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 12132045 Mr S Lynam Mr J Miller Mr J Burns iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12132045 2023-03-31 12132045 2024-03-31 12132045 2023-04-01 2024-03-31 12132045 frs-core:CurrentFinancialInstruments 2024-03-31 12132045 frs-core:ComputerEquipment 2023-04-01 2024-03-31 12132045 frs-core:LandBuildings 2024-03-31 12132045 frs-core:LandBuildings 2023-04-01 2024-03-31 12132045 frs-core:LandBuildings 2023-03-31 12132045 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 12132045 frs-core:PlantMachinery 2024-03-31 12132045 frs-core:PlantMachinery 2023-04-01 2024-03-31 12132045 frs-core:PlantMachinery 2023-03-31 12132045 frs-core:CapitalRedemptionReserve 2024-03-31 12132045 frs-core:SharePremium 2024-03-31 12132045 frs-core:ShareCapital 2024-03-31 12132045 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 12132045 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 12132045 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 12132045 frs-bus:SmallEntities 2023-04-01 2024-03-31 12132045 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 12132045 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 12132045 frs-bus:Director1 2023-04-01 2024-03-31 12132045 frs-bus:Director2 2023-04-01 2024-03-31 12132045 frs-bus:Director3 2023-04-01 2024-03-31 12132045 frs-countries:EnglandWales 2023-04-01 2024-03-31 12132045 2022-03-31 12132045 2023-03-31 12132045 2022-04-01 2023-03-31 12132045 frs-core:CurrentFinancialInstruments 2023-03-31 12132045 frs-core:CapitalRedemptionReserve 2023-03-31 12132045 frs-core:SharePremium 2023-03-31 12132045 frs-core:ShareCapital 2023-03-31 12132045 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 12132045
Reformed IT Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12132045
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 23,298 20,036
23,298 20,036
CURRENT ASSETS
Debtors 5 94,322 87,153
Cash at bank and in hand 317,116 364,912
411,438 452,065
Creditors: Amounts Falling Due Within One Year 6 (390,076 ) (322,896 )
NET CURRENT ASSETS (LIABILITIES) 21,362 129,169
TOTAL ASSETS LESS CURRENT LIABILITIES 44,660 149,205
PROVISIONS FOR LIABILITIES
Deferred Taxation (4,204 ) (3,807 )
NET ASSETS 40,456 145,398
CAPITAL AND RESERVES
Called up share capital 7 12 12
Share premium account 71 43
Capital redemption reserve 139 139
Profit and Loss Account 40,234 145,204
SHAREHOLDERS' FUNDS 40,456 145,398
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
Mr S Lynam
Director
Mr J Miller
Director
Mr J Burns
Director
26/09/2024
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
Reformed IT Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12132045 . The registered office is Unit 7 Heritage Business Centre, Heritage Business Park, Derby Road, Belper, Derbyshire, DE56 1SW.
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.
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 10 Year Straight Line
Computer Equipment 25% reducing balance
2.4. Leasing and Hire Purchase Contracts
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
2.5. Taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.7. Government Grant
The government grant received under the furlough scheme resulting from Covid-19 has been recognised on an accruals basis to the period which it relates and disclosed as separate grant income in the profit and loss.
Page 3
Page 4
2.8. Borrowings
Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

2.9. Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
2.10. Trade debtors and trade creditors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

3. Average Number of Employees
Average number of employees, including directors, during the year was: 14 (2023: 11)
14 11
4. Tangible Assets
Land & Buildings Plant & Machinery etc. Total
£ £ £
Cost
As at 1 April 2023 - 29,478 29,478
Additions 3,380 10,859 14,239
Disposals - (6,603 ) (6,603 )
As at 31 March 2024 3,380 33,734 37,114
Depreciation
As at 1 April 2023 - 9,442 9,442
Provided during the period 338 5,373 5,711
Disposals - (1,337 ) (1,337 )
As at 31 March 2024 338 13,478 13,816
Net Book Value
As at 31 March 2024 3,042 20,256 23,298
As at 1 April 2023 - 20,036 20,036
Page 4
Page 5
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 48,948 59,588
Other debtors 45,374 27,565
94,322 87,153
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 101,212 48,737
Other creditors 230,725 165,402
Taxation and social security 58,139 108,757
390,076 322,896
Page 5