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Registered number: 06702423
Cox - Olliff Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
H.J. Hedges-Quinn & Co Ltd
ACCA
The Old Astra Cinema
The Street
Great Bricett
Suffolk
IP7 7DN
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 06702423
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 44,965 31,756
44,965 31,756
CURRENT ASSETS
Stocks 5 52,850 42,500
Debtors 6 42,138 71,576
Cash at bank and in hand 580 380
95,568 114,456
Creditors: Amounts Falling Due Within One Year 7 (52,934 ) (27,808 )
NET CURRENT ASSETS (LIABILITIES) 42,634 86,648
TOTAL ASSETS LESS CURRENT LIABILITIES 87,599 118,404
Creditors: Amounts Falling Due After More Than One Year 8 (141,085 ) (130,007 )
NET LIABILITIES (53,486 ) (11,603 )
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account (53,586 ) (11,703 )
SHAREHOLDERS' FUNDS (53,486) (11,603)
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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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Simon Cox
Director
23/09/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Cox - Olliff Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06702423 . The registered office is Unit 17c, Seven Acres Business Park Newbourne Road, Waldringfield, Woodbridge, Suffolk, IP12 4PS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
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. The company trading as a going concern relies upon the continuing support of the director and the bank and other loan holders. The director has pledged his support for at least one year from signing these accounts.
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.
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.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. 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 25% Reducing balance
Fixtures & Fittings 25% Reducing balance
Computer Equipment 25% 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. 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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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 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Sales, marketing and distribution 2 3
2 3
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 62,329 408 3,046 65,783
Additions 28,326 - - 28,326
Disposals (300 ) - - (300 )
As at 31 December 2023 90,355 408 3,046 93,809
Depreciation
As at 1 January 2023 31,512 332 2,183 34,027
Provided during the period 14,756 18 216 14,990
Disposals (173 ) - - (173 )
As at 31 December 2023 46,095 350 2,399 48,844
Net Book Value
As at 31 December 2023 44,260 58 647 44,965
As at 1 January 2023 30,817 76 863 31,756
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5. Stocks
2023 2022
£ £
Stock 52,850 42,500
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 27,802 65,970
Prepayments and accrued income 973 810
Other debtors 1,049 1,049
VAT - 1,230
29,824 69,059
Due after more than one year
Deferred tax current asset 12,314 2,517
42,138 71,576
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 27,020 15,953
Bank loans and overdrafts 22,402 9,394
Other taxes and social security 1,468 -
VAT 644 -
Other creditors - 1,541
Accruals and deferred income 1,400 920
52,934 27,808
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 13,247 25,130
Other creditors 58,844 48,844
Directors loan account 68,994 56,033
141,085 130,007
9. Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured. They are secured by a personal guarantee by the director Mr S Cox.
2023 2022
£ £
Bank loans and overdrafts 16,901 11,739
10. Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances and losses carried forward.
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11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
12. Ultimate Controlling Party
The company's ultimate controlling party is Mr S Cox by virtue of his ownership of 50% of the issued share capital in the company.
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