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Registered number: 08757730
Teesla Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08757730
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,539 3,246
2,539 3,246
CURRENT ASSETS
Debtors 5 56,432 20,869
Cash at bank and in hand 21,621 5,807
78,053 26,676
Creditors: Amounts Falling Due Within One Year 6 (23,829 ) (6,436 )
NET CURRENT ASSETS (LIABILITIES) 54,224 20,240
TOTAL ASSETS LESS CURRENT LIABILITIES 56,763 23,486
Creditors: Amounts Falling Due After More Than One Year 7 (7,944 ) (13,750 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (635 ) (617 )
NET ASSETS 48,184 9,119
CAPITAL AND RESERVES
Called up share capital 1 1
Profit and Loss Account 48,183 9,118
SHAREHOLDERS' FUNDS 48,184 9,119
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For the year ending 30 November 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 M R Bowness
Director
20 August 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Teesla Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08757730 . The registered office is 57 Countess Park, Liverpool, L11 4UH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
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. Tangible Fixed Assets and Depreciation
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent 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:
Motor vehicles 25% reducing balance
Fixtures and fittings 25% reducing balance
Equipment 25% reducing balance
2.4. Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
2.5. Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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2.6. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.7. Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount
of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
4. Tangible Assets
Motor vehicles Fixtures and fittings Equipment Total
£ £ £ £
Cost
As at 1 December 2022 3,700 324 4,599 8,623
Additions - - 236 236
Disposals - (324 ) (299 ) (623 )
As at 30 November 2023 3,700 - 4,536 8,236
Depreciation
As at 1 December 2022 925 281 4,171 5,377
Provided during the period 694 - 153 847
Disposals - (281 ) (246 ) (527 )
As at 30 November 2023 1,619 - 4,078 5,697
Net Book Value
As at 30 November 2023 2,081 - 458 2,539
As at 1 December 2022 2,775 43 428 3,246
5. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 87 83
Other debtors 751 751
Directors' loan accounts 55,594 20,035
56,432 20,869
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6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 171 1,507
Bank loans and overdrafts 3,000 -
Other creditors 1,925 2,219
Taxation and social security 18,733 2,710
23,829 6,436
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 7,944 13,750
8. Secured Creditors
Of the creditors the following amounts are secured.
The loans held are 100% secured via the government-backed bounce back loan scheme.
2023 2022
£ £
Bank loans and overdrafts 11,250 13,750
9. Directors Advances, Credits and Guarantees
As at 1 December 2022 Amounts advanced Amounts repaid Amounts written off As at 30 November 2023
£ £ £ £ £
Mr Martin Bowness 20,034 70,556 34,429 - 56,161
The above loan is unsecured, interest free and repayable on demand.
10. Related Party Transactions
The following related party transactions were undertaken during the year:
 A director withdrew amounts totalling £69,988 (2022: £37,403), introduced amounts totalling £14,329 (2022: £10,912) and was issued dividends of £20,100 (2022: £17,500). At the balance sheet date the amount payable from the director was £55,594 (2022: £20,035).
Dividends were paid to the directors in respect of their shareholdings totalling £20,100 (2022: £17,500).
The aggregate remuneration paid to key management personnel for the year was £6,240 (2022: £6,240).
No further transactions with related parties were undertaken such as are required to be disclosed in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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