Registration number:
Numeric Accounting Ltd
for the Period from 1 October 2022 to 31 January 2024
Numeric Accounting Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Numeric Accounting Ltd
Company Information
Directors |
Mr R Charlton Mr J Baggot |
Company secretary |
Mrs A J Baggot |
Registered office |
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Accountants |
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Numeric Accounting Ltd
(Registration number: 04111623)
Balance Sheet as at 31 January 2024
Note |
2024 |
2022 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Retained earnings |
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Shareholders' funds |
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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:
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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
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Numeric Accounting Ltd
Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 January 2024
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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
Recognition and measurement
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Numeric Accounting Ltd
Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 January 2024 (continued)
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 October 2022 |
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Disposals |
( |
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At 31 January 2024 |
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Amortisation |
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At 1 October 2022 |
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Amortisation charge |
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At 31 January 2024 |
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Carrying amount |
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At 31 January 2024 |
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At 30 September 2022 |
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Numeric Accounting Ltd
Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 January 2024 (continued)
Tangible assets |
Fixtures and fittings |
Office equipment |
Total |
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Cost or valuation |
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At 1 October 2022 |
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Additions |
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At 31 January 2024 |
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Depreciation |
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At 1 October 2022 |
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Charge for the period |
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At 31 January 2024 |
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Carrying amount |
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At 31 January 2024 |
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At 30 September 2022 |
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Investments |
2024 |
2022 |
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Investments in subsidiaries |
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- |
Investments in unquoted companies |
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Subsidiaries |
£ |
Cost or valuation |
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Additions |
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Provision |
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Carrying amount |
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At 31 January 2024 |
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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 |
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At 1 October 2022 |
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Provision |
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Carrying amount |
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At 31 January 2024 |
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At 30 September 2022 |
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Stocks |
2024 |
2022 |
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Work in progress |
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Debtors |
Current |
2024 |
2022 |
Trade debtors |
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Prepayments |
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Other debtors |
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Non-current |
2024 |
2022 |
Other Debtors > 1 Year |
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Numeric Accounting Ltd
Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 January 2024 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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- |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2022 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2022 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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1 |
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1 |
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Numeric Accounting Ltd
Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 January 2024 (continued)
Loans and borrowings |
Non-current loans and borrowings
2024 |
2022 |
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Bank borrowings |
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Other borrowings |
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- |
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Current loans and borrowings
2024 |
2022 |
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Bank borrowings |
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Other borrowings |
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- |
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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.
Dividends |
2024 |
2022 |
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£ |
£ |
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Interim dividend of £ |
92,635 |
58,335 |
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Numeric Accounting Ltd
Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 January 2024 (continued)
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 |
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Remuneration |
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Contributions paid to money purchase schemes |
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85,106 |
74,773 |