Acorah Software Products - Accounts Production 15.0.600 false true true 31 January 2023 1 February 2022 false 1 February 2023 31 January 2024 31 January 2024 11789736 Mr Paul Saunders Mr Byron Shirley Black Penny Consulting Ltd 113 Canalside, Redhill, RH1 2FH false iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11789736 2023-01-31 11789736 2024-01-31 11789736 2023-02-01 2024-01-31 11789736 frs-core:CurrentFinancialInstruments 2024-01-31 11789736 frs-core:ShareCapital 2024-01-31 11789736 frs-core:RetainedEarningsAccumulatedLosses 2024-01-31 11789736 frs-bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 11789736 frs-bus:FilletedAccounts 2023-02-01 2024-01-31 11789736 frs-bus:SmallEntities 2023-02-01 2024-01-31 11789736 frs-bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 11789736 frs-bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 11789736 1 2023-02-01 2024-01-31 11789736 frs-bus:Director1 2023-02-01 2024-01-31 11789736 frs-bus:Director2 2023-02-01 2024-01-31 11789736 frs-countries:EnglandWales 2023-02-01 2024-01-31 11789736 2022-01-31 11789736 2023-01-31 11789736 2022-02-01 2023-01-31 11789736 frs-core:CurrentFinancialInstruments 2023-01-31 11789736 frs-core:ShareCapital 2023-01-31 11789736 frs-core:RetainedEarningsAccumulatedLosses 2023-01-31
Registered number: 11789736
The Compliance Space Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2024
Oxwich Accountancy Limited
ICAEW member firm number C006246679
113 Canalside
Redhill
Surrey
RH1 2FH
Contents
Page
Accountants' Report 1
Balance Sheet 2
Notes to the Financial Statements 3—4
Page 1
Accountants' Report
Chartered Accountants' report to the directors on the preparation of the unaudited statutory accounts of The Compliance Space Ltd for the year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Compliance Space Ltd for the year ended 31 January 2024 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 to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of The Compliance Space Ltd , as a body, in accordance with the terms of our engagement letter dated 14 April 2021. Our work has been undertaken solely to prepare for your approval the accounts of The Compliance Space Ltd and state those matters that we have agreed to state to the directors of The Compliance Space Ltd , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Compliance Space Ltd and its directors, as a body, for our work or for this report.
It is your duty to ensure that The Compliance Space Ltd 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 The Compliance Space Ltd . You consider that The Compliance Space Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of The Compliance Space Ltd . 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
Dr. Ceri Williams
29/07/2024
Oxwich Accountancy Limited
ICAEW member firm number C006246679
113 Canalside
Redhill
Surrey
RH1 2FH
Page 1
Page 2
Balance Sheet
Registered number: 11789736
2024 2023
Notes £ £ £ £
CURRENT ASSETS
Debtors 4 279 404
Cash at bank and in hand 5,706 9,692
5,985 10,096
Creditors: Amounts Falling Due Within One Year 5 (51,652 ) (51,669 )
NET CURRENT ASSETS (LIABILITIES) (45,667 ) (41,573 )
TOTAL ASSETS LESS CURRENT LIABILITIES (45,667 ) (41,573 )
NET LIABILITIES (45,667 ) (41,573 )
CAPITAL AND RESERVES
Called up share capital 6 100 100
Profit and Loss Account (45,767 ) (41,673 )
SHAREHOLDERS' FUNDS (45,667) (41,573)
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
Mr Paul Saunders
Director
Mr Byron Shirley
Director
30/07/2024
The notes on pages 3 to 4 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
The Compliance Space Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11789736 . The registered office is 113 Canalside, Redhill, Surrey, RH1 2FH.
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. Going Concern Disclosure
Although loss making in the current period, the company directors forecast that the company will become profitable in future periods and that the company can continue to receive financial support from its parent company for as long as it requires.

As such, the directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
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.
2.4. 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.
2.5. 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.
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2.6. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 279 384
Net wages - 20
279 404
5. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors - 1
Other taxes and social security 169 -
VAT 1,049 948
Accruals and deferred income 3,112 3,398
Amounts owed to group undertakings 47,322 47,322
51,652 51,669
6. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
7. Related Party Transactions
The company is a subsidiary of Black Penny Consulting Limited, a close company under the control of directors of The Compliance Space Limited. The following related party transactions occured between these companies during the reporting period:
The company earns licence fee revenue from licencing its software product to Black Penny Consulting Limited for the use of its consultants. Intercompany licence fees received were £34,000 (prior year £34,000).
Black Penny Consulting Limited provides financial support to the company via an intercompany loan. This loan is unsecured, non interest bearing and repayable on demand. The amount repayable is detailed in note 6 above.
The tax loss for the period was surrendered in full to Black Penny Consulting Limited for it to use in reducing it's corporation tax charge for the overlapping periods of account. No consideration was paid for these amounts surrendered.
Related party transactions also include wages paid to company directors as detailed in note 4.
8. Parent Undertaking and Controlling Party
The company's immediate and parent undertaking is Black Penny Consulting Ltd . Black Penny Consulting Ltd was incorporated in England and Wales. Copies of the group accounts may be obtained from the secretary, 113 Canalside, Redhill, RH1 2FH . The controlling party is Black Penny Consulting Ltd who controls 92% of the shares of The Compliance Space Ltd .
Although a group company, The Compliance Space Ltd. is able to make use of the exemption to a statutory audit provided by section 477 of the Companies Act due to the provisions of section 479 section 1a.
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