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Registered number: 05388214
Sue Carson Saddles Limited
Unaudited Financial Statements
For the Period 1 April 2023 to 31 December 2023
AccountAbel Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 05388214
31 December 2023 31 March 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 439,869 463,172
439,869 463,172
CURRENT ASSETS
Stocks 5 252,682 230,696
Debtors 6 18,424 33,313
Cash at bank and in hand 152,383 120,885
423,489 384,894
Creditors: Amounts Falling Due Within One Year 7 (226,673 ) (247,484 )
NET CURRENT ASSETS (LIABILITIES) 196,816 137,410
TOTAL ASSETS LESS CURRENT LIABILITIES 636,685 600,582
Creditors: Amounts Falling Due After More Than One Year 8 (275,574 ) (266,039 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (34,102 ) (28,602 )
NET ASSETS 327,009 305,941
CAPITAL AND RESERVES
Called up share capital 10 52 52
Share premium account 29,950 29,950
Profit and Loss Account 297,007 275,939
SHAREHOLDERS' FUNDS 327,009 305,941
Page 1
Page 2
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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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
Mrs Susan Carson
Director
23 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
Sue Carson Saddles Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05388214 . The registered office is Longcliffe Dale Farm, Brassington, DE4 4HN.
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.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are intially measured at cost and subsquently measured at cost of valuation, net of 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:
Freehold 10% straight line
Plant & Machinery 15% reducing balance
Motor Vehicles 25% reducing balance
Computer Equipment 25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Revaluation gains and losses are recognised in other comprehensive income and accumulate in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gain recognised in equity; such gain and losses are recognised in profit or loss.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
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2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives.

Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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 year 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 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.
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 period was: 9 (2023: 10)
9 10
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4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 106,636 45,477 472,577 17,650 642,340
Additions 8,984 2,457 52,220 4,083 67,744
As at 31 December 2023 115,620 47,934 524,797 21,733 710,084
Depreciation
As at 1 April 2023 45,418 17,194 104,047 12,509 179,168
Provided during the period 6,971 3,455 78,894 1,727 91,047
As at 31 December 2023 52,389 20,649 182,941 14,236 270,215
Net Book Value
As at 31 December 2023 63,231 27,285 341,856 7,497 439,869
As at 1 April 2023 61,218 28,283 368,530 5,141 463,172
5. Stocks
31 December 2023 31 March 2023
£ £
Finished goods 252,682 230,696
6. Debtors
31 December 2023 31 March 2023
£ £
Due within one year
Trade debtors 9,105 7,224
Prepayments and accrued income 6,137 12,178
Other debtors 3,120 785
Corporation tax recoverable assets 62 13,126
18,424 33,313
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7. Creditors: Amounts Falling Due Within One Year
31 December 2023 31 March 2023
£ £
Net obligations under finance lease and hire purchase contracts 44,234 23,679
Trade creditors 91,408 106,364
Bank loans and overdrafts 15,457 15,456
Other taxes and social security 5,467 4,349
VAT 629 36,164
Net wages - 71
Other creditors 24,122 13,513
Accruals and deferred income 1,850 1,850
Director's loan account 43,506 46,038
226,673 247,484
8. Creditors: Amounts Falling Due After More Than One Year
31 December 2023 31 March 2023
£ £
Net obligations under finance lease and hire purchase contracts 253,677 232,548
Bank loans 21,897 33,491
275,574 266,039
9. Obligations Under Finance Leases and Hire Purchase
31 December 2023 31 March 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 44,234 23,679
Later than one year and not later than five years 253,677 232,548
297,911 256,227
297,911 256,227
10. Share Capital
31 December 2023 31 March 2023
£ £
Allotted, Called up and fully paid 52 52
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