Acorah Software Products - Accounts Production 15.0.600 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 02429137 Thomas McCollin Ross Wallingford Guy Turner Thomas McCollin Acquisition Systems EOT Ltd true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 02429137 2023-03-31 02429137 2024-03-31 02429137 2023-04-01 2024-03-31 02429137 frs-core:CurrentFinancialInstruments 2024-03-31 02429137 frs-core:Non-currentFinancialInstruments 2024-03-31 02429137 frs-core:BetweenOneFiveYears 2024-03-31 02429137 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-03-31 02429137 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 02429137 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-03-31 02429137 frs-core:MoreThanFiveYears 2024-03-31 02429137 frs-core:PlantMachinery 2024-03-31 02429137 frs-core:PlantMachinery 2023-04-01 2024-03-31 02429137 frs-core:PlantMachinery 2023-03-31 02429137 frs-core:WithinOneYear 2024-03-31 02429137 frs-core:SharePremium 2024-03-31 02429137 frs-core:ShareCapital 2024-03-31 02429137 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 02429137 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02429137 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 02429137 frs-bus:SmallEntities 2023-04-01 2024-03-31 02429137 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 02429137 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 02429137 1 2023-04-01 2024-03-31 02429137 frs-bus:Director1 2023-04-01 2024-03-31 02429137 frs-bus:Director2 2023-04-01 2024-03-31 02429137 frs-bus:Director3 2023-04-01 2024-03-31 02429137 frs-bus:CompanySecretary1 2023-04-01 2024-03-31 02429137 frs-countries:EnglandWales 2023-04-01 2024-03-31 02429137 2022-03-31 02429137 2023-03-31 02429137 2022-04-01 2023-03-31 02429137 frs-core:CurrentFinancialInstruments 2023-03-31 02429137 frs-core:Non-currentFinancialInstruments 2023-03-31 02429137 frs-core:BetweenOneFiveYears 2023-03-31 02429137 frs-core:MoreThanFiveYears 2023-03-31 02429137 frs-core:WithinOneYear 2023-03-31 02429137 frs-core:SharePremium 2023-03-31 02429137 frs-core:ShareCapital 2023-03-31 02429137 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 02429137
Acquisition Systems Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Poolemead Accountants (Winchester) Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02429137
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 524,807 547,934
524,807 547,934
CURRENT ASSETS
Stocks 5 1,101,031 1,229,620
Debtors 6 1,732,755 1,644,652
Cash at bank and in hand 2,152,845 682,318
4,986,631 3,556,590
Creditors: Amounts Falling Due Within One Year 7 (3,108,513 ) (2,505,878 )
NET CURRENT ASSETS (LIABILITIES) 1,878,118 1,050,712
TOTAL ASSETS LESS CURRENT LIABILITIES 2,402,925 1,598,646
Creditors: Amounts Falling Due After More Than One Year 8 (112,278 ) (146,315 )
PROVISIONS FOR LIABILITIES
Provisions For Charges (24,667 ) (38,202 )
Deferred Taxation 9 (9,652 ) (12,636 )
NET ASSETS 2,256,328 1,401,493
CAPITAL AND RESERVES
Called up share capital 10 9,000 9,000
Share premium account 6,690 6,690
Profit and Loss Account 2,240,638 1,385,803
SHAREHOLDERS' FUNDS 2,256,328 1,401,493
Page 1
Page 2
For the year 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 Profit and Loss Account.
On behalf of the board
Thomas McCollin
Director
16/09/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Acquisition Systems Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02429137 . The registered office is 39 Ivanhoe Road, Hogwood Industrial Estate, Finchampstead, Wokingham, Berkshire, RG40 4QQ.
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:
Leasehold 2% on cost
Plant & Machinery 33% straight line
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 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.
...CONTINUED
Page 3
Page 4
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 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 year was as follows:
2024 2023
Office and administration 3 4
Sales, marketing and distribution 74 58
77 62
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Total
£ £ £
Cost
As at 1 April 2023 549,922 336,172 886,094
Additions - 8,407 8,407
As at 31 March 2024 549,922 344,579 894,501
Depreciation
As at 1 April 2023 54,802 283,358 338,160
Provided during the period 10,998 20,536 31,534
As at 31 March 2024 65,800 303,894 369,694
Net Book Value
As at 31 March 2024 484,122 40,685 524,807
As at 1 April 2023 495,120 52,814 547,934
5. Stocks
2024 2023
£ £
Materials 1,087,823 1,034,024
Work in progress 13,208 195,596
1,101,031 1,229,620
Page 4
Page 5
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,722,034 1,642,929
Other debtors 10,721 1,723
1,732,755 1,644,652
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 368,299 632,028
Corporation tax 587,222 125,271
Other taxes and social security 84,307 102,900
VAT 188,333 54,082
Other creditors 25,617 51,744
Accruals and deferred income 1,854,735 1,539,853
3,108,513 2,505,878
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other creditors 112,278 146,315
9. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 9,652 12,636
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 9,000 9,000
11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 239,565 86,553
Later than one year and not later than five years 281,553 186,131
Later than five years 208,187 232,728
729,305 505,412
Page 5
Page 6
12. Reserves
In the course of the year the company made payments on behalf of Acquisition Systems EOT Ltd of £888,000.(2023 - £1,938,000).
13. Ultimate Parent Undertaking and Controlling Party
The company's ultimate controlling party is Acquisition Systems EOT Ltd by virtue of its ownership of 100% of the issued share capital in the company.
14. Share based payments
Acquisition Systems Ltd operates an Employee Management Incentive (EMI) Option scheme. The scheme commenced on 1st October 2021 and options have been granted to two employees over 3000 Ordinary £1 shares in the holding company, Acquisitions Systems EOT Limited, exercisable over 10 years at a price of £14.65 per share, which is considered to be the fair value of the options as establised by an independent, suitably qualified third party.
As required by FRS 102, the likely cost to the company of the share based remuneration is recognised through the profit and loss account in the year of grant and a specific capital reserve being established of equal amount. The directors consider that the value of the EMI options at the year end was £NIL so no adjustment has been made.
Page 6