Acorah Software Products - Accounts Production 15.0.600 false true 31 January 2023 1 February 2022 false 1 February 2023 31 January 2024 31 January 2024 04486982 Brett Clark Stephen Ward Stephen Ward true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 04486982 2023-01-31 04486982 2024-01-31 04486982 2023-02-01 2024-01-31 04486982 frs-core:CurrentFinancialInstruments 2024-01-31 04486982 frs-core:Non-currentFinancialInstruments 2024-01-31 04486982 frs-core:ComputerEquipment 2024-01-31 04486982 frs-core:ComputerEquipment 2023-02-01 2024-01-31 04486982 frs-core:ComputerEquipment 2023-01-31 04486982 frs-core:FurnitureFittings 2024-01-31 04486982 frs-core:FurnitureFittings 2023-02-01 2024-01-31 04486982 frs-core:FurnitureFittings 2023-01-31 04486982 frs-core:MotorVehicles 2024-01-31 04486982 frs-core:MotorVehicles 2023-02-01 2024-01-31 04486982 frs-core:MotorVehicles 2023-01-31 04486982 frs-core:PlantMachinery 2024-01-31 04486982 frs-core:PlantMachinery 2023-02-01 2024-01-31 04486982 frs-core:PlantMachinery 2023-01-31 04486982 frs-core:WithinOneYear 2024-01-31 04486982 frs-core:ShareCapital 2024-01-31 04486982 frs-core:RetainedEarningsAccumulatedLosses 2024-01-31 04486982 frs-bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 04486982 frs-bus:FilletedAccounts 2023-02-01 2024-01-31 04486982 frs-bus:SmallEntities 2023-02-01 2024-01-31 04486982 frs-bus:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 04486982 frs-bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 04486982 1 2023-02-01 2024-01-31 04486982 frs-bus:Director1 2023-02-01 2024-01-31 04486982 frs-bus:Director2 2023-02-01 2024-01-31 04486982 frs-bus:CompanySecretary1 2023-02-01 2024-01-31 04486982 frs-countries:EnglandWales 2023-02-01 2024-01-31 04486982 2022-01-31 04486982 2023-01-31 04486982 2022-02-01 2023-01-31 04486982 frs-core:CurrentFinancialInstruments 2023-01-31 04486982 frs-core:Non-currentFinancialInstruments 2023-01-31 04486982 frs-core:BetweenOneFiveYears 2023-01-31 04486982 frs-core:WithinOneYear 2023-01-31 04486982 frs-core:ShareCapital 2023-01-31 04486982 frs-core:RetainedEarningsAccumulatedLosses 2023-01-31
Registered number: 04486982
Ward Air Systems Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04486982
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 102,082 126,302
102,082 126,302
CURRENT ASSETS
Stocks 5 24,000 24,000
Debtors 6 113,612 92,872
Cash at bank and in hand 1,654,926 446,846
1,792,538 563,718
Creditors: Amounts Falling Due Within One Year 7 (1,249,429 ) (509,168 )
NET CURRENT ASSETS (LIABILITIES) 543,109 54,550
TOTAL ASSETS LESS CURRENT LIABILITIES 645,191 180,852
Creditors: Amounts Falling Due After More Than One Year 8 - (76,034 )
NET ASSETS 645,191 104,818
CAPITAL AND RESERVES
Called up share capital 10 3,750 3,750
Profit and Loss Account 641,441 101,068
SHAREHOLDERS' FUNDS 645,191 104,818
Page 1
Page 2
For the year ending 31 January 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
Brett Clark
Director
18/07/2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Ward Air Systems Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04486982 . The registered office is 15 The Waterways, Stratford-Upon-Avon, CV37 0AW.
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 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 33.33% 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. 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.
2.6. 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.
...CONTINUED
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2.6. Taxation - continued
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.
2.7. 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.
2.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 6)
7 6
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 February 2023 23,546 186,579 4,993 14,304 229,422
Additions - - 435 7,879 8,314
As at 31 January 2024 23,546 186,579 5,428 22,183 237,736
Depreciation
As at 1 February 2023 8,774 82,829 4,411 7,106 103,120
Provided during the period 3,693 25,937 145 2,759 32,534
As at 31 January 2024 12,467 108,766 4,556 9,865 135,654
Net Book Value
As at 31 January 2024 11,079 77,813 872 12,318 102,082
As at 1 February 2023 14,772 103,750 582 7,198 126,302
5. Stocks
2024 2023
£ £
Finished goods 24,000 24,000
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 94,939 79,464
Amounts owed by group undertakings 1,000 -
Other debtors 17,673 13,408
113,612 92,872
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 62,434 21,391
Trade creditors 427,096 310,687
Bank loans and overdrafts 13,600 22,431
Other creditors 416,802 29,278
Taxation and social security 329,497 125,381
1,249,429 509,168
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 62,434
Bank loans - 13,600
- 76,034
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 62,434 21,391
Later than one year and not later than five years - 62,434
62,434 83,825
62,434 83,825
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 3,750 3,750
11. Ultimate Controlling Party
The company's ultimate controlling party is Ward Air Holdings Limited by virtue of his ownership of 100% of the issued share capital in the company.
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