Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 03204013 Mrs Janet Firestone Mr Leonard Firestone Mr Josef Firestone iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 03204013 2022-12-31 03204013 2023-12-31 03204013 2023-01-01 2023-12-31 03204013 frs-core:CurrentFinancialInstruments 2023-12-31 03204013 frs-core:Non-currentFinancialInstruments 2023-12-31 03204013 frs-core:ComputerEquipment 2023-12-31 03204013 frs-core:ComputerEquipment 2023-01-01 2023-12-31 03204013 frs-core:ComputerEquipment 2022-12-31 03204013 frs-core:FurnitureFittings 2023-12-31 03204013 frs-core:FurnitureFittings 2023-01-01 2023-12-31 03204013 frs-core:FurnitureFittings 2022-12-31 03204013 frs-core:MotorVehicles 2023-12-31 03204013 frs-core:MotorVehicles 2023-01-01 2023-12-31 03204013 frs-core:MotorVehicles 2022-12-31 03204013 frs-core:SharePremium 2023-12-31 03204013 frs-core:ShareCapital 2023-12-31 03204013 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 03204013 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03204013 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 03204013 frs-bus:SmallEntities 2023-01-01 2023-12-31 03204013 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 03204013 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03204013 frs-core:ListedExchangeTraded 2023-12-31 03204013 frs-core:ListedExchangeTraded 2022-12-31 03204013 frs-core:CostValuation frs-core:ListedExchangeTraded 2022-12-31 03204013 frs-core:CostValuation frs-core:ListedExchangeTraded 2023-12-31 03204013 frs-core:ProvisionsForImpairmentInvestments frs-core:ListedExchangeTraded 2022-12-31 03204013 frs-core:ProvisionsForImpairmentInvestments frs-core:ListedExchangeTraded 2023-12-31 03204013 frs-bus:Director1 2023-01-01 2023-12-31 03204013 frs-bus:Director2 2023-01-01 2023-12-31 03204013 frs-bus:Director3 2023-01-01 2023-12-31 03204013 frs-countries:EnglandWales 2023-01-01 2023-12-31 03204013 2021-12-31 03204013 2022-12-31 03204013 2022-01-01 2022-12-31 03204013 frs-core:CurrentFinancialInstruments 2022-12-31 03204013 frs-core:Non-currentFinancialInstruments 2022-12-31 03204013 frs-core:SharePremium 2022-12-31 03204013 frs-core:ShareCapital 2022-12-31 03204013 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 03204013
Progress Furnishings Systems 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—6
Page 1
Balance Sheet
Registered number: 03204013
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 15,770 19,490
Investments 4 50,000 50,000
65,770 69,490
CURRENT ASSETS
Stocks 5 11,189 5,963
Debtors 6 169,328 185,488
Investments 7 12,213 12,213
Cash at bank and in hand 422,946 372,845
615,676 576,509
Creditors: Amounts Falling Due Within One Year 8 (412,293 ) (329,352 )
NET CURRENT ASSETS (LIABILITIES) 203,383 247,157
TOTAL ASSETS LESS CURRENT LIABILITIES 269,153 316,647
Creditors: Amounts Falling Due After More Than One Year 9 (32,901 ) (44,414 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (3,942 ) (1,004 )
NET ASSETS 232,310 271,229
CAPITAL AND RESERVES
Called up share capital 10 105 105
Share premium account 3,826 3,826
Profit and Loss Account 228,379 267,298
SHAREHOLDERS' FUNDS 232,310 271,229
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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
Mr Josef Firestone
Director
20th September 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. 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.
1.2. 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.
1.3. 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:
Motor Vehicles 15% reducing balance
Fixtures & Fittings 15% reducing balance
Computer Equipment 25% reducing balance
1.4. 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.
1.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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1.6. 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 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. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 9 (2022: 7)
9 7
3. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 24,409 16,745 124,330 165,484
As at 31 December 2023 24,409 16,745 124,330 165,484
Depreciation
As at 1 January 2023 13,579 16,060 116,355 145,994
Provided during the period 1,624 102 1,994 3,720
As at 31 December 2023 15,203 16,162 118,349 149,714
Net Book Value
As at 31 December 2023 9,206 583 5,981 15,770
As at 1 January 2023 10,830 685 7,975 19,490
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4. Investments
Listed
£
Cost
As at 1 January 2023 50,000
As at 31 December 2023 50,000
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 50,000
As at 1 January 2023 50,000
5. Stocks
2023 2022
£ £
Closing stock 11,189 5,963
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 88,044 128,583
Amounts recoverable on contracts 11,429 14,226
Other debtors 64,810 33,102
164,283 175,911
Due after more than one year
Other debtors 5,045 9,577
5,045 9,577
169,328 185,488
7. Current Asset Investments
2023 2022
£ £
Listed investments 12,213 12,213
12,213 12,213
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8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 183,830 107,992
Bank loans and overdrafts 5,530 5,330
Other creditors 195,268 186,053
Taxation and social security 27,665 29,977
412,293 329,352
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 32,550 38,154
Other creditors 351 6,260
32,901 44,414
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 105 105
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
Balance at start of period
(5,161)
Amounts advanced
10,727
Amounts repaid
(521)
Balance at end of period
5,045
The above loan is unsecured, interest free and repayable on demand.
12. General Information
Progress Furnishings Systems Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03204013 . The registered office is Ground Floor Taunton House Waterside Court, Neptune Way, Rochester, Kent, ME2 4NZ.
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