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Registered number: 03884424
Campbell Laser Cutters Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
TaxAssist Accountants
Chartered Accountants
714 London Road
Larkfield
KENT
ME20 6BL
Unaudited Financial Statements
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 03884424
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 162,156 180,384
162,156 180,384
CURRENT ASSETS
Debtors 5 121,805 79,735
Cash at bank and in hand 9,064 -
130,869 79,735
Creditors: Amounts Falling Due Within One Year 6 (555,862 ) (431,670 )
NET CURRENT ASSETS (LIABILITIES) (424,993 ) (351,935 )
TOTAL ASSETS LESS CURRENT LIABILITIES (262,837 ) (171,551 )
Creditors: Amounts Falling Due After More Than One Year 7 (14,298 ) (25,924 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (24,892 ) (27,057 )
NET LIABILITIES (302,027 ) (224,532 )
CAPITAL AND RESERVES
Called up share capital 8 100 100
Income Statement (302,127 ) (224,632 )
SHAREHOLDERS' FUNDS (302,027) (224,532)
Page 1
Page 2
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 Income Statement.
On behalf of the board
Adrian Campbell
Director
21/08/2024
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
Campbell Laser Cutters Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03884424 . The registered office is Unit 3 Premier Business Park, Second Avenue, Chatham, KENT, ME4 5EQ.
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. Going Concern Disclosure
The directors do not believe that the comapny is a going concern.  While the heavy machinery has a useful life the company is continuing to trade and use its cash flow to pay down creditors.  The Director and secretary are major creditors and are prepared to support the company.
2.3. 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.
2.4. 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:
Plant & Machinery 10% reducing balance
Fixtures & Fittings 15% reducing balance
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2.5. 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 6 (2022: 6)
6 6
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 January 2023 609,363 17,283 626,646
As at 31 December 2023 609,363 17,283 626,646
Depreciation
As at 1 January 2023 432,009 14,253 446,262
Provided during the period 17,736 492 18,228
As at 31 December 2023 449,745 14,745 464,490
Net Book Value
As at 31 December 2023 159,618 2,538 162,156
As at 1 January 2023 177,354 3,030 180,384
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5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 26,071 -
26,071 -
Due after more than one year
Deferred tax current asset 95,734 79,735
95,734 79,735
121,805 79,735
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 154,508 45,177
Bank loans and overdrafts 10,648 9,867
Other taxes and social security 40,898 35,644
VAT 51,552 45,435
Net wages 2,069 -
J Dunn loan 93,636 89,971
NEST pension creditor 2,294 2,069
Accruals and deferred income 968 968
Director's loan account 199,289 202,539
555,862 431,670
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bounceback loan 14,298 25,924
14,298 25,924
Included within long terms creditor is a Bounceback Loan. The loan has a duration of 60 months. Interest will be charged at 2.5% per annum.
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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