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Registered number: 11346975
KVJ Associates Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Godfrey Wilson Limited
Fifth Floor Mariner House
62 Prince Street
Bristol
BS1 4QD
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountant's Report
Chartered Accountant's report to the directors on the preparation of the unaudited statutory accounts of KVJ Associates Limited for the year ended 31 May 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of KVJ Associates Limited for the year ended 31 May 2024 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of KVJ Associates Limited , as a body, in accordance with the terms of our engagement letter dated 18 June 2024. Our work has been undertaken solely to prepare for your approval the accounts of KVJ Associates Limited and state those matters that we have agreed to state to the directors of KVJ Associates Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than KVJ Associates Limited and its directors, as a body, for our work or for this report.
It is your duty to ensure that KVJ Associates Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of KVJ Associates Limited . You consider that KVJ Associates Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of KVJ Associates Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
Joshua Turner ACCA
08/08/2024
Godfrey Wilson Limited
Fifth Floor Mariner House
62 Prince Street
Bristol
BS1 4QD
Page 1
Page 2
Balance Sheet
Registered number: 11346975
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 515 1,004
515 1,004
CURRENT ASSETS
Debtors 5 28,232 30,188
Cash at bank and in hand 58,880 917
87,112 31,105
Creditors: Amounts Falling Due Within One Year 6 (85,898 ) (52,792 )
NET CURRENT ASSETS (LIABILITIES) 1,214 (21,687 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,729 (20,683 )
NET ASSETS/(LIABILITIES) 1,729 (20,683 )
CAPITAL AND RESERVES
Called up share capital 7 1 1
Profit and Loss Account 1,728 (20,684 )
SHAREHOLDERS' FUNDS 1,729 (20,683)
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For the year ending 31 May 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
Dominic Jephcott
Director
08/08/2024
The notes on pages 4 to 6 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
KVJ Associates Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11346975 . The registered office is Fifth Floor Mariner House, 62 Prince Street, Bristol, BS1 4QD.
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:
Computer Equipment 50% straight line
2.4. 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.
...CONTINUED
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2.4. 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 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: 2 (2023: 1)
2 1
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 June 2023 3,645
Additions 1,031
As at 31 May 2024 4,676
Depreciation
As at 1 June 2023 2,641
Provided during the period 1,520
As at 31 May 2024 4,161
Net Book Value
As at 31 May 2024 515
As at 1 June 2023 1,004
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 8,232 9,600
Inter-company loan 20,000 20,000
Corporation tax recoverable assets - 588
28,232 30,188
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Page 6
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,940 -
Corporation tax 4,322 -
VAT 8,516 1,567
Accruals 1,400 13,920
Directors' loan accounts 69,720 37,305
85,898 52,792
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
8. Related Party Transactions
The directors Dominic Jephcott and Kirsty Jephcott are also directors and shareholders of Ivywell Interiors Ltd (company no. 12829725), which was incorporated on 21 August 2020.
Transactions with related parties
At 31 May 2024, £20,000 was owed by Ivywell Interiors Ltd to KVJ Associates Limited (2023 £20,000).
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