Acorah Software Products - Accounts Production 15.0.500 false true 30 June 2023 1 July 2022 false 1 July 2023 30 June 2024 30 June 2024 05845055 Mr Peter Parry iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05845055 2023-06-30 05845055 2024-06-30 05845055 2023-07-01 2024-06-30 05845055 frs-core:CurrentFinancialInstruments 2024-06-30 05845055 frs-core:Non-currentFinancialInstruments 2024-06-30 05845055 frs-core:FurnitureFittings 2024-06-30 05845055 frs-core:FurnitureFittings 2023-07-01 2024-06-30 05845055 frs-core:FurnitureFittings 2023-06-30 05845055 frs-core:MotorVehicles 2024-06-30 05845055 frs-core:MotorVehicles 2023-07-01 2024-06-30 05845055 frs-core:MotorVehicles 2023-06-30 05845055 frs-core:ShareCapital 2024-06-30 05845055 frs-core:RetainedEarningsAccumulatedLosses 2024-06-30 05845055 frs-bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 05845055 frs-bus:FilletedAccounts 2023-07-01 2024-06-30 05845055 frs-bus:SmallEntities 2023-07-01 2024-06-30 05845055 frs-bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 05845055 frs-bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 05845055 frs-bus:Director1 2023-07-01 2024-06-30 05845055 frs-countries:EnglandWales 2023-07-01 2024-06-30 05845055 2022-06-30 05845055 2023-06-30 05845055 2022-07-01 2023-06-30 05845055 frs-core:CurrentFinancialInstruments 2023-06-30 05845055 frs-core:Non-currentFinancialInstruments 2023-06-30 05845055 frs-core:ShareCapital 2023-06-30 05845055 frs-core:RetainedEarningsAccumulatedLosses 2023-06-30
Registered number: 05845055
Northeast Components Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
Smith & Co Accountants Limited
ACCA
Unit G2
Tanfield Lea Business Centre
Stanley
Co Durham
DH9 9DB
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 05845055
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 6,777 8,533
6,777 8,533
CURRENT ASSETS
Stocks 5 78,705 73,163
Debtors 6 38,594 31,971
Cash at bank and in hand 79,083 37,958
196,382 143,092
Creditors: Amounts Falling Due Within One Year 7 (97,911 ) (62,572 )
NET CURRENT ASSETS (LIABILITIES) 98,471 80,520
TOTAL ASSETS LESS CURRENT LIABILITIES 105,248 89,053
Creditors: Amounts Falling Due After More Than One Year 8 (4,452 ) (13,471 )
NET ASSETS 100,796 75,582
CAPITAL AND RESERVES
Called up share capital 9 1 1
Income Statement 100,795 75,581
SHAREHOLDERS' FUNDS 100,796 75,582
Page 1
Page 2
For the year ending 30 June 2024 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 his 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
Mr Peter Parry
Director
25/09/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Northeast Components Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05845055 . The registered office is 1 Peppercorn Court, Blue Anchor Quay Blue Anchor Quay, Quayside, Newcastle Upon Tyne, Tyne And Wear, NE1 3HD.
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:
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
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.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 July 2023 15,450 26,660 42,110
As at 30 June 2024 15,450 26,660 42,110
Depreciation
As at 1 July 2023 14,096 19,481 33,577
Provided during the period 338 1,418 1,756
As at 30 June 2024 14,434 20,899 35,333
Net Book Value
As at 30 June 2024 1,016 5,761 6,777
As at 1 July 2023 1,354 7,179 8,533
5. Stocks
2024 2023
£ £
Stock 78,705 73,163
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 37,497 31,971
Other debtors 1,097 -
38,594 31,971
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 33,133 -
Bank loans and overdrafts - 10,000
Corporation tax 20,227 17,984
VAT 32,854 33,721
Accruals and deferred income 10,840 840
Director's loan account 857 27
97,911 62,572
Page 4
Page 5
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 4,082 13,360
Other taxes and social security 370 111
4,452 13,471
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
Page 5