Acorah Software Products - Accounts Production 15.0.600 false true 30 November 2022 1 December 2021 false 1 December 2022 30 November 2023 30 November 2023 09864868 D J Mercer C Peat E Sampson iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09864868 2022-11-30 09864868 2023-11-30 09864868 2022-12-01 2023-11-30 09864868 frs-core:CurrentFinancialInstruments 2023-11-30 09864868 frs-core:ComputerEquipment 2023-11-30 09864868 frs-core:ComputerEquipment 2022-12-01 2023-11-30 09864868 frs-core:ComputerEquipment 2022-11-30 09864868 frs-core:MotorVehicles 2023-11-30 09864868 frs-core:MotorVehicles 2022-12-01 2023-11-30 09864868 frs-core:MotorVehicles 2022-11-30 09864868 frs-core:WithinOneYear 2023-11-30 09864868 frs-core:ShareCapital 2023-11-30 09864868 frs-core:RetainedEarningsAccumulatedLosses 2023-11-30 09864868 frs-bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 09864868 frs-bus:FilletedAccounts 2022-12-01 2023-11-30 09864868 frs-bus:SmallEntities 2022-12-01 2023-11-30 09864868 frs-bus:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 09864868 frs-bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 09864868 frs-core:CostValuation 2022-11-30 09864868 frs-core:AdditionsToInvestments 2023-11-30 09864868 frs-core:CostValuation 2023-11-30 09864868 frs-core:ProvisionsForImpairmentInvestments 2022-11-30 09864868 frs-core:ProvisionsForImpairmentInvestments 2023-11-30 09864868 frs-bus:Director1 2022-12-01 2023-11-30 09864868 frs-bus:Director2 2022-12-01 2023-11-30 09864868 frs-bus:Director3 2022-12-01 2023-11-30 09864868 frs-countries:EnglandWales 2022-12-01 2023-11-30 09864868 2021-11-30 09864868 2022-11-30 09864868 2021-12-01 2022-11-30 09864868 frs-core:CurrentFinancialInstruments 2022-11-30 09864868 frs-core:WithinOneYear 2022-11-30 09864868 frs-core:ShareCapital 2022-11-30 09864868 frs-core:RetainedEarningsAccumulatedLosses 2022-11-30
Registered number: 09864868
Definition IP Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 09864868
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 5,316 3,240
Investments 5 89 -
5,405 3,240
CURRENT ASSETS
Debtors 6 325,386 265,408
Cash at bank and in hand 244,897 171,489
570,283 436,897
Creditors: Amounts Falling Due Within One Year 7 (227,518 ) (169,656 )
NET CURRENT ASSETS (LIABILITIES) 342,765 267,241
TOTAL ASSETS LESS CURRENT LIABILITIES 348,170 270,481
NET ASSETS 348,170 270,481
CAPITAL AND RESERVES
Called up share capital 300 300
Profit and Loss Account 347,870 270,181
SHAREHOLDERS' FUNDS 348,170 270,481
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For the year ending 30 November 2023 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
C Peat
Director
27/08/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Definition IP Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09864868 . The registered office is The Core Bath Lane, Newcastle Helix, Newcastle Upon Tyne, NE4 5TF.
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.
Functional and Presentational Currency
The company's functional and presentational currency is GBP.
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 rendering of services. Turnover is reduced for estimated customer rebates and other similar allowances.
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:
Motor Vehicles 25% straight line
Computer Equipment 33% straight line
2.4. 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.
2.5. Financial Instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value with changes recognised in profit or loss.  Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
2.6. 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.
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2.7. 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.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.9. Investments
Investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.  The investmetns are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.  A subsidiary is an entity controlled by the company.  Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.  An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence.  The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.  Entities in which the company has a long term interest and shares control under a contractural arrangement are classified as jointly controlled entities.
2.10. Cash and Cash Equivalants
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
2.11. Share Capital
Ordinary shares are classified as equity.  Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.  If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2022: 11)
10 11
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4. Tangible Assets
Motor Vehicles Computer Equipment Total
£ £ £
Cost
As at 1 December 2022 - 9,013 9,013
Additions 1,521 2,585 4,106
As at 30 November 2023 1,521 11,598 13,119
Depreciation
As at 1 December 2022 - 5,773 5,773
Provided during the period 95 1,935 2,030
As at 30 November 2023 95 7,708 7,803
Net Book Value
As at 30 November 2023 1,426 3,890 5,316
As at 1 December 2022 - 3,240 3,240
5. Investments
Subsidiaries
£
Cost
As at 1 December 2022 -
Additions 89
As at 30 November 2023 89
Provision
As at 1 December 2022 -
As at 30 November 2023 -
Net Book Value
As at 30 November 2023 89
As at 1 December 2022 -
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 318,450 225,388
Prepayments and accrued income 6,497 1,581
Other debtors 439 439
Amounts owed by subsidiaries - 38,000
325,386 265,408
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 74,033 73,107
Corporation tax 73,706 35,841
Other taxes and social security 6,831 8,131
VAT 52,606 45,470
Other creditors 5,660 2,452
Accruals and deferred income 10,184 1,000
Directors' loan accounts 1,535 781
Amounts owed to subsidiaries 2,963 2,874
227,518 169,656
8. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 3,952 -
3,952 -
9. Pension Commitments
The company operates a defined contribution pension scheme.  The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £5,660 (PY £2,452) were due to the fund. They are included in other creditors.
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