Acorah Software Products - Accounts Production 15.0.600 false true 31 August 2022 1 September 2021 false 1 September 2022 31 August 2023 31 August 2023 08395636 Mr C Bowler Mr A Bowler iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08395636 2022-08-31 08395636 2023-08-31 08395636 2022-09-01 2023-08-31 08395636 frs-core:Non-currentFinancialInstruments 2023-08-31 08395636 frs-core:BetweenOneFiveYears 2023-08-31 08395636 frs-core:ComputerEquipment 2022-09-01 2023-08-31 08395636 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-09-01 2023-08-31 08395636 frs-core:FurnitureFittings 2022-09-01 2023-08-31 08395636 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2022-09-01 2023-08-31 08395636 frs-core:MoreThanFiveYears 2023-08-31 08395636 frs-core:PlantMachinery 2022-09-01 2023-08-31 08395636 frs-core:WithinOneYear 2023-08-31 08395636 frs-core:RetainedEarningsAccumulatedLosses 2023-08-31 08395636 frs-bus:CompanyLimitedByGuarantee 2022-09-01 2023-08-31 08395636 frs-bus:AbridgedAccounts 2022-09-01 2023-08-31 08395636 frs-bus:SmallEntities 2022-09-01 2023-08-31 08395636 frs-bus:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 08395636 frs-bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 08395636 frs-bus:Director1 2022-09-01 2023-08-31 08395636 frs-bus:Director2 2022-09-01 2023-08-31 08395636 frs-countries:EnglandWales 2022-09-01 2023-08-31 08395636 2021-08-31 08395636 2022-08-31 08395636 2021-09-01 2022-08-31 08395636 frs-core:Non-currentFinancialInstruments 2022-08-31 08395636 frs-core:BetweenOneFiveYears 2022-08-31 08395636 frs-core:MoreThanFiveYears 2022-08-31 08395636 frs-core:WithinOneYear 2022-08-31 08395636 frs-core:RetainedEarningsAccumulatedLosses 2022-08-31
Registered number: 08395636
Prime Acrobatics Ltd
ABRIDGED Financial Statements
For The Year Ended 31 August 2023
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—5
Page 1
Abridged Balance Sheet
Registered number: 08395636
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 11,150 7,601
Tangible Assets 5 164,788 39,425
175,938 47,026
CURRENT ASSETS
Debtors 88,731 64,573
Cash at bank and in hand 116,158 98,819
204,889 163,392
Creditors: Amounts Falling Due Within One Year (174,097 ) (208,477 )
NET CURRENT ASSETS (LIABILITIES) 30,792 (45,085 )
TOTAL ASSETS LESS CURRENT LIABILITIES 206,730 1,941
Creditors: Amounts Falling Due After More Than One Year (140,000 ) -
PROVISIONS FOR LIABILITIES
Deferred Taxation (19,890 ) (8,138 )
NET ASSETS/(LIABILITIES) 46,840 (6,197 )
Income and Expenditure Account 46,840 (6,197 )
MEMBERS' FUNDS 46,840 (6,197)
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For the year ending 31 August 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 Income and Expenditure Account.
All of the company's members have consented to the preparation of an Abridged Income and Expenditure Account and an Abridged Balance Sheet for the year end 31 August 2023 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr C Bowler
Director
28/08/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Abridged Financial Statements
1. General Information
Prime Acrobatics Ltd is a private company, limited by guarantee, incorporated in England & Wales, registered number 08395636 . The registered office is Heather Farm, Horsell Common, Woking, Surrey, GU21 4XY.
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 - Other Intangible
Other intangible assets is software developed to manage membership. It is amortised to income and expenditure account over its estimated economic life of 8 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:
Leasehold Straight line over the life of the lease
Plant & Machinery Straight line - various rates
Fixtures & Fittings Straight line - various rates
Computer Equipment 20% straight line
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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 surplus for the year. Taxable surplus differs from surplus 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 surplus. 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 surplus 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 surplus 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 surplus or deficit, 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: 46 (2022: 41)
46 41
4. Intangible Assets
Total
£
Cost
As at 1 September 2022 9,150
Additions 4,995
As at 31 August 2023 14,145
Amortisation
As at 1 September 2022 1,549
Provided during the period 1,446
As at 31 August 2023 2,995
Net Book Value
As at 31 August 2023 11,150
As at 1 September 2022 7,601
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5. Tangible Assets
Total
£
Cost
As at 1 September 2022 199,143
Additions 138,501
As at 31 August 2023 337,644
Depreciation
As at 1 September 2022 159,718
Provided during the period 13,138
As at 31 August 2023 172,856
Net Book Value
As at 31 August 2023 164,788
As at 1 September 2022 39,425
6. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 243,197 126,055
Later than one year and not later than five years 1,143,812 325,643
Later than five years 1,514,479 -
2,901,488 451,698
7. Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
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