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Registration number: 04111623

Numeric Accounting Ltd

Unaudited Filleted Financial Statements

for the Period from 1 October 2022 to 31 January 2024

 

Numeric Accounting Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 14

 

Numeric Accounting Ltd

Company Information

Directors

Mr R Charlton

Mr J Baggot

Company secretary

Mrs A J Baggot

Registered office

Suite 1 The Portway Centre
Old Sarum Park
Old Sarum
Salisbury
Wiltshire
SP4 6EB

Accountants

Numeric Accounting
Chartered Certified Accountants
Suite 1 The Portway Centre
Old Sarum Park
Old Sarum
Salisbury
Wiltshire
SP4 6EB

 

Numeric Accounting Ltd

(Registration number: 04111623)
Balance Sheet as at 31 January 2024

Note

2024
£

2022
£

Fixed assets

 

Intangible assets

4

571,356

590,592

Tangible assets

5

4,048

3,134

Investments

6

90,517

10,464

 

665,921

604,190

Current assets

 

Stocks

7

9,070

50,828

Debtors

8

265,293

146,550

Cash at bank and in hand

 

98,311

73,158

 

372,674

270,536

Creditors: Amounts falling due within one year

9

(215,301)

(106,600)

Net current assets

 

157,373

163,936

Total assets less current liabilities

 

823,294

768,126

Creditors: Amounts falling due after more than one year

9

(41,615)

(26,667)

Net assets

 

781,679

741,459

Capital and reserves

 

Called up share capital

10

101

101

Capital redemption reserve

61,600

61,600

Retained earnings

719,978

679,758

Shareholders' funds

 

781,679

741,459

For the financial period ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Numeric Accounting Ltd

(Registration number: 04111623)
Balance Sheet as at 31 January 2024 (continued)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 October 2024 and signed on its behalf by:
 

.........................................
Mr J Baggot
Director

 

Numeric Accounting Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Suite 1 The Portway Centre
Old Sarum Park
Old Sarum
Salisbury
Wiltshire
SP4 6EB

These financial statements were authorised for issue by the Board on 11 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Numeric Accounting Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 January 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer Equipment

25% Reducing Balance

Fixtures and Fittings

25% Reducing Balance

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, has been
amortised down to the estimated market value based on gross recurring fee income. This is a departure from the FRS but in the opinion of the directors this departure is necessary in order for the accounts to show a true and fair view. Goodwill would normally be amortised and this would produce an annual amortisation charge of £35,250 which in the opinion of the directors would seriously distort the reported performance of the business and its balance sheet value.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20 Years

 

Numeric Accounting Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 January 2024 (continued)

2

Accounting policies (continued)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and
handling costs in bringing stocks to their present location and condition.

Leases

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Operating lease rentals

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

 

Numeric Accounting Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 January 2024 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
 Recognition and measurement
When a financial asset or financial liability is recognised initially, the entity shall measure it at the transaction price unless the arrangement constitutes, in effect, a financing transaction. An arrangement constitutes a financing transaction if payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

At the end of each reporting period, an entity shall measure all financial instruments which constitute a financing arrangement at fair value and recognise changes in fair value in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 7 (2022 - 8).

 

Numeric Accounting Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 January 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2022

726,023

726,023

Disposals

(18,357)

(18,357)

At 31 January 2024

707,666

707,666

Amortisation

At 1 October 2022

135,431

135,431

Amortisation charge

879

879

At 31 January 2024

136,310

136,310

Carrying amount

At 31 January 2024

571,356

571,356

At 30 September 2022

590,592

590,592

 

Numeric Accounting Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 January 2024 (continued)

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 October 2022

16,343

114,890

131,233

Additions

-

3,098

3,098

At 31 January 2024

16,343

117,988

134,331

Depreciation

At 1 October 2022

15,721

112,378

128,099

Charge for the period

237

1,947

2,184

At 31 January 2024

15,958

114,325

130,283

Carrying amount

At 31 January 2024

385

3,663

4,048

At 30 September 2022

622

2,512

3,134

6

Investments

2024
£

2022
£

Investments in subsidiaries

80,517

-

Investments in unquoted companies

10,000

10,464

90,517

10,464

Subsidiaries

£

Cost or valuation

Additions

80,517

Provision

Carrying amount

At 31 January 2024

80,517

 

Numeric Accounting Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 January 2024 (continued)

6

Investments (continued)

Unquoted companies

£

Cost

At 1 October 2022

10,000

Provision

Carrying amount

At 31 January 2024

10,000

At 30 September 2022

10,464

7

Stocks

2024
£

2022
£

Work in progress

9,070

50,828

8

Debtors

Current

2024
£

2022
£

Trade debtors

62,091

57,444

Prepayments

8,336

18,734

Other debtors

150,820

54,641

 

221,247

130,819

Non-current

2024
£

2022
£

Other Debtors > 1 Year

44,046

15,731

 

44,046

15,731

 

Numeric Accounting Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 January 2024 (continued)

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2022
£

Due within one year

 

Loans and borrowings

11

35,601

17,789

Trade creditors

 

5,110

23,737

Amounts owed to group undertakings and undertakings in which the company has a participating interest

13

53,575

-

Taxation and social security

 

116,822

52,292

Accruals and deferred income

 

3,218

11,805

Other creditors

 

975

977

 

215,301

106,600

Creditors: amounts falling due after more than one year

Note

2024
£

2022
£

Due after one year

 

Loans and borrowings

11

41,615

26,667

10

Share capital

Allotted, called up and fully paid shares

2024

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

Ordinary A of £1 each

1

1

1

1

101

101

101

101

 

Numeric Accounting Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 January 2024 (continued)

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2022
£

Bank borrowings

13,333

26,667

Other borrowings

28,282

-

41,615

26,667

Current loans and borrowings

2024
£

2022
£

Bank borrowings

10,000

17,789

Other borrowings

25,601

-

35,601

17,789

The bank borrowing is an unsecured bounce back loan made in May 2020 and attracts interest of at 2.5% per annum. Repayments commenced for a period of 60 months from June 2021.

Other borrowings represents instalments payable on the purchase of the subsidiary company. Repayments are due in three instalments, one at the date of acquisition 1st July 2023 and on the two subsequent anniversaries. The final amounts payable are subject to a claw-back arrangement depending on subsidiary client retentions. No interest is due.

12

Dividends

2024

2022

£

£

Interim dividend of £926.35 (2022 - £583.35) per ordinary share

92,635

58,335

 

 
 

Numeric Accounting Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 January 2024 (continued)

13

Related party transactions

Loan to Mr J Baggot:

During the year the company made a loan to Mr J Baggot and his wife. Interest has been charged at the HMRC approved rate where appropriate. There is no fixed date of repayment. At the year end the loan balance stood at £132,300 (2022 - £48,402).

Amounts owed to group undertakings:

Amounts owed to group undertakings £53,575 is the balance due to the company 100% owned subsidiary Audit for Business Development and Solutions Ltd.

 

Numeric Accounting Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 January 2024 (continued)

13

Related party transactions (continued)

Directors' remuneration

The directors' remuneration for the period was as follows:

2024
£

2022
£

Remuneration

75,463

52,649

Contributions paid to money purchase schemes

9,643

22,124

85,106

74,773