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Registered number: NI667469
Ok Windows Limited
Unaudited Financial Statements
For the Period 1 March 2022 to 31 August 2023
Sherwood Accountancy Practice
70 Sherwood Avenue
Newtownabbey
Co Antrim
BT36 5GF
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: NI667469
31 August 2023 28 February 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 168,701 201,466
168,701 201,466
CURRENT ASSETS
Stocks 5 141,500 78,750
Debtors 6 28,697 10,140
Cash at bank and in hand 61,670 11,670
231,867 100,560
Creditors: Amounts Falling Due Within One Year 7 (335,101 ) (257,595 )
NET CURRENT ASSETS (LIABILITIES) (103,234 ) (157,035 )
TOTAL ASSETS LESS CURRENT LIABILITIES 65,467 44,431
NET ASSETS 65,467 44,431
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account 65,466 44,430
SHAREHOLDERS' FUNDS 65,467 44,431
Page 1
Page 2
For the period ending 31 August 2023 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.
On behalf of the board
Mr Denis O Kane
Director
02/07/2024
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
Ok Windows Limited is a private company, limited by shares, incorporated in Northern Ireland, registered number NI667469 . The registered office is Unit 3 Mill House, Northumberland Street, Twin Spire Centre, Belfast, BT13 2JF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 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 18% reducing balane
Motor Vehicles 18% reducing balance
Fixtures & Fittings 18% reducing balance
2.4. 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.
2.5. 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 period was: 22 (2022: 1)
22 1
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 March 2022 108,045 68,549 41,206 217,800
Additions 3,500 - - 3,500
As at 31 August 2023 111,545 68,549 41,206 221,300
Depreciation
As at 1 March 2022 8,103 5,141 3,090 16,334
Provided during the period 17,990 11,414 6,861 36,265
As at 31 August 2023 26,093 16,555 9,951 52,599
Net Book Value
As at 31 August 2023 85,452 51,994 31,255 168,701
As at 1 March 2022 99,942 63,408 38,116 201,466
5. Stocks
31 August 2023 28 February 2022
£ £
Materials 141,500 78,750
6. Debtors
31 August 2023 28 February 2022
£ £
Due within one year
Trade debtors 23,640 10,140
Other debtors 5,057 -
28,697 10,140
7. Creditors: Amounts Falling Due Within One Year
31 August 2023 28 February 2022
£ £
Trade creditors 161,666 187,741
Corporation tax 22,008 8,683
Other taxes and social security 3,384 -
VAT 141,562 16,964
Other creditors - 17,057
Accruals and deferred income 2,150 2,150
Director's loan account 4,331 25,000
335,101 257,595
Page 4
Page 5
8. Share Capital
31 August 2023 28 February 2022
£ £
Allotted, Called up and fully paid 1 1
Page 5