Acorah Software Products - Accounts Production 15.0.600 false true 28 February 2023 1 March 2022 false 1 March 2023 29 February 2024 29 February 2024 05694299 Mr Harish Dahyabhai Patel Mr Dhimantkumar Dahyabhai Patel iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05694299 2023-02-28 05694299 2024-02-29 05694299 2023-03-01 2024-02-29 05694299 frs-core:CurrentFinancialInstruments 2024-02-29 05694299 frs-core:Non-currentFinancialInstruments 2024-02-29 05694299 frs-core:FurnitureFittings 2024-02-29 05694299 frs-core:FurnitureFittings 2023-03-01 2024-02-29 05694299 frs-core:FurnitureFittings 2023-02-28 05694299 frs-core:NetGoodwill 2024-02-29 05694299 frs-core:NetGoodwill 2023-03-01 2024-02-29 05694299 frs-core:NetGoodwill 2023-02-28 05694299 frs-core:CapitalRedemptionReserve 2024-02-29 05694299 frs-core:ShareCapital 2024-02-29 05694299 frs-core:RetainedEarningsAccumulatedLosses 2024-02-29 05694299 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 05694299 frs-bus:FilletedAccounts 2023-03-01 2024-02-29 05694299 frs-bus:SmallEntities 2023-03-01 2024-02-29 05694299 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 05694299 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 05694299 frs-bus:OrdinaryShareClass1 2023-03-01 2024-02-29 05694299 frs-bus:OrdinaryShareClass1 2024-02-29 05694299 frs-bus:Director1 2023-03-01 2024-02-29 05694299 frs-bus:Director2 2023-03-01 2024-02-29 05694299 frs-countries:EnglandWales 2023-03-01 2024-02-29 05694299 2022-02-28 05694299 2023-02-28 05694299 2022-03-01 2023-02-28 05694299 frs-core:CurrentFinancialInstruments 2023-02-28 05694299 frs-core:Non-currentFinancialInstruments 2023-02-28 05694299 frs-core:CapitalRedemptionReserve 2023-02-28 05694299 frs-core:ShareCapital 2023-02-28 05694299 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28 05694299 frs-bus:OrdinaryShareClass1 2022-03-01 2023-02-28
Registered number: 05694299
Pancroft Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 05694299
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 45,278 67,916
Tangible Assets 5 6,356 7,945
51,634 75,861
CURRENT ASSETS
Stocks 6 127,546 65,675
Debtors 7 344,983 333,499
Cash at bank and in hand 25,893 137,533
498,422 536,707
Creditors: Amounts Falling Due Within One Year 8 (292,431 ) (364,825 )
NET CURRENT ASSETS (LIABILITIES) 205,991 171,882
TOTAL ASSETS LESS CURRENT LIABILITIES 257,625 247,743
Creditors: Amounts Falling Due After More Than One Year 9 (14,273 ) (24,273 )
PROVISIONS FOR LIABILITIES
Deferred Taxation - (1,370 )
NET ASSETS 243,352 222,100
CAPITAL AND RESERVES
Called up share capital 10 667 667
Capital redemption reserve 298,000 298,000
Profit and Loss Account (55,315 ) (76,567 )
SHAREHOLDERS' FUNDS 243,352 222,100
Page 1
Page 2
For the year ending 29 February 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.
The financial statements were approved by the board of directors on 4 September 2024 and were signed on its behalf by:
Mr Dhimantkumar Dahyabhai Patel
Director
4 September 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
Pancroft Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05694299 . The registered office is 11/12 Hallmark Trading Centre, Fourth Way, Wembley, Middlesex, HA9 0LB.
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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
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:
Fixtures & Fittings 20% Reducing balance
2.5. 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.
2.6. Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
...CONTINUED
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2.6. Financial Instruments - continued
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. 
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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.
2.8. Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
2.9. Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 7)
7 7
Page 4
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4. Intangible Assets
Goodwill
£
Cost
As at 1 March 2023 452,768
As at 29 February 2024 452,768
Amortisation
As at 1 March 2023 384,852
Provided during the period 22,638
As at 29 February 2024 407,490
Net Book Value
As at 29 February 2024 45,278
As at 1 March 2023 67,916
5. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 March 2023 48,576
As at 29 February 2024 48,576
Depreciation
As at 1 March 2023 40,631
Provided during the period 1,589
As at 29 February 2024 42,220
Net Book Value
As at 29 February 2024 6,356
As at 1 March 2023 7,945
6. Stocks
2024 2023
£ £
Stock 127,546 65,675
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 195,252 276,971
Other debtors 149,731 56,528
344,983 333,499
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Page 6
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 162,571 176,926
Bank loans and overdrafts 52,972 68,283
Other creditors 63,680 109,142
Taxation and social security 13,208 10,474
292,431 364,825
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 14,273 24,273
10. Share Capital
2024 2023
Allotted, called up and fully paid £ £
667 Ordinary Shares of £ 1.00 each 667 667
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