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Registered number: 07102961
Conley Utilities Limited
Directors' Report and
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Company Information 1
Directors' Report 2
Accountant's Report 3
Statement of Income and Retained Earnings 4
Balance Sheet 5
Notes to the Financial Statements 6—8
Page 1
Company Information
Directors Mr S M Buckley
Mr P P Conway
Company Number 07102961
Registered Office 9-11 Stratford Road
Shirley
Solihull
B90 3LU
Business 5 Herondale Road
Yardley
Birmingham
West Midlands
B26 1NE
Accountants Raven Accounting (West Midlands) Limited
Chartered Certified Accountants
9-11 Stratford Road
Shirley
Solihull
B90 3LU
Bankers Lloyds Bank plc
355 Stratford Road
Shirley
Solihull
West Midlands
B90 3BR
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Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2023.
Directors
The directors who held office during the year were as follows:
Mr S M Buckley
Mr P P Conway
Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
Mr P P Conway
Director
20 September 2024
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Accountant's Report
Report to the directors on the preparation of the unaudited statutory accounts of Conley Utilities Limited for the year ended 31 December 2023
To assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Conley Utilities Limited which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of Conley Utilities Limited , as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Conley Utilities Limited and state those matters that we have agreed to state to the directors of Conley Utilities Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Conley Utilities Limited and its directors as a body for our work or for this report.
It is your duty to ensure that Conley Utilities Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Conley Utilities Limited . You consider that Conley Utilities Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Conley Utilities Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
20 September 2024
Raven Accounting (West Midlands) Limited
Chartered Certified Accountants
9-11 Stratford Road
Shirley
Solihull
B90 3LU
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Statement of Income and Retained Earnings
2023 2022
Notes £ £
TURNOVER 6,544,607 8,447,425
Cost of sales (5,307,738 ) (6,047,114 )
GROSS PROFIT 1,236,869 2,400,311
Administrative expenses (889,347 ) (852,815 )
OPERATING PROFIT 347,522 1,547,496
Other interest receivable and similar income 18,163 575
Interest payable and similar charges (864 ) (257 )
PROFIT BEFORE TAXATION 364,821 1,547,814
Tax on Profit (111,865 ) (283,835 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 252,956 1,263,979
RETAINED EARNINGS
As at 1 January 2023 1,017,019 703,040
Dividends paid (600,000) (950,000)
As at 31 December 2023 669,975 1,017,019
The notes on pages 6 to 8 form part of these financial statements.
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Balance Sheet
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 332,858 407,751
332,858 407,751
CURRENT ASSETS
Stocks 5 500 1,500
Debtors 6 1,817,655 1,279,872
Cash at bank and in hand 1,004,231 1,247,446
2,822,386 2,528,818
Creditors: Amounts Falling Due Within One Year 7 (2,402,052 ) (1,842,075 )
NET CURRENT ASSETS (LIABILITIES) 420,334 686,743
TOTAL ASSETS LESS CURRENT LIABILITIES 753,192 1,094,494
PROVISIONS FOR LIABILITIES
Deferred Taxation (83,215 ) (77,473 )
NET ASSETS 669,977 1,017,021
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 669,975 1,017,019
SHAREHOLDERS' FUNDS 669,977 1,017,021
For the year 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 in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors on 20 September 2024 and were signed on its behalf by:
Mr P P Conway
Director
20 September 2024
The notes on pages 6 to 8 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Conley Utilities Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07102961 . The registered office is 9-11 Stratford Road, Shirley, Solihull, B90 3LU.
The presentation currency of the financial statements is the Pound Sterling (£).
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. 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:
Plant & Machinery 20% on cost and 20% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 10% on cost
Computer Equipment 20% on cost
2.4. 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.
2.5. 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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 14 (2022: 13)
14 13
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 147,201 908,218 53,438 38,829 1,147,686
Additions 15,144 - - 15,391 30,535
As at 31 December 2023 162,345 908,218 53,438 54,220 1,178,221
Depreciation
As at 1 January 2023 128,968 571,454 21,605 17,908 739,935
Provided during the period 8,985 84,191 4,124 8,128 105,428
As at 31 December 2023 137,953 655,645 25,729 26,036 845,363
Net Book Value
As at 31 December 2023 24,392 252,573 27,709 28,184 332,858
As at 1 January 2023 18,233 336,764 31,833 20,921 407,751
5. Stocks
2023 2022
£ £
Stock 500 1,500
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 340,962 119,979
Amounts recoverable on contracts 145,075 473,254
Other debtors 1,331,618 686,639
1,817,655 1,279,872
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 139,205 131,394
Other creditors 2,117,072 1,400,326
Taxation and social security 145,775 310,355
2,402,052 1,842,075
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8. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 January 2023 77,473 77,473
Deferred taxation 5,742 5,742
Balance at 31 December 2023 83,215 83,215
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
10. Related Party Transactions
As shareholders of the company, the directors and members of their families received dividends from the company during the accounting period totalling £600,000 (2022 - £950,000).
The directors of the company have loaned the company money which is interest free and repayable on demand. At the end of the year the outstanding amounts totalled £5,820 (2022 - £24,750).
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