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Registered number: 07042993
Policy In Practice Ltd
Financial Statements
For The Year Ended 31 October 2023
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07042993
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 31,076 32,716
31,076 32,716
CURRENT ASSETS
Debtors 5 1,071,815 1,330,486
Cash at bank and in hand 850,264 358,793
1,922,079 1,689,279
Creditors: Amounts Falling Due Within One Year 6 (1,739,457 ) (1,573,844 )
NET CURRENT ASSETS (LIABILITIES) 182,622 115,435
TOTAL ASSETS LESS CURRENT LIABILITIES 213,698 148,151
PROVISIONS FOR LIABILITIES
Deferred Taxation 7 (5,904 ) -
NET ASSETS 207,794 148,151
CAPITAL AND RESERVES
Called up share capital 8 1 1
Share premium account 146,054 145,000
Profit and Loss Account 61,739 3,150
SHAREHOLDERS' FUNDS 207,794 148,151
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For the year ending 31 October 2023 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
Mrs Jade Alsop
Director
10/04/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Policy In Practice Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07042993 . The registered office is Public Hall, 1 Horse Guards Avenue, Westminster, London, SW1A 2HU.
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 rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
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:
Fixtures & Fittings Straight line over 4 years
Computer Equipment Straight line over 4 years
2.4. 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.
2.5. 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 years 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 assets reflect 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.
2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 36 (2022: 29)
36 29
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 November 2022 3,406 45,528 48,934
Additions 109 12,341 12,450
Disposals - (1,130 ) (1,130 )
As at 31 October 2023 3,515 56,739 60,254
Depreciation
As at 1 November 2022 2,301 13,917 16,218
Provided during the period 626 13,324 13,950
Disposals - (990 ) (990 )
As at 31 October 2023 2,927 26,251 29,178
Net Book Value
As at 31 October 2023 588 30,488 31,076
As at 1 November 2022 1,105 31,611 32,716
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 1,011,414 1,202,335
Prepayments and accrued income 59,783 37,831
Other debtors 618 -
Corporation tax recoverable assets - 90,320
1,071,815 1,330,486
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 76,252 48,855
Corporation tax 5,982 -
Other taxes and social security 59,443 43,948
VAT 75,106 92,909
Other creditors 9,882 7,588
Accruals and deferred income 1,503,305 1,371,057
Directors' loan accounts 9,487 9,487
1,739,457 1,573,844
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7. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Accelerated capital allowances 5,904 -
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
9. Related Party Transactions
As at 31 October 2023, the director D Ghelani, was owed £9,487 (2022: £9,487 ) by the company. The loan was interest free with no set repayment terms.
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