Acorah Software Products - Accounts Production 14.6.300 false true 31 May 2023 1 June 2022 false 1 June 2023 31 May 2024 31 May 2024 07648892 Mr Anthony Carr Mrs Emily Carr iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07648892 2023-05-31 07648892 2024-05-31 07648892 2023-06-01 2024-05-31 07648892 frs-core:CurrentFinancialInstruments 2024-05-31 07648892 frs-core:Non-currentFinancialInstruments 2024-05-31 07648892 frs-core:ComputerEquipment 2024-05-31 07648892 frs-core:ComputerEquipment 2023-06-01 2024-05-31 07648892 frs-core:ComputerEquipment 2023-05-31 07648892 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-05-31 07648892 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 07648892 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-05-31 07648892 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-05-31 07648892 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 07648892 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-05-31 07648892 frs-core:MotorVehicles 2024-05-31 07648892 frs-core:MotorVehicles 2023-06-01 2024-05-31 07648892 frs-core:MotorVehicles 2023-05-31 07648892 frs-core:PlantMachinery 2024-05-31 07648892 frs-core:PlantMachinery 2023-06-01 2024-05-31 07648892 frs-core:PlantMachinery 2023-05-31 07648892 frs-core:ShareCapital 2024-05-31 07648892 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 07648892 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 07648892 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 07648892 frs-bus:SmallEntities 2023-06-01 2024-05-31 07648892 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 07648892 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 07648892 frs-core:CostValuation 2023-05-31 07648892 frs-core:DisposalsRepaymentsInvestments 2024-05-31 07648892 frs-core:CostValuation 2024-05-31 07648892 frs-core:ProvisionsForImpairmentInvestments 2023-05-31 07648892 frs-core:ProvisionsForImpairmentInvestments 2024-05-31 07648892 frs-bus:Director1 2023-06-01 2024-05-31 07648892 frs-bus:Director2 2023-06-01 2024-05-31 07648892 frs-core:CurrentFinancialInstruments 1 2024-05-31 07648892 frs-core:CurrentFinancialInstruments 2 2024-05-31 07648892 frs-core:CurrentFinancialInstruments 3 2024-05-31 07648892 frs-core:CurrentFinancialInstruments 4 2024-05-31 07648892 frs-countries:EnglandWales 2023-06-01 2024-05-31 07648892 2022-05-31 07648892 2023-05-31 07648892 2022-06-01 2023-05-31 07648892 frs-core:CurrentFinancialInstruments 2023-05-31 07648892 frs-core:Non-currentFinancialInstruments 2023-05-31 07648892 frs-core:ShareCapital 2023-05-31 07648892 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31 07648892 frs-core:CurrentFinancialInstruments 1 2023-05-31 07648892 frs-core:CurrentFinancialInstruments 2 2023-05-31 07648892 frs-core:CurrentFinancialInstruments 3 2023-05-31 07648892 frs-core:CurrentFinancialInstruments 4 2023-05-31
Registered number: 07648892
Create Gift Love Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
Artema Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07648892
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 706,451 716,551
Investments 5 2,838 20,000
709,289 736,551
CURRENT ASSETS
Stocks 6 96,051 81,170
Debtors 7 249,416 41,521
Cash at bank and in hand 147,121 173,528
492,588 296,219
Creditors: Amounts Falling Due Within One Year 8 (306,055 ) (87,425 )
NET CURRENT ASSETS (LIABILITIES) 186,533 208,794
TOTAL ASSETS LESS CURRENT LIABILITIES 895,822 945,345
Creditors: Amounts Falling Due After More Than One Year 9 (59,945 ) (76,772 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (12,643 ) (14,541 )
NET ASSETS 823,234 854,032
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 823,134 853,932
SHAREHOLDERS' FUNDS 823,234 854,032
Page 1
Page 2
For the year ending 31 May 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 Anthony Carr
Director
20/08/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Create Gift Love Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07648892 . The registered office is Unit 3e Austin Park, Yeoman Road, Ringwood, Hants, BH24 3FG.
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. 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
Leasehold 2% p.a. on a straight line basis
Plant & Machinery 33.33% and 25% p.a. on a reducing balance basis
Motor Vehicles 20% p.a. on a straight line basis
Computer Equipment 33.33% p.a. on a straight line basis
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
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.
...CONTINUED
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2.5. Taxation - continued
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.
2.6. 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: 16 (2023: 16)
16 16
4. Tangible Assets
Land & Property
Freehold Leasehold Plant & Machinery Motor Vehicles
£ £ £ £
Cost
As at 1 June 2023 639,907 13,471 122,892 22,916
Additions - - 21,516 -
Disposals - - (36,995 ) -
As at 31 May 2024 639,907 13,471 107,413 22,916
Depreciation
As at 1 June 2023 - 448 62,816 21,424
Provided during the period - 269 13,659 417
Disposals - - (20,087 ) -
As at 31 May 2024 - 717 56,388 21,841
Net Book Value
As at 31 May 2024 639,907 12,754 51,025 1,075
As at 1 June 2023 639,907 13,023 60,076 1,492
Computer Equipment Total
£ £
Cost
As at 1 June 2023 9,360 808,546
Additions 1,061 22,577
Disposals - (36,995 )
As at 31 May 2024 10,421 794,128
Depreciation
As at 1 June 2023 7,307 91,995
Provided during the period 1,424 15,769
Disposals - (20,087 )
As at 31 May 2024 8,731 87,677
Net Book Value
As at 31 May 2024 1,690 706,451
As at 1 June 2023 2,053 716,551
Page 4
Page 5
5. Investments
Other
£
Cost
As at 1 June 2023 20,000
Disposals (17,162 )
As at 31 May 2024 2,838
Provision
As at 1 June 2023 -
As at 31 May 2024 -
Net Book Value
As at 31 May 2024 2,838
As at 1 June 2023 20,000
6. Stocks
2024 2023
£ £
Stock 96,051 81,170
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 207,876 11,223
Prepayments and accrued income 2,970 -
Shopify Holding account 6,798 7,852
PayPal holding account 6,640 4,577
Other debtor 11,422 9,874
Loan to employee 6,563 -
Net wages - 848
Amounts owed by Man & Bear Limited 7,147 7,147
249,416 41,521
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 221,368 24,413
Bank loans and overdrafts 15,900 15,400
Corporation tax 18,584 18,649
Other taxes and social security 2,438 16
VAT 31,136 21,257
Net wages 408 -
Pension creditor 1,510 2,643
...CONTINUED
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Page 6
Credit cards 9,981 -
Accruals and deferred income 4,728 4,728
Directors' loan accounts 2 319
306,055 87,425
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 59,945 76,772
10. Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured by charges in favour of Barclays Bank.
2024 2023
£ £
Bank loans and overdrafts 75,845 92,172
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
12. Capital Commitments
At the end of the period, the company had two capital commitments in the form of charges held by Barclays Bank Plc.
13. Related Party Transactions
The Company has receivables due from MAN & BEAR LIMITED of £7,147 as of 31 May, 2024. Additionally, the directors owns 100% shareholding in this company.
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