Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 03797729 Mr Matthew Pactat Mr Michael Presgrave Mr Richard Smith Mr Anthony Pactat iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 03797729 2022-12-31 03797729 2023-12-31 03797729 2023-01-01 2023-12-31 03797729 frs-core:CurrentFinancialInstruments 2023-12-31 03797729 frs-core:ComputerEquipment 2023-12-31 03797729 frs-core:ComputerEquipment 2023-01-01 2023-12-31 03797729 frs-core:ComputerEquipment 2022-12-31 03797729 frs-core:FurnitureFittings 2023-12-31 03797729 frs-core:FurnitureFittings 2023-01-01 2023-12-31 03797729 frs-core:FurnitureFittings 2022-12-31 03797729 frs-core:MotorVehicles 2023-01-01 2023-12-31 03797729 frs-core:PlantMachinery 2023-12-31 03797729 frs-core:PlantMachinery 2023-01-01 2023-12-31 03797729 frs-core:PlantMachinery 2022-12-31 03797729 frs-core:ShareCapital 2023-12-31 03797729 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 03797729 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03797729 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 03797729 frs-bus:SmallEntities 2023-01-01 2023-12-31 03797729 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 03797729 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03797729 frs-bus:Director1 2023-01-01 2023-12-31 03797729 frs-bus:Director2 2023-01-01 2023-12-31 03797729 frs-bus:Director3 2023-01-01 2023-12-31 03797729 frs-bus:Director4 2023-01-01 2023-12-31 03797729 frs-countries:EnglandWales 2023-01-01 2023-12-31 03797729 2021-12-31 03797729 2022-12-31 03797729 2022-01-01 2022-12-31 03797729 frs-core:CurrentFinancialInstruments 2022-12-31 03797729 frs-core:ShareCapital 2022-12-31 03797729 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 03797729
The UK Hide Co. Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03797729
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 9,992 5,272
9,992 5,272
CURRENT ASSETS
Stocks 5 513,842 585,389
Debtors 6 431,083 416,594
Cash at bank and in hand 155,176 105,698
1,100,101 1,107,681
Creditors: Amounts Falling Due Within One Year 7 (203,652 ) (254,454 )
NET CURRENT ASSETS (LIABILITIES) 896,449 853,227
TOTAL ASSETS LESS CURRENT LIABILITIES 906,441 858,499
NET ASSETS 906,441 858,499
CAPITAL AND RESERVES
Called up share capital 8 150 150
Profit and Loss Account 906,291 858,349
SHAREHOLDERS' FUNDS 906,441 858,499
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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 Matthew Pactat
Director
09/08/2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
The UK Hide Co. Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03797729 . The registered office is Unit 11 Trade City, Avro Way, Brooklands Business Park, Weybridge, KT13 0YF.
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. 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% Straight Line
Fixtures & Fittings 25% Straight Line
Computer Equipment 25% Straight Line
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. 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.
2.6. 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.
...CONTINUED
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2.6. Taxation - continued
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: 3 (2022: 3)
3 3
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 36,463 102,519 9,331 148,313
Additions 7,290 - 1,663 8,953
As at 31 December 2023 43,753 102,519 10,994 157,266
Depreciation
As at 1 January 2023 36,463 100,022 6,556 143,041
Provided during the period 1,822 1,025 1,386 4,233
As at 31 December 2023 38,285 101,047 7,942 147,274
Net Book Value
As at 31 December 2023 5,468 1,472 3,052 9,992
As at 1 January 2023 - 2,497 2,775 5,272
5. Stocks
2023 2022
£ £
Finished goods 513,842 585,389
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 39,963 85,118
Prepayments and accrued income 891 693
Other debtors 390,229 330,783
431,083 416,594
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Page 5
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 119,643 155,912
Corporation tax 39,925 49,345
Other taxes and social security 1,630 968
VAT 34,380 44,232
Other creditors 5,074 2,497
Accruals and deferred income 3,000 1,500
203,652 254,454
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 150 150
9. Related Party Transactions
M Presgrave, a director of The UK Hide Co. Limited, is also the proprietor of Mototrim, a leather trimming business. During the year, Mototrim acquired goods amounting to £10,585 and provided services amounting to £Nil on normal commercial terms.
M Pactat, a director of The UK Hide Co. Limited, provided accountancy services in relation to the preparation of the year end accounts amounting to £1,500.
The business operates from premises which are owned equally by the shareholders and Directors of The UK Hide Co. Limited. Rent and service charges of £37,676 were charged to the company.
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