Acorah Software Products - Accounts Production 15.0.500 false true 31 October 2022 1 November 2021 false 1 November 2022 31 October 2023 31 October 2023 08260003 Mr Jonathan Kane Mr Daniel Sedgewick iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08260003 2022-10-31 08260003 2023-10-31 08260003 2022-11-01 2023-10-31 08260003 frs-core:CurrentFinancialInstruments 2023-10-31 08260003 frs-core:ComputerEquipment 2023-10-31 08260003 frs-core:ComputerEquipment 2022-11-01 2023-10-31 08260003 frs-core:ComputerEquipment 2022-10-31 08260003 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-10-31 08260003 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-11-01 2023-10-31 08260003 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-10-31 08260003 frs-core:FurnitureFittings 2023-10-31 08260003 frs-core:FurnitureFittings 2022-11-01 2023-10-31 08260003 frs-core:FurnitureFittings 2022-10-31 08260003 frs-core:NetGoodwill 2023-10-31 08260003 frs-core:NetGoodwill 2022-11-01 2023-10-31 08260003 frs-core:NetGoodwill 2022-10-31 08260003 frs-core:SharePremium 2023-10-31 08260003 frs-core:ShareCapital 2023-10-31 08260003 frs-core:RetainedEarningsAccumulatedLosses 2023-10-31 08260003 frs-bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 08260003 frs-bus:FilletedAccounts 2022-11-01 2023-10-31 08260003 frs-bus:SmallEntities 2022-11-01 2023-10-31 08260003 frs-bus:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 08260003 frs-bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 08260003 frs-bus:Director1 2022-11-01 2023-10-31 08260003 frs-bus:Director1 2022-10-31 08260003 frs-bus:Director1 2023-10-31 08260003 frs-bus:Director2 2022-11-01 2023-10-31 08260003 frs-countries:EnglandWales 2022-11-01 2023-10-31 08260003 2021-10-31 08260003 2022-10-31 08260003 2021-11-01 2022-10-31 08260003 frs-core:CurrentFinancialInstruments 2022-10-31 08260003 frs-core:SharePremium 2022-10-31 08260003 frs-core:ShareCapital 2022-10-31 08260003 frs-core:RetainedEarningsAccumulatedLosses 2022-10-31
Registered number: 08260003
Gassoft Limited
Unaudited Financial Statements
For The Year Ended 31 October 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08260003
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 45,326 53,401
Tangible Assets 5 2,040 511
47,366 53,912
CURRENT ASSETS
Stocks 6 13,900 16,000
Debtors 7 118,529 105,237
Cash at bank and in hand 28,488 47,582
160,917 168,819
Creditors: Amounts Falling Due Within One Year 8 (101,355 ) (93,280 )
NET CURRENT ASSETS (LIABILITIES) 59,562 75,539
TOTAL ASSETS LESS CURRENT LIABILITIES 106,928 129,451
NET ASSETS 106,928 129,451
CAPITAL AND RESERVES
Called up share capital 9 200 200
Share premium account 49,940 49,940
Profit and Loss Account 56,788 79,311
SHAREHOLDERS' FUNDS 106,928 129,451
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
Mr Daniel Sedgewick
Director
30th July 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
Gassoft Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08260003 . The registered office is 39 Northgate , White Lund , Morecambe , Lancashire , LA3 3PA.
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 .... years.
2.4. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised to ... on a straight line basis over their expected useful economic lives, which range from ... to ... years.
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
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:
Fixtures & Fittings 20% on cost
Computer Equipment 20% on cost
Page 3
Page 4
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. 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: 2 (2022: 2)
2 2
4. Intangible Assets
Goodwill Development Costs Total
£ £ £
Cost
As at 1 November 2022 21,000 80,751 101,751
As at 31 October 2023 21,000 80,751 101,751
Amortisation
As at 1 November 2022 21,000 27,350 48,350
Provided during the period - 8,075 8,075
As at 31 October 2023 21,000 35,425 56,425
...CONTINUED
Page 4
Page 5
Net Book Value
As at 31 October 2023 - 45,326 45,326
As at 1 November 2022 - 53,401 53,401
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 November 2022 4,022 2,525 6,547
Additions - 2,526 2,526
As at 31 October 2023 4,022 5,051 9,073
Depreciation
As at 1 November 2022 3,644 2,392 6,036
Provided during the period 378 619 997
As at 31 October 2023 4,022 3,011 7,033
Net Book Value
As at 31 October 2023 - 2,040 2,040
As at 1 November 2022 378 133 511
6. Stocks
2023 2022
£ £
Stock 13,900 16,000
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 5,086 -
Other debtors 113,443 105,237
118,529 105,237
Page 5
Page 6
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors (1 ) (2 )
Other creditors 31,898 31,400
Taxation and social security 69,458 61,882
101,355 93,280
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 Daniel Sedgewick 98,510 151,269 136,337 - 113,442
The above loan is unsecured, interest free and repayable on demand.
Page 6