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Registered number: 10626856
Iguana Architects Ltd
Financial Statements
For The Year Ended 28 February 2024
Upscale Consultants Limited
Accountants and Business Consultants
170
Kennington Lane
London
SE11 5DP
Financial Statements
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 10626856
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 889 630
889 630
CURRENT ASSETS
Debtors 5 55,670 36,738
Cash at bank and in hand 81,247 69,441
136,917 106,179
Creditors: Amounts Falling Due Within One Year 6 (58,784 ) (50,331 )
NET CURRENT ASSETS (LIABILITIES) 78,133 55,848
TOTAL ASSETS LESS CURRENT LIABILITIES 79,022 56,478
Creditors: Amounts Falling Due After More Than One Year 7 (5,278 ) (8,783 )
NET ASSETS 73,744 47,695
CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Income Statement 72,744 46,695
SHAREHOLDERS' FUNDS 73,744 47,695
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For the year ending 28 February 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 Income Statement.
On behalf of the board
Mr Yaniv Peer
Director
18th September 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
Iguana Architects Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10626856 . The registered office is 26 Oakfield Road, London, N3 2HT.
The financial statements are presented in GBP which is the functional currency of Iguana Architects Ltd .
The significant accounting policies applied in the preparation of these financial statements have been consistently applied to all years presented unless otherwise stated.
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. 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% on cost
Computer Equipment 33.33% On cost
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2.4. 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: 4 (2023: 4)
4 4
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 March 2023 6,328
Additions 2,130
As at 28 February 2024 8,458
Depreciation
As at 1 March 2023 5,698
Provided during the period 1,871
As at 28 February 2024 7,569
Net Book Value
As at 28 February 2024 889
As at 1 March 2023 630
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5. Debtors
2024 2023
as restated
£ £
Due within one year
Trade debtors 16,168 18,546
Prepayments and accrued income 26,336 -
Director's loan account 13,166 18,192
55,670 36,738
6. Creditors: Amounts Falling Due Within One Year
2024 2023
as restated
£ £
Trade creditors 456 4,207
Bank loans and overdrafts 3,993 4,202
Corporation tax 13,995 14,313
Other taxes and social security 20,165 8,499
VAT 13,663 12,272
Other creditors 6,512 6,838
58,784 50,331
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
as restated
£ £
Bank loans 5,278 8,783
5,278 8,783
8. Share Capital
2024 2023
as restated
£ £
Allotted, Called up and fully paid 1,000 1,000
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9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 March 2023 Amounts advanced Amounts repaid Amounts written off As at 28 February 2024
£ £ £ £ £
Mr Yaniv Peer - 25,000 10,000 - 15,000
The above loan is unsecured, interest free and repayable on demand.
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