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 07641703 Mrs Emma Law Mr Russell Law iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07641703 2023-05-31 07641703 2024-05-31 07641703 2023-06-01 2024-05-31 07641703 frs-core:CurrentFinancialInstruments 2024-05-31 07641703 frs-core:FurnitureFittings 2024-05-31 07641703 frs-core:FurnitureFittings 2023-06-01 2024-05-31 07641703 frs-core:FurnitureFittings 2023-05-31 07641703 frs-core:NetGoodwill 2024-05-31 07641703 frs-core:NetGoodwill 2023-06-01 2024-05-31 07641703 frs-core:NetGoodwill 2023-05-31 07641703 frs-core:MotorVehicles 2024-05-31 07641703 frs-core:MotorVehicles 2023-06-01 2024-05-31 07641703 frs-core:MotorVehicles 2023-05-31 07641703 frs-core:PlantMachinery 2024-05-31 07641703 frs-core:PlantMachinery 2023-06-01 2024-05-31 07641703 frs-core:PlantMachinery 2023-05-31 07641703 frs-core:ShareCapital 2024-05-31 07641703 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 07641703 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 07641703 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 07641703 frs-bus:SmallEntities 2023-06-01 2024-05-31 07641703 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 07641703 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 07641703 frs-bus:Director1 2023-06-01 2024-05-31 07641703 frs-bus:Director1 2023-05-31 07641703 frs-bus:Director1 2024-05-31 07641703 frs-bus:Director2 2023-06-01 2024-05-31 07641703 frs-bus:Director2 2023-05-31 07641703 frs-bus:Director2 2024-05-31 07641703 frs-countries:EnglandWales 2023-06-01 2024-05-31 07641703 2022-05-31 07641703 2023-05-31 07641703 2022-06-01 2023-05-31 07641703 frs-core:CurrentFinancialInstruments 2023-05-31 07641703 frs-core:ShareCapital 2023-05-31 07641703 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31
Registered number: 07641703
Laws Floors Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
ATB Accounting Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07641703
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 76,386 45,295
76,386 45,295
CURRENT ASSETS
Debtors 6 40,124 35,155
Cash at bank and in hand 125,347 150,811
165,471 185,966
Creditors: Amounts Falling Due Within One Year 7 (60,004 ) (42,515 )
NET CURRENT ASSETS (LIABILITIES) 105,467 143,451
TOTAL ASSETS LESS CURRENT LIABILITIES 181,853 188,746
NET ASSETS 181,853 188,746
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account 181,851 188,744
SHAREHOLDERS' FUNDS 181,853 188,746
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
Mrs Emma Law
Director
27/08/2024
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
Laws Floors Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07641703 . The registered office is The Mill House, Tidmarsh Road, Pangbourne, Berkshire, RG8 7BB.
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 .... 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 20% straight line
Motor Vehicles 25% straight line
Fixtures & Fittings 25% straight line
2.5. 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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 6)
6 6
4. Intangible Assets
Goodwill
£
Cost
As at 1 June 2023 60,000
As at 31 May 2024 60,000
Amortisation
As at 1 June 2023 60,000
As at 31 May 2024 60,000
Net Book Value
As at 31 May 2024 -
As at 1 June 2023 -
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 June 2023 4,495 100,452 11,143 116,090
Additions - 65,300 - 65,300
As at 31 May 2024 4,495 165,752 11,143 181,390
Depreciation
As at 1 June 2023 2,598 57,927 10,270 70,795
Provided during the period 899 32,437 873 34,209
As at 31 May 2024 3,497 90,364 11,143 105,004
Net Book Value
As at 31 May 2024 998 75,388 - 76,386
As at 1 June 2023 1,897 42,525 873 45,295
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 22,662 32,851
Directors' loan accounts 17,462 2,304
40,124 35,155
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 11,429 4,742
Corporation tax 31,772 20,005
VAT 15,018 16,068
Other creditors - 1,700
Accruals and deferred income 1,785 -
60,004 42,515
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 June 2023 Amounts advanced Amounts repaid Amounts written off As at 31 May 2024
£ £ £ £ £
Mrs Emma Law 1,152 8,731 1,152 - 8,731
Mr Russell Law 1,152 8,731 1,152 - 8,731
The above loan is unsecured, interest free and repayable on demand. The loans were both repaid in full in July 2023
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