,636 44,178
86,031 89,539
Creditors: Amounts Falling Due Within One Year 7 (53,032 ) (46,304 )
NET CURRENT ASSETS (LIABILITIES) 32,999 43,235
TOTAL ASSETS LESS CURRENT LIABILITIES 46,662 57,776
NET ASSETS 46,662 57,776
CAPITAL AND RESERVES
Called up share capital 8 60 60
Capital redemption reserve 60 60
Profit and Loss Account 46,542 57,656
SHAREHOLDERS' FUNDS 46,662 57,776
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Page 2
For the year ending 31 August 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 Steven Shaughnessy
Director
22/04/2024
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
P B S Spindle Systems Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04524906 . The registered office is 5 Pitt Street, Denton, Manchester, M34 6PT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 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 15% reducing balance
Fixtures & Fittings 33% straight line
Computer Equipment 25% reducing balance
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. 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.
2.6. 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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2.6. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2022: 6)
5 6
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 September 2022 50,933 5,931 2,392 59,256
Additions 1,877 - - 1,877
As at 31 August 2023 52,810 5,931 2,392 61,133
Depreciation
As at 1 September 2022 39,297 3,049 2,369 44,715
Provided during the period 2,027 721 7 2,755
As at 31 August 2023 41,324 3,770 2,376 47,470
Net Book Value
As at 31 August 2023 11,486 2,161 16 13,663
As at 1 September 2022 11,636 2,882 23 14,541
5. Stocks
2023 2022
£ £
Finished goods 12,889 10,774
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 33,540 32,465
Prepayments and accrued income 966 1,822
Director's loan account - 300
34,506 34,587
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 32,210 26,510
Corporation tax 12,375 12,843
Other taxes and social security 1,610 1,509
VAT 6,557 5,229
Accruals and deferred income 280 213
53,032 46,304
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 60 60
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