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Registered number: 07005563
Yeotown Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Ashley Nathoo & Co. Ltd
Chartered Accountants
64 Lady Aylesford Avenue
Stanmore
Middlesex
HA7 4FH
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 07005563
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 206,790 185,302
206,790 185,302
CURRENT ASSETS
Stocks 5 47,005 47,005
Debtors 6 160,680 164,505
Cash at bank and in hand 14,420 7,547
222,105 219,057
Creditors: Amounts Falling Due Within One Year 7 (431,158 ) (349,105 )
NET CURRENT ASSETS (LIABILITIES) (209,053 ) (130,048 )
TOTAL ASSETS LESS CURRENT LIABILITIES (2,263 ) 55,254
Creditors: Amounts Falling Due After More Than One Year 8 (52,000 ) (111,000 )
NET LIABILITIES (54,263 ) (55,746 )
CAPITAL AND RESERVES
Called up share capital 9 150 150
Share premium account 127,466 127,466
Profit and Loss Account (181,879 ) (183,362 )
SHAREHOLDERS' FUNDS (54,263) (55,746)
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Page 2
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
Mrs Mercedes Sieff
Director
Mr Simon Sieff
Director
18/09/2024
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Yeotown Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07005563 . The registered office is Yeotown Barn, Snapper, Barnstaple, Devon, EX32 7JY.
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. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
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 rendering of services and from the sale of goods. 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.
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.
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:
Leasehold Over the period of the lease
Plant & Machinery 10% Straight Line
Motor Vehicles 10% Straight Line
Fixtures & Fittings 10% Straight Line
Computer Equipment 10% Straight Line
Depreciation policy of the leasehold premises has been changed during the year so as to write off the cost over the period of the lease.
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2.5. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and 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.
2.6. 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.
2.7. 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.
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2.8. 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: 6 (2022: 6)
6 6
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 January 2023 396,889 7,071 35,573 101,724
Additions 1,168 - - 2,025
As at 31 December 2023 398,057 7,071 35,573 103,749
Depreciation
As at 1 January 2023 239,368 4,001 35,573 80,674
Provided during the period (23,655 ) 575 - 4,965
As at 31 December 2023 215,713 4,576 35,573 85,639
Net Book Value
As at 31 December 2023 182,344 2,495 - 18,110
As at 1 January 2023 157,521 3,070 - 21,050
Computer Equipment Total
£ £
Cost
As at 1 January 2023 8,299 549,556
Additions 584 3,777
As at 31 December 2023 8,883 553,333
...CONTINUED
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Depreciation
As at 1 January 2023 4,638 364,254
Provided during the period 404 (17,711 )
As at 31 December 2023 5,042 346,543
Net Book Value
As at 31 December 2023 3,841 206,790
As at 1 January 2023 3,661 185,302
Depreciation policy of the leasehold premises was changed during the year so as to write off the cost over the period of the lease resulting in negative depreciation in the year.
5. Stocks
2023 2022
£ £
Products available for resale 47,005 47,005
6. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income - 4,550
Other debtors 16,510 21,127
Corporation tax recoverable assets 31,099 35,523
Directors' loan accounts 113,071 103,305
160,680 164,505
Directors' loan accounts - see note 11 for further details
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 22,585 18,625
Bank loans and overdrafts 43,249 29,944
Corporation tax 11,309 28,039
Other taxes and social security 97,704 53,655
Other creditors 131,592 125,115
Accruals and deferred income 124,719 93,727
431,158 349,105
The company has an overdraft facility which is secured by way of fixed and floating charges against all properties and undertakings of the company
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8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 36,833 62,833
Other creditors 15,167 48,167
52,000 111,000
During the year to 31st December 2020, the company entered into a Coronavirus Business Interruption Loan of £130,000, guranteed by the Government of the United Kingdom. The total balance outstanding at 31st December 2022 was £62,833.
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 150 150
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mrs Mercedes Sieff 51,653 4,883 - - 56,536
Mr Simon Sieff 51,652 4,883 - - 56,535
The above loan is unsecured, interest free and repayable on demand.
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