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Registered number: 06688461
Harry Tincknell Racing Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Cooper Associates Accountants Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 06688461
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 2,448 -
Investments 6 60,891 -
63,339 -
CURRENT ASSETS
Debtors 7 396,241 236,026
Cash at bank and in hand 323,744 215,427
719,985 451,453
Creditors: Amounts Falling Due Within One Year 8 (492,906 ) (243,194 )
NET CURRENT ASSETS (LIABILITIES) 227,079 208,259
TOTAL ASSETS LESS CURRENT LIABILITIES 290,418 208,259
PROVISIONS FOR LIABILITIES
Deferred Taxation (612 ) -
NET ASSETS 289,806 208,259
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 289,706 208,159
SHAREHOLDERS' FUNDS 289,806 208,259
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For the year ending 31 December 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 H Tincknell
Director
2nd August 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
Harry Tincknell Racing Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06688461 . The registered office is 40 St. James Buildings, St. James Street, Taunton, TA1 1JR.
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.
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 - Other Intangible
Other intangible assets are website debelopment costs which have been fully amortised in earlier accounting periods. 
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:
Plant & Machinery 25% straight line
2.5. Financial Instruments
The company holds the following financial instruments:
  • Short term trade and other debtors and creditors;
  • Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecgonised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
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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.
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.
2.8. Investments
Investments held by the company are measured at cost and reviewed annually by the director for any revaluation necessary.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
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4. Intangible Assets
Other
£
Cost
As at 1 January 2023 8,500
As at 31 December 2023 8,500
Amortisation
As at 1 January 2023 8,500
As at 31 December 2023 8,500
...CONTINUED
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Net Book Value
As at 31 December 2023 -
As at 1 January 2023 -
5. Tangible Assets
Plant & Machinery
£
Cost
As at 1 January 2023 -
Additions 3,264
As at 31 December 2023 3,264
Depreciation
As at 1 January 2023 -
Provided during the period 816
As at 31 December 2023 816
Net Book Value
As at 31 December 2023 2,448
As at 1 January 2023 -
6. Investments
Unlisted
£
Cost
As at 1 January 2023 -
Additions 60,891
As at 31 December 2023 60,891
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 60,891
As at 1 January 2023 -
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7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 105,414 109,906
Other debtors 269,275 94,193
374,689 204,099
Due after more than one year
Other debtors 21,552 31,927
396,241 236,026
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Other loans - 79,203
Corporation tax 175,384 119,890
VAT 41,773 41,106
Other creditors 8,104 -
Accruals and deferred income 52,750 2,995
Directors' loan accounts 214,895 -
492,906 243,194
9. Share Capital
2023 2022
£ £
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 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr Harry Tincknell (23,940 ) - 23,940 - -
The loan above is unsecured, subject to HMRC's official rate of interest, and repayable on demand.
11. Related Party Transactions
Included in other debtor are two loans to companies in which the director is also a director and shareholder. At the year end the company was owed 2023: £197,725 (2022: £78,390)
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