Acorah Software Products - Accounts Production 15.0.600 false true 28 February 2023 1 March 2022 false 1 March 2023 29 February 2024 29 February 2024 12469960 Mr Jake Nixon Mr Jake Nixon true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12469960 2023-02-28 12469960 2024-02-29 12469960 2023-03-01 2024-02-29 12469960 frs-core:CurrentFinancialInstruments 2024-02-29 12469960 frs-core:Non-currentFinancialInstruments 2024-02-29 12469960 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-01 2024-02-29 12469960 frs-core:FurnitureFittings 2024-02-29 12469960 frs-core:FurnitureFittings 2023-03-01 2024-02-29 12469960 frs-core:FurnitureFittings 2023-02-28 12469960 frs-core:OtherResidualIntangibleAssets 2024-02-29 12469960 frs-core:OtherResidualIntangibleAssets 2023-03-01 2024-02-29 12469960 frs-core:OtherResidualIntangibleAssets 2023-02-28 12469960 frs-core:PlantMachinery 2024-02-29 12469960 frs-core:PlantMachinery 2023-03-01 2024-02-29 12469960 frs-core:PlantMachinery 2023-02-28 12469960 frs-core:SharePremium 2024-02-29 12469960 frs-core:ShareCapital 2024-02-29 12469960 frs-core:RetainedEarningsAccumulatedLosses 2024-02-29 12469960 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 12469960 frs-bus:FilletedAccounts 2023-03-01 2024-02-29 12469960 frs-bus:SmallEntities 2023-03-01 2024-02-29 12469960 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 12469960 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 12469960 1 2023-03-01 2024-02-29 12469960 frs-bus:Director1 2023-03-01 2024-02-29 12469960 frs-bus:Director1 2023-02-28 12469960 frs-bus:Director1 2024-02-29 12469960 frs-countries:EnglandWales 2023-03-01 2024-02-29 12469960 2022-02-28 12469960 2023-02-28 12469960 2022-03-01 2023-02-28 12469960 frs-core:CurrentFinancialInstruments 2023-02-28 12469960 frs-core:Non-currentFinancialInstruments 2023-02-28 12469960 frs-core:SharePremium 2023-02-28 12469960 frs-core:ShareCapital 2023-02-28 12469960 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28
Registered number: 12469960
Historic VR Ltd
Unaudited Financial Statements
For The Year Ended 29 February 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 12469960
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 301,727 315,614
Tangible Assets 5 52,514 66,069
354,241 381,683
CURRENT ASSETS
Debtors 6 12,026 7,081
Cash at bank and in hand 4,837 6,944
16,863 14,025
Creditors: Amounts Falling Due Within One Year 7 (5,213 ) 122
NET CURRENT ASSETS (LIABILITIES) 11,650 14,147
TOTAL ASSETS LESS CURRENT LIABILITIES 365,891 395,830
Creditors: Amounts Falling Due After More Than One Year 8 (1,083,000 ) (866,500 )
NET LIABILITIES (717,109 ) (470,670 )
CAPITAL AND RESERVES
Called up share capital 9 11 11
Share premium account 21,023 21,023
Profit and Loss Account (738,143 ) (491,704 )
SHAREHOLDERS' FUNDS (717,109) (470,670)
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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 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 Jake Nixon
Director
19th August 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Historic VR Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12469960 . The registered office is St Edmund's House, 13 Quarry Street, Guildford, GU1 3UY.
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.
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 are measured at cost less accumulative amortisation and any accumulative impairment losses.
Other intangible assets include:
Website Development Costs: Which are amortised to the profit and loss account on a straight line basis over the estimated economic useful life of 10 years.
Software Licences and Digital Assets: Which are amortised to the profit and loss account on a straight line basis over the estimated economic useful life of 5 years.
Trademarks and Domain Names: Which are amortised to the profit and loss account on a straight line basis over the estimated economic useful life of 10 years.
Capitalised Development Costs: Which are amortised to the profit and loss account on a straight line basis over the estimated economic useful life of 3 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 over 5 years
Fixtures & Fittings over 4 years
2.5. 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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Intangible Assets
Other
£
Cost
As at 1 March 2023 447,334
Additions 125,526
As at 29 February 2024 572,860
Amortisation
As at 1 March 2023 131,720
Provided during the period 139,413
As at 29 February 2024 271,133
Net Book Value
As at 29 February 2024 301,727
As at 1 March 2023 315,614
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 March 2023 44,863 89,249 134,112
Additions - 19,235 19,235
As at 29 February 2024 44,863 108,484 153,347
Depreciation
As at 1 March 2023 17,486 50,557 68,043
Provided during the period 5,962 26,828 32,790
As at 29 February 2024 23,448 77,385 100,833
Net Book Value
As at 29 February 2024 21,415 31,099 52,514
As at 1 March 2023 27,377 38,692 66,069
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6. Debtors
2024 2023
as restated
£ £
Due within one year
Other debtors 12,026 7,081
7. Creditors: Amounts Falling Due Within One Year
2024 2023
as restated
£ £
Trade creditors 1,126 173
Other creditors 3,713 (295)
Taxation and social security 374 -
5,213 (122 )
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
as restated
£ £
Other creditors 1,083,000 866,500
9. Share Capital
2024 2023
as restated
£ £
Allotted, Called up and fully paid 11 11
10. Directors Advances, Credits and Guarantees
Included within Creditors are the following loans owed to directors:
As at 1 March 2023 Amounts advanced Amounts repaid Amounts written off As at 29 February 2024
£ £ £ £ £
Mr Jake Nixon 866,500 223,000 (6,500 ) - 1,083,000
The above loan is unsecured, interest free and repayable on demand.
11. Related Party Transactions
Included in costs of sale are expenses totalling £7,275 (2022: £30,083) paid to a shareholder of the company for development services.
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12. Ultimate Controlling Party
The company's ultimate controlling party is Mr Jake Nixon by virtue of his ownership of 90% of the issued share capital in the company.
13. Going Concern Disclosure
As at the balance sheet date the company has net liabilities. These financial statements have been prepared on the going concern basis, on the understanding that the directors and shareholders will continue to support the company for the foreseeable future.
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