Acorah Software Products - Accounts Production 14.5.601 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 04998306 Mr John Beese true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 04998306 2022-12-31 04998306 2023-12-31 04998306 2023-01-01 2023-12-31 04998306 frs-core:CurrentFinancialInstruments 2023-12-31 04998306 frs-core:Non-currentFinancialInstruments 2023-12-31 04998306 frs-core:ComputerEquipment 2023-12-31 04998306 frs-core:ComputerEquipment 2023-01-01 2023-12-31 04998306 frs-core:ComputerEquipment 2022-12-31 04998306 frs-core:FurnitureFittings 2023-12-31 04998306 frs-core:FurnitureFittings 2023-01-01 2023-12-31 04998306 frs-core:FurnitureFittings 2022-12-31 04998306 frs-core:InvestmentPropertyIncludedWithinPPE 2023-12-31 04998306 frs-core:InvestmentPropertyIncludedWithinPPE 2022-12-31 04998306 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 04998306 frs-core:MotorVehicles 2023-12-31 04998306 frs-core:MotorVehicles 2023-01-01 2023-12-31 04998306 frs-core:MotorVehicles 2022-12-31 04998306 frs-core:PlantMachinery 2023-12-31 04998306 frs-core:PlantMachinery 2023-01-01 2023-12-31 04998306 frs-core:PlantMachinery 2022-12-31 04998306 frs-core:ShareCapital 2023-12-31 04998306 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 04998306 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04998306 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 04998306 frs-bus:SmallEntities 2023-01-01 2023-12-31 04998306 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 04998306 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04998306 1 2023-01-01 2023-12-31 04998306 frs-bus:Director1 2023-01-01 2023-12-31 04998306 frs-countries:EnglandWales 2023-01-01 2023-12-31 04998306 2021-12-31 04998306 2022-12-31 04998306 2022-01-01 2022-12-31 04998306 frs-core:CurrentFinancialInstruments 2022-12-31 04998306 frs-core:Non-currentFinancialInstruments 2022-12-31 04998306 frs-core:ShareCapital 2022-12-31 04998306 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 04998306 frs-core:CurrentFinancialInstruments 2 2022-12-31
Registered number: 04998306
Direct Source (UK) Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Xeinadin South Wales & West Limited
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 04998306
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 84,816 38,010
84,816 38,010
CURRENT ASSETS
Stocks 5 134,924 126,824
Debtors 6 80,566 69,301
Cash at bank and in hand 160,918 217,191
376,408 413,316
Creditors: Amounts Falling Due Within One Year 7 (306,463 ) (296,388 )
NET CURRENT ASSETS (LIABILITIES) 69,945 116,928
TOTAL ASSETS LESS CURRENT LIABILITIES 154,761 154,938
Creditors: Amounts Falling Due After More Than One Year 8 - (33,608 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (16,105 ) (7,222 )
NET ASSETS 138,656 114,108
CAPITAL AND RESERVES
Called up share capital 9 20,100 20,100
Profit and Loss Account 118,556 94,008
SHAREHOLDERS' FUNDS 138,656 114,108
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For the year ending 31 December 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 John Beese
Director
26/07/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Direct Source (UK) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04998306 . The registered office is Celtic House, Caxton Place, Pentwyn, Cardiff, CF23 8HA.
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:
Leasehold 20% straight line
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
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 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.
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:
2023 2022
Office and administration 13 12
13 12
4. Tangible Assets
Investment Properties Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 January 2023 80,470 87,748 5,500 20,265
Additions - 60,808 - -
As at 31 December 2023 80,470 148,556 5,500 20,265
Depreciation
As at 1 January 2023 74,086 71,264 5,269 17,974
Provided during the period 1,782 6,883 58 572
As at 31 December 2023 75,868 78,147 5,327 18,546
Net Book Value
As at 31 December 2023 4,602 70,409 173 1,719
As at 1 January 2023 6,384 16,484 231 2,291
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Computer Equipment Total
£ £
Cost
As at 1 January 2023 142,261 336,244
Additions 1,249 62,057
As at 31 December 2023 143,510 398,301
Depreciation
As at 1 January 2023 129,641 298,234
Provided during the period 5,956 15,251
As at 31 December 2023 135,597 313,485
Net Book Value
As at 31 December 2023 7,913 84,816
As at 1 January 2023 12,620 38,010
The net book value of motor vehicles includes £231 (2021 - £309) in respect of assets held under finance lease. The amount of depreciation in respect of such assets amounted to £78 for the year (2021 - £103).
5. Stocks
2023 2022
£ £
Stock 134,924 126,824
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 24,417 38,768
Prepayments and accrued income 10,310 10,533
Other debtors 45,839 20,000
80,566 69,301
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 131,694 116,026
Bank loans and overdrafts - 12,988
Corporation tax 24,576 40,276
Other taxes and social security 608 4,501
VAT 8,042 13,978
Other creditor - 6,000
Accrued expenses 4,645 4,161
Director's loan account 136,898 98,458
306,463 296,388
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8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans - 33,608
- 33,608
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 20,100 20,100
10. Pension Commitments
The company operates a defined contribution pension scheme for the employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £NIL (2021: £NIL) were due to the fund.
11. Dividends
2023 2022
£ £
On equity shares:
Interim dividend paid 100,000 100,000
100,000 100,000
12. Post Balance Sheet Events
After the year end, the company received a business rates refund of £9118.74 of which 9 months was relating to this period, and has therefore been included in other debtors for £6839.05.
13. Related Party Transactions
As at the balance sheet date the company owes the director £136,898 (2022 - £98,459)
During the financial year, the company voted dividends of £100,000 (2022 - £100,000)
14. Ultimate Controlling Party
The company was controlled by the sole director and 51% shareholder, Mr J Beese.
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