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 13717268 S Bami D Bates D Cole iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 13717268 2023-03-31 13717268 2024-03-31 13717268 2023-04-01 2024-03-31 13717268 frs-core:CurrentFinancialInstruments 2024-03-31 13717268 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 13717268 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-01 2024-03-31 13717268 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 13717268 frs-core:NetGoodwill 2024-03-31 13717268 frs-core:NetGoodwill 2023-04-01 2024-03-31 13717268 frs-core:NetGoodwill 2023-03-31 13717268 frs-core:ShareCapital 2024-03-31 13717268 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 13717268 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13717268 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 13717268 frs-bus:SmallEntities 2023-04-01 2024-03-31 13717268 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 13717268 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 13717268 frs-bus:Director1 2023-04-01 2024-03-31 13717268 frs-bus:Director2 2023-04-01 2024-03-31 13717268 frs-bus:Director3 2023-04-01 2024-03-31 13717268 frs-countries:EnglandWales 2023-04-01 2024-03-31 13717268 2022-03-31 13717268 2023-03-31 13717268 2022-04-01 2023-03-31 13717268 frs-core:CurrentFinancialInstruments 2023-03-31 13717268 frs-core:ShareCapital 2023-03-31 13717268 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 13717268
LocalGov Improve Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Blue Penguin Chartered Accountants
16 Claremont Drive
Taunton
Somerset
TA1 4JF
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 13717268
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 114,138 74,031
114,138 74,031
CURRENT ASSETS
Debtors 5 90,911 151,317
Cash at bank and in hand 24,106 114,034
115,017 265,351
Creditors: Amounts Falling Due Within One Year 6 (18,539 ) (192,400 )
NET CURRENT ASSETS (LIABILITIES) 96,478 72,951
TOTAL ASSETS LESS CURRENT LIABILITIES 210,616 146,982
NET ASSETS 210,616 146,982
CAPITAL AND RESERVES
Called up share capital 7 3 3
Income Statement 210,613 146,979
SHAREHOLDERS' FUNDS 210,616 146,982
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 Income Statement.
On behalf of the board
S Bami
Director
24/09/2024
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
LocalGov Improve Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13717268 . The registered office is Union House, 111 New Union Street, Coventry, West Midlands, CV1 2NT.
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. 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 the income statement over its estimated economic life of five years.
2.4. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their expected useful economic lives, which is estimated at five years.
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
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: 3 (2023: 3)
3 3
4. Intangible Assets
Goodwill Development Costs Total
£ £ £
Cost
As at 1 April 2023 36,000 56,539 92,539
Additions - 73,269 73,269
As at 31 March 2024 36,000 129,808 165,808
Amortisation
As at 1 April 2023 7,200 11,308 18,508
Provided during the period 7,200 25,962 33,162
As at 31 March 2024 14,400 37,270 51,670
Net Book Value
As at 31 March 2024 21,600 92,538 114,138
As at 1 April 2023 28,800 45,231 74,031
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 90,911 151,317
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 4,134 69,410
Corporation tax 7,987 23,212
VAT 5,482 35,741
Accruals and deferred income - 32,102
Directors' loan accounts 936 31,935
18,539 192,400
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 3 3
Page 4
Page 5
8. Related Party Transactions
The directors maintain a loan account with the company, as shown in Note 6. The loan is unsecured, interest-free and repayable on demand.
During the period, Ontor Ltd (a company controlled by D Bates, Director) charged the company £94,150 (2023: £64,150) net of VAT for consultancy services.
During the period, Creative Streamline Solutions Ltd (a company controlled by D Cole, Director) charged the company £126,425 (2023: £58,345) net of VAT for consultancy services.
During the period, Blue Harper Corp Ltd (a company controlled by S Bami, Director) charged the company £92,650 (2023: £25,650) net of VAT for consultancy services.
During the period, Kartebia Ltd (a company controlled by S Bami, Director) charged the company £nil (2023: £9,575) for consultancy services.
Page 5