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Registered number: 07310971
3 Legged Thing Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 07310971
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 13,631 38,171
13,631 38,171
CURRENT ASSETS
Stocks 6 966,177 864,656
Debtors 7 159,849 306,399
Cash at bank and in hand 766,711 858,705
1,892,737 2,029,760
Creditors: Amounts Falling Due Within One Year 8 (393,374 ) (338,842 )
NET CURRENT ASSETS (LIABILITIES) 1,499,363 1,690,918
TOTAL ASSETS LESS CURRENT LIABILITIES 1,512,994 1,729,089
Creditors: Amounts Falling Due After More Than One Year 9 (78,777 ) (208,910 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,590 ) (7,252 )
NET ASSETS 1,431,627 1,512,927
CAPITAL AND RESERVES
Called up share capital 10 10,000 10,000
Share premium account 189,000 189,000
Profit and Loss Account 1,232,627 1,313,927
SHAREHOLDERS' FUNDS 1,431,627 1,512,927
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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 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
G I Garber
Director
17 September 2024
The notes on pages 3 to 7 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
3 Legged Thing Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07310971 . The registered office is Avaland House, 110 London Road, Hemel Hempstead, Hertfordshire, HP3 9SD.
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. Exemption From Preparing Consolidated Financial Statements
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
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.
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
Website 33% on cost
2.5. Investments
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.
2.6. Leasing and Hire Purchase Contracts
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.
2.7. 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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2.8. 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.
2.9. 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.
2.10. 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.
2.11. Research and development
Expenditure on research and development is written off in the year in which it is incurred.
2.12. Patents and licences
Expenditure on the registration and maintenance of patents relating to internal development projects are treated as a revenue expense and written off in the year they are incurred. Expenditure on externally acquired patents and licences are capitalised as intangible fixed assets.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2022: 12)
11 12
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4. Tangible Assets
Plant & Machinery Website Total
£ £ £
Cost
As at 1 January 2023 169,318 24,934 194,252
As at 31 December 2023 169,318 24,934 194,252
Depreciation
As at 1 January 2023 143,733 12,348 156,081
Provided during the period 16,230 8,310 24,540
As at 31 December 2023 159,963 20,658 180,621
Net Book Value
As at 31 December 2023 9,355 4,276 13,631
As at 1 January 2023 25,585 12,586 38,171
5. Investments
Subsidiaries
£
Cost
As at 1 January 2023 12,000
As at 31 December 2023 12,000
Provision
As at 1 January 2023 12,000
As at 31 December 2023 12,000
Net Book Value
As at 31 December 2023 -
As at 1 January 2023 -
6. Stocks
2023 2022
£ £
Finished goods 966,177 864,656
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7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 109,639 229,842
Prepayments and accrued income 47,290 53,766
Corporation tax recoverable assets - 19,871
Amounts owed by group undertakings 2,920 2,920
159,849 306,399
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 178,319 113,075
Bank loans and overdrafts 130,133 123,799
Other taxes and social security 11,352 9,900
VAT 38,306 40,707
Other creditors 447 447
Pension liability 2,005 1,952
Accruals and deferred income 32,812 48,962
393,374 338,842
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans - 1-2 years 78,777 130,133
Bank loans - 2-5 years - 78,777
78,777 208,910
10. Share Capital
2023 2022
Allotted, called up and fully paid £ £
10,000 Ordinary Shares of £ 1.00 each 10,000 10,000
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11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 61,518 66,756
Later than one year and not later than five years 72,810 145,968
134,328 212,724
12. Related Party Disclosures
The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.
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