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 13061389 Mr John Agass Mr Norman Agass Irene Munday iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 13061389 2022-12-31 13061389 2023-12-31 13061389 2023-01-01 2023-12-31 13061389 frs-core:CurrentFinancialInstruments 2023-12-31 13061389 frs-core:FurnitureFittings 2023-12-31 13061389 frs-core:FurnitureFittings 2023-01-01 2023-12-31 13061389 frs-core:FurnitureFittings 2022-12-31 13061389 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-12-31 13061389 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 13061389 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2022-12-31 13061389 frs-core:PlantMachinery 2023-12-31 13061389 frs-core:PlantMachinery 2023-01-01 2023-12-31 13061389 frs-core:PlantMachinery 2022-12-31 13061389 frs-core:ShareCapital 2023-12-31 13061389 frs-core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 13061389 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 13061389 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13061389 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 13061389 frs-bus:SmallEntities 2023-01-01 2023-12-31 13061389 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 13061389 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 13061389 frs-bus:Director1 2023-01-01 2023-12-31 13061389 frs-bus:Director1 2022-12-31 13061389 frs-bus:Director1 2023-12-31 13061389 frs-bus:Director2 2023-01-01 2023-12-31 13061389 frs-bus:Director2 2022-12-31 13061389 frs-bus:Director2 2023-12-31 13061389 frs-bus:CompanySecretary1 2023-01-01 2023-12-31 13061389 frs-countries:EnglandWales 2023-01-01 2023-12-31 13061389 2021-12-31 13061389 2022-12-31 13061389 2022-01-01 2022-12-31 13061389 frs-core:CurrentFinancialInstruments 2022-12-31 13061389 frs-core:ShareCapital 2021-12-31 13061389 frs-core:ShareCapital 2022-12-31 13061389 frs-core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 13061389 frs-core:RetainedEarningsAccumulatedLosses frs-core:PreviouslyStatedAmount 2021-12-31 13061389 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 13061389
Weald Space Ltd
Financial Statements
For The Year Ended 31 December 2023
TaxAssist Accountants
11-13 Hockerill Street
Bishops Stortford
Herts
CM23 2DH
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—7
Page 1
Balance Sheet
Registered number: 13061389
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 241,176 241,339
241,176 241,339
CURRENT ASSETS
Debtors 5 5,553 4,121
Cash at bank and in hand 3,603 5,038
9,156 9,159
Creditors: Amounts Falling Due Within One Year 6 (244,830 ) (242,229 )
NET CURRENT ASSETS (LIABILITIES) (235,674 ) (233,070 )
TOTAL ASSETS LESS CURRENT LIABILITIES 5,502 8,269
PROVISIONS FOR LIABILITIES
Deferred Taxation 7 (2,124 ) (2,154 )
NET ASSETS 3,378 6,115
CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Profit and Loss Account 2,378 5,115
SHAREHOLDERS' FUNDS 3,378 6,115
Page 1
Page 2
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 John Agass
Director
Mr Norman Agass
Director
28 May 2024
The notes on pages 4 to 7 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 January 2022 1,000 366 1,366
Profit for the year and total comprehensive income - 4,749 4,749
As at 31 December 2022 and 1 January 2023 1,000 5,115 6,115
Loss for the year and total comprehensive income - (2,737 ) (2,737)
As at 31 December 2023 1,000 2,378 3,378
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Weald Space Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13061389 . The registered office is Weald Bridge Nursery, Kents Lane, North Weald, Essex, CM16 6AX.
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:
Freehold 0%
Plant & Machinery 25% reducing balance
Fixtures & Fittings 25% reducing balance
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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 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 3)
3 3
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 January 2023 230,000 17,575 2,351 249,926
Additions - 596 2,489 3,085
As at 31 December 2023 230,000 18,171 4,840 253,011
Depreciation
As at 1 January 2023 - 7,689 898 8,587
Provided during the period - 2,571 677 3,248
As at 31 December 2023 - 10,260 1,575 11,835
...CONTINUED
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Net Book Value
As at 31 December 2023 230,000 7,911 3,265 241,176
As at 1 January 2023 230,000 9,886 1,453 241,339
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 4,519 4,121
Prepayments and accrued income 1,034 -
5,553 4,121
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 3,635 -
VAT 999 272
Deposit Control 3,154 1,113
Accruals and deferred income 2,365 1,527
Directors' loan accounts 194,631 207,925
Intercompany Loan - Prestopets Ltd 40,046 31,392
244,830 242,229
7. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Other timing differences 2,124 2,154
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1,000 1,000
Page 6
Page 7
9. Directors Advances, Credits and Guarantees
There are balances due to the directors on their current accounts as follows:
N Agass - £97,248 (2022 - £103,967)
J A Agass - £97,383 (2022 - £103,958)
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr John Agass (103,958 ) 12,575 (6,000 ) - (97,383 )
Mr Norman Agass (103,967 ) 13,719 (7,000 ) - (97,248 )
The above loan is unsecured, interest charged at a market rate and repayable on demand.
10. Related Party Transactions
The controlling parties are John A Agass and Norman Agass by virtue of them owning 100% of the issued ordinary share capital in the company.
An amount of £40,046 included in Creditors relates amounts due to a limited company with the same directors and shareholders as Weald Space Ltd.
Page 7