Acorah Software Products - Accounts Production 15.0.600 false true 30 November 2022 26 November 2021 false 1 December 2022 31 December 2023 31 December 2023 13767789 Mr P Barnard Mrs A Richardson-Barnard Mr R E Moesman iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 13767789 2022-11-30 13767789 2023-12-31 13767789 2022-12-01 2023-12-31 13767789 frs-core:CurrentFinancialInstruments 2023-12-31 13767789 frs-core:ShareCapital 2023-12-31 13767789 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 13767789 frs-bus:PrivateLimitedCompanyLtd 2022-12-01 2023-12-31 13767789 frs-bus:FilletedAccounts 2022-12-01 2023-12-31 13767789 frs-bus:SmallEntities 2022-12-01 2023-12-31 13767789 frs-bus:AuditExempt-NoAccountantsReport 2022-12-01 2023-12-31 13767789 frs-bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-12-31 13767789 frs-bus:Director1 2022-12-01 2023-12-31 13767789 frs-bus:Director2 2022-12-01 2023-12-31 13767789 frs-bus:Director3 2022-12-01 2023-12-31 13767789 frs-countries:EnglandWales 2022-12-01 2023-12-31 13767789 2021-11-25 13767789 2022-11-30 13767789 2021-11-26 2022-11-30 13767789 frs-core:CurrentFinancialInstruments 2022-11-30 13767789 frs-core:ShareCapital 2022-11-30 13767789 frs-core:RetainedEarningsAccumulatedLosses 2022-11-30
Registered number: 13767789
Gullwing Racing Support (UK) Ltd
Unaudited Financial Statements
For the Period 1 December 2022 to 31 December 2023
TaxAssist Accountants (Loughborough) Ltd
FMAAT
95 Ashby Road
Loughborough
Leicestershire
LE11 3AB
Unaudited Financial Statements
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—3
Page 1
Balance Sheet
Registered number: 13767789
31 December 2023 30 November 2022
Notes £ £ £ £
CURRENT ASSETS
Debtors 3 229,167 -
Cash at bank and in hand 213,273 18,367
442,440 18,367
Creditors: Amounts Falling Due Within One Year 4 (351,918 ) (27,877 )
NET CURRENT ASSETS (LIABILITIES) 90,522 (9,510 )
TOTAL ASSETS LESS CURRENT LIABILITIES 90,522 (9,510 )
NET ASSETS/(LIABILITIES) 90,522 (9,510 )
CAPITAL AND RESERVES
Called up share capital 5 2 2
Profit and Loss Account 90,520 (9,512 )
SHAREHOLDERS' FUNDS 90,522 (9,510)
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 P Barnard
Director
Mrs A Richardson-Barnard
Director
Mr R E Moesman
Director
23 September 2024
The notes on pages 2 to 3 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. Accounting Policies
1.1. 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.
1.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover includes revenue earned from fees and commissions. Turnover is reduced for estimated rebates and other similar allowances.
1.3. 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.
1.4. 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.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 3 (2022: 3)
3 3
3. Debtors
31 December 2023 30 November 2022
£ £
Due within one year
Trade debtors 166,667 -
Other debtors 62,500 -
229,167 -
Page 2
Page 3
4. Creditors: Amounts Falling Due Within One Year
31 December 2023 30 November 2022
£ £
Trade creditors 169,450 457
Corporation tax 27,078 -
Other creditors 62,500 -
Accruals and deferred income 5,100 420
Directors' loan accounts 87,790 27,000
351,918 27,877
5. Share Capital
31 December 2023 30 November 2022
£ £
Allotted, Called up and fully paid 2 2
6. General Information
Gullwing Racing Support (UK) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13767789 . The registered office is Richbarn House, 3 Daisy Lane, Shepshed, Loughborough, Leicestershire, LE12 9FX.
Page 3