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 08382133 Mr D J Fuller Mr R G Belec iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08382133 2022-11-30 08382133 2023-11-30 08382133 2022-12-01 2023-11-30 08382133 frs-core:CurrentFinancialInstruments 2023-11-30 08382133 frs-core:ShareCapital 2023-11-30 08382133 frs-core:RetainedEarningsAccumulatedLosses 2023-11-30 08382133 frs-bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 08382133 frs-bus:FilletedAccounts 2022-12-01 2023-11-30 08382133 frs-bus:SmallEntities 2022-12-01 2023-11-30 08382133 frs-bus:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 08382133 frs-bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 08382133 frs-bus:Director1 2022-12-01 2023-11-30 08382133 frs-bus:Director2 2022-12-01 2023-11-30 08382133 frs-countries:EnglandWales 2022-12-01 2023-11-30 08382133 2021-11-30 08382133 2022-11-30 08382133 2021-12-01 2022-11-30 08382133 frs-core:CurrentFinancialInstruments 2022-11-30 08382133 frs-core:ShareCapital 2022-11-30 08382133 frs-core:RetainedEarningsAccumulatedLosses 2022-11-30
Registered number: 08382133
ITC CRVM Limited
Financial Statements
For The Year Ended 30 November 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08382133
2023 2022
Notes £ £ £ £
Creditors: Amounts Falling Due Within One Year 4 (108,263 ) (110,540 )
NET CURRENT ASSETS (LIABILITIES) (108,263 ) (110,540 )
TOTAL ASSETS LESS CURRENT LIABILITIES (108,263 ) (110,540 )
NET LIABILITIES (108,263 ) (110,540 )
CAPITAL AND RESERVES
Called up share capital 5 92 92
Profit and Loss Account (108,355 ) (110,632 )
SHAREHOLDERS' FUNDS (108,263) (110,540)
Page 1
Page 2
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
Mr R G Belec
Director
28 August 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
ITC CRVM Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08382133 . The registered office is Yew Tree House, Lewes Road, Forest Row, East Sussex, RH18 5AA.
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. Financial Instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
...CONTINUED
Page 3
Page 4
2.3. Financial Instruments - continued
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2022: NIL)
- -
4. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Amounts owed to participating interests 107,650 110,027
Other creditors 613 513
108,263 110,540
5. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 92 92
Page 4
Page 5
6. Related Party Transactions
In Touch Capital Markets Limited owns 45% of the shares in ITC CRVM Limited.
At the year end an amount of £107,650 was due to In Touch Capital Markets Limited and is included under creditors.
Page 5