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Registered number: 10328069
Skinhorizon Limited
Unaudited Financial Statements
For the Period 1 February 2023 to 31 March 2024
Goldwyns London LLP
Unaudited Financial Statements
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 10328069
31 March 2024 31 January 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 213,713 140,590
213,713 140,590
CURRENT ASSETS
Debtors 4 209,592 146,578
Cash at bank and in hand 77,788 85,270
287,380 231,848
Creditors: Amounts Falling Due Within One Year 5 (200,437 ) (70,369 )
NET CURRENT ASSETS (LIABILITIES) 86,943 161,479
TOTAL ASSETS LESS CURRENT LIABILITIES 300,656 302,069
Creditors: Amounts Falling Due After More Than One Year 6 (71,784 ) (95,047 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 7 (51,648 ) (26,712 )
NET ASSETS 177,224 180,310
CAPITAL AND RESERVES
Called up share capital 8 100 100
Income Statement 177,124 180,210
SHAREHOLDERS' FUNDS 177,224 180,310
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For the period 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 Income Statement.
On behalf of the board
Mrs R Adib
Director
17/09/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The financial statements are prepared in UK sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest UK pound.
The principle accounting policies adopted are set below..
1.2. Going Concern Disclosure
The directors have considered the prospect of the business for the next twelve months and beyond and have arrived at a reasonable expectation the company will continue to meet its obligations as they fall due. The directors have also pledged their financial support to assist with this if required. On this basis, the directors will continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.4. Tangible Fixed Assets and Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant & Machinery 15% on Straight line
Motor Vehicles 15% on Reducing Balance
Fixtures & Fittings 15% on Reducing Balance
Computer Equipment 33.33% on Straight line
Tangible assets are initially recorded at cost and subsequently stated at cost less accumulated depreciation and impairment losses.
1.5. 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 income statement 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 income statement as incurred.
1.6. Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred Tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7. Pensions
The company contributes direct to directors personal pension schemes. These amounts are recognised in the income statement as and when they are paid into the directors pension scheme.
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1.8. Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
1.9. Cash And Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10. Critical Accounting Judgements And Key Sources of Estimation Uncertainty
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual outcomes may differ from these estimates.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised.
The key areas of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
Accrued Expenditure
The company includes a provision for invoices which are yet to be received from and amounts paid in advance to suppliers. These provisions are estimated based upon the expected values of the invoices which are issued and services received following the period end.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
31 March 2024 31 January 2023
Office and administration 2 2
2 2
3. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 February 2023 42,363 153,233 7,974 14,310 217,880
Additions 102,240 - 724 13,821 116,785
As at 31 March 2024 144,603 153,233 8,698 28,131 334,665
Depreciation
As at 1 February 2023 6,354 55,547 3,043 12,346 77,290
Provided during the period 21,690 14,653 848 6,471 43,662
As at 31 March 2024 28,044 70,200 3,891 18,817 120,952
Net Book Value
As at 31 March 2024 116,559 83,033 4,807 9,314 213,713
As at 1 February 2023 36,009 97,686 4,931 1,964 140,590
Included above are assets held under hire purchase contracts with a net book value as follows:
31 March 2024 31 January 2023
£ £
Motor Vehicles 83,033 97,686
83,033 97,686
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4. Debtors
31 March 2024 31 January 2023
£ £
Due within one year
Trade debtors 192,794 117,444
Prepayments and accrued income 6,998 3,128
Other debtors 3,000 -
Directors' loan accounts - 26,006
Amounts owed by connected undertakings 6,800 -
209,592 146,578
5. Creditors: Amounts Falling Due Within One Year
31 March 2024 31 January 2023
£ £
Corporation tax 175,768 48,326
Other creditors 208 504
Net obligations under finance leases and Hire purchase 19,940 19,940
Accruals and deferred income 3,993 1,424
Directors' loan accounts 528 175
200,437 70,369
6. Creditors: Amounts Falling Due After More Than One Year
31 March 2024 31 January 2023
£ £
Net obligations under finance leases and Hire purchase more than one year 71,784 95,047
71,784 95,047
7. Deferred Taxation
The provision for deferred tax is made up as follows:
31 March 2024 31 January 2023
£ £
Deferred Tax 51,648 26,712
8. Share Capital
31 March 2024 31 January 2023
£ £
Allotted, Called up and fully paid 100 100
The nominal value per share is £1 and as at period-end there are 70 Ordinary A shares, 15 Ordinary B shares and 15 Ordinary C shares in issue.
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9. Directors Advances, Credits and Guarantees
Included within Creditors are the following loans from directors:
As at 1 February 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mrs R Adib (26,007 ) (27,009 ) 53,067 - 51
The above loan is unsecured, interest free and repayable on demand.
10. Dividends
31 March 2024 31 January 2023
£ £
On equity shares:
Interim dividend paid 622,005 181,357
622,005 181,357
11. Related Party Transactions
As at the period-end, the directors' loan account balance of Dr M Ghazavi is £477. This amount is a current liability, interest free and repayable on demand.
As at the period-end, the directors' loan account balance of Mrs R Adib is £51. This amount is a current liability, interest free and repayable on demand.
As at the period-end, Rosegold International Properties Limited, a company related via common directorship and control, owed the company £6,800. This amount is a current asset, interest free and repayable on demand.
12. General Information
Skinhorizon Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10328069 . The registered office is C/O Goldwyns London LLP, No.1 Royal Exchange, London, EC3V 3DG.
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