Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 08664341 Mr M J Brookfield Mr K J Magill Mr S M Powell iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08664341 2022-12-31 08664341 2023-12-31 08664341 2023-01-01 2023-12-31 08664341 frs-core:CurrentFinancialInstruments 2023-12-31 08664341 frs-core:ComputerEquipment 2023-12-31 08664341 frs-core:ComputerEquipment 2023-01-01 2023-12-31 08664341 frs-core:ComputerEquipment 2022-12-31 08664341 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 08664341 frs-core:FurnitureFittings 2023-12-31 08664341 frs-core:FurnitureFittings 2023-01-01 2023-12-31 08664341 frs-core:FurnitureFittings 2022-12-31 08664341 frs-core:OtherResidualIntangibleAssets 2023-12-31 08664341 frs-core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 08664341 frs-core:OtherResidualIntangibleAssets 2022-12-31 08664341 frs-core:PlantMachinery 2023-12-31 08664341 frs-core:PlantMachinery 2023-01-01 2023-12-31 08664341 frs-core:PlantMachinery 2022-12-31 08664341 frs-core:ShareCapital 2023-12-31 08664341 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 08664341 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08664341 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 08664341 frs-bus:SmallEntities 2023-01-01 2023-12-31 08664341 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 08664341 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 08664341 frs-bus:OrdinaryShareClass1 2023-01-01 2023-12-31 08664341 frs-bus:OrdinaryShareClass1 2023-12-31 08664341 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-01-01 2023-12-31 08664341 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2022-12-31 08664341 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-12-31 08664341 frs-core:ListedExchangeTraded 2023-12-31 08664341 frs-core:ListedExchangeTraded 2022-12-31 08664341 frs-core:CostValuation frs-core:ListedExchangeTraded 2022-12-31 08664341 frs-core:FurtherSpecificIncreaseDecreaseInInvestments1ComponentTotalChangeInInvestments frs-core:ListedExchangeTraded 2023-12-31 08664341 frs-core:CostValuation frs-core:ListedExchangeTraded 2023-12-31 08664341 frs-core:ProvisionsForImpairmentInvestments frs-core:ListedExchangeTraded 2022-12-31 08664341 frs-core:ProvisionsForImpairmentInvestments frs-core:ListedExchangeTraded 2023-12-31 08664341 frs-bus:Director1 2023-01-01 2023-12-31 08664341 frs-bus:Director2 2023-01-01 2023-12-31 08664341 frs-bus:Director3 2023-01-01 2023-12-31 08664341 frs-countries:EnglandWales 2023-01-01 2023-12-31 08664341 2021-12-31 08664341 2022-12-31 08664341 2022-01-01 2022-12-31 08664341 frs-core:CurrentFinancialInstruments 2022-12-31 08664341 frs-core:ShareCapital 2022-12-31 08664341 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 08664341 frs-bus:OrdinaryShareClass1 2022-01-01 2022-12-31 08664341 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2022-12-31
Registered number: 08664341
Towcester Research Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08664341
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 152 192
Tangible Assets 5 1,792 3,791
Investments 6 221,580 239,137
223,524 243,120
CURRENT ASSETS
Stocks 7 533,967 762,336
Debtors 8 70,106 36,119
Cash at bank and in hand 2,880,761 1,489,830
3,484,834 2,288,285
Creditors: Amounts Falling Due Within One Year 9 (852,161 ) (192,412 )
NET CURRENT ASSETS (LIABILITIES) 2,632,673 2,095,873
TOTAL ASSETS LESS CURRENT LIABILITIES 2,856,197 2,338,993
PROVISIONS FOR LIABILITIES
Deferred Taxation (486 ) -
NET ASSETS 2,855,711 2,338,993
CAPITAL AND RESERVES
Called up share capital 10 3 3
Fair Value Reserve 11 (28,310 ) (10,753 )
Profit and Loss Account 2,884,018 2,349,743
SHAREHOLDERS' FUNDS 2,855,711 2,338,993
Page 1
Page 2
For the year 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.
The financial statements were approved by the board of directors on 20 September 2024 and were signed on its behalf by:
Mr M J Brookfield
Director
20 September 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
Towcester Research Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08664341 . The registered office is 183a Watling Street West, Towcester, Northamptonshire, NN12 6BX.
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 are Trademarks and are amortised to profit and loss account over its estimated economic life of 10 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 33% Straight Line
Fixtures & Fittings 33% Straight Line
Office Equipment 33% Straight Line
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. 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.
2.7. 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 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.
...CONTINUED
Page 3
Page 4
2.7. 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 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: 3 (2022: 3)
3 3
4. Intangible Assets
Other
£
Cost
As at 1 January 2023 400
As at 31 December 2023 400
Amortisation
As at 1 January 2023 208
Provided during the period 40
As at 31 December 2023 248
Net Book Value
As at 31 December 2023 152
As at 1 January 2023 192
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Office Equipment Total
£ £ £ £
Cost
As at 1 January 2023 3,671 1,254 5,897 10,822
As at 31 December 2023 3,671 1,254 5,897 10,822
Depreciation
As at 1 January 2023 3,423 1,254 2,354 7,031
Provided during the period 124 - 1,875 1,999
As at 31 December 2023 3,547 1,254 4,229 9,030
Net Book Value
As at 31 December 2023 124 - 1,668 1,792
As at 1 January 2023 248 - 3,543 3,791
Page 4
Page 5
6. Investments
Listed
£
Cost
As at 1 January 2023 239,137
Fair value adjustments (17,557 )
As at 31 December 2023 221,580
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 221,580
As at 1 January 2023 239,137
7. Stocks
2023 2022
£ £
Stock 533,967 762,336
8. Debtors
2023 2022
£ £
Due within one year
Other debtors 70,106 36,119
9. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 95,812 28,085
Other creditors 59,189 36,479
Taxation and social security 697,160 127,848
852,161 192,412
10. Share Capital
2023 2022
Allotted, called up and fully paid £ £
3 Ordinary Shares of £ 1.00 each 3 3
11. Reserves
Fair Value Reserve
£
As at 1 January 2023 (10,753 )
Transfer to profit and loss (17,557 )
As at 31 December 2023 (28,310 )
Page 5