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Registered number: 08877126
Martin Ray Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
ALP Accountancy Ltd
19 Beaufort Close
Lee-On-The-Solent
PO13 8FN
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountant's Report
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Martin Ray Limited for the year ended year which comprise the Profit and Loss Account, the Balance Sheet, and the related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com.
This report is made solely to the director of Martin Ray Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Martin Ray Limited and state those matters that we have agreed to state to the director of Martin Ray Limited in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.
It is your duty to ensure that Martin Ray Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Martin Ray Limited . You consider that Martin Ray Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Martin Ray Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Signed
ALP Accountancy LTD
16th August 2024
ALP Accountancy Ltd
19 Beaufort Close
Lee-On-The-Solent
PO13 8FN
Page 1
Page 2
Balance Sheet
Registered number: 08877126
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 19,755 24,534
19,755 24,534
CURRENT ASSETS
Debtors 5 20,814 14,479
Cash at bank and in hand 7,106 6,838
27,920 21,317
Creditors: Amounts Falling Due Within One Year 6 (24,619 ) (12,840 )
NET CURRENT ASSETS (LIABILITIES) 3,301 8,477
TOTAL ASSETS LESS CURRENT LIABILITIES 23,056 33,011
Creditors: Amounts Falling Due After More Than One Year 7 (22,400 ) (32,000 )
NET ASSETS 656 1,011
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 556 911
SHAREHOLDERS' FUNDS 656 1,011
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Page 3
For the year ending 29 February 2024 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 Martin Ray
Director
16th August 2024
The notes on pages 4 to 6 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Martin Ray Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08877126 . The registered office is 4 Chester Crescent, Lee-On-The-Solent, PO13 9BH.
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. 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 33 RBM
Motor Vehicles 25 RBM
Computer Equipment 33.33 RBM
2.4. 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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2.5. 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: 1 (2023: 1)
1 1
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 March 2023 2,293 42,668 876 45,837
Additions 1,667 - - 1,667
As at 29 February 2024 3,960 42,668 876 47,504
Depreciation
As at 1 March 2023 2,210 18,585 508 21,303
Provided during the period 302 6,021 123 6,446
As at 29 February 2024 2,512 24,606 631 27,749
Net Book Value
As at 29 February 2024 1,448 18,062 245 19,755
As at 1 March 2023 83 24,083 368 24,534
5. Debtors
2024 2023
£ £
Due within one year
Director's loan account 20,814 14,479
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors - 1
Corporation tax 5,734 -
VAT 18,885 12,839
24,619 12,840
Page 5
Page 6
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
VAT 22,400 -
Government grants after one year - 32,000
22,400 32,000
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 March 2023 Amounts advanced Amounts repaid Amounts written off As at 29 February 2024
£ £ £ £ £
Mr Martin Ray 14,479 44,785 (38,450 ) - 20,814
The above loan is unsecured, interest free and repayable on demand.
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