Acorah Software Products - Accounts Production 15.0.500 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 06961737 Andrew Borras Jo Borras iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 06961737 2023-03-31 06961737 2024-03-31 06961737 2023-04-01 2024-03-31 06961737 frs-core:CurrentFinancialInstruments 2024-03-31 06961737 frs-core:Non-currentFinancialInstruments 2024-03-31 06961737 frs-core:ComputerEquipment 2024-03-31 06961737 frs-core:ComputerEquipment 2023-04-01 2024-03-31 06961737 frs-core:ComputerEquipment 2023-03-31 06961737 frs-core:FurnitureFittings 2024-03-31 06961737 frs-core:FurnitureFittings 2023-04-01 2024-03-31 06961737 frs-core:FurnitureFittings 2023-03-31 06961737 frs-core:MotorVehicles 2024-03-31 06961737 frs-core:MotorVehicles 2023-04-01 2024-03-31 06961737 frs-core:MotorVehicles 2023-03-31 06961737 frs-core:PlantMachinery 2024-03-31 06961737 frs-core:PlantMachinery 2023-04-01 2024-03-31 06961737 frs-core:PlantMachinery 2023-03-31 06961737 frs-core:ShareCapital 2024-03-31 06961737 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 06961737 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06961737 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 06961737 frs-bus:SmallEntities 2023-04-01 2024-03-31 06961737 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 06961737 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06961737 frs-bus:Director1 2023-04-01 2024-03-31 06961737 frs-bus:Director2 2023-04-01 2024-03-31 06961737 frs-countries:EnglandWales 2023-04-01 2024-03-31 06961737 2022-03-31 06961737 2023-03-31 06961737 2022-04-01 2023-03-31 06961737 frs-core:CurrentFinancialInstruments 2023-03-31 06961737 frs-core:Non-currentFinancialInstruments 2023-03-31 06961737 frs-core:ShareCapital 2023-03-31 06961737 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 06961737
Copper Veins Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 06961737
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,468 9,571
2,468 9,571
CURRENT ASSETS
Debtors 5 20,072 45,602
Cash at bank and in hand 4,342 10,845
24,414 56,447
Creditors: Amounts Falling Due Within One Year 6 (28,132 ) (51,983 )
NET CURRENT ASSETS (LIABILITIES) (3,718 ) 4,464
TOTAL ASSETS LESS CURRENT LIABILITIES (1,250 ) 14,035
Creditors: Amounts Falling Due After More Than One Year 7 (9,542 ) (11,284 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (470 ) (1,800 )
NET (LIABILITIES)/ASSETS (11,262 ) 951
CAPITAL AND RESERVES
Called up share capital 100 100
Profit and Loss Account (11,362 ) 851
SHAREHOLDERS' FUNDS (11,262) 951
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Page 2
For the year ending 31 March 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
Jo Borras
Director
30 July 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Copper Veins Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06961737 . The registered office is Denberry, Wainfleet Road, Irby-In-The-Marsh, Skegness, PE24 5AY.
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. 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 15% on cost
Motor Vehicles 20% on cost
Fixtures & Fittings 20% on cost
Computer Equipment 25% on cost
2.4. 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 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.
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was 2 (2023: 3)
2 3
Page 3
Page 4
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 4,518 27,142 12,905 6,401 50,966
Additions 369 - - - 369
Disposals - (23,892 ) (9,764 ) - (33,656 )
As at 31 March 2024 4,887 3,250 3,141 6,401 17,679
Depreciation
As at 1 April 2023 3,258 26,352 6,838 4,947 41,395
Provided during the period 472 337 1,439 558 2,806
Disposals - (23,439 ) (5,551 ) - (28,990 )
As at 31 March 2024 3,730 3,250 2,726 5,505 15,211
Net Book Value
As at 31 March 2024 1,157 - 415 896 2,468
As at 1 April 2023 1,260 790 6,067 1,454 9,571
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 2,312 24,771
Prepayments and accrued income 8,014 7,059
Other debtors 9,746 13,772
20,072 45,602
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 11,639 12,984
Bank loans and overdrafts 1,713 1,669
Other taxes and social security 2,710 7,712
Other creditors 12,070 8,174
Accruals and deferred income - 21,444
28,132 51,983
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 9,542 11,284
8. Directors Advances, Credits and Guarantees
The directors used a loan account with the company to record amounts due to and drawn by them. During the year, advances of £14,040 and repayments of £19,740 were made, such that the balance owed to the company at the year end was £5,925 included in other debtors (2023: £11,625).
The above loan is unsecured, interest free and repayable on demand.
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