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Registered number: 13980026
Phoenix Sounds (South West) Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Cooper Associates Accountants Ltd
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 13980026
31 March 2024 31 March 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 32,000 36,000
Tangible Assets 5 8,467 10,029
40,467 46,029
CURRENT ASSETS
Stocks 6 40,000 30,000
Debtors 7 800 391
Cash at bank and in hand 500 2,890
41,300 33,281
Creditors: Amounts Falling Due Within One Year 8 (84,145 ) (85,048 )
NET CURRENT ASSETS (LIABILITIES) (42,845 ) (51,767 )
TOTAL ASSETS LESS CURRENT LIABILITIES (2,378 ) (5,738 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,117 ) (618 )
NET LIABILITIES (4,495 ) (6,356 )
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account (4,595 ) (6,456 )
SHAREHOLDERS' FUNDS (4,495) (6,356)
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For the year ending 31 March 2024 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 R Cox
Director
25th 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
Phoenix Sounds (South West) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13980026 . The registered office is 6 Pearl Assurance House, Queen Street, Newton Abbot, Devon, TQ12 2AQ.
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 - 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 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:
Fixtures & Fittings 15% Reducing balance
Computer 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.
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2.6. Financial Instruments
The company holds the following financial instruments:
  • Short term trade and other debtors and creditors
  • Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecgonised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
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.
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.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 4)
3 4
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 40,000
As at 31 March 2024 40,000
Amortisation
As at 1 April 2023 4,000
Provided during the period 4,000
As at 31 March 2024 8,000
Net Book Value
As at 31 March 2024 32,000
As at 1 April 2023 36,000
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 5,704 5,520 11,224
Additions 1,480 499 1,979
As at 31 March 2024 7,184 6,019 13,203
Depreciation
As at 1 April 2023 252 943 1,195
Provided during the period 1,039 2,502 3,541
As at 31 March 2024 1,291 3,445 4,736
Net Book Value
As at 31 March 2024 5,893 2,574 8,467
As at 1 April 2023 5,452 4,577 10,029
6. Stocks
31 March 2024 31 March 2023
£ £
Stock 40,000 30,000
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7. Debtors
31 March 2024 31 March 2023
£ £
Due within one year
Trade debtors 800 -
VAT - 391
800 391
8. Creditors: Amounts Falling Due Within One Year
31 March 2024 31 March 2023
£ £
Trade creditors 2,602 372
Bank loans and overdrafts 9,714 5,799
Corporation tax 769 -
Other taxes and social security 402 434
VAT 8,273 -
Other creditors 1,646 14,030
Accruals and deferred income 1,935 2,000
Directors' loan accounts 58,804 62,413
84,145 85,048
9. Share Capital
31 March 2024 31 March 2023
Allotted, called up and fully paid £ £
50 Ordinary A shares of £ 1.00 each 50 50
50 Ordinary B shares of £ 1.00 each 50 50
100 100
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