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Registered number: 13076522
Price Mann Limited
Unaudited Financial Statements
For The Year Ended 31 October 2023
Price Mann Limited
Chartered Certified Accountants
Magnolia House, Spring Villa
11 Spring Villa Road
Edgware
HA8 7EB
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 13076522
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1,288,100 1,238,707
Tangible Assets 5 51,318 62,286
1,339,418 1,300,993
CURRENT ASSETS
Debtors 6 267,662 142,427
Cash at bank and in hand 18,318 10,256
285,980 152,683
Creditors: Amounts Falling Due Within One Year 7 (1,112,605 ) (1,196,307 )
NET CURRENT ASSETS (LIABILITIES) (826,625 ) (1,043,624 )
TOTAL ASSETS LESS CURRENT LIABILITIES 512,793 257,369
Creditors: Amounts Falling Due After More Than One Year 8 (473,000 ) (240,000 )
PROVISIONS FOR LIABILITIES
Deferred Taxation - (14,925 )
NET ASSETS 39,793 2,444
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 39,693 2,344
SHAREHOLDERS' FUNDS 39,793 2,444
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 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
S Shah
Director
9 May 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Price Mann Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13076522 . The registered office is Magnolia House, Spring Villa Park, 11 Spring Villa Road, Edgware, HA8 7EB.
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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
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 20% Reducing Balance
Motor Vehicles 20% Reducing Balance
2.5. 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.
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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: 22 (2022: 20)
22 20
4. Intangible Assets
Goodwill
£
Cost
As at 1 November 2022 1,506,067
Additions 200,000
As at 31 October 2023 1,706,067
Amortisation
As at 1 November 2022 267,360
Provided during the period 150,607
As at 31 October 2023 417,967
...CONTINUED
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Net Book Value
As at 31 October 2023 1,288,100
As at 1 November 2022 1,238,707
5. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 November 2022 16,447 51,530 67,977
Additions 1,862 - 1,862
As at 31 October 2023 18,309 51,530 69,839
Depreciation
As at 1 November 2022 4,832 859 5,691
Provided during the period 2,696 10,134 12,830
As at 31 October 2023 7,528 10,993 18,521
Net Book Value
As at 31 October 2023 10,781 40,537 51,318
As at 1 November 2022 11,615 50,671 62,286
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 122,485 130,052
Prepayments and accrued income 120,000 -
Other debtors 12,375 12,375
Deferred tax current asset 2,802 -
Amounts owed by associates 10,000 -
267,662 142,427
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 280,041 275,477
Corporation tax 115,048 79,851
Other taxes and social security 10,651 8,116
VAT 90,069 4,526
Other creditors 15,156 15,177
Accruals and deferred income 34,078 38,796
Directors' loan accounts 567,562 774,364
1,112,605 1,196,307
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Amounts owed to parent undertaking 473,000 240,000
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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