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 08432364 Mr Mahesh Narayanan Mr Kenton Ward Mr Derek Ferguson Mr Oliver Shaw iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08432364 2023-03-31 08432364 2024-03-31 08432364 2023-04-01 2024-03-31 08432364 frs-core:CurrentFinancialInstruments 2024-03-31 08432364 frs-core:Non-currentFinancialInstruments 2024-03-31 08432364 frs-core:CapitalRedemptionReserve 2024-03-31 08432364 frs-core:SharePremium 2024-03-31 08432364 frs-core:ShareCapital 2024-03-31 08432364 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 08432364 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08432364 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 08432364 frs-bus:SmallEntities 2023-04-01 2024-03-31 08432364 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 08432364 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 08432364 frs-bus:Director1 2023-04-01 2024-03-31 08432364 frs-bus:Director2 2023-04-01 2024-03-31 08432364 frs-bus:Director3 2023-04-01 2024-03-31 08432364 frs-bus:Director4 2023-04-01 2024-03-31 08432364 frs-core:Non-currentFinancialInstruments 1 2024-03-31 08432364 frs-countries:EnglandWales 2023-04-01 2024-03-31 08432364 2022-03-31 08432364 2023-03-31 08432364 2022-04-01 2023-03-31 08432364 frs-core:CurrentFinancialInstruments 2023-03-31 08432364 frs-core:Non-currentFinancialInstruments 2023-03-31 08432364 frs-core:CapitalRedemptionReserve 2023-03-31 08432364 frs-core:SharePremium 2023-03-31 08432364 frs-core:ShareCapital 2023-03-31 08432364 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31 08432364 frs-core:Non-currentFinancialInstruments 1 2023-03-31
Registered number: 08432364
Live It Group Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Jenson Solutions
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08432364
2024 2023
Notes £ £ £ £
CURRENT ASSETS
Debtors 4 344,777 322,188
Cash at bank and in hand 1,313,757 1,224,724
1,658,534 1,546,912
Creditors: Amounts Falling Due Within One Year 5 (968,338 ) (1,118,938 )
NET CURRENT ASSETS (LIABILITIES) 690,196 427,974
TOTAL ASSETS LESS CURRENT LIABILITIES 690,196 427,974
Creditors: Amounts Falling Due After More Than One Year 6 (187,502 ) (22,500 )
NET ASSETS 502,694 405,474
CAPITAL AND RESERVES
Called up share capital 7 549 546
Share premium account 2,241,564 1,782,581
Capital redemption reserve 68 -
Profit and Loss Account (1,739,487 ) (1,377,653 )
SHAREHOLDERS' FUNDS 502,694 405,474
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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 Kenton Ward
Director
09/10/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Live It Group Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08432364 . The registered office is 7 Bell Yard, London, WC2A 2JR.
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. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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 year 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 asset reflects 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. 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.
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2.6. 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.
2.7. Research and Development
Expenditure on research and development is written off in the year in which it is incurred
3. Average Number of Employees
Average number of employees, including directors, during the year was: 14 (2023: 13)
14 13
4. Debtors
2024 2023
£ £
Due within one year
Trade debtors 10,500 -
Prepayments and accrued income 2,743 10,934
Other debtors 330,988 177,367
Corporation tax recoverable assets - 133,887
Other taxes and social security 546 -
344,777 322,188
5. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 24,167 28,876
Bank loans and overdrafts 10,000 10,001
Other taxes and social security - 6,769
VAT 11,581 16,846
Other creditors 789,786 952,560
Accruals and deferred income 132,804 103,886
968,338 1,118,938
6. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 12,502 22,500
Convertible Loan Note 175,000 -
187,502 22,500
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7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 549 546
The share capital includes an allotment of 707,688.  The funds for these were received in March and are recorded in the above accounts.  Documentation was filed at Companies House,  dated 2nd April 2024.
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