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Registered number: 04566788
Faulks & Cox Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Marlow Proactive
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 04566788
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 297,762 285,132
297,762 285,132
CURRENT ASSETS
Stocks 6 805,597 861,667
Debtors 7 1,080,058 751,907
Cash at bank and in hand 430,956 537,505
2,316,611 2,151,079
Creditors: Amounts Falling Due Within One Year 8 (1,338,324 ) (1,131,634 )
NET CURRENT ASSETS (LIABILITIES) 978,287 1,019,445
TOTAL ASSETS LESS CURRENT LIABILITIES 1,276,049 1,304,577
Creditors: Amounts Falling Due After More Than One Year 9 (107,929 ) (187,413 )
NET ASSETS 1,168,120 1,117,164
CAPITAL AND RESERVES
Called up share capital 11 134 134
Share premium account 7,308 7,308
Profit and Loss Account 1,160,678 1,109,722
SHAREHOLDERS' FUNDS 1,168,120 1,117,164
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 Dean Cox
Director
21/08/2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Faulks & Cox Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04566788 . The registered office is 21 Moat Way, Barwell, Leicestershire, LE9 8EY.
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.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill, being the amounts paid in connection with the acquisition of a business in 2002 . It is amortised to profit and loss account over its estimated economic life of Five years.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are .... It is amortised to profit and loss account over its estimated economic life of .... years.
2.5. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised to ... on a straight line basis over their expected useful economic lives, which range from ... to ... years.
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
2.6. 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% RB
Motor Vehicles 25% RB
Fixtures & Fittings 15% RB
Computer Equipment 33% RB
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2.7. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.8. 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.
2.9. 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.
2.10. 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.
2.11. 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.
Page 4
Page 5
3. Average Number of Employees
Average number of employees, including directors, during the year was: 30 (2022: 24)
30 24
4. Intangible Assets
Goodwill Other Development Costs Total
£ £ £ £
Cost
As at 1 January 2023 8,000 100 110,000 118,100
As at 31 December 2023 8,000 100 110,000 118,100
Amortisation
As at 1 January 2023 8,000 100 110,000 118,100
As at 31 December 2023 8,000 100 110,000 118,100
Net Book Value
As at 31 December 2023 - - - -
As at 1 January 2023 - - - -
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 316,225 148,122 23,792 88,041 576,180
Additions 91,667 7,999 - 3,041 102,707
As at 31 December 2023 407,892 156,121 23,792 91,082 678,887
Depreciation
As at 1 January 2023 164,846 36,486 13,209 76,507 291,048
Provided during the period 58,485 28,082 1,588 1,922 90,077
As at 31 December 2023 223,331 64,568 14,797 78,429 381,125
Net Book Value
As at 31 December 2023 184,561 91,553 8,995 12,653 297,762
As at 1 January 2023 151,379 111,636 10,583 11,534 285,132
6. Stocks
2023 2022
£ £
Stock 805,597 861,667
Page 5
Page 6
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 1,012,481 661,363
Prepayments and accrued income 62,649 35,041
Other debtors 4,928 20,584
VAT - 34,919
1,080,058 751,907
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 18,981 18,660
Trade creditors 931,154 889,758
Bank loans and overdrafts 61,272 71,949
Corporation tax 108,217 63,127
Other taxes and social security 23,906 20,169
VAT 24,226 -
Net wages 4,642 5,371
Pension (Current liabilities - creditors < 1 year) 10,173 9,412
Accruals and deferred income 112,255 47,977
Directors' loan accounts 43,498 5,211
1,338,324 1,131,634
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 37,095 56,076
Bank loans 70,834 131,337
107,929 187,413
10. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 18,981 18,660
Later than one year and not later than five years 37,095 56,076
56,076 74,736
56,076 74,736
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11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 134 134
Page 7