Acorah Software Products - Accounts Production 15.0.600 false true true 31 January 2023 1 February 2022 false 1 February 2023 31 January 2024 31 January 2024 08382571 Mr A M Read iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08382571 2023-01-31 08382571 2024-01-31 08382571 2023-02-01 2024-01-31 08382571 frs-core:CurrentFinancialInstruments 2024-01-31 08382571 frs-core:Non-currentFinancialInstruments 2024-01-31 08382571 frs-core:BetweenOneFiveYears 2024-01-31 08382571 frs-core:NetGoodwill 2024-01-31 08382571 frs-core:NetGoodwill 2023-02-01 2024-01-31 08382571 frs-core:NetGoodwill 2023-01-31 08382571 frs-core:MotorVehicles 2024-01-31 08382571 frs-core:MotorVehicles 2023-02-01 2024-01-31 08382571 frs-core:MotorVehicles 2023-01-31 08382571 frs-core:PlantMachinery 2024-01-31 08382571 frs-core:PlantMachinery 2023-02-01 2024-01-31 08382571 frs-core:PlantMachinery 2023-01-31 08382571 frs-core:WithinOneYear 2024-01-31 08382571 frs-core:ShareCapital 2024-01-31 08382571 frs-core:RetainedEarningsAccumulatedLosses 2024-01-31 08382571 frs-bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 08382571 frs-bus:FilletedAccounts 2023-02-01 2024-01-31 08382571 frs-bus:SmallEntities 2023-02-01 2024-01-31 08382571 frs-bus:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 08382571 frs-bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 08382571 frs-core:TaxLossesCarry-forwardsDeferredTax 2024-01-31 08382571 frs-bus:Director1 2023-02-01 2024-01-31 08382571 frs-countries:EnglandWales 2023-02-01 2024-01-31 08382571 2022-01-31 08382571 2023-01-31 08382571 2022-02-01 2023-01-31 08382571 frs-core:CurrentFinancialInstruments 2023-01-31 08382571 frs-core:Non-currentFinancialInstruments 2023-01-31 08382571 frs-core:BetweenOneFiveYears 2023-01-31 08382571 frs-core:WithinOneYear 2023-01-31 08382571 frs-core:ShareCapital 2023-01-31 08382571 frs-core:RetainedEarningsAccumulatedLosses 2023-01-31
Registered number: 08382571
Read and Son Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08382571
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 20,708 9,472
20,708 9,472
CURRENT ASSETS
Stocks 6 60,700 37,560
Debtors 7 206 4,698
Cash at bank and in hand 3,997 9,799
64,903 52,057
Creditors: Amounts Falling Due Within One Year 8 (61,458 ) (36,050 )
NET CURRENT ASSETS (LIABILITIES) 3,445 16,007
TOTAL ASSETS LESS CURRENT LIABILITIES 24,153 25,479
Creditors: Amounts Falling Due After More Than One Year 9 (21,156 ) (18,935 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 11 - (1,800 )
NET ASSETS 2,997 4,744
CAPITAL AND RESERVES
Called up share capital 12 101 101
Profit and Loss Account 2,896 4,643
SHAREHOLDERS' FUNDS 2,997 4,744
Page 1
Page 2
For the year ending 31 January 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.
On behalf of the board
Mr A M Read
Director
24 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
Read and Son Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08382571 . The registered office is 9-11 Stratford Road, Shirley, Solihull, B90 3LU.
The presentation currency is pounds sterling (£).
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. 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.
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. 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 5 years.
2.5. 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% on reducing balance and 1% on reducing balance
Motor Vehicles 1% on reducing balance
2.6. 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.
2.7. 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.
Page 3
Page 4
2.8. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 8)
6 8
4. Intangible Assets
Goodwill
£
Cost
As at 1 February 2023 10,000
As at 31 January 2024 10,000
Amortisation
As at 1 February 2023 10,000
As at 31 January 2024 10,000
Net Book Value
As at 31 January 2024 -
As at 1 February 2023 -
5. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 February 2023 749 15,500 16,249
Additions 11,500 - 11,500
As at 31 January 2024 12,249 15,500 27,749
Depreciation
As at 1 February 2023 466 6,311 6,777
Provided during the period 172 92 264
As at 31 January 2024 638 6,403 7,041
...CONTINUED
Page 4
Page 5
Net Book Value
As at 31 January 2024 11,611 9,097 20,708
As at 1 February 2023 283 9,189 9,472
6. Stocks
2024 2023
£ £
Stock 60,700 37,560
7. Debtors
2024 2023
£ £
Due within one year
Corporation tax recoverable assets - 4,698
VAT 206 -
206 4,698
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 5,479 3,100
Trade creditors - 1
Bank loans and overdrafts 1,817 1,817
Other taxes and social security 24 884
VAT - 294
Net wages - 1,991
Accruals and deferred income 2,065 1,810
Director's loan account 52,073 26,153
61,458 36,050
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 11,013 6,975
Bank loans 10,143 11,960
21,156 18,935
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 5,479 3,100
Later than one year and not later than five years 11,013 6,975
16,492 10,075
16,492 10,075
Page 5
Page 6
11. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Tax losses carried forward (3,935 ) -
Other timing differences 3,935 1,800
- 1,800
12. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 101 101
13. Related Party Transactions
The director has made a loan to the company in the year.  The balance at the 31 January 2024 was £52,073 (2023 £26,153)  This loan has interest and has no set terms for repayment.
Page 6