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Registered number: 11066858
CPE Projects Ltd
Directors' Report and
Unaudited Financial Statements
For The Year Ended 30 November 2023
Reynolds
Directors' Report and Unaudited Financial Statements
Contents
Page
Company Information 1
Directors' Report 2
Accountants' Report 3
Profit and Loss Account 4
Balance Sheet 5—6
Notes to the Financial Statements 7—10
Page 1
Company Information
Directors Mr Ross Allen
Mrs Susan Allen
Company Number 11066858
Registered Office 9 Westfield Close
Gravesend
Kent
DA12 5EH
Accountants Reynolds
Chartered Accountants
Ground Floor Windmill House
127-128 Windmill Street
Gravesend
Kent
DA12 1BL
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Directors' Report
The directors present their report and the financial statements for the year ended 30 November 2023.
Directors
The directors who held office during the year were as follows:
Mr Ross Allen
Mrs Susan Allen
Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
Mr Ross Allen
Director
30/07/2024
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Accountants' Report
Chartered Accountants' report to the directors on the preparation of the unaudited statutory accounts of CPE Projects Ltd for the year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of CPE Projects Ltd for the year ended 30 November 2023 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of CPE Projects Ltd , as a body, in accordance with the terms of our engagement letter dated 18 March 2019. Our work has been undertaken solely to prepare for your approval the accounts of CPE Projects Ltd and state those matters that we have agreed to state to the directors of CPE Projects Ltd , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than CPE Projects Ltd and its directors, as a body, for our work or for this report.
It is your duty to ensure that CPE Projects Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of CPE Projects Ltd . You consider that CPE Projects Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of CPE Projects Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
30/07/2024
Reynolds
Chartered Accountants
Ground Floor Windmill House
127-128 Windmill Street
Gravesend
Kent
DA12 1BL
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Profit and Loss Account
2023 2022
Notes £ £
TURNOVER 3,011,357 1,635,004
Cost of sales (2,601,148 ) (1,404,242 )
GROSS PROFIT 410,209 230,762
Administrative expenses (271,753 ) (143,630 )
Other operating income - -
OPERATING PROFIT 138,456 87,132
Profit on disposal of fixed assets 3,045 -
Other interest receivable and similar income 516 31
Interest payable and similar charges (11,704 ) (13,591 )
PROFIT BEFORE TAXATION 130,313 73,572
Tax on Profit (24,152 ) (13,051 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 106,161 60,521
The notes on pages 7 to 10 form part of these financial statements.
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Page 5
Balance Sheet
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 55,744 56,659
Investments 5 30,000 30,000
85,744 86,659
CURRENT ASSETS
Stock & Work in Progress 6 15,087 69,938
Debtors 7 588,658 232,363
Cash at bank and in hand 216,962 204,560
820,707 506,861
Creditors: Amounts Falling Due Within One Year 8 (561,249 ) (293,629 )
NET CURRENT ASSETS (LIABILITIES) 259,458 213,232
TOTAL ASSETS LESS CURRENT LIABILITIES 345,202 299,891
Creditors: Amounts Falling Due After More Than One Year 9 (83,961 ) (132,311 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (9,191 ) (9,191 )
NET ASSETS 252,050 158,389
CAPITAL AND RESERVES
Called up share capital 11 10 10
Profit and Loss Account 252,040 158,379
SHAREHOLDERS' FUNDS 252,050 158,389
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For the year ending 30 November 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 in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
Mr Ross Allen
Director
30/07/2024
The notes on pages 7 to 10 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
CPE Projects Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11066858 . The registered office is 9 Westfield Close, Gravesend, Kent, DA12 5EH.
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:
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 3 years straight line
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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.
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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: 4 (2022: 3)
4 3
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 December 2022 2,672 78,220 317 4,820 86,029
Additions 424 34,806 - 1,920 37,150
Disposals - (33,749 ) - - (33,749 )
As at 30 November 2023 3,096 79,277 317 6,740 89,430
Depreciation
As at 1 December 2022 1,650 24,939 205 2,576 29,370
Provided during the period 309 13,739 28 1,534 15,610
Disposals - (11,294 ) - - (11,294 )
As at 30 November 2023 1,959 27,384 233 4,110 33,686
Net Book Value
As at 30 November 2023 1,137 51,893 84 2,630 55,744
As at 1 December 2022 1,022 53,281 112 2,244 56,659
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5. Investments
Listed
£
Cost
As at 1 December 2022 30,000
As at 30 November 2023 30,000
Provision
As at 1 December 2022 -
As at 30 November 2023 -
Net Book Value
As at 30 November 2023 30,000
As at 1 December 2022 30,000
6. Stock & Work in Progress
2023 2022
£ £
Work in progress 15,087 69,938
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 207,286 161,139
Amounts recoverable on contracts 345,713 69,783
Prepayments and accrued income 35,659 1,441
588,658 232,363
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 5,259 6,148
Trade creditors 272,976 129,674
Bank loans and overdrafts 47,842 44,124
Corporation tax 24,152 12,753
Other taxes and social security 60,145 23,884
VAT 109,751 43,994
Net wages - 6,276
Other creditors 913 257
Accruals and deferred income 35,776 25,132
Directors' loan accounts 4,435 1,387
561,249 293,629
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9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 23,736 24,244
Bank loans 60,225 108,067
83,961 132,311
10. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 5,259 6,148
Later than one year and not later than five years 23,736 24,244
28,995 30,392
28,995 30,392
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 10 10
12. Directors Advances, Credits and Guarantees
Included within Creditors are the following loans from directors:
As at 1 December 2022 Amounts advanced Amounts repaid Amounts written off As at 30 November 2023
£ £ £ £ £
Mr Ross Allen 1,387 3,048 - - 4,435
The above loan is unsecured, interest free and repayable on demand.
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