Acorah Software Products - Accounts Production 15.0.600 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 04279239 Mr Paul Cox Mrs Lorraine Cox iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 04279239 2023-03-31 04279239 2024-03-31 04279239 2023-04-01 2024-03-31 04279239 frs-core:Non-currentFinancialInstruments 2024-03-31 04279239 frs-core:ComputerEquipment 2023-04-01 2024-03-31 04279239 frs-core:MotorVehicles 2023-04-01 2024-03-31 04279239 frs-core:PlantMachinery 2023-04-01 2024-03-31 04279239 frs-core:WithinOneYear 2024-03-31 04279239 frs-core:ShareCapital 2024-03-31 04279239 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 04279239 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04279239 frs-bus:AbridgedAccounts 2023-04-01 2024-03-31 04279239 frs-bus:SmallEntities 2023-04-01 2024-03-31 04279239 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 04279239 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04279239 frs-bus:Director1 2023-04-01 2024-03-31 04279239 frs-bus:CompanySecretary1 2023-04-01 2024-03-31 04279239 frs-countries:EnglandWales 2023-04-01 2024-03-31 04279239 2022-03-31 04279239 2023-03-31 04279239 2022-04-01 2023-03-31 04279239 frs-core:Non-currentFinancialInstruments 2023-03-31 04279239 frs-core:BetweenOneFiveYears 2023-03-31 04279239 frs-core:WithinOneYear 2023-03-31 04279239 frs-core:ShareCapital 2023-03-31 04279239 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 04279239
PROCUT SUPERABRASIVES LTD
Unaudited ABRIDGED Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—5
Page 1
Abridged Balance Sheet
Registered number: 04279239
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 50,144 66,197
50,144 66,197
CURRENT ASSETS
Stocks 23,381 22,268
Debtors 238,603 183,953
Cash at bank and in hand 85,497 68,152
347,481 274,373
Creditors: Amounts Falling Due Within One Year (129,532 ) (114,308 )
NET CURRENT ASSETS (LIABILITIES) 217,949 160,065
TOTAL ASSETS LESS CURRENT LIABILITIES 268,093 226,262
Creditors: Amounts Falling Due After More Than One Year - (3,867 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (9,528 ) (12,577 )
NET ASSETS 258,565 209,818
CAPITAL AND RESERVES
Called up share capital 7 20 20
Profit and Loss Account 258,545 209,798
SHAREHOLDERS' FUNDS 258,565 209,818
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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 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.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 March 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr Paul Cox
Director
20/09/2023
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. General Information
PROCUT SUPERABRASIVES LTD is a private company, limited by shares, incorporated in England & Wales, registered number 04279239 . The registered office is Unit 1 The Pegasus Centre, Hurricane Road, Brockworth, Gloucester, GL3 4FF.
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 comprises the fair value of the consideration recieved or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
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 25% reducing balance
Motor Vehicles 25% reducing balance
Computer Equipment 33% reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under 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.
2.5. 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. Financial assets classified as receivable within one year are not amortised.

Classification of Financial Liabilities

...CONTINUED
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2.6. Financial Instruments - continued
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.

Basic Financial Liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

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.
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.
2.8. 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.
2.9. 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.
2.10. Equity Instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at he discretion of the company.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 15 (2023: 13)
15 13
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4. Intangible Assets
Total
£
Cost
As at 1 April 2023 30,400
As at 31 March 2024 30,400
Amortisation
As at 1 April 2023 30,400
As at 31 March 2024 30,400
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
5. Tangible Assets
Total
£
Cost
As at 1 April 2023 258,388
Additions 216
As at 31 March 2024 258,604
Depreciation
As at 1 April 2023 192,191
Provided during the period 16,269
As at 31 March 2024 208,460
Net Book Value
As at 31 March 2024 50,144
As at 1 April 2023 66,197
6. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 3,867 5,368
Later than one year and not later than five years - 3,867
3,867 9,235
3,867 9,235
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 20 20
8. Capital Commitments
At the end of the period, the company had capital commitments contracted for but not provided in these financial statements
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