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Registered number: 14256479
One-O-Five Precision Ltd
Unaudited ABRIDGED Financial Statements
For The Year Ended 31 July 2024
SeavorChartered
Chartered Accountants & Tax Advisers
Clifford Court
Cooper Way
Carlisle
Cumbria
CA3 0JG
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—5
Page 1
Abridged Balance Sheet
Registered number: 14256479
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 16,946 19,173
Tangible Assets 5 517,918 340,766
534,864 359,939
CURRENT ASSETS
Stocks 9,850 950
Debtors 97,280 100,405
Cash at bank and in hand 86,805 31,670
193,935 133,025
Creditors: Amounts Falling Due Within One Year (300,354 ) (230,811 )
NET CURRENT ASSETS (LIABILITIES) (106,419 ) (97,786 )
TOTAL ASSETS LESS CURRENT LIABILITIES 428,445 262,153
Creditors: Amounts Falling Due After More Than One Year (74,467 ) (112,900 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (126,969 ) (49,839 )
NET ASSETS 227,009 99,414
CAPITAL AND RESERVES
Called up share capital 7 102 102
Profit and Loss Account 226,907 99,312
SHAREHOLDERS' FUNDS 227,009 99,414
Page 1
Page 2
For the year ending 31 July 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 his 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.
All of the company's members have consented to the preparation of an Abridged Balance Sheet for the year end 31 July 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr Richard Pratt
Director
13 September 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. General Information
One-O-Five Precision Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 14256479 . The registered office is Station Road, Dalston, Carlisle, Cumbria, CA5 7LT.
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 profit and loss account over its estimated economic life of 5 years.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are computer programmes. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.5. 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 10% reducing balance
Motor Vehicles 20% reducing balance
Computer Equipment 33% straight line
2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.7. 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.
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2.8. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 2)
6 2
4. Intangible Assets
Total
£
Cost
As at 1 August 2023 23,966
Additions 2,905
As at 31 July 2024 26,871
Amortisation
As at 1 August 2023 4,793
Provided during the period 5,132
As at 31 July 2024 9,925
Net Book Value
As at 31 July 2024 16,946
As at 1 August 2023 19,173
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Page 5
5. Tangible Assets
Total
£
Cost
As at 1 August 2023 366,774
Additions 212,910
As at 31 July 2024 579,684
Depreciation
As at 1 August 2023 26,008
Provided during the period 35,758
As at 31 July 2024 61,766
Net Book Value
As at 31 July 2024 517,918
As at 1 August 2023 340,766
6. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 29,786 27,946
Later than one year and not later than five years 74,467 112,900
104,253 140,846
104,253 140,846
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 102 102
8. Transition to FRS 102
The financial statements for the year ended 31 July 2024 are the first financial statements that comply with FRS 102 Section 1a Small Entities. The date of transition is 1 August 2023.
The transition to FRS102 1a Small Entities has resulted in a change in accounting policy relating to deferred tax which was not accounted for under the previous accounting regime.
The impact on the results for the year ended 31 July 2023 is a decrease in retained earnings for that year of £49,839.
Therefore the total equity as at 31 July 2023 is restated at £99,414.
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