Acorah Software Products - Accounts Production 15.0.600 false true 28 February 2023 1 March 2022 false 1 March 2023 28 February 2024 28 February 2024 06515936 Mr Simon Rackham Mr Craig Luckock Mr Benjamin Elliott Anthea Goodman true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 06515936 2023-02-28 06515936 2024-02-28 06515936 2023-03-01 2024-02-28 06515936 frs-core:CurrentFinancialInstruments 2024-02-28 06515936 frs-core:Non-currentFinancialInstruments 2024-02-28 06515936 frs-core:ComputerEquipment 2024-02-28 06515936 frs-core:ComputerEquipment 2023-03-01 2024-02-28 06515936 frs-core:ComputerEquipment 2023-02-28 06515936 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-02-28 06515936 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-01 2024-02-28 06515936 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-02-28 06515936 frs-core:FurnitureFittings 2024-02-28 06515936 frs-core:FurnitureFittings 2023-03-01 2024-02-28 06515936 frs-core:FurnitureFittings 2023-02-28 06515936 frs-core:MotorVehicles 2024-02-28 06515936 frs-core:MotorVehicles 2023-03-01 2024-02-28 06515936 frs-core:MotorVehicles 2023-02-28 06515936 frs-core:PlantMachinery 2024-02-28 06515936 frs-core:PlantMachinery 2023-03-01 2024-02-28 06515936 frs-core:PlantMachinery 2023-02-28 06515936 frs-core:OtherReservesSubtotal 2024-02-28 06515936 frs-core:ShareCapital 2024-02-28 06515936 frs-core:RetainedEarningsAccumulatedLosses 2024-02-28 06515936 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-28 06515936 frs-bus:FilletedAccounts 2023-03-01 2024-02-28 06515936 frs-bus:SmallEntities 2023-03-01 2024-02-28 06515936 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-28 06515936 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-28 06515936 1 2023-03-01 2024-02-28 06515936 frs-bus:Director1 2023-03-01 2024-02-28 06515936 frs-bus:Director2 2023-03-01 2024-02-28 06515936 frs-bus:CompanySecretary1 2023-03-01 2024-02-28 06515936 frs-core:CurrentFinancialInstruments 1 2024-02-28 06515936 frs-countries:EnglandWales 2023-03-01 2024-02-28 06515936 2022-02-28 06515936 2023-02-28 06515936 2022-03-01 2023-02-28 06515936 frs-core:CurrentFinancialInstruments 2023-02-28 06515936 frs-core:Non-currentFinancialInstruments 2023-02-28 06515936 frs-core:OtherReservesSubtotal 2023-02-28 06515936 frs-core:ShareCapital 2023-02-28 06515936 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28 06515936 frs-core:CurrentFinancialInstruments 1 2023-02-28
Registered number: 06515936
Joseph Firth Limited
Unaudited Financial Statements
For The Year Ended 28 February 2024
Ben Elliott Accounting Ltd
51 Field Drive
Shirebrook
Mansfield
Notts
NG20 8BT
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 06515936
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 94,337 53,530
94,337 53,530
CURRENT ASSETS
Stocks 6 61,839 53,645
Debtors 7 211,023 151,164
Cash at bank and in hand (30,993 ) 13,132
241,869 217,941
Creditors: Amounts Falling Due Within One Year 8 (101,526 ) (69,664 )
NET CURRENT ASSETS (LIABILITIES) 140,343 148,277
TOTAL ASSETS LESS CURRENT LIABILITIES 234,680 201,807
Creditors: Amounts Falling Due After More Than One Year 9 (58,734 ) (43,498 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (1,389 ) (927 )
NET ASSETS 174,557 157,382
CAPITAL AND RESERVES
Called up share capital 11 1,000 1,000
Other reserves 129,830 118,179
Profit and Loss Account 43,727 38,203
SHAREHOLDERS' FUNDS 174,557 157,382
Page 1
Page 2
For the year ending 28 February 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 Craig Luckock
Director
24th June 2024
The notes on pages 3 to 7 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Joseph Firth Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06515936 . The registered office is Unit 1, 10 Pepper Road, Leeds, LS10 2EU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
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. Research and Development
Expenditure on research and development is written off in the year it is incurred, except where the directors are satisfied that development expenditure incurred on an individual project is carried forward as permitted by SSAP13 when its future recoverability can be regarded as assured. The expenditure carried forward is treated as an intangible fixed asset and amortised over its estimated economic life of (Enter) Years so as to match the expenditure with the anticipated sales from the related project. Provision is made for any impairment.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. 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 25% Reducing balance
Motor Vehicles 25% Reducing balance
Fixtures & Fittings 25% Reducing balance
Computer Equipment 33% Straight line
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2.5. 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.
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. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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 year 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 asset reflects 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.
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2.9. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Intangible Assets
Development Costs
£
Cost
As at 1 March 2023 1,180
Additions 590
As at 28 February 2024 1,770
Amortisation
As at 1 March 2023 1,180
Provided during the period 590
As at 28 February 2024 1,770
Net Book Value
As at 28 February 2024 -
As at 1 March 2023 -
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 March 2023 1,712 69,501 4,206 7,618 83,037
Additions - 35,764 207 3,728 39,699
Disposals - 15,785 - - 15,785
As at 28 February 2024 1,712 121,050 4,413 11,346 138,521
Depreciation
As at 1 March 2023 1,636 19,613 3,384 4,874 29,507
...CONTINUED
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Provided during the period 10 2,525 25 826 3,386
Disposals - 11,291 - - 11,291
As at 28 February 2024 1,646 33,429 3,409 5,700 44,184
Net Book Value
As at 28 February 2024 66 87,621 1,004 5,646 94,337
As at 1 March 2023 76 49,888 822 2,744 53,530
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
6. Stocks
2024 2023
£ £
Finished goods 61,839 53,645
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 209,429 149,968
Prepayments and accrued income 1,594 1,196
211,023 151,164
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 95,863 63,115
Other taxes and social security 1,865 1,963
VAT 3,518 4,306
Pension liability to Fund manager 280 280
101,526 69,664
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 58,734 43,498
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10. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 1,389 927
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
12. Ultimate Controlling Party
The company's ultimate controlling party is Anthea Goodman by virtue of her ownership of 100% of the issued share capital in the company.
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