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 08178513 Mrs J Timms Mr M Timms iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08178513 2023-03-31 08178513 2024-03-31 08178513 2023-04-01 2024-03-31 08178513 frs-core:CurrentFinancialInstruments 2024-03-31 08178513 frs-core:Non-currentFinancialInstruments 2024-03-31 08178513 frs-core:FurnitureFittings 2024-03-31 08178513 frs-core:FurnitureFittings 2023-04-01 2024-03-31 08178513 frs-core:FurnitureFittings 2023-03-31 08178513 frs-core:NetGoodwill 2024-03-31 08178513 frs-core:NetGoodwill 2023-04-01 2024-03-31 08178513 frs-core:NetGoodwill 2023-03-31 08178513 frs-core:MotorVehicles 2024-03-31 08178513 frs-core:MotorVehicles 2023-04-01 2024-03-31 08178513 frs-core:MotorVehicles 2023-03-31 08178513 frs-core:PlantMachinery 2024-03-31 08178513 frs-core:PlantMachinery 2023-04-01 2024-03-31 08178513 frs-core:PlantMachinery 2023-03-31 08178513 frs-core:ShareCapital 2024-03-31 08178513 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 08178513 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08178513 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 08178513 frs-bus:SmallEntities 2023-04-01 2024-03-31 08178513 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 08178513 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 08178513 frs-bus:Director1 2023-04-01 2024-03-31 08178513 frs-bus:Director2 2023-04-01 2024-03-31 08178513 frs-core:CurrentFinancialInstruments 1 2024-03-31 08178513 frs-countries:EnglandWales 2023-04-01 2024-03-31 08178513 2022-03-31 08178513 2023-03-31 08178513 2022-04-01 2023-03-31 08178513 frs-core:CurrentFinancialInstruments 2023-03-31 08178513 frs-core:Non-currentFinancialInstruments 2023-03-31 08178513 frs-core:ShareCapital 2023-03-31 08178513 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31 08178513 frs-core:CurrentFinancialInstruments 1 2023-03-31
Registered number: 08178513
Timms Wealth Management Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08178513
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 724,124 443,213
Tangible Assets 5 109,549 64,901
833,673 508,114
CURRENT ASSETS
Debtors 6 1,703,165 1,445,496
Cash at bank and in hand 961,399 1,254,212
2,664,564 2,699,708
Creditors: Amounts Falling Due Within One Year 7 (675,755 ) (422,988 )
NET CURRENT ASSETS (LIABILITIES) 1,988,809 2,276,720
TOTAL ASSETS LESS CURRENT LIABILITIES 2,822,482 2,784,834
Creditors: Amounts Falling Due After More Than One Year 8 (878,257 ) (823,675 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (27,387 ) (15,943 )
NET ASSETS 1,916,838 1,945,216
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account 1,916,837 1,945,215
SHAREHOLDERS' FUNDS 1,916,838 1,945,216
Page 1
Page 2
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 M Timms
Director
1 July 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Timms Wealth Management Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08178513 . The registered office is 1G Network Point, Witney, Oxfordshire, OX29 0YN.
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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable for services provided in the normal course of business.
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 4 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:
Plant & Machinery 25% straight line
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
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 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.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2023: 8)
9 8
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 3,283,070
Additions 901,790
Disposals (10,233)
As at 31 March 2024 4,174,627
Amortisation
As at 1 April 2023 2,839,857
Provided during the period 613,204
Disposals (2,558)
As at 31 March 2024 3,450,503
Net Book Value
As at 31 March 2024 724,124
As at 1 April 2023 443,213
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 April 2023 36,806 64,900 69,161 170,867
Additions - 107,955 - 107,955
Disposals - (64,900 ) - (64,900 )
As at 31 March 2024 36,806 107,955 69,161 213,922
Depreciation
As at 1 April 2023 16,196 51,822 37,948 105,966
Provided during the period 6,801 35,625 7,803 50,229
Disposals - (51,822 ) - (51,822 )
As at 31 March 2024 22,997 35,625 45,751 104,373
Net Book Value
As at 31 March 2024 13,809 72,330 23,410 109,549
As at 1 April 2023 20,610 13,078 31,213 64,901
Page 4
Page 5
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 324,813 187,146
Other debtors 2,498 4,693
Loans from business 1,375,854 1,216,801
Corporation tax recoverable assets - 36,856
1,703,165 1,445,496
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other loans 186,879 180,412
Corporation tax 300,604 231,590
Other taxes and social security 4,123 5,796
Pension creditor 1,347 894
Accruals and deferred income 182,802 4,296
675,755 422,988
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other loans 699,932 823,675
Accruals and deferred income 178,325 -
878,257 823,675
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
Page 5