Acorah Software Products - Accounts Production 15.0.600 false true 31 January 2023 21 January 2022 false 1 February 2023 31 December 2023 31 December 2023 13863411 Sir John Hegarty Mr Benjamin Lee iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 13863411 2023-01-31 13863411 2023-12-31 13863411 2023-02-01 2023-12-31 13863411 frs-core:CurrentFinancialInstruments 2023-12-31 13863411 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-02-01 2023-12-31 13863411 frs-core:OtherResidualIntangibleAssets 2023-12-31 13863411 frs-core:OtherResidualIntangibleAssets 2023-02-01 2023-12-31 13863411 frs-core:OtherResidualIntangibleAssets 2023-01-31 13863411 frs-core:PlantMachinery 2023-12-31 13863411 frs-core:PlantMachinery 2023-02-01 2023-12-31 13863411 frs-core:PlantMachinery 2023-01-31 13863411 frs-core:ShareCapital 2023-12-31 13863411 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 13863411 frs-bus:PrivateLimitedCompanyLtd 2023-02-01 2023-12-31 13863411 frs-bus:FilletedAccounts 2023-02-01 2023-12-31 13863411 frs-bus:SmallEntities 2023-02-01 2023-12-31 13863411 frs-bus:AuditExempt-NoAccountantsReport 2023-02-01 2023-12-31 13863411 frs-bus:SmallCompaniesRegimeForAccounts 2023-02-01 2023-12-31 13863411 frs-bus:Director1 2023-02-01 2023-12-31 13863411 frs-bus:Director2 2023-02-01 2023-12-31 13863411 frs-countries:EnglandWales 2023-02-01 2023-12-31 13863411 2022-01-20 13863411 2023-01-31 13863411 2022-01-21 2023-01-31 13863411 frs-core:CurrentFinancialInstruments 2023-01-31 13863411 frs-core:ShareCapital 2023-01-31 13863411 frs-core:RetainedEarningsAccumulatedLosses 2023-01-31
Registered number: 13863411
The Garage Entertainment Ltd
Unaudited Financial Statements
For the Period 1 February 2023 to 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13863411
31 December 2023 31 January 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 41,590 67,006
Tangible Assets 5 9,444 15,556
51,034 82,562
CURRENT ASSETS
Debtors 6 178,441 1,595
Cash at bank and in hand 491,278 242,331
669,719 243,926
Creditors: Amounts Falling Due Within One Year 7 (251,127 ) (129,711 )
NET CURRENT ASSETS (LIABILITIES) 418,592 114,215
TOTAL ASSETS LESS CURRENT LIABILITIES 469,626 196,777
NET ASSETS 469,626 196,777
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 469,526 196,677
SHAREHOLDERS' FUNDS 469,626 196,777
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For the period 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 Benjamin Lee
Director
23/09/2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
The Garage Entertainment Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13863411 . The registered office is 62 Dean Street, London, W1D 4QF.
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 - Other Intangible
Other intangible assets is the cost of online course production. It is amortised to profit and loss account over its estimated economic life of three 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:
Plant & Machinery 3 years straight line
2.5. 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.
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3. Average Number of Employees
Average number of employees, including directors, during the period was: 1 (2023: 1)
1 1
4. Intangible Assets
Other
£
Cost
As at 1 February 2023 83,180
As at 31 December 2023 83,180
Amortisation
As at 1 February 2023 16,174
Provided during the period 25,416
As at 31 December 2023 41,590
Net Book Value
As at 31 December 2023 41,590
As at 1 February 2023 67,006
5. Tangible Assets
Plant & Machinery
£
Cost
As at 1 February 2023 20,000
As at 31 December 2023 20,000
Depreciation
As at 1 February 2023 4,444
Provided during the period 6,112
As at 31 December 2023 10,556
Net Book Value
As at 31 December 2023 9,444
As at 1 February 2023 15,556
6. Debtors
31 December 2023 31 January 2023
£ £
Due within one year
Trade debtors 176,507 1,495
Other debtors 406 100
Deferred tax current asset 1,528 -
178,441 1,595
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7. Creditors: Amounts Falling Due Within One Year
31 December 2023 31 January 2023
£ £
Trade creditors 590 511
Corporation tax 118,906 41,106
Other taxes and social security 2,821 2,794
VAT 39,410 3,584
Accruals and deferred income 89,400 81,716
251,127 129,711
8. Share Capital
31 December 2023 31 January 2023
£ £
Allotted, Called up and fully paid 100 100
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