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Registered number: 09833359
Central European Time Limited
Unaudited Financial Statements
For the Period 1 September 2023 to 31 March 2024
GLX Advisory Limited
Chartered Accountants
69-75 Thorpe Road
Norwich
NR1 1UA
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Company Information
Directors Mr J Kemp
Mr B Barnard
Mr P Robinson
Company Number 09833359
Registered Office The Old Yard
Old Buckenham
Attleborough
NR17 1SS
Accountants GLX Advisory Limited
Chartered Accountants
69-75 Thorpe Road
Norwich
NR1 1UA
Page 1
Page 2
Balance Sheet
Registered number: 09833359
31 March 2024 31 August 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 300 450
300 450
CURRENT ASSETS
Stocks 5 - 866,252
Debtors 6 4,567 281,298
Cash at bank and in hand 39 22,515
4,606 1,170,065
Creditors: Amounts Falling Due Within One Year 7 (4,903 ) (818,929 )
NET CURRENT ASSETS (LIABILITIES) (297 ) 351,136
TOTAL ASSETS LESS CURRENT LIABILITIES 3 351,586
Creditors: Amounts Falling Due After More Than One Year - (348,717 )
NET ASSETS 3 2,869
CAPITAL AND RESERVES
Called up share capital 8 3 3
Profit and Loss Account - 2,866
SHAREHOLDERS' FUNDS 3 2,869
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For the period 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 B Barnard
Director
09/10/2024
The notes on pages 4 to 6 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
Central European Time Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09833359 . The registered office is The Old Yard, Old Buckenham, Attleborough, NR17 1SS.
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 believe that the going concern basis is not appropriate as the company has the intention to cease trading and liquidate the company.
2.3. 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.
2.4. 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 25% Straight line
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.
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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 years 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 assets reflect 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 period was: NIL (2023: NIL)
- -
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 September 2023 600
As at 31 March 2024 600
Depreciation
As at 1 September 2023 150
Provided during the period 150
As at 31 March 2024 300
Net Book Value
As at 31 March 2024 300
As at 1 September 2023 450
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5. Stocks
31 March 2024 31 August 2023
£ £
Stock - 866,252
6. Debtors
31 March 2024 31 August 2023
£ £
Due within one year
Amounts owed by group undertakings 4,567 257,642
Other debtors - 23,656
4,567 281,298
7. Creditors: Amounts Falling Due Within One Year
31 March 2024 31 August 2023
£ £
Trade creditors 2,791 39,292
Other creditors 1,556 779,081
Taxation and social security 556 556
4,903 818,929
8. Share Capital
31 March 2024 31 August 2023
£ £
Allotted, Called up and fully paid 3 3
9. Related Party Transactions
The company has taken advatage of the exemption under FRS 102 Section 33.1A allowing wholly owned group members to depart from the requirement to disclose transactions with other group companies. 
10. Ultimate Controlling Party
The company's immediate parent is Old Bucks Holdings Limited, which is incorporated in England and Wales. 
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