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 05268030 Mr Anthony Imray Mr Lee Reed Mrs Karen Imray Mr Anthony Imray iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05268030 2023-03-31 05268030 2024-03-31 05268030 2023-04-01 2024-03-31 05268030 frs-core:CurrentFinancialInstruments 2024-03-31 05268030 frs-core:Non-currentFinancialInstruments 2024-03-31 05268030 frs-core:ComputerEquipment 2024-03-31 05268030 frs-core:ComputerEquipment 2023-04-01 2024-03-31 05268030 frs-core:ComputerEquipment 2023-03-31 05268030 frs-core:FurnitureFittings 2024-03-31 05268030 frs-core:FurnitureFittings 2023-04-01 2024-03-31 05268030 frs-core:FurnitureFittings 2023-03-31 05268030 frs-core:ShareCapital 2024-03-31 05268030 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 05268030 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05268030 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 05268030 frs-bus:SmallEntities 2023-04-01 2024-03-31 05268030 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 05268030 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05268030 frs-bus:Director1 2023-04-01 2024-03-31 05268030 frs-bus:Director1 2023-03-31 05268030 frs-bus:Director1 2024-03-31 05268030 frs-bus:Director2 2023-04-01 2024-03-31 05268030 frs-bus:Director2 2023-03-31 05268030 frs-bus:Director2 2024-03-31 05268030 frs-bus:Director3 2023-04-01 2024-03-31 05268030 frs-bus:CompanySecretary1 2023-04-01 2024-03-31 05268030 frs-core:CurrentFinancialInstruments 1 2024-03-31 05268030 frs-core:CurrentFinancialInstruments 2 2024-03-31 05268030 frs-countries:EnglandWales 2023-04-01 2024-03-31 05268030 2022-03-31 05268030 2023-03-31 05268030 2022-04-01 2023-03-31 05268030 frs-core:CurrentFinancialInstruments 2023-03-31 05268030 frs-core:Non-currentFinancialInstruments 2023-03-31 05268030 frs-core:ShareCapital 2023-03-31 05268030 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31 05268030 frs-core:CurrentFinancialInstruments 1 2023-03-31 05268030 frs-core:CurrentFinancialInstruments 2 2023-03-31 05268030 frs-core:CurrentFinancialInstruments 3 2023-03-31
Registered number: 05268030
l t l Systems Limited
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05268030
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 358 853
358 853
CURRENT ASSETS
Stocks 5 4,500 15,000
Debtors 6 1,261,079 1,397,153
Cash at bank and in hand 106,915 127,073
1,372,494 1,539,226
Creditors: Amounts Falling Due Within One Year 7 (897,886 ) (920,070 )
NET CURRENT ASSETS (LIABILITIES) 474,608 619,156
TOTAL ASSETS LESS CURRENT LIABILITIES 474,966 620,009
Creditors: Amounts Falling Due After More Than One Year 8 (37,500 ) (87,500 )
NET ASSETS 437,466 532,509
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 437,366 532,409
SHAREHOLDERS' FUNDS 437,466 532,509
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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
Mr Lee Reed
Director
05/06/2024
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
l t l Systems Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05268030 . The registered office is Unit 3c Poplar Court Atley Way, North Nelson Industrial Estate, Cramlington, Northumberland, NE23 1WR.
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. 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 25% reducing balance
Computer Equipment 1/3 straight line
2.4. 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.
2.5. 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 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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 19 (2023: 10)
19 10
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 28,562 2,121 30,683
As at 31 March 2024 28,562 2,121 30,683
Depreciation
As at 1 April 2023 28,265 1,565 29,830
Provided during the period 73 422 495
As at 31 March 2024 28,338 1,987 30,325
Net Book Value
As at 31 March 2024 224 134 358
As at 1 April 2023 297 556 853
5. Stocks
2024 2023
£ £
Materials 4,500 15,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 710,363 497,966
Prepayments and accrued income 1,144 859
Section 455 tax 82,720 68,088
Work in progress 199,531 448,670
Rent deposit 1,000 1,000
LTL Security intercompany loan - 157,604
Directors' loan accounts 266,321 222,966
1,261,079 1,397,153
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 702,186 611,645
Bank loans and overdrafts 601 1,317
Corporation tax 90,440 147,958
PAYE 27,043 12,695
VAT 72,311 137,936
Pension account 5,305 8,519
897,886 920,070
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 37,500 87,500
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Anthony Imray 111,483 21,678 - - 133,161
Mr Lee Reed 111,483 21,678 - - 133,161
The above loan is unsecured, interest free and repayable on demand.
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