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Registered number: 12403407
Croftz Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
Goldwyns London LLP
Unaudited Financial Statements
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 12403407
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 1,743 1,027
Investments 4 1,000 1,000
2,743 2,027
CURRENT ASSETS
Debtors 5 149,871 59,249
Cash at bank and in hand 88,292 174,717
238,163 233,966
Creditors: Amounts Falling Due Within One Year 6 (6,373 ) (10,709 )
NET CURRENT ASSETS (LIABILITIES) 231,790 223,257
TOTAL ASSETS LESS CURRENT LIABILITIES 234,533 225,284
Creditors: Amounts Falling Due After More Than One Year 7 (30,556 ) (36,111 )
NET ASSETS 203,977 189,173
CAPITAL AND RESERVES
Called up share capital 8 209 208
Share premium account 349,985 294,986
Income Statement (146,217 ) (106,021 )
SHAREHOLDERS' FUNDS 203,977 189,173
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For the year ending 31 January 2024 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 Income Statement.
On behalf of the board
Mr A K Sahni
Director
25/08/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The financial statements are prepared in UK sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest UK pound.
The principle accounting policies adopted are set below.
Exemption from consolidation
The company is the parent undertaking of a small group and as such is not required to prepare group accounts under Companies Act 2006. These financial statements therefore present information about the company as an individual undertaking and not about the group of which it is the ultimate parent.
1.2. Going Concern Disclosure
The director has considered the prospect of the business for the next twelve months and beyond and has arrived at a reasonable expectation the company will continue to meet its obligations as they fall due. The director has also pledged their financial support to assist with this if required. On this basis, the director will continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.4. Tangible Fixed Assets and Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer Equipment 33.33% Straight line
Tangible assets are initially recorded at cost and subsequently stated at cost less accumulated depreciation and impairment losses.
1.5. Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
1.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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 operating profit.
1.7. Government Grant
Government grants are recognised in the income statement 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 income statement. Grants towards general activities of the entity over a specific year are recognised in the income statement over that year.
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 income statement over the useful life of the asset concerned.
All grants in the income statement are recognised when all conditions for receipt have been complied with.
Government Assistance 
The company has received assistance in the form of a government backed loan (including Coronavirus Business Interruption Loan Scheme (CBILS),Coronavirus Large Business Interruption Loan Scheme (CLBILS), Bounce Back Loan Scheme (BBLS) and Future Fund Scheme) of which the outstanding balance as at the year end was £30,556. This is reported the current and long term liabilities of the balance sheet based on the allocation of payments due within 12 months and greater than 12 months.
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1.8. Fixed asset Investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.9. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10. Critical Accounting Judgements and Key Sources of Estimation Uncertainty
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual outcomes may differ from these estimates.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the year in which the estimates are revised.
The key areas of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
Accrued Expenditure
The company includes a provision for invoices which are yet to be received from and amounts paid in advance to suppliers. These provisions are estimated based upon the expected values of the invoices which are issued and services received following the year end.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Office and administration 1 1
1 1
3. Tangible Assets
Computer Equipment
£
Cost
As at 1 February 2023 1,541
Additions 1,828
As at 31 January 2024 3,369
Depreciation
As at 1 February 2023 514
Provided during the period 1,112
As at 31 January 2024 1,626
Net Book Value
As at 31 January 2024 1,743
As at 1 February 2023 1,027
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4. Investments
Subsidiaries
£
Cost
As at 1 February 2023 1,000
As at 31 January 2024 1,000
Provision
As at 1 February 2023 -
As at 31 January 2024 -
Net Book Value
As at 31 January 2024 1,000
As at 1 February 2023 1,000
5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 3,465 781
VAT Recoverable 1,658 4,818
Amounts owed by group undertakings 144,748 53,650
149,871 59,249
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors - 3,650
Bank loans and overdrafts 5,556 5,556
Accruals and deferred income - 1,500
Director's loan account 817 3
6,373 10,709
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 30,556 36,111
30,556 36,111
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 209 208
During the year, 14,285 Ordinary shares of £0.0001 per share with an aggregate nominal value of £1.43 were allotted, issued and fully paid for a total consideration of £55,000.
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9. Related Party Transactions
The amount owed by Cognoss Holding Ltd, a fully owned subsidiary of the comnpany, totalled £144,748 as at the year-end, which is a current asset, interest is charged 6.25% per annum and repayable on demand.
The Directors loan account balance of Mr A K Sahni, a director and shareholder of the company, totalled £817 as at the year-end, which is a current liability, interest free and repayable on demand.
10. General Information
Croftz Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12403407 . The registered office is Ground Floor, 31 Kentish Town Road, Camden Town, London, NW1 8NL.
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