Acorah Software Products - Accounts Production 14.5.601 false true 31 March 2023 1 March 2022 false 1 April 2023 31 March 2024 31 March 2024 07536993 Mr Jonathan Howard Mr Joseph Murphy iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07536993 2023-03-31 07536993 2024-03-31 07536993 2023-04-01 2024-03-31 07536993 frs-core:CurrentFinancialInstruments 2024-03-31 07536993 frs-core:Non-currentFinancialInstruments 2024-03-31 07536993 frs-core:PlantMachinery 2024-03-31 07536993 frs-core:PlantMachinery 2023-04-01 2024-03-31 07536993 frs-core:PlantMachinery 2023-03-31 07536993 frs-core:ShareCapital 2024-03-31 07536993 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 07536993 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07536993 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 07536993 frs-bus:SmallEntities 2023-04-01 2024-03-31 07536993 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 07536993 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 07536993 frs-bus:Director1 2023-04-01 2024-03-31 07536993 frs-bus:Director1 2023-03-31 07536993 frs-bus:Director1 2024-03-31 07536993 frs-bus:Director2 2023-04-01 2024-03-31 07536993 frs-bus:Director2 2023-03-31 07536993 frs-bus:Director2 2024-03-31 07536993 frs-countries:EnglandWales 2023-04-01 2024-03-31 07536993 2022-02-28 07536993 2023-03-31 07536993 2022-03-01 2023-03-31 07536993 frs-core:CurrentFinancialInstruments 2023-03-31 07536993 frs-core:Non-currentFinancialInstruments 2023-03-31 07536993 frs-core:ShareCapital 2023-03-31 07536993 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 07536993
One Bit Productions Limited
Financial Statements
For The Year Ended 31 March 2024
MSE Business Management LLP
Association of Chartered Certified Accountants
1st Floor
104 Oxford Street
London
Greater London
W1D 1LP
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07536993
31 March 2024 31 March 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 17,009 22,688
17,009 22,688
CURRENT ASSETS
Debtors 5 65,648 78,694
Cash at bank and in hand 298,496 211,526
364,144 290,220
Creditors: Amounts Falling Due Within One Year 6 (140,907 ) (102,060 )
NET CURRENT ASSETS (LIABILITIES) 223,237 188,160
TOTAL ASSETS LESS CURRENT LIABILITIES 240,246 210,848
Creditors: Amounts Falling Due After More Than One Year 7 (11,657 ) (20,727 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (4,252 ) (5,672 )
NET ASSETS 224,337 184,449
CAPITAL AND RESERVES
Called up share capital 9 10 10
Profit and Loss Account 224,327 184,439
SHAREHOLDERS' FUNDS 224,337 184,449
Page 1
Page 2
For the year ending 31 March 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.
On behalf of the board
Mr Jonathan Howard
Director
Mr Joseph Murphy
Director
23/09/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
One Bit Productions Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07536993 . The registered office is 1st Floor, 104 Oxford Street, London, W1D 1LP.
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.

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. 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 20% straight line
2.4. Financial Instruments
The company has only basic financial instruments.

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.

Basic financial liabilities

Basic financial liabilities, which include creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transactions.
2.5. 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.
2.6. Taxation
Corporation 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.
...CONTINUED
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Page 4
2.6. Taxation - continued
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.
2.7. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
31 March 2024 31 March 2023
Office and administration 2 2
2 2
4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 April 2023 116,122
Additions 3,414
Disposals (650 )
As at 31 March 2024 118,886
Depreciation
As at 1 April 2023 93,434
Provided during the period 9,093
Disposals (650 )
As at 31 March 2024 101,877
Net Book Value
As at 31 March 2024 17,009
As at 1 April 2023 22,688
5. Debtors
31 March 2024 31 March 2023
£ £
Due within one year
Trade debtors 13,690 22,537
Prepayments and accrued income 832 1,314
Other debtors - 1,342
Directors' loan accounts 51,126 53,501
65,648 78,694
Page 4
Page 5
6. Creditors: Amounts Falling Due Within One Year
31 March 2024 31 March 2023
£ £
Trade creditors 1,259 4,092
Bank loans and overdrafts 9,070 8,843
Corporation tax 75,233 73,161
VAT 37,827 13,421
Other creditors 701 2,543
Accruals and deferred income 16,817 -
140,907 102,060
7. Creditors: Amounts Falling Due After More Than One Year
31 March 2024 31 March 2023
£ £
Bank loans 11,657 20,727
8. Deferred Taxation
The provision for deferred tax is made up as follows:
31 March 2024 31 March 2023
£ £
Other timing differences 4,252 5,672
9. Share Capital
31 March 2024 31 March 2023
£ £
Allotted, Called up and fully paid 10 10
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Jonathan Howard 31,469 108,499 104,450 - 35,518
Mr Joseph Murphy 22,032 96,946 103,370 - 15,608
The above loans are unsecured and repayable on demand. Interest was charged at the rate of 2.25% per annum. The loans were repaid in full after the year end.
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