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Registered number: 06347031
Fire Technology International Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
Kent Coast Accounts Ltd
AAT Licenced Accountants
39 Brooke Avenue
Margate
Kent
CT9 5NG
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 06347031
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 412,366 117,452
412,366 117,452
CURRENT ASSETS
Stocks 6 488,112 341,408
Debtors 7 133,521 107,921
Cash at bank and in hand 470,759 309,159
1,092,392 758,488
Creditors: Amounts Falling Due Within One Year 8 (490,171 ) (206,802 )
NET CURRENT ASSETS (LIABILITIES) 602,221 551,686
TOTAL ASSETS LESS CURRENT LIABILITIES 1,014,587 669,138
Creditors: Amounts Falling Due After More Than One Year 9 (30,339 ) (43,743 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 11 (31,667 ) (19,699 )
NET ASSETS 952,581 605,696
CAPITAL AND RESERVES
Called up share capital 12 100 100
Profit and Loss Account 952,481 605,596
SHAREHOLDERS' FUNDS 952,581 605,696
Page 1
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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 Andrew Hunt
Director
24th September 2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Fire Technology International Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06347031 . The registered office is Unit 33, Telegraph Hill Industrial Park, Laundry Road, Minster, Ramsgate, Kent, CT12 4HL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. it also requires management to exercise judgment in applying the Company's accounting policies.
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
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are
provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
  • the amount of revenue can be measured reliably;
  • it is probable that the Company will receive the consideration due under the contract;
  • the stage of completion of the contract at the end of the reporting period can be measured reliably; and
  • the costs incurred and the costs to complete the contract can be measured reliably.
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.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its useful economic life of 10 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
Freehold 50 years straight line
Leasehold 6 years
Plant & Machinery 16% to 20% straight line
Motor Vehicles 20% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% straight line
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
The land value is separated from the property price, with the land being depreciated over a 50-year period.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.
Assets considered to lose their value fully in the first year of acquisition are fully depreciation upon acquisition.
2.6. Leasing and Hire Purchase Contracts
Hire purchase contracts and finance leases
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under hire purchase contracts are depreciated over their useful lives. 
Operating leases
Rentals paid under operating leases are charged to the Statement of comprehensive income on a Straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
2.7. Stocks and Work in Progress
Stocks are stated at the lower of cost and net realisable value.
2.8. Taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company Operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
  • The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
  • Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
2.9. Pensions
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 13 (2023: 10)
13 10
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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
Land & Property
Freehold Leasehold Plant & Machinery Motor Vehicles
£ £ £ £
Cost
As at 1 February 2023 - 37,518 14,086 122,637
Additions 239,699 5,905 1,736 78,774
Disposals - - - (3,310 )
As at 31 January 2024 239,699 43,423 15,822 198,101
Depreciation
As at 1 February 2023 - 15,633 4,615 45,008
Provided during the period - 6,253 1,868 20,127
Disposals - - - (1,134 )
As at 31 January 2024 - 21,886 6,483 64,001
Net Book Value
As at 31 January 2024 239,699 21,537 9,339 134,100
As at 1 February 2023 - 21,885 9,471 77,629
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 February 2023 33,176 3,284 210,701
Additions - 1,925 328,039
Disposals - - (3,310 )
As at 31 January 2024 33,176 5,209 535,430
...CONTINUED
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Page 6
Depreciation
As at 1 February 2023 25,977 2,016 93,249
Provided during the period 1,800 901 30,949
Disposals - - (1,134 )
As at 31 January 2024 27,777 2,917 123,064
Net Book Value
As at 31 January 2024 5,399 2,292 412,366
As at 1 February 2023 7,199 1,268 117,452
6. Stocks
2024 2023
£ £
Materials 3,692 3,692
Work in progress 484,420 337,716
488,112 341,408
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 52,924
Prepayments and accrued income 8,865 3,561
Other debtors 86,751 10,230
VAT 32,780 20,976
Other taxes and social security - 15,980
128,396 103,671
Due after more than one year
Amounts recoverable on contracts 5,125 4,250
5,125 4,250
133,521 107,921
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 3,365 3,630
Trade creditors 249,655 59,623
Bank loans and overdrafts 9,952 9,707
Corporation tax 100,980 27,340
Other taxes and social security 22,705 -
Net wages 2,675 4,940
Other creditors 12,294 10,364
Accruals and deferred income 79,015 44,187
Director's loan account 9,530 47,011
490,171 206,802
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9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 7,991 11,356
Bank loans 22,348 32,387
30,339 43,743
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 3,365 3,630
Later than one year and not later than five years 7,991 11,356
11,356 14,986
11,356 14,986
11. Deferred Taxation
The provision for deferred taxation is made up from fair value valuation surplus measurements.
Deferred taxation is recognised at each valuation period based on 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.
2024 2023
£ £
Other timing differences 31,667 19,699
12. Share Capital
2024 2023
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1.000 each 100 100
13. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year - 7,083
- 7,083
14. Pension Commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund.  Contributions totalling 2024 - £150 (2023 - £1,669) were payable to the fund at the balance sheet date and are included in creditors.
15. Ultimate Controlling Party
The company's ultimate controlling party is Andrew Lewis HUNT by virtue of his ownership of 100% of the issued share capital in the company.
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