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Registered number: 05240343
Sound Knowledge Limited
Unaudited Financial Statements
For The Year Ended 27 January 2024
Charlton Baker
Unaudited Financial Statements
Contents
Page
Accountants' Report 1
Statement of Financial Position 2—3
Notes to the Financial Statements 4—6
Page 1
Accountants' Report
Chartered Accountants' report to the director on the preparation of the unaudited statutory accounts of Sound Knowledge Limited for the year ended 27 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Sound Knowledge Limited for the year ended 27 January 2024 which comprise the Income Statement, the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm 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 director of Sound Knowledge Limited , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Sound Knowledge Limited and state those matters that we have agreed to state to the director of Sound Knowledge 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 Sound Knowledge Limited and its director, as a body, for our work or for this report.
It is your duty to ensure that Sound Knowledge 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 Sound Knowledge Limited . You consider that Sound Knowledge 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 Sound Knowledge 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
Charlton Baker Ltd
22/08/2024
Charlton Baker
7-7c Snuff Street
Devizes
Wiltshire
SN10 1DU
Page 1
Page 2
Statement of Financial Position
Registered number: 05240343
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 3,024 5,536
Tangible Assets 5 1,822 1,991
4,846 7,527
CURRENT ASSETS
Stocks 6 75,000 61,200
Debtors 7 3,324 2,770
Cash at bank and in hand 117,129 69,393
195,453 133,363
Creditors: Amounts Falling Due Within One Year 8 (73,060 ) (56,496 )
NET CURRENT ASSETS (LIABILITIES) 122,393 76,867
TOTAL ASSETS LESS CURRENT LIABILITIES 127,239 84,394
PROVISIONS FOR LIABILITIES
Deferred Taxation (541 ) (768 )
NET ASSETS 126,698 83,626
CAPITAL AND RESERVES
Called up share capital 9 1 1
Income Statement 126,697 83,625
SHAREHOLDERS' FUNDS 126,698 83,626
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For the year ending 27 January 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 Income Statement.
On behalf of the board
Mr Roger Mortimer
Director
22/08/2024
The notes on pages 4 to 6 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
Sound Knowledge Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05240343 . The registered office is 22 Hughenden Yard, Marlborough, Wiltshire, SN8 1LT.
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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to income statement over its estimated economic life of 10 years.
2.4. 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.
2.5. 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 15% Reducing balance
Fixtures & Fittings 15% Reducing balance
2.6. 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.
2.7. Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
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2.8. 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 (2023: 3)
3 3
4. Intangible Assets
Goodwill Development Costs Total
£ £ £
Cost
As at 28 January 2023 20,000 2,560 22,560
As at 27 January 2024 20,000 2,560 22,560
Amortisation
As at 28 January 2023 16,000 1,024 17,024
Provided during the period 2,000 512 2,512
As at 27 January 2024 18,000 1,536 19,536
Net Book Value
As at 27 January 2024 2,000 1,024 3,024
As at 28 January 2023 4,000 1,536 5,536
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5. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 28 January 2023 925 7,539 8,464
Additions - 150 150
As at 27 January 2024 925 7,689 8,614
Depreciation
As at 28 January 2023 908 5,565 6,473
Provided during the period 3 316 319
As at 27 January 2024 911 5,881 6,792
Net Book Value
As at 27 January 2024 14 1,808 1,822
As at 28 January 2023 17 1,974 1,991
6. Stocks
2024 2023
£ £
Finished goods 75,000 61,200
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 252 207
Prepayments and accrued income 3,072 2,563
3,324 2,770
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 20,650 18,332
Bank loans and overdrafts 598 8
Corporation tax 13,564 4,170
Other taxes and social security 3,013 3,195
VAT 7,547 3,372
Accruals and deferred income 1,294 1,058
Director's loan account 26,394 26,361
73,060 56,496
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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