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Registered number: 05482180
Powered Licence Training Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2024
Richards Associates Limited
North Lodge
Hawkesyard
Rugeley
Staffordshire
WS15 1PS
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05482180
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,503 1,089
2,503 1,089
CURRENT ASSETS
Debtors 5 10,244 20,193
Cash at bank and in hand 4,618 8,720
14,862 28,913
Creditors: Amounts Falling Due Within One Year 6 (17,134 ) (17,443 )
NET CURRENT ASSETS (LIABILITIES) (2,272 ) 11,470
TOTAL ASSETS LESS CURRENT LIABILITIES 231 12,559
PROVISIONS FOR LIABILITIES
Deferred Taxation (121 ) (121 )
NET ASSETS 110 12,438
CAPITAL AND RESERVES
Called up share capital 7 1 1
Profit and Loss Account 109 12,437
SHAREHOLDERS' FUNDS 110 12,438
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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 J Quirke
Director
24 July 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
Powered Licence Training Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 05482180 . The registered office is North Lodge, Hawkesyard, Rugeley, Staffordshire, WS15 1PS.
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. Going Concern Disclosure
At the time of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
The directors continue to adopt the going concern basis of accounting in preparing financial statements.
2.3. 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.
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.
2.4. 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 25% - on cost
Fixtures & Fittings 25% - on reducing balance
Computer Equipment 33% - on cost
2.5. Financial Instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.
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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 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 1)
2 1
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 February 2023 450 6,179 4,003 10,632
Additions - - 2,178 2,178
As at 31 January 2024 450 6,179 6,181 12,810
Depreciation
As at 1 February 2023 424 5,890 3,229 9,543
Provided during the period 26 72 666 764
As at 31 January 2024 450 5,962 3,895 10,307
Net Book Value
As at 31 January 2024 - 217 2,286 2,503
As at 1 February 2023 26 289 774 1,089
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5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 9,690 19,872
Prepayments and accrued income 554 201
Other debtors - 120
10,244 20,193
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors - 692
Corporation tax 4,528 7,945
Other taxes and social security 534 463
VAT 3,202 2,729
Accruals and deferred income 933 907
Directors' loan accounts 7,937 4,707
17,134 17,443
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
8. Ultimate Controlling Party
The company's ultimate controlling party is Mr J Quirke by virtue of his ownership of 100% of the issued share capital in the company.
9. Working capital deficit
Current liabilities exceed current assets, however, the company is able to meet its liabilities as they fall due.
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