Acorah Software Products - Accounts Production 14.6.300 false true 28 February 2023 1 March 2022 false 1 March 2023 29 February 2024 29 February 2024 04603438 Mr David Furness Mrs Claire Furness Mrs Claire Furness iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 04603438 2023-02-28 04603438 2024-02-29 04603438 2023-03-01 2024-02-29 04603438 frs-core:CurrentFinancialInstruments 2024-02-29 04603438 frs-core:Non-currentFinancialInstruments 2024-02-29 04603438 frs-core:ComputerEquipment 2024-02-29 04603438 frs-core:ComputerEquipment 2023-03-01 2024-02-29 04603438 frs-core:ComputerEquipment 2023-02-28 04603438 frs-core:FurnitureFittings 2024-02-29 04603438 frs-core:FurnitureFittings 2023-03-01 2024-02-29 04603438 frs-core:FurnitureFittings 2023-02-28 04603438 frs-core:NetGoodwill 2024-02-29 04603438 frs-core:NetGoodwill 2023-03-01 2024-02-29 04603438 frs-core:NetGoodwill 2023-02-28 04603438 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-03-01 2024-02-29 04603438 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-02-29 04603438 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 04603438 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-02-28 04603438 frs-core:MotorVehicles 2024-02-29 04603438 frs-core:MotorVehicles 2023-03-01 2024-02-29 04603438 frs-core:MotorVehicles 2023-02-28 04603438 frs-core:PlantMachinery 2024-02-29 04603438 frs-core:PlantMachinery 2023-03-01 2024-02-29 04603438 frs-core:PlantMachinery 2023-02-28 04603438 frs-core:ShareCapital 2024-02-29 04603438 frs-core:RetainedEarningsAccumulatedLosses 2024-02-29 04603438 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 04603438 frs-bus:FilletedAccounts 2023-03-01 2024-02-29 04603438 frs-bus:SmallEntities 2023-03-01 2024-02-29 04603438 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 04603438 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 04603438 frs-bus:Director1 2023-03-01 2024-02-29 04603438 frs-bus:Director2 2023-03-01 2024-02-29 04603438 frs-bus:CompanySecretary1 2023-03-01 2024-02-29 04603438 frs-countries:EnglandWales 2023-03-01 2024-02-29 04603438 2022-02-28 04603438 2023-02-28 04603438 2022-03-01 2023-02-28 04603438 frs-core:CurrentFinancialInstruments 2023-02-28 04603438 frs-core:Non-currentFinancialInstruments 2023-02-28 04603438 frs-core:ShareCapital 2023-02-28 04603438 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28
Registered number: 04603438
Direct Finish Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
FB Accounting Ltd t/a Futureproof Accounting
57a Commercial Street Rothwell
Leeds
LS26 0QD
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 04603438
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 59,307 45,216
59,307 45,216
CURRENT ASSETS
Stocks 6 11,500 11,500
Debtors 7 625,589 325,606
Cash at bank and in hand 983,246 1,027,308
1,620,335 1,364,414
Creditors: Amounts Falling Due Within One Year 8 (269,707 ) (231,173 )
NET CURRENT ASSETS (LIABILITIES) 1,350,628 1,133,241
TOTAL ASSETS LESS CURRENT LIABILITIES 1,409,935 1,178,457
PROVISIONS FOR LIABILITIES
Deferred Taxation (10,954 ) (8,591 )
NET ASSETS 1,398,981 1,169,866
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 1,398,881 1,169,766
SHAREHOLDERS' FUNDS 1,398,981 1,169,866
Page 1
Page 2
For the year ending 29 February 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 David Furness
Director
30/11/2023
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Direct Finish Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04603438 . The registered office is 79 Preston Lane, Allerton Bywater, Castleford, West Yorkshire, WF10 2HL.
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 - 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 .... 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:
Freehold 3 YEAR SL
Leasehold 3 YEAR SL
Plant & Machinery 3 YEAR SL
Motor Vehicles 3 YEAR SL
Fixtures & Fittings 3 YEAR SL
Computer Equipment 3 YEAR SL
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.
Page 3
Page 4
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 year 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 25 (2023: 32)
25 32
4. Intangible Assets
Goodwill
£
Cost
As at 1 March 2023 25,000
As at 29 February 2024 25,000
Amortisation
As at 1 March 2023 25,000
As at 29 February 2024 25,000
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 March 2023 26,426 415,301 460,924 2,839
Additions - 29,950 44,158 392
Disposals - - (23,408 ) -
As at 29 February 2024 26,426 445,251 481,674 3,231
...CONTINUED
Page 4
Page 5
Depreciation
As at 1 March 2023 26,426 395,464 436,002 2,839
Provided during the period - 21,489 25,847 131
Disposals - - (10,620 ) -
As at 29 February 2024 26,426 416,953 451,229 2,970
Net Book Value
As at 29 February 2024 - 28,298 30,445 261
As at 1 March 2023 - 19,837 24,922 -
Computer Equipment Total
£ £
Cost
As at 1 March 2023 11,856 917,346
Additions 606 75,106
Disposals - (23,408 )
As at 29 February 2024 12,462 969,044
Depreciation
As at 1 March 2023 11,399 872,130
Provided during the period 760 48,227
Disposals - (10,620 )
As at 29 February 2024 12,159 909,737
Net Book Value
As at 29 February 2024 303 59,307
As at 1 March 2023 457 45,216
6. Stocks
2024 2023
£ £
Materials 11,500 11,500
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 285,589 260,606
Amounts owed by associates - 65,000
285,589 325,606
Due after more than one year
Amounts owed by associates 340,000 -
340,000 -
625,589 325,606
Page 5
Page 6
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 50,171 62,759
Corporation tax 99,013 62,380
Other taxes and social security 24,823 17,859
VAT 89,391 80,697
Net wages 167 167
Other creditors 5,017 3,950
Accruals and deferred income 1,125 1,125
Directors' loan accounts - 2,236
269,707 231,173
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 6