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Registered number: 08660695
Improvement House Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2023
djca Limited
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Accountant's Report
Report to the directors on the preparation of the unaudited statutory accounts of Improvement House Ltd For The Year Ended 30 November 2023
To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Improvement House Ltd 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 of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of Improvement House Ltd , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Improvement House Ltd and state those matters that we have agreed to state to the directors of Improvement House Ltd , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Improvement House Ltd and its directors as a body for our work or for this report.
It is your duty to ensure that Improvement House Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Improvement House Ltd . You consider that Improvement House Ltd 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 accounts of Improvement House Ltd . 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 financial statements.
Signed
Robert Fiford FCCA
30/08/2024
djca Limited
ACCA
154-160 Fleet Street
London
EC4A 2DQ
Page 1
Page 2
Balance Sheet
Registered number: 08660695
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 47,362 57,550
47,362 57,550
CURRENT ASSETS
Stocks 5 558,552 445,874
Debtors 6 26,908 29,848
Cash at bank and in hand 21,016 25,929
606,476 501,651
Creditors: Amounts Falling Due Within One Year 7 (462,451 ) (378,561 )
NET CURRENT ASSETS (LIABILITIES) 144,025 123,090
TOTAL ASSETS LESS CURRENT LIABILITIES 191,387 180,640
Creditors: Amounts Falling Due After More Than One Year 8 (129,013 ) (141,517 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (11,085 ) (10,323 )
NET ASSETS 51,289 28,800
CAPITAL AND RESERVES
Called up share capital 10 2 2
Share premium account 29,999 29,999
Capital redemption reserve 1 1
Profit and Loss Account 21,287 (1,202 )
SHAREHOLDERS' FUNDS 51,289 28,800
Page 2
Page 3
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 P Smith
Director
30/08/2024
The notes on pages 4 to 7 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Improvement House Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08660695 . The registered office is 20-22 Wenlock Road, London, N1 7GU.
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 25% on cost & 15% reducing balance
Motor Vehicles 25% on cost
Fixtures & Fittings 25% on cost & 15% reducing balance
Computer Equipment 33% on cost
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. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. 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.
2.7. 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: 10 (2022: 8)
10 8
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 December 2022 110,143 20,734 2,175 5,865 138,917
Additions - - - 2,416 2,416
As at 30 November 2023 110,143 20,734 2,175 8,281 141,333
Depreciation
As at 1 December 2022 74,270 385 2,123 4,589 81,367
Provided during the period 6,543 5,183 8 870 12,604
As at 30 November 2023 80,813 5,568 2,131 5,459 93,971
Net Book Value
As at 30 November 2023 29,330 15,166 44 2,822 47,362
As at 1 December 2022 35,873 20,349 52 1,276 57,550
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5. Stocks
2023 2022
£ £
Finished goods 558,552 445,874
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 5,705 -
Prepayments and accrued income 6,308 5,516
Other debtors 2,523 1,000
Corporation tax recoverable assets 12,372 23,332
26,908 29,848
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 3,423 2,832
Trade creditors 75,104 111,272
Bank loans and overdrafts 49,321 41,387
Corporation tax 8,220 27,428
Other taxes and social security 131,597 85,709
VAT 134,324 59,349
Other creditors 49,062 50,584
Accruals and deferred income 10,350 -
Directors' loan accounts 1,050 -
462,451 378,561
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 8,358 12,068
Bank loans 43,438 50,838
Directors loan account 77,217 78,611
129,013 141,517
9. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 3,423 2,832
Later than one year and not later than five years 8,358 12,068
11,781 14,900
11,781 14,900
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10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 43,488 43,488
43,488 43,488
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