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Registered number: 07924242
Paul Lanzante Limited
Unaudited ABRIDGED Financial Statements
For The Year Ended 31 January 2024
BEDFORD S M LLOYD FCA
Chartered Accountant
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—4
Page 1
Abridged Balance Sheet
Registered number: 07924242
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 981,749 948,890
981,749 948,890
CURRENT ASSETS
Stocks 912,772 824,825
Debtors 621,240 713,268
Cash at bank and in hand 1,728,608 1,462,740
3,262,620 3,000,833
Creditors: Amounts Falling Due Within One Year (303,122 ) (447,843 )
NET CURRENT ASSETS (LIABILITIES) 2,959,498 2,552,990
TOTAL ASSETS LESS CURRENT LIABILITIES 3,941,247 3,501,880
PROVISIONS FOR LIABILITIES
Deferred Taxation 5 (12,864 ) (3,666 )
NET ASSETS 3,928,383 3,498,214
CAPITAL AND RESERVES
Called up share capital 6 1 1
Profit and Loss Account 3,928,382 3,498,213
SHAREHOLDERS' FUNDS 3,928,383 3,498,214
Page 1
Page 2
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 Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 January 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr Pasquale Lanzante
Director
11/09/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. General Information
Paul Lanzante Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07924242 . The registered office is Unit 4, Riverside, Omega Park, Alton, Hampshire, GU34 2UF.
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.
Freehold land and buildings are not depreciated. The director considers that the useful economic life of the freehold buildings and their residual value are such that depreciation would not be material, therefore none has been provided for.
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:
Freehold No depreciation
Motor Vehicles 25% per annum reducing balance
Fixtures & Fittings Straight line over 3 years
2.4. 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.
2.5. Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
2.6. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Sales, marketing and distribution 1 1
1 1
4. Tangible Assets
Total
£
Cost
As at 1 February 2023 1,098,549
Additions 63,921
Disposals (18,179 )
As at 31 January 2024 1,144,291
Depreciation
As at 1 February 2023 149,659
Provided during the period 28,635
Disposals (15,752 )
As at 31 January 2024 162,542
Net Book Value
As at 31 January 2024 981,749
As at 1 February 2023 948,890
5. Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances
2024 2023
£ £
Other timing differences 12,864 3,666
6. Share Capital
2024 2023
Allotted, called up and fully paid £ £
1 Ordinary Shares of £ 1.00 each 1 1
Page 4