Acorah Software Products - Accounts Production 14.5.601 false true 31 January 2023 1 February 2022 false 1 February 2023 31 January 2024 31 January 2024 11167173 Mr Robert Jones Mr Michael Copestake Mr Simon Woods Mr Derek Latham Mr Shaun Matthews Ms Wendy Morrall iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11167173 2023-01-31 11167173 2024-01-31 11167173 2023-02-01 2024-01-31 11167173 frs-core:CurrentFinancialInstruments 2024-01-31 11167173 frs-core:Non-currentFinancialInstruments 2024-01-31 11167173 frs-core:ComputerEquipment 2024-01-31 11167173 frs-core:ComputerEquipment 2023-02-01 2024-01-31 11167173 frs-core:ComputerEquipment 2023-01-31 11167173 frs-core:FurnitureFittings 2024-01-31 11167173 frs-core:FurnitureFittings 2023-02-01 2024-01-31 11167173 frs-core:FurnitureFittings 2023-01-31 11167173 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-01-31 11167173 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 11167173 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-01-31 11167173 frs-core:PlantMachinery 2024-01-31 11167173 frs-core:PlantMachinery 2023-02-01 2024-01-31 11167173 frs-core:PlantMachinery 2023-01-31 11167173 frs-core:SharePremium 2024-01-31 11167173 frs-core:ShareCapital 2024-01-31 11167173 frs-core:RetainedEarningsAccumulatedLosses 2024-01-31 11167173 frs-bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 11167173 frs-bus:FilletedAccounts 2023-02-01 2024-01-31 11167173 frs-bus:SmallEntities 2023-02-01 2024-01-31 11167173 frs-bus:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 11167173 frs-bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 11167173 frs-bus:Director1 2023-02-01 2024-01-31 11167173 frs-bus:Director2 2023-02-01 2024-01-31 11167173 frs-bus:Director3 2023-02-01 2024-01-31 11167173 frs-bus:Director4 2023-02-01 2024-01-31 11167173 frs-bus:Director5 2023-02-01 2024-01-31 11167173 frs-bus:Director6 2023-02-01 2024-01-31 11167173 frs-core:Non-currentFinancialInstruments 9 2024-01-31 11167173 frs-countries:EnglandWales 2023-02-01 2024-01-31 11167173 2022-01-31 11167173 2023-01-31 11167173 2022-02-01 2023-01-31 11167173 frs-core:CurrentFinancialInstruments 2023-01-31 11167173 frs-core:Non-currentFinancialInstruments 2023-01-31 11167173 frs-core:SharePremium 2023-01-31 11167173 frs-core:ShareCapital 2023-01-31 11167173 frs-core:RetainedEarningsAccumulatedLosses 2023-01-31 11167173 frs-core:CurrentFinancialInstruments 1 2023-01-31 11167173 frs-core:Non-currentFinancialInstruments 9 2023-01-31
Registered number: 11167173
Great Northern Classics Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11167173
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,081,381 450,614
2,081,381 450,614
CURRENT ASSETS
Debtors 5 99,584 102,374
Cash at bank and in hand 67,877 218,950
167,461 321,324
Creditors: Amounts Falling Due Within One Year 6 (55,674 ) (27,334 )
NET CURRENT ASSETS (LIABILITIES) 111,787 293,990
TOTAL ASSETS LESS CURRENT LIABILITIES 2,193,168 744,604
Creditors: Amounts Falling Due After More Than One Year 7 (1,352,826 ) (110,468 )
NET ASSETS 840,342 634,136
CAPITAL AND RESERVES
Called up share capital 8 11,236 9,338
Share premium account 1,366,202 821,539
Profit and Loss Account (537,096 ) (196,741 )
SHAREHOLDERS' FUNDS 840,342 634,136
Page 1
Page 2
For the year ending 31 January 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 Robert Jones
Director
30 April 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
Great Northern Classics Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11167173 . The registered office is 274-278 Osmaston Road, Derby, DE24 8AE.
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:
Freehold No Depreciation
Plant & Machinery 5 Years Straight Line
Fixtures & Fittings 5 Years Straight Line
Computer Equipment 5 Years Straight Line
The building is under extensive refurbishment and as a result the Directors consider it appropriate not to charge depreciation in this financial year
2.4. 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.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 1)
5 1
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 February 2023 450,614 - - - 450,614
Additions 1,619,806 8,869 3,875 957 1,633,507
As at 31 January 2024 2,070,420 8,869 3,875 957 2,084,121
Depreciation
As at 1 February 2023 - - - - -
Provided during the period - 1,774 775 191 2,740
As at 31 January 2024 - 1,774 775 191 2,740
Net Book Value
As at 31 January 2024 2,070,420 7,095 3,100 766 2,081,381
As at 1 February 2023 450,614 - - - 450,614
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 9,818 -
Prepayments and accrued income 39,335 53,362
Loan - Great Northern Bonded Warehouse - 7,627
VAT 50,431 41,385
99,584 102,374
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 25,303 12,325
Bank loans and overdrafts 10,000 10,000
Other taxes and social security 4,349 592
Accruals and deferred income 16,022 4,417
55,674 27,334
Page 4
Page 5
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 18,243 27,968
Derby City Council 1,250,000 -
Accruals and deferred income 2,083 -
Directors loan account 82,500 82,500
1,352,826 110,468
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 11,236 9,338
Page 5