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Registered number: 08037035
Corbins 1 Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Back Office Accounting and Bookkeeping Services Lt
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08037035
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 4,664 6,160
4,664 6,160
CURRENT ASSETS
Stocks 6 1,000 1,000
Debtors 7 26,130 22,884
Cash at bank and in hand 155,644 125,385
182,774 149,269
Creditors: Amounts Falling Due Within One Year 8 (60,652 ) (48,178 )
NET CURRENT ASSETS (LIABILITIES) 122,122 101,091
TOTAL ASSETS LESS CURRENT LIABILITIES 126,786 107,251
Creditors: Amounts Falling Due After More Than One Year 9 (4,791 ) (9,581 )
NET ASSETS 121,995 97,670
CAPITAL AND RESERVES
Called up share capital 10 2 2
Profit and Loss Account 121,993 97,668
SHAREHOLDERS' FUNDS 121,995 97,670
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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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
Mrs Sarah Wilkins
Director
04/10/2024
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
Corbins 1 Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08037035 . The registered office is 41a Brookley Road, Brockenhurst, Hampshire, SO42 7RB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 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 .... years.
2.4. 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:
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 15% Reducing Balance
Computer Equipment 25% Reducing Balance
2.5. 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.
2.6. 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.
...CONTINUED
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2.6. Taxation - continued
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Sales, marketing and distribution 7 6
7 6
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 20,275
As at 31 March 2024 20,275
Amortisation
As at 1 April 2023 20,275
As at 31 March 2024 20,275
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
5. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 17,389 1,994 1,501 20,884
As at 31 March 2024 17,389 1,994 1,501 20,884
Depreciation
As at 1 April 2023 11,980 1,560 1,184 14,724
Provided during the period 1,352 65 79 1,496
As at 31 March 2024 13,332 1,625 1,263 16,220
Net Book Value
As at 31 March 2024 4,057 369 238 4,664
As at 1 April 2023 5,409 434 317 6,160
Page 4
Page 5
6. Stocks
2024 2023
£ £
Stock in hand 1,000 1,000
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 24,016 21,780
Prepayments and accrued income 586 -
Other debtors 1,528 1,104
26,130 22,884
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 11,677 14,597
Bank loans and overdrafts 2,395 -
Corporation tax 19,319 13,429
Other taxes and social security 2,309 1,633
VAT 17,102 14,799
Net wages 6,680 -
Accruals and deferred income 1,170 3,720
60,652 48,178
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 4,791 9,581
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
Page 5