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Registered number: 11017258
THE HERB CONVENTION LIMITED
Unaudited Financial Statements
For The Year Ended 31 October 2023
ELM Partners
Chartered Certified Accountants & Registered Auditors
Southgate Offie Village
286a Chase Road
Soutghate
London
N14 6HF
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11017258
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 60,347 56,959
Tangible Assets 5 8,999 10,966
69,346 67,925
CURRENT ASSETS
Stocks 6 93,147 85,848
Debtors 7 463,817 257,489
Cash at bank and in hand 37,794 155,690
594,758 499,027
Creditors: Amounts Falling Due Within One Year 8 (127,367 ) (159,561 )
NET CURRENT ASSETS (LIABILITIES) 467,391 339,466
TOTAL ASSETS LESS CURRENT LIABILITIES 536,737 407,391
NET ASSETS 536,737 407,391
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account 536,736 407,390
SHAREHOLDERS' FUNDS 536,737 407,391
Page 1
Page 2
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 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 Mario Gabriel
Director
25/07/2024
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
THE HERB CONVENTION LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 11017258 . The registered office is Southgate Office Village, 286a Chase Road, London, N14 6HF.
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.
2.3. Research and Development
Research expenditure is written off as it is incurred and charged to the profit and loss account. Development expenditure is written off, except where there is a seperate project that is technically, commercially and financially viable. In these cases, the identifiable expenditure is deferred and amortised over the period the company is expected to derive benefit.
During the year development costs are capitalised and carried forward as the product is not yet in commercial production. The costs are to be amortised over five year.
2.4. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are trademark. It is amortised to the profit and loss account over its estimated economic life of 5 years.
2.5. 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 20% reducing balance method
Fixtures & Fittings 20% reducing balance method
2.6. 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.
2.7. 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
Corporation 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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2.8. 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.
2.9. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 3)
2 3
4. Intangible Assets
Development Costs Intellectual Property Total
£ £ £
Cost
As at 1 November 2022 56,614 863 57,477
Additions 18,605 - 18,605
As at 31 October 2023 75,219 863 76,082
Amortisation
As at 1 November 2022 - 518 518
Provided during the period 15,044 173 15,217
As at 31 October 2023 15,044 691 15,735
Net Book Value
As at 31 October 2023 60,175 172 60,347
As at 1 November 2022 56,614 345 56,959
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 November 2022 12,677 2,139 14,816
Additions - 283 283
As at 31 October 2023 12,677 2,422 15,099
Depreciation
As at 1 November 2022 3,422 428 3,850
Provided during the period 1,851 399 2,250
As at 31 October 2023 5,273 827 6,100
Net Book Value
As at 31 October 2023 7,404 1,595 8,999
As at 1 November 2022 9,255 1,711 10,966
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6. Stocks
2023 2022
£ £
Finished goods 93,147 85,848
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 60,073 22,077
Prepayments and accrued income 109 412
Other debtors 350,083 235,000
Director's loan account 53,552 -
463,817 257,489
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 42,780 60,643
Corporation tax 52,112 37,893
VAT 28,600 21,164
Accruals and deferred income 3,875 36,246
Director's loan account - 3,615
127,367 159,561
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
10. Pension Commitments
The company operates a defined contribution pension scheme for the directors and employess. The assets of the scheme are held separately from those of the company in an independently administered fund. During the year the company contributed £18.
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 November 2022 Amounts advanced Amounts repaid Amounts written off As at 31 October 2023
£ £ £ £ £
Mr Mario Gabriel (3,615 ) 57,167 - - 53,552
The above loan is unsecured, interest free and repayable on demand.
12. Related Party Transactions
Included in creditors amount falling due within one year is an amount of £53,552 (2022: £3,615 due to) due from Mr Mario Gabriel, director of the company. The loan is interest free.
Included in other debtors, there is an amount of £350,000 (2022: £235,000) due from a UK company, where Mr Mario Gabriel is a director and 100% shareholder. 
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