Acorah Software Products - Accounts Production 15.0.600 false true true 30 April 2023 1 May 2022 false 20 September 2024 1 May 2023 30 April 2024 30 April 2024 11188703 Mr B P O'Neill Ms A M Rackley Mr P Sutton Mr P O'Neill Mrs M Gonzalez Lopez Mr P Sutton iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11188703 2023-04-30 11188703 2024-04-30 11188703 2023-05-01 2024-04-30 11188703 frs-core:CurrentFinancialInstruments 2024-04-30 11188703 frs-core:Non-currentFinancialInstruments 2024-04-30 11188703 frs-core:ComputerEquipment 2024-04-30 11188703 frs-core:ComputerEquipment 2023-05-01 2024-04-30 11188703 frs-core:ComputerEquipment 2023-04-30 11188703 frs-core:SharePremium 2024-04-30 11188703 frs-core:ShareCapital 2024-04-30 11188703 frs-core:RetainedEarningsAccumulatedLosses 2024-04-30 11188703 frs-bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 11188703 frs-bus:FilletedAccounts 2023-05-01 2024-04-30 11188703 frs-bus:SmallEntities 2023-05-01 2024-04-30 11188703 frs-bus:Audited 2023-05-01 2024-04-30 11188703 frs-bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 11188703 frs-bus:Director1 2023-05-01 2024-04-30 11188703 frs-bus:Director2 2023-05-01 2024-04-30 11188703 frs-bus:Director3 2023-05-01 2024-04-30 11188703 frs-bus:Director4 2023-05-01 2024-04-30 11188703 frs-bus:Director5 2023-05-01 2024-04-30 11188703 frs-bus:CompanySecretary1 2023-05-01 2024-04-30 11188703 frs-countries:EnglandWales 2023-05-01 2024-04-30 11188703 2022-04-30 11188703 2023-04-30 11188703 2022-05-01 2023-04-30 11188703 frs-core:CurrentFinancialInstruments 2023-04-30 11188703 frs-core:Non-currentFinancialInstruments 2023-04-30 11188703 frs-core:SharePremium 2023-04-30 11188703 frs-core:ShareCapital 2023-04-30 11188703 frs-core:RetainedEarningsAccumulatedLosses 2023-04-30
Registered number: 11188703
Polytag Limited
Financial Statements
For The Year Ended 30 April 2024
Stubbs Parkin
55 Hoghton Street
Southport
Merseyside
PR9 0PG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11188703
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 8,446 1,263
8,446 1,263
CURRENT ASSETS
Debtors 5 171,306 92,847
Cash at bank and in hand 639,821 27,468
811,127 120,315
Creditors: Amounts Falling Due Within One Year 6 (272,936 ) (151,301 )
NET CURRENT ASSETS (LIABILITIES) 538,191 (30,986 )
TOTAL ASSETS LESS CURRENT LIABILITIES 546,637 (29,723 )
Creditors: Amounts Falling Due After More Than One Year 7 (1,195,632 ) (1,003,809 )
NET LIABILITIES (648,995 ) (1,033,532 )
CAPITAL AND RESERVES
Called up share capital 8 1,643 1,250
Share premium account 2,499,860 999,750
Profit and Loss Account (3,150,498 ) (2,034,532 )
SHAREHOLDERS' FUNDS (648,995) (1,033,532)
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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 B P O'Neill
Director
18th September 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Polytag Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11188703 . The registered office is Unit 13a, Deeside Industrial Estate (Zone 1 Central), Drome Road, Deeside, CH5 2LR. 
The company's functional and presentational currency is GBP and no level of rounding has been used in presenting the financial statements.
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. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
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
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:
Computer Equipment 15% Reducing balance basis
2.5. 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.
2.6. Taxation
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
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.
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2.7. Change in accounting policy
During the year, the company changed its accounting policy with respect to the treatment of development and intellectual property costs. Previously, the company capitalised these costs as intangible assets on the balance sheet. However, effective from 1st May 2023, the company has adopted a new accounting policy to expense all development and intellectual property costs as incurred, through the profit and loss account.
Rationale for the Change
The change in accounting policy was made to better reflect the nature of these expenditures in the financial statements and to align with the company's updated financial reporting objectives. This change is also consistent with industry best practices and provides a clearer view of the company's financial performance.
Impact of the Change
The change in accounting policy has been applied retrospectively, and the comparative figures for the year ended 30th April 2023 have been restated accordingly. The impact of the restatement is summarised below:
Increase in loss for the prior year: £845,182
Increase loss in reserves for the prior year: £1,243,736
Decrease in intangible assets for the prior year: £2,088,918
The restatement has no impact on cash flows for the prior year.
Restated Figures
The comparative figures in the financial statements have been adjusted as follows:
Intangible Assets: Decreased from £2,088,918 to £Nil, a reduction of £2,088,918.
Reserves: Decreased from £54,386 to (£2,034,532) a decrease of £2,088,918.
Net Profit: Decreased from £56,952 to (£788,230) a decrease of £845,182.
Conclusion
The company believes that this change in accounting policy provides a more accurate representation of its financial position and performance. The restated figures have been adjusted to reflect this new policy, with all prior periods presented on a consistent basis.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 6)
7 6
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 May 2023 1,690
Additions 7,764
As at 30 April 2024 9,454
Depreciation
As at 1 May 2023 427
Provided during the period 581
As at 30 April 2024 1,008
...CONTINUED
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Net Book Value
As at 30 April 2024 8,446
As at 1 May 2023 1,263
5. Debtors
2024 2023
as restated
£ £
Due within one year
Trade debtors 150,005 -
Other debtors 21,301 92,847
171,306 92,847
6. Creditors: Amounts Falling Due Within One Year
2024 2023
as restated
£ £
Trade creditors 94,239 38,539
Bank loans and overdrafts 5,600 5,600
Other creditors 161,228 99,518
Taxation and social security 11,869 7,644
272,936 151,301
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
as restated
£ £
Bank loans 25,316 30,918
Other loans 1,170,316 972,891
1,195,632 1,003,809
8. Share Capital
2024 2023
as restated
£ £
Allotted, Called up and fully paid 1,643 1,250
9. FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
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10. Audit Information
The auditors report on the account of Polytag Limited for the year ended 30 April 2024 was unqualified
The auditor's report was signed by Mrs K Thompson FCA (Senior Statutory Auditor) for and on behalf of Stubbs Parkin Limited , Statutory Auditor
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