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Registered number: 13549000
Studio Jago Limited
Financial Statements
For The Year Ended 31 August 2024
R A Network Partnership Ltd
Chartered Public Finance Accountants
12 Manor Farm Close
Pimperne
Blandford Forum
Dorset
DT11 8XL
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13549000
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 3 79,540 79,540
Tangible Assets 4 2,310 560
81,850 80,100
CURRENT ASSETS
Debtors 5 379 -
Cash at bank and in hand 316 2,799
695 2,799
Creditors: Amounts Falling Due Within One Year 6 (1,291 ) (1,172 )
NET CURRENT ASSETS (LIABILITIES) (596 ) 1,627
TOTAL ASSETS LESS CURRENT LIABILITIES 81,254 81,727
Creditors: Amounts Falling Due After More Than One Year 7 (6,285 ) (10,359 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (461 ) (106 )
NET ASSETS 74,508 71,262
CAPITAL AND RESERVES
Called up share capital 8 75,100 75,100
Profit and Loss Account (592 ) (3,838 )
SHAREHOLDERS' FUNDS 74,508 71,262
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For the year ending 31 August 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 her 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
Ms Liberty Smith
Director
2nd October 2024
The notes on pages 3 to 5 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
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.
1.2. 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.
1.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 15 years.
1.4. 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%-50%
1.5. 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.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 1 (2023: 1)
1 1
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3. Intangible Assets
Goodwill
£
Cost
As at 1 September 2023 87,300
As at 31 August 2024 87,300
Amortisation
As at 1 September 2023 7,760
As at 31 August 2024 7,760
Net Book Value
As at 31 August 2024 79,540
As at 1 September 2023 79,540
4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 September 2023 1,293
Additions 2,427
As at 31 August 2024 3,720
Depreciation
As at 1 September 2023 733
Provided during the period 677
As at 31 August 2024 1,410
Net Book Value
As at 31 August 2024 2,310
As at 1 September 2023 560
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 379 -
379 -
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 52 335
Corporation tax 759 357
Accruals and deferred income 480 480
1,291 1,172
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7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Directors loan account 6,285 10,359
6,285 10,359
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 75,100 75,100
9. General Information
Studio Jago Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13549000 . The registered office is 29 Dominion Road, BRISTOL, Avon, BS16 3EP.
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