Acorah Software Products - Accounts Production 15.0.600 false true true false 1 September 2022 30 September 2023 30 September 2023 14330635 Mr William McCarren Mr David Torr true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 14330635 2022-08-31 14330635 2023-09-30 14330635 2022-09-01 2023-09-30 14330635 frs-core:CurrentFinancialInstruments 2023-09-30 14330635 frs-core:ComputerEquipment 2023-09-30 14330635 frs-core:ComputerEquipment 2022-09-01 2023-09-30 14330635 frs-core:ComputerEquipment 2022-08-31 14330635 frs-core:SharePremium 2023-09-30 14330635 frs-core:ShareCapital 2023-09-30 14330635 frs-core:RetainedEarningsAccumulatedLosses 2023-09-30 14330635 frs-bus:PrivateLimitedCompanyLtd 2022-09-01 2023-09-30 14330635 frs-bus:FilletedAccounts 2022-09-01 2023-09-30 14330635 frs-bus:SmallEntities 2022-09-01 2023-09-30 14330635 frs-bus:AuditExempt-NoAccountantsReport 2022-09-01 2023-09-30 14330635 frs-bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-09-30 14330635 frs-core:UnlistedNon-exchangeTraded 2023-09-30 14330635 frs-core:UnlistedNon-exchangeTraded 2022-08-31 14330635 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2022-08-31 14330635 frs-core:AdditionsToInvestments frs-core:UnlistedNon-exchangeTraded 2023-09-30 14330635 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-09-30 14330635 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2022-08-31 14330635 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-09-30 14330635 frs-bus:Director1 2022-09-01 2023-09-30 14330635 frs-bus:Director2 2022-09-01 2023-09-30 14330635 frs-countries:EnglandWales 2022-09-01 2023-09-30 14330635 frs-core:Subsidiary1 2022-09-01 2023-09-30 14330635 frs-core:Subsidiary1 1 2022-09-01 2023-09-30
Registered number: 14330635
Faro Fashion Limited
Unaudited Financial Statements
For the Period 1 September 2022 to 30 September 2023
Max Accountants Ltd
Ketton Suite
The King Centre
Oakham
Rutland
LE15 7WD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 14330635
30 September 2023
Notes £ £
FIXED ASSETS
Tangible Assets 4 1,507
Investments 5 50
1,557
CURRENT ASSETS
Debtors 6 842,402
Cash at bank and in hand 1,524,712
2,367,114
Creditors: Amounts Falling Due Within One Year 7 (14,141 )
NET CURRENT ASSETS (LIABILITIES) 2,352,973
TOTAL ASSETS LESS CURRENT LIABILITIES 2,354,530
NET ASSETS 2,354,530
CAPITAL AND RESERVES
Called up share capital 8 14
Share premium account 2,719,708
Profit and Loss Account (365,192 )
SHAREHOLDERS' FUNDS 2,354,530
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For the period ending 30 September 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 David Torr
Director
30 August 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Faro Fashion Limited is a private company, limited by shares, incorporated in England & Wales, registered number 14330635 . The registered office is 3rd Floor 1 Ashley Road, Altrincham, Cheshire, WA14 2DT.
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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. Therefore the financial statements have been prepared on a going concern basis which assumes the Company will continue in operational existence for the foreseeable future. 
The Company is involved in research and development activities and is working towards achieving a sustainable revenue generating activity. The directors have considered the basis of the financial statements and are satisfied that a combination of business growth and further investment commitments will enable the Company to meet its liabilities as they fall due.
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:
Computer Equipment 3 years straight line
2.4. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.5. Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price including transaction costs.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities.
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 profit / loss before taxation.
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2.7. Taxation
Tax is recognised in profit or loss except that a charge is attributable to an item of income and expense recognised as other comphrehensive income or to an item recognised directly in equity is also recognised in other comphrehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
2.8. Research and Development
In the research phase of an internal project, it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives. 
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only. 
3. Average Number of Employees
Average number of employees, including directors, during the period was: NIL
-
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 September 2022 -
Additions 1,750
As at 30 September 2023 1,750
Depreciation
As at 1 September 2022 -
Provided during the period 243
As at 30 September 2023 243
Net Book Value
As at 30 September 2023 1,507
As at 1 September 2022 -
5. Investments
Unlisted
£
Cost
As at 1 September 2022 -
Additions 50
As at 30 September 2023 50
Provision
As at 1 September 2022 -
As at 30 September 2023 -
Net Book Value
As at 30 September 2023 50
As at 1 September 2022 -
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Subsidiaries
Details of the company's subsidiaries as at 30 September 2023 are as follows:
Name of undertaking Registered Office Class of shares held Direct holding Indirect holding
Faro (Pty) Ltd South Africa Ordinary 100.00% -
6. Debtors
30 September 2023
£
Due within one year
Other debtors 9
Corporation tax recoverable 19,125
VAT 7,054
Amounts owed by subsidiaries 816,214
842,402
7. Creditors: Amounts Falling Due Within One Year
30 September 2023
£
Trade creditors 8,603
Other creditors 4,038
Accruals and deferred income 1,500
14,141
8. Share Capital
30 September 2023
£
Allotted, Called up and fully paid 14
9. Related Party Disclosures
The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.
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