Acorah Software Products - Accounts Production 14.6.300 false true 31 October 2022 1 November 2021 false 1 November 2022 31 October 2023 31 October 2023 09272518 Mr Edward Starr Mr Damien Toms iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09272518 2022-10-31 09272518 2023-10-31 09272518 2022-11-01 2023-10-31 09272518 frs-core:CurrentFinancialInstruments 2023-10-31 09272518 frs-core:NetGoodwill 2023-10-31 09272518 frs-core:NetGoodwill 2022-11-01 2023-10-31 09272518 frs-core:NetGoodwill 2022-10-31 09272518 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-10-31 09272518 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 09272518 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2022-10-31 09272518 frs-core:PlantMachinery 2023-10-31 09272518 frs-core:PlantMachinery 2022-11-01 2023-10-31 09272518 frs-core:PlantMachinery 2022-10-31 09272518 frs-core:ShareCapital 2023-10-31 09272518 frs-core:RetainedEarningsAccumulatedLosses 2023-10-31 09272518 frs-bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 09272518 frs-bus:FilletedAccounts 2022-11-01 2023-10-31 09272518 frs-bus:SmallEntities 2022-11-01 2023-10-31 09272518 frs-bus:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 09272518 frs-bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 09272518 frs-bus:Director1 2022-11-01 2023-10-31 09272518 frs-bus:Director1 2022-10-31 09272518 frs-bus:Director1 2023-10-31 09272518 frs-bus:Director2 2022-11-01 2023-10-31 09272518 frs-bus:Director2 2022-10-31 09272518 frs-bus:Director2 2023-10-31 09272518 frs-countries:EnglandWales 2022-11-01 2023-10-31 09272518 2021-10-31 09272518 2022-10-31 09272518 2021-11-01 2022-10-31 09272518 frs-core:CurrentFinancialInstruments 2022-10-31 09272518 frs-core:ShareCapital 2022-10-31 09272518 frs-core:RetainedEarningsAccumulatedLosses 2022-10-31
Registered number: 09272518
TSG Incorporated Limited
Unaudited Financial Statements
For The Year Ended 31 October 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09272518
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1,000 2,000
Tangible Assets 5 179,334 227,815
180,334 229,815
CURRENT ASSETS
Debtors 7 730,075 490,155
Cash at bank and in hand 43,924 485,374
773,999 975,529
Creditors: Amounts Falling Due Within One Year 8 (19,515 ) (79,329 )
NET CURRENT ASSETS (LIABILITIES) 754,484 896,200
TOTAL ASSETS LESS CURRENT LIABILITIES 934,818 1,126,015
NET ASSETS 934,818 1,126,015
CAPITAL AND RESERVES
Called up share capital 9 200 200
Profit and Loss Account 934,618 1,125,815
SHAREHOLDERS' FUNDS 934,818 1,126,015
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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
Mr Damien Toms
Director
20/05/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
TSG Incorporated Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09272518 . The registered office is Unit 2 Hazel Court, Burma Road Industrial Estate, Blidworth, Mansfield, Nottinghamshire, NG21 0RY.
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:
Freehold 2% straight line
Plant & Machinery 15% reducing balance
2.5. 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.
2.6. 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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2.7. 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: 13 (2022: 6)
13 6
4. Intangible Assets
Goodwill
£
Cost
As at 1 November 2022 10,000
As at 31 October 2023 10,000
Amortisation
As at 1 November 2022 8,000
Provided during the period 1,000
As at 31 October 2023 9,000
Net Book Value
As at 31 October 2023 1,000
As at 1 November 2022 2,000
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Total
£ £ £
Cost
As at 1 November 2022 188,865 176,031 364,896
Additions - 2,075 2,075
Disposals - (128,694 ) (128,694 )
As at 31 October 2023 188,865 49,412 238,277
...CONTINUED
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Depreciation
As at 1 November 2022 27,703 109,378 137,081
Provided during the period 2,518 10,076 12,594
Disposals - (90,732 ) (90,732 )
As at 31 October 2023 30,221 28,722 58,943
Net Book Value
As at 31 October 2023 158,644 20,690 179,334
As at 1 November 2022 161,162 66,653 227,815
6. Stocks
2023 2022
£ £
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 53,576 2,867
Other debtors 676,499 487,288
730,075 490,155
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 1,018 21,299
Other creditors 2,202 53,224
Taxation and social security 16,295 4,806
19,515 79,329
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 200 200
10. 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 Edward Starr 25,101 (114,026 ) 68,000 - (20,925 )
Mr Damien Toms 25,145 (112,923 ) 68,000 - (19,778 )
The above loan is unsecured, interest free and repayable on demand.
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