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Registered number: 05261746
Perfect Loft Conversions Limited
Unaudited Financial Statements
For The Year Ended 31 October 2023
Merranti Accounting Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05261746
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 367
Tangible Assets 5 11,251 22,580
11,251 22,947
CURRENT ASSETS
Debtors 6 24,531 36,291
Cash at bank and in hand 241 254
24,772 36,545
Creditors: Amounts Falling Due Within One Year 7 (94,330 ) (108,599 )
NET CURRENT ASSETS (LIABILITIES) (69,558 ) (72,054 )
TOTAL ASSETS LESS CURRENT LIABILITIES (58,307 ) (49,107 )
Creditors: Amounts Falling Due After More Than One Year 8 (36,300 ) (51,866 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,138 ) (4,290 )
NET LIABILITIES (96,745 ) (105,263 )
CAPITAL AND RESERVES
Called up share capital 100 100
Profit and Loss Account (96,845 ) (105,363 )
SHAREHOLDERS' FUNDS (96,745) (105,263)
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For the year ending 31 October 2023 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 Thomas Murrell
Director
15 August 2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Perfect Loft Conversions Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05261746 . The registered office is 10 Scandia-Hus Business Park, Felcourt Road, Felcourt, East Grinstead, RH19 2LP.
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. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. 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.
2.4. 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 profit and loss account over its estimated economic life of 5 years.
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 20% Straight line
Motor Vehicles 20% Straight line
2.6. 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.
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2.7. 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: 1 (2022: 1)
1 1
4. Intangible Assets
Goodwill
£
Cost
As at 1 November 2022 11,000
As at 31 October 2023 11,000
Amortisation
As at 1 November 2022 10,633
Provided during the period 367
As at 31 October 2023 11,000
Net Book Value
As at 31 October 2023 -
As at 1 November 2022 367
5. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 November 2022 1,614 71,121 72,735
As at 31 October 2023 1,614 71,121 72,735
...CONTINUED
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Depreciation
As at 1 November 2022 1,249 48,906 50,155
Provided during the period 145 11,184 11,329
As at 31 October 2023 1,394 60,090 61,484
Net Book Value
As at 31 October 2023 220 11,031 11,251
As at 1 November 2022 365 22,215 22,580
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors - 4,285
Prepayments and accrued income - 823
Other debtors 24,185 26,168
VAT 346 5,015
24,531 36,291
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 7,182 7,182
Trade creditors 2,400 5,452
Bank loans and overdrafts 8,370 8,370
Other creditors 76,321 87,538
Taxation and social security 57 57
94,330 108,599
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 16,072 23,268
Bounce back loan 20,228 28,598
36,300 51,866
9. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 7,182 7,182
Later than one year and not later than five years 16,072 23,268
23,254 30,450
23,254 30,450
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