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 12568765 Richard Stephen Yeo iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12568765 2023-03-31 12568765 2024-03-31 12568765 2023-04-01 2024-03-31 12568765 frs-core:RevaluationReserve 2023-04-01 2024-03-31 12568765 frs-core:RevaluationReserve 2023-03-31 12568765 frs-core:RevaluationReserve 2024-03-31 12568765 frs-core:ShareCapital 2024-03-31 12568765 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 12568765 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 12568765 frs-bus:AbridgedAccounts 2023-04-01 2024-03-31 12568765 frs-bus:SmallEntities 2023-04-01 2024-03-31 12568765 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 12568765 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 12568765 frs-bus:Director1 2023-04-01 2024-03-31 12568765 frs-bus:Director1 2023-03-31 12568765 frs-bus:Director1 2024-03-31 12568765 frs-countries:EnglandWales 2023-04-01 2024-03-31 12568765 2022-03-31 12568765 2023-03-31 12568765 2022-04-01 2023-03-31 12568765 frs-core:RevaluationReserve 2023-03-31 12568765 frs-core:ShareCapital 2023-03-31 12568765 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 12568765
Yeors Limited
Unaudited ABRIDGED Financial Statements
For The Year Ended 31 March 2024
Cube Tax Accountants
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—5
Page 1
Abridged Balance Sheet
Registered number: 12568765
2024 2023
Notes £ £ £ £
CURRENT ASSETS
Stocks 1,005,288 1,733,069
Debtors - 49,527
Cash at bank and in hand 174,059 239,832
1,179,347 2,022,428
Creditors: Amounts Falling Due Within One Year (966,885 ) (2,090,089 )
NET CURRENT ASSETS (LIABILITIES) 212,462 (67,661 )
TOTAL ASSETS LESS CURRENT LIABILITIES 212,462 (67,661 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 4 (56,529 ) -
NET ASSETS/(LIABILITIES) 155,933 (67,661 )
CAPITAL AND RESERVES
Called up share capital 5 1 1
Revaluation reserve 7 36,855 (260,667 )
Profit and Loss Account 119,077 193,005
SHAREHOLDERS' FUNDS 155,933 (67,661)
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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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 March 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Richard Stephen Yeo
Director
05/08/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Abridged Financial Statements
1. General Information
Yeors Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12568765 . The registered office is Greenways, Park Grove, Chalfont St Giles, HP8 4BG.
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
Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
2.3. Stocks and Work in Progress
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.
Inventories held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment.Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
2.4. Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the companybecomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
...CONTINUED
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2.4. Financial Instruments - continued
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2.5. Foreign Currencies
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the income statement for the period.
2.6. 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: 1 (2023: 1)
1 1
4. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 56,529 (49,527)
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5. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
6. 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 Richard Stephen Yeo 416 312 416 - 312
The above loan is unsecured, interest free and repayable on demand.
Dividends totalling £0 (2023 - £0) were paid in the year in respect of shares held by the company's directors.
7. Reserves
Revaluation Reserve
£
As at 1 April 2023 (260,667 )
Net investment property revaluation reserve 297,522
As at 31 March 2024 36,855
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