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Registered number: 06393281
Arnold Inventories Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Harrisons Accountancy Ltd
Harrison House Sheep Walk
Langford Road
Biggleswade
Bedfordshire
SG18 9RB
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 06393281
31 December 2023 31 December 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 641,023 74,234
Tangible Assets 5 364 455
Investments 6 231,865 418,588
873,252 493,277
CURRENT ASSETS
Debtors 7 100,831 38,812
Cash at bank and in hand 49,177 76,311
150,008 115,123
Creditors: Amounts Falling Due Within One Year 8 (547,739 ) (279,977 )
NET CURRENT ASSETS (LIABILITIES) (397,731 ) (164,854 )
TOTAL ASSETS LESS CURRENT LIABILITIES 475,521 328,423
Creditors: Amounts Falling Due After More Than One Year 9 (95,798 ) (157,121 )
NET ASSETS 379,723 171,302
CAPITAL AND RESERVES
Called up share capital 10 421 421
Profit and Loss Account 379,302 170,881
SHAREHOLDERS' FUNDS 379,723 171,302
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Page 2
For the year ending 31 December 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 Daniel Lee
Director
30/07/2024
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
Arnold Inventories Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06393281 . The registered office is 13 Canonbury Place, London, N1 2NQ.
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 7 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:
Computer Equipment 20% Reducing balance
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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2022: )
5 -
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2023 95,320
Additions 742,477
As at 31 December 2023 837,797
Amortisation
As at 1 January 2023 21,086
Provided during the period 175,688
As at 31 December 2023 196,774
Net Book Value
As at 31 December 2023 641,023
As at 1 January 2023 74,234
5. Tangible Assets
Computer Equipment
£
Cost
As at 1 January 2023 711
As at 31 December 2023 711
Depreciation
As at 1 January 2023 256
Provided during the period 91
As at 31 December 2023 347
Net Book Value
As at 31 December 2023 364
As at 1 January 2023 455
6. Investments
Subsidiaries Other Total
£ £ £
Cost
As at 1 January 2023 418,588 - 418,588
Additions 231,865 - 231,865
Transfers - (418,588 ) (418,588 )
As at 31 December 2023 650,453 (418,588 ) 231,865
Provision
As at 1 January 2023 - - -
As at 31 December 2023 - - -
...CONTINUED
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Net Book Value
As at 31 December 2023 650,453 (418,588 ) 231,865
As at 1 January 2023 418,588 - 418,588
The Transfer of the investments to goodwill is in respect of a hive up of the trade and asset of Clean Repair to Arnold Inventories Ltd.
7. Debtors
31 December 2023 31 December 2022
£ £
Due within one year
Trade debtors 100,678 38,812
Prepayments and accrued income 153 -
100,831 38,812
8. Creditors: Amounts Falling Due Within One Year
31 December 2023 31 December 2022
£ £
Trade creditors - 16,722
Bank loans and overdrafts 23,599 17,500
Corporation tax 118,509 45,107
Other taxes and social security 6,466 545
VAT 98,246 81,625
Other creditors 58,008 13,896
Accruals and deferred income 66,271 43,477
Amounts owed to parent undertaking 176,640 61,105
547,739 279,977
9. Creditors: Amounts Falling Due After More Than One Year
31 December 2023 31 December 2022
£ £
Bank loans 95,798 122,121
Accruals and deferred income - 35,000
95,798 157,121
10. Share Capital
31 December 2023 31 December 2022
£ £
Allotted, Called up and fully paid 421 421
Page 5
Page 6
11. Related Party Transactions
Canonbury Group Ltd: 
Arnold Inventories is controlled by Canonbury Group Ltd (the companys parent undertaking) 
During the year, the company provided services totalling £358,480. Canonbury Group Ltd provided services to the company totalling £242,945. It is the directors opinion that all transactions took place at open market rates. At the balance sheet date, the amount owing to the parent undertaking was £176,640. 
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