59 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 60,272 26,804 87,076 21,630 25,916 47,546 39,530 38,642 xbrli:pure xbrli:shares iso4217:GBP 09577006 2023-04-01 2024-03-31 09577006 2024-03-31 09577006 2023-03-31 09577006 2022-04-01 2023-03-31 09577006 2023-03-31 09577006 2022-03-31 09577006 bus:Director2 2023-04-01 2024-03-31 09577006 core:WithinOneYear 2024-03-31 09577006 core:WithinOneYear 2023-03-31 09577006 core:ShareCapital 2024-03-31 09577006 core:ShareCapital 2023-03-31 09577006 core:SharePremium 2024-03-31 09577006 core:SharePremium 2023-03-31 09577006 core:RetainedEarningsAccumulatedLosses 2024-03-31 09577006 core:RetainedEarningsAccumulatedLosses 2023-03-31 09577006 bus:SmallEntities 2023-04-01 2024-03-31 09577006 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09577006 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09577006 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09577006 bus:FullAccounts 2023-04-01 2024-03-31 09577006 core:OfficeEquipment 2023-04-01 2024-03-31 09577006 core:OfficeEquipment 2023-03-31 09577006 core:OfficeEquipment 2024-03-31 09577006 core:AllAssociates 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 09577006
Accelerate People Limited
Filleted Unaudited Financial Statements
31 March 2024
Accelerate People Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Accelerate People Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
39,530
38,642
Current assets
Debtors
6
514,409
491,749
Cash at bank and in hand
1,420,909
1,456,295
------------
------------
1,935,318
1,948,044
Creditors: amounts falling due within one year
7
1,225,857
1,237,850
------------
------------
Net current assets
709,461
710,194
---------
---------
Total assets less current liabilities
748,991
748,836
Provisions
Taxation including deferred tax
7,510
9,651
---------
---------
Net assets
741,481
739,185
---------
---------
Capital and reserves
Called up share capital
786
786
Share premium account
296,195
296,195
Profit and loss account
444,500
442,204
---------
---------
Shareholders funds
741,481
739,185
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Accelerate People Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 21 August 2024 , and are signed on behalf of the board by:
Ms S J Sawyer
Director
Company registration number: 09577006
Accelerate People Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Scale Space, 58 Wood Lane, London, W12 7RZ, United Kingdom.
2. Statement of compliance
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'.
3. Accounting policies
Basis of preparation
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.
Going concern
The financial statements have been prepared on a going concern basis as Accelerate People Ltd will be able to ensure that its debts are paid as they fall due for at least 12 months from the balance sheet date.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
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. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
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
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Government grants
Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 59 (2023: 36 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 April 2023
60,272
60,272
Additions
26,804
26,804
--------
--------
At 31 March 2024
87,076
87,076
--------
--------
Depreciation
At 1 April 2023
21,630
21,630
Charge for the year
25,916
25,916
--------
--------
At 31 March 2024
47,546
47,546
--------
--------
Carrying amount
At 31 March 2024
39,530
39,530
--------
--------
At 31 March 2023
38,642
38,642
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
481,676
470,080
Other debtors
32,733
21,669
---------
---------
514,409
491,749
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
53,898
6,650
Corporation tax
4,650
23,000
Social security and other taxes
69,478
72,242
Other creditors
1,097,831
1,135,958
------------
------------
1,225,857
1,237,850
------------
------------
8. Related party transactions
At the year end the company had trade debtors and creditors of £300 (2023: £24,780) and £33,325 (2023: £nil) respectively with companies related by virtue of common control and Directorship.