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Registered number: 03481077
Grapevine Telecom (Bath) Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
MKL Accountants Limited
Chartered Certified Accountants
Herston Cross House
230 High Street
Swanage
Dorset
BH19 2PQ
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 03481077
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 718,210 718,210
Tangible Assets 5 36,829 35,436
755,039 753,646
CURRENT ASSETS
Stocks 6 16,491 19,417
Debtors 7 99,734 69,515
Cash at bank and in hand 355,689 572,224
471,914 661,156
Creditors: Amounts Falling Due Within One Year 8 (395,717 ) (280,678 )
NET CURRENT ASSETS (LIABILITIES) 76,197 380,478
TOTAL ASSETS LESS CURRENT LIABILITIES 831,236 1,134,124
PROVISIONS FOR LIABILITIES
Deferred Taxation (3,069 ) (3,069 )
NET ASSETS 828,167 1,131,055
CAPITAL AND RESERVES
Called up share capital 9 400 400
Profit and Loss Account 827,767 1,130,655
SHAREHOLDERS' FUNDS 828,167 1,131,055
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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 James Spinks
Director
16/09/2024
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
Grapevine Telecom (Bath) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03481077 . The registered office is Herston Cross House, 230 High Street, Swanage, Dorset, BH19 2PQ.
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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill represents purchase costs of customer bases from separate businesses. The directors are of the opinion that the current value exceeds the purchase cost and therefore no amortisation has been applied
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:
Freehold No depreciation is applicable
Bicycles 25% Reducing Balance Method
Fixtures & Fittings 25% Reducing Balance Method
Computer Equipment 33% Reducing Balance Method
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.
2.7. Government Grant
Government grants are recognised in the profit and loss account 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 profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
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 profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 23 (2023: 26)
23 26
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4. Intangible Assets
Goodwill
£
Cost
As at 1 February 2023 718,210
As at 31 January 2024 718,210
Net Book Value
As at 31 January 2024 718,210
As at 1 February 2023 718,210
5. Tangible Assets
Land & Property
Freehold Bicycles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 February 2023 9,503 2,000 38,208 35,410 85,121
Additions - - 4,387 14,404 18,791
Disposals - - (29,689 ) (10,961 ) (40,650 )
As at 31 January 2024 9,503 2,000 12,906 38,853 63,262
Depreciation
As at 1 February 2023 - 500 32,433 16,752 49,685
Provided during the period - 375 2,436 9,305 12,116
Disposals - - (29,272 ) (6,096 ) (35,368 )
As at 31 January 2024 - 875 5,597 19,961 26,433
Net Book Value
As at 31 January 2024 9,503 1,125 7,309 18,892 36,829
As at 1 February 2023 9,503 1,500 5,775 18,658 35,436
6. Stocks
2024 2023
£ £
Materials 16,491 19,417
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7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 78,314 63,118
Prepayments and accrued income 8,897 6,397
Rent deposit 2,308 -
Amounts owed by group undertakings 10,215 -
99,734 69,515
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 137,595 90,722
Corporation tax 88,277 54,318
Other taxes and social security 17,580 -
VAT 80,944 92,035
Other creditors 70,697 9,805
Directors' loan accounts 624 33,798
395,717 280,678
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 400 400
10. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid - 100,609
Final dividend paid 582,667 -
582,667 100,609
Final dividends are payments to the Employment Ownership Trust for the repayment of the founders loan
11. Ultimate Controlling Party
The company is wholly owned by an Employee Ownership Trust 
The company's ultimate controlling party is Grapevine Telecom Trustees Limited by virtue of the ownership of 100% of the issued share capital in the company.
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