Acorah Software Products - Accounts Production 15.0.500 false true 28 February 2023 1 March 2022 false 1 March 2023 29 February 2024 29 February 2024 09992070 Mr Stephen Barbour Mr Alastair Barnett Mr Philip Spinks Mr John Roebuck iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09992070 2023-02-28 09992070 2024-02-29 09992070 2023-03-01 2024-02-29 09992070 frs-core:Non-currentFinancialInstruments 2024-02-29 09992070 frs-core:ComputerEquipment 2023-03-01 2024-02-29 09992070 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-01 2024-02-29 09992070 frs-core:FurnitureFittings 2023-03-01 2024-02-29 09992070 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-03-01 2024-02-29 09992070 frs-core:PlantMachinery 2023-03-01 2024-02-29 09992070 frs-core:SharePremium 2024-02-29 09992070 frs-core:ShareCapital 2024-02-29 09992070 frs-core:RetainedEarningsAccumulatedLosses 2024-02-29 09992070 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 09992070 frs-bus:AbridgedAccounts 2023-03-01 2024-02-29 09992070 frs-bus:SmallEntities 2023-03-01 2024-02-29 09992070 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 09992070 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 09992070 frs-bus:Director1 2023-03-01 2024-02-29 09992070 frs-bus:Director2 2023-03-01 2024-02-29 09992070 frs-bus:Director3 2023-03-01 2024-02-29 09992070 frs-bus:CompanySecretary1 2023-03-01 2024-02-29 09992070 frs-countries:EnglandWales 2023-03-01 2024-02-29 09992070 2022-02-28 09992070 2023-02-28 09992070 2022-03-01 2023-02-28 09992070 frs-core:Non-currentFinancialInstruments 2023-02-28 09992070 frs-core:SharePremium 2023-02-28 09992070 frs-core:ShareCapital 2023-02-28 09992070 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28
Registered number: 09992070
Composite Braiding Limited
Unaudited ABRIDGED Financial Statements
For The Year Ended 29 February 2024
Newtons Accountants Limited
Chartered Certified Accountants
470 Hucknall Road
Nottingham
Nottinghamshire
NG5 1FX
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—7
Page 1
Abridged Balance Sheet
Registered number: 09992070
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 708,589 608,110
Tangible Assets 5 607,198 551,421
1,315,787 1,159,531
CURRENT ASSETS
Stocks 38,064 45,936
Debtors 98,602 263,968
Cash at bank and in hand 310,327 18,098
446,993 328,002
Creditors: Amounts Falling Due Within One Year (296,299 ) (302,541 )
NET CURRENT ASSETS (LIABILITIES) 150,694 25,461
TOTAL ASSETS LESS CURRENT LIABILITIES 1,466,481 1,184,992
Creditors: Amounts Falling Due After More Than One Year (775,249 ) (838,591 )
PROVISIONS FOR LIABILITIES
Provisions For Charges - (8,187 )
Deferred Taxation (10,557 ) (8,885 )
NET ASSETS 680,675 329,329
CAPITAL AND RESERVES
Called up share capital 6 5,741 4,812
Share premium account 1,350,643 696,964
Profit and Loss Account (675,709 ) (372,447 )
SHAREHOLDERS' FUNDS 680,675 329,329
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For the year ending 29 February 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.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 29 February 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr Stephen Barbour
Director
17/07/2024
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Abridged Financial Statements
1. General Information
Composite Braiding Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09992070 . The registered office is 470 Hucknall Road, Nottingham, Nottinghamshire, NG5 1FX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

No significant judgements have had to be made by the directors in preparing these financial statements.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.
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2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Software licences - 50% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

2.4. Research and Development
Research and development expenditure is generally written off in the year in which it is incurred, on the basis that there is uncertainty as to whether the expenditure will yield an enduring benefit to the company. However, where development expenditure is expected to provide an enduring benefit it is capitalised to the extent that it is expected to yield associated net profits in future years.

Any capitalised development expenditure is reviewed for potential impairment annually but is otherwise amortised on a 20% straight line basis.
2.5. Tangible Fixed Assets and Depreciation
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold 20% straight line basis
Plant & Machinery 20% reducing balance
Fixtures & Fittings 15% reducing balance
Computer Equipment 33% straight line
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2.6. Stocks and Work in Progress
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
2.7. 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.
2.8. Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

2.9. Pensions
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.


2.10. Government Grant
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

...CONTINUED
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2.10. Government Grant - continued
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

3. Average Number of Employees
The average number of persons employed by the company during the year amounted to  8 (2023: 6)
8 6
4. Intangible Assets
Total
£
Cost
As at 1 March 2023 940,109
Additions 326,691
Disposals (12,507 )
As at 29 February 2024 1,254,293
Amortisation
As at 1 March 2023 331,999
Provided during the period 226,212
Disposals (12,507 )
As at 29 February 2024 545,704
Net Book Value
As at 29 February 2024 708,589
As at 1 March 2023 608,110
5. Tangible Assets
Total
£
Cost
As at 1 March 2023 767,929
Additions 196,535
As at 29 February 2024 964,464
Depreciation
As at 1 March 2023 216,508
Provided during the period 140,758
As at 29 February 2024 357,266
...CONTINUED
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Net Book Value
As at 29 February 2024 607,198
As at 1 March 2023 551,421
6. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 5,741 4,812
7. Related Party Transactions
During the year the Company Secretary provided services to the company totalling £15,000 (2023: £15,000). There are amounts of £22,500 (2023: £23,750) included in accruals relating to these transactions.
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