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Registered number: 11152338
Eon Information Technology Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
ChadSan Limited
Castle House
Castle Street
Guildford
GU1 3UW
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11152338
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 137,739 153,043
Tangible Assets 5 45,521 64,990
183,260 218,033
CURRENT ASSETS
Debtors 6 104,581 213,402
Cash at bank and in hand 128,798 145,435
233,379 358,837
Creditors: Amounts Falling Due Within One Year 7 (243,303 ) (277,148 )
NET CURRENT ASSETS (LIABILITIES) (9,924 ) 81,689
TOTAL ASSETS LESS CURRENT LIABILITIES 173,336 299,722
Creditors: Amounts Falling Due After More Than One Year 8 (8,615 ) (31,515 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (18,315 ) (16,248 )
NET ASSETS 146,406 251,959
CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Profit and Loss Account 145,406 250,959
SHAREHOLDERS' FUNDS 146,406 251,959
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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 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 Muhammad Yasir
Director
12th September 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
Eon Information Technology Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11152338 . The registered office is Castle House, Castle Street, Guildford, Surrey, GU1 3UW.
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.
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. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are software development costs. The software development costs are stated at cost less accumulated amortisation and impairment losses. The software development costs have a finite useful life and are amortised on a straight line basis over 10 years.
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 33% on cost
Motor Vehicles 25% reducing balance
Computer Equipment 33% on cost
2.5. 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.
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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 operating profit.
2.7. 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 years 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 assets reflect 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.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 5)
3 5
4. Intangible Assets
Other
£
Cost
As at 1 February 2023 153,043
As at 31 January 2024 153,043
...CONTINUED
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Amortisation
As at 1 February 2023 -
Provided during the period 15,304
As at 31 January 2024 15,304
Net Book Value
As at 31 January 2024 137,739
As at 1 February 2023 153,043
5. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 February 2023 70 64,615 6,987 71,672
Additions - - 1,749 1,749
Disposals - - (1,228 ) (1,228 )
As at 31 January 2024 70 64,615 7,508 72,193
Depreciation
As at 1 February 2023 - 1,815 4,867 6,682
Provided during the period 24 15,700 1,539 17,263
Impairment losses - 3,925 - 3,925
Disposals - - (1,198 ) (1,198 )
As at 31 January 2024 24 21,440 5,208 26,672
Net Book Value
As at 31 January 2024 46 43,175 2,300 45,521
As at 1 February 2023 70 62,800 2,120 64,990
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 39,410 127,886
Other debtors 65,171 85,516
104,581 213,402
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 20,676 22,246
Trade creditors 455 78,999
Other creditors 216,493 174,493
Taxation and social security 5,679 1,410
243,303 277,148
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 8,615 31,515
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 20,676 22,246
Later than one year and not later than five years 8,615 31,515
29,291 53,761
29,291 53,761
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
11. Related Party Transactions
Dividends:
Dividends totalling £8,700 (2023: £51,566) were paid to directors during the financial year.
12. Ultimate Controlling Party
The company's ultimate controlling party is Muhammad Yasir by virtue of his ownership of 77% of the issued share capital in the company.
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