Acorah Software Products - Accounts Production 15.0.600 false true 31 May 2023 1 June 2022 false 1 June 2023 31 May 2024 31 May 2024 05126179 Mr Paul Archer Mr Jeffrey Hatton Mr Richard Herd Mr Brian Hill Mr John Strunkey iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05126179 2023-05-31 05126179 2024-05-31 05126179 2023-06-01 2024-05-31 05126179 frs-core:CurrentFinancialInstruments 2024-05-31 05126179 frs-core:Non-currentFinancialInstruments 2024-05-31 05126179 frs-core:FurnitureFittings 2024-05-31 05126179 frs-core:FurnitureFittings 2023-06-01 2024-05-31 05126179 frs-core:FurnitureFittings 2023-05-31 05126179 frs-core:NetGoodwill 2024-05-31 05126179 frs-core:NetGoodwill 2023-06-01 2024-05-31 05126179 frs-core:NetGoodwill 2023-05-31 05126179 frs-core:PlantMachinery 2024-05-31 05126179 frs-core:PlantMachinery 2023-06-01 2024-05-31 05126179 frs-core:PlantMachinery 2023-05-31 05126179 frs-core:SharePremium 2024-05-31 05126179 frs-core:ShareCapital 2024-05-31 05126179 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 05126179 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 05126179 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 05126179 frs-bus:SmallEntities 2023-06-01 2024-05-31 05126179 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 05126179 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 05126179 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-05-31 05126179 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2024-05-31 05126179 frs-core:CostValuation 2023-05-31 05126179 frs-core:DisposalsRepaymentsInvestments 2024-05-31 05126179 frs-core:CostValuation 2024-05-31 05126179 frs-core:ProvisionsForImpairmentInvestments 2023-05-31 05126179 frs-core:ProvisionsForImpairmentInvestments 2024-05-31 05126179 frs-bus:Director1 2023-06-01 2024-05-31 05126179 frs-bus:Director2 2023-06-01 2024-05-31 05126179 frs-bus:Director3 2023-06-01 2024-05-31 05126179 frs-bus:Director4 2023-06-01 2024-05-31 05126179 frs-bus:Director5 2023-06-01 2024-05-31 05126179 frs-core:CurrentFinancialInstruments 1 2024-05-31 05126179 frs-core:CurrentFinancialInstruments 2 2024-05-31 05126179 frs-countries:EnglandWales 2023-06-01 2024-05-31 05126179 2022-05-31 05126179 2023-05-31 05126179 2022-06-01 2023-05-31 05126179 frs-core:CurrentFinancialInstruments 2023-05-31 05126179 frs-core:Non-currentFinancialInstruments 2023-05-31 05126179 frs-core:SharePremium 2023-05-31 05126179 frs-core:ShareCapital 2023-05-31 05126179 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31 05126179 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-05-31 05126179 frs-core:CurrentFinancialInstruments 1 2023-05-31 05126179 frs-core:CurrentFinancialInstruments 2 2023-05-31
Registered number: 05126179
Pitshanger Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Soldi Partners
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 05126179
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 30,333
Tangible Assets 5 108,391 90,081
Investments 6 120,000 138,667
228,391 259,081
CURRENT ASSETS
Stocks 7 43,294 68,970
Debtors 8 177,973 203,522
Cash at bank and in hand 15,674 1,225
236,941 273,717
Creditors: Amounts Falling Due Within One Year 9 (172,997 ) (185,591 )
NET CURRENT ASSETS (LIABILITIES) 63,944 88,126
TOTAL ASSETS LESS CURRENT LIABILITIES 292,335 347,207
Creditors: Amounts Falling Due After More Than One Year 10 (19,666 ) (58,989 )
NET ASSETS 272,669 288,218
CAPITAL AND RESERVES
Called up share capital 11 122 122
Share premium account 131,980 131,980
Fair Value Reserve 12 87,367 87,367
Profit and Loss Account 53,200 68,749
SHAREHOLDERS' FUNDS 272,669 288,218
Page 1
Page 2
For the year ending 31 May 2024 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 Richard Herd
Director
09/08/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Pitshanger Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05126179 . The registered office is Unit 2 Galley Hall Trading Estate, London Road, Swanscombe, Kent, DA10 0AA.
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 profit and loss account over its estimated economic life of 20 years.
2.4. 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
2.5. 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.
2.6. 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.
...CONTINUED
Page 3
Page 4
2.6. Taxation - continued
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: 8 (2023: 6)
8 6
4. Intangible Assets
Goodwill
£
Cost
As at 1 June 2023 606,625
As at 31 May 2024 606,625
Amortisation
As at 1 June 2023 576,292
Provided during the period 30,333
As at 31 May 2024 606,625
Net Book Value
As at 31 May 2024 -
As at 1 June 2023 30,333
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 June 2023 281,896 15,435 297,331
Additions 37,438 - 37,438
As at 31 May 2024 319,334 15,435 334,769
Depreciation
As at 1 June 2023 191,815 15,435 207,250
Provided during the period 19,128 - 19,128
As at 31 May 2024 210,943 15,435 226,378
Net Book Value
As at 31 May 2024 108,391 - 108,391
As at 1 June 2023 90,081 - 90,081
Page 4
Page 5
6. Investments
Other
£
Cost
As at 1 June 2023 138,667
Disposals (18,667 )
As at 31 May 2024 120,000
Provision
As at 1 June 2023 -
As at 31 May 2024 -
Net Book Value
As at 31 May 2024 120,000
As at 1 June 2023 138,667
7. Stocks
2024 2023
£ £
Finished goods 43,294 68,970
8. Debtors
2024 2023
£ £
Due within one year
Trade debtors 130,343 137,210
Prepayments and accrued income 28,224 18,727
Other debtors (1,994 ) (1,994 )
Share capital unpaid - 7,114
Staff loans 4,100 14,100
Amounts owed by subsidiaries - 11,065
160,673 186,222
Due after more than one year
Other debtors 17,300 17,300
17,300 17,300
177,973 203,522
Page 5
Page 6
9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 119,829 95,780
Bank loans and overdrafts 20,000 25,802
Corporation tax 705 5,418
Other taxes and social security 3,903 4,201
VAT 31,555 24,911
Other creditors (1,792 ) (3,886 )
Pension control account 1,360 1,514
Invoice disconting account (4,063 ) 30,351
Accruals and deferred income 1,500 1,500
172,997 185,591
10. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 18,333 38,989
Dilapidation fund 1,333 20,000
19,666 58,989
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 122 122
12. Reserves
Fair Value Reserve
£
As at 1 June 2023 87,367
As at 31 May 2024 87,367
Page 6