Acorah Software Products - Accounts Production 15.0.500 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 04790924 Mrs Deborah Pyner Mr Paul Ettinger AFP Services Limited iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 04790924 2022-12-31 04790924 2023-12-31 04790924 2023-01-01 2023-12-31 04790924 frs-core:CurrentFinancialInstruments 2023-12-31 04790924 frs-core:ComputerEquipment 2023-12-31 04790924 frs-core:ComputerEquipment 2023-01-01 2023-12-31 04790924 frs-core:ComputerEquipment 2022-12-31 04790924 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 04790924 frs-core:FurnitureFittings 2023-01-01 2023-12-31 04790924 frs-core:OtherResidualIntangibleAssets 2023-12-31 04790924 frs-core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 04790924 frs-core:OtherResidualIntangibleAssets 2022-12-31 04790924 frs-core:PlantMachinery 2023-12-31 04790924 frs-core:PlantMachinery 2023-01-01 2023-12-31 04790924 frs-core:PlantMachinery 2022-12-31 04790924 frs-core:SharePremium 2023-12-31 04790924 frs-core:ShareCapital 2023-12-31 04790924 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 04790924 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04790924 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 04790924 frs-bus:SmallEntities 2023-01-01 2023-12-31 04790924 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 04790924 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04790924 frs-bus:Director1 2023-01-01 2023-12-31 04790924 frs-bus:Director2 2023-01-01 2023-12-31 04790924 frs-bus:CompanySecretary1 2023-01-01 2023-12-31 04790924 frs-countries:EnglandWales 2023-01-01 2023-12-31 04790924 2021-12-31 04790924 2022-12-31 04790924 2022-01-01 2022-12-31 04790924 frs-core:CurrentFinancialInstruments 2022-12-31 04790924 frs-core:SharePremium 2022-12-31 04790924 frs-core:ShareCapital 2022-12-31 04790924 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 04790924
Sweet Freedom Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04790924
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 12,176 21,013
Tangible Assets 5 1,860 1,636
14,036 22,649
CURRENT ASSETS
Stocks 6 694,023 1,002,831
Debtors 7 544,872 758,412
Cash at bank and in hand 714,056 666,747
1,952,951 2,427,990
Creditors: Amounts Falling Due Within One Year 8 (565,561 ) (928,614 )
NET CURRENT ASSETS (LIABILITIES) 1,387,390 1,499,376
TOTAL ASSETS LESS CURRENT LIABILITIES 1,401,426 1,522,025
NET ASSETS 1,401,426 1,522,025
CAPITAL AND RESERVES
Called up share capital 9 7,165 7,165
Share premium account 807,635 807,635
Profit and Loss Account 586,626 707,225
SHAREHOLDERS' FUNDS 1,401,426 1,522,025
Page 1
Page 2
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
Mrs Deborah Pyner
Director
31/07/2024
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
Sweet Freedom Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04790924 . The registered office is Timsons Business Centre, Bath Road, Kettering, Northants, NN16 8NQ.
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. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible fixed assets, include website development costs and patent costs, which are measured at cost less accumulative amortisation and any accumulative impairment losses. Website development costs have been written off in equal annual instalments over their estimated economic life of 2 years. Patents have been written off in equal annual instalments over their estimated economic life of 5 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 20 % straight line
Fixtures & Fittings 20% straight line
Computer Equipment 25% reducing balance
2.5. 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.
2.6. 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.
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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 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 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.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.9. Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
2.10. Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
3. Average Number of Employees
Average number of employees, including directors, during the year was 7 (2022: 6)
7 6
4. Intangible Assets
Other
£
Cost
As at 1 January 2023 72,168
Additions 7,290
As at 31 December 2023 79,458
Amortisation
As at 1 January 2023 51,155
Provided during the period 16,127
As at 31 December 2023 67,282
Net Book Value
As at 31 December 2023 12,176
As at 1 January 2023 21,013
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5. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 January 2023 10,000 3,218 13,218
Additions - 748 748
As at 31 December 2023 10,000 3,966 13,966
Depreciation
As at 1 January 2023 10,000 1,582 11,582
Provided during the period - 524 524
As at 31 December 2023 10,000 2,106 12,106
Net Book Value
As at 31 December 2023 - 1,860 1,860
As at 1 January 2023 - 1,636 1,636
6. Stocks
2023 2022
£ £
Stock 694,023 1,002,831
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 467,502 684,121
Other debtors 77,370 60,692
Corporation tax recoverable assets - 13,599
544,872 758,412
Included within Trade debtors are amounts due in respect of an invoice discounting facility from Lloyds Bank Commercial Finance Limited of £10,756 (2022 - £15,992).
Lloyds Bank Commercial Finance Limited holds fixed and floating charges over all the assets held by the company.
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 437,497 678,247
Other taxes and social security 12,951 13,048
Other creditors 115,113 237,319
565,561 928,614
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 7,165 7,165
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