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Registered number: 03527878
Ravi Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Hutchings Accountants Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03527878
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 18,333 23,833
Tangible Assets 5 3,550 4,438
21,883 28,271
CURRENT ASSETS
Stocks 6 60,357 70,089
Debtors 7 229,818 186,703
Investments 8 9,468 224,935
Cash at bank and in hand 318,170 256,508
617,813 738,235
Creditors: Amounts Falling Due Within One Year 9 (207,338 ) (215,777 )
NET CURRENT ASSETS (LIABILITIES) 410,475 522,458
TOTAL ASSETS LESS CURRENT LIABILITIES 432,358 550,729
NET ASSETS 432,358 550,729
CAPITAL AND RESERVES
Called up share capital 10 104 104
Profit and Loss Account 432,254 550,625
SHAREHOLDERS' FUNDS 432,358 550,729
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 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 Rajendra Patel
Director
11/07/2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Ravi Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03527878 . The registered office is 260 Acton Lane, Chiswick, London, W4 5DJ.
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 - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 20 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:
Fixtures & Fittings 20% Reducing Balance
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.
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 year 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 asset reflects 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.
...CONTINUED
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2.6. Taxation - continued
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2022: 5)
5 5
4. Intangible Assets
Goodwill
£
Cost
As at 1 December 2022 110,000
As at 30 November 2023 110,000
Amortisation
As at 1 December 2022 86,167
Impairment losses 5,500
As at 30 November 2023 91,667
Net Book Value
As at 30 November 2023 18,333
As at 1 December 2022 23,833
5. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Total
£ £ £
Cost
As at 1 December 2022 13,660 114,613 128,273
As at 30 November 2023 13,660 114,613 128,273
Depreciation
As at 1 December 2022 13,660 110,175 123,835
Provided during the period - 888 888
As at 30 November 2023 13,660 111,063 124,723
Net Book Value
As at 30 November 2023 - 3,550 3,550
As at 1 December 2022 - 4,438 4,438
6. Stocks
2023 2022
£ £
Stock 60,357 70,089
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Page 5
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 113,279 81,665
Prepayments and accrued income 3,375 1,125
Other debtors 112,636 102,466
Director's loan account 528 1,447
229,818 186,703
8. Current Asset Investments
2023 2022
£ £
Unlisted investments 9,468 224,935
9. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 173,214 156,762
Corporation tax 11,974 39,793
Other taxes and social security 6,974 4,655
Other creditors 10,756 10,267
Accruals and deferred income 4,420 4,300
207,338 215,777
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 104 104
11. Directors Advances, Credits and Guarantees
Included within Debtors is a loan to the directors.
The above loan is unsecured, and repayable on demand.
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