Acorah Software Products - Accounts Production 15.0.600 false true 30 April 2023 1 May 2022 false 1 May 2023 30 April 2024 30 April 2024 10135287 Mr Robert Wallace Mrs Clara Gonzalez-Hernandez iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10135287 2023-04-30 10135287 2024-04-30 10135287 2023-05-01 2024-04-30 10135287 frs-core:CurrentFinancialInstruments 2024-04-30 10135287 frs-core:ComputerEquipment 2023-05-01 2024-04-30 10135287 frs-core:FurnitureFittings 2024-04-30 10135287 frs-core:FurnitureFittings 2023-05-01 2024-04-30 10135287 frs-core:FurnitureFittings 2023-04-30 10135287 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-04-30 10135287 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 10135287 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-04-30 10135287 frs-core:MotorVehicles 2024-04-30 10135287 frs-core:MotorVehicles 2023-05-01 2024-04-30 10135287 frs-core:MotorVehicles 2023-04-30 10135287 frs-core:PlantMachinery 2023-05-01 2024-04-30 10135287 frs-core:ShareCapital 2024-04-30 10135287 frs-core:RetainedEarningsAccumulatedLosses 2024-04-30 10135287 frs-bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 10135287 frs-bus:FilletedAccounts 2023-05-01 2024-04-30 10135287 frs-bus:SmallEntities 2023-05-01 2024-04-30 10135287 frs-bus:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 10135287 frs-bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 10135287 frs-bus:Director1 2023-05-01 2024-04-30 10135287 frs-bus:Director2 2023-05-01 2024-04-30 10135287 frs-core:CurrentFinancialInstruments 2 2024-04-30 10135287 frs-countries:EnglandWales 2023-05-01 2024-04-30 10135287 2022-04-30 10135287 2023-04-30 10135287 2022-05-01 2023-04-30 10135287 frs-core:CurrentFinancialInstruments 2023-04-30 10135287 frs-core:ShareCapital 2023-04-30 10135287 frs-core:RetainedEarningsAccumulatedLosses 2023-04-30 10135287 frs-core:CurrentFinancialInstruments 2 2023-04-30
Registered number: 10135287
R & C Wallace Ltd
Unaudited Financial Statements
For The Year Ended 30 April 2024
Engage Accountancy Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10135287
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 51,375 56,711
51,375 56,711
CURRENT ASSETS
Stocks 5 31,953 31,953
Debtors 6 3,748 6,050
Cash at bank and in hand 11,597 15,036
47,298 53,039
Creditors: Amounts Falling Due Within One Year 7 (76,653 ) (94,987 )
NET CURRENT ASSETS (LIABILITIES) (29,355 ) (41,948 )
TOTAL ASSETS LESS CURRENT LIABILITIES 22,020 14,763
PROVISIONS FOR LIABILITIES
Deferred Taxation (854 ) (854 )
NET ASSETS 21,166 13,909
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 21,066 13,809
SHAREHOLDERS' FUNDS 21,166 13,909
Page 1
Page 2
For the year ending 30 April 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 Robert Wallace
Director
08/09/2024
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
R & C Wallace Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10135287 . The registered office is Post Office And Village Shop High Street, Barcombe, Lewes, East Sussex, BN8 5DH.
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:
Leasehold 10% Cost
Plant & Machinery 25% RB
Motor Vehicles 25% RB
Fixtures & Fittings 25% RB
Computer Equipment 25% RB
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.
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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 6)
6 6
4. Tangible Assets
Land & Property
Leasehold Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 May 2023 57,326 1,950 19,716 78,992
As at 30 April 2024 57,326 1,950 19,716 78,992
Depreciation
As at 1 May 2023 10,364 1,950 9,967 22,281
Provided during the period 2,591 - 2,745 5,336
As at 30 April 2024 12,955 1,950 12,712 27,617
Net Book Value
As at 30 April 2024 44,371 - 7,004 51,375
As at 1 May 2023 46,962 - 9,749 56,711
5. Stocks
2024 2023
£ £
Finished goods 31,953 31,953
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 66 2,050
Other debtors (2) 2,000 4,000
VAT 1,682 -
3,748 6,050
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 4,630 8,018
Bank loans and overdrafts 15,425 21,338
Corporation tax 1,030 -
Other taxes and social security 808 213
VAT - 5,028
Other creditors 218 30
Directors' loan accounts 54,542 60,360
76,653 94,987
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8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5