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Registered number: 09867985
Redway Networks Ltd
Directors' Report and
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Company Information 1
Directors' Report 2
Profit and Loss Account 3
Balance Sheet 4—5
Statement of Changes in Equity 6
Notes to the Financial Statements 7—9
Page 1
Company Information
Directors Mr Robert Clarke
Mr Leigh Hayes
Company Number 09867985
Registered Office Aurora House, Deltic Avenue
Milton Keynes
MK13 8LW
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 31 March 2024.
Directors
The directors who held office during the year were as follows:
Mr Robert Clarke
Mr Leigh Hayes
Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small Company Rules
This report has 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.
On behalf of the board
Mr Robert Clarke
Director
07/10/2024
Page 2
Page 3
Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 5,513,721 2,974,644
Cost of sales (4,469,543 ) (2,455,759 )
GROSS PROFIT 1,044,178 518,885
Administrative expenses (678,410 ) (521,920 )
Other operating income 23,528 38,173
OPERATING PROFIT 389,296 35,138
Interest payable and similar charges (15,426 ) (10,067 )
PROFIT BEFORE TAXATION 373,870 25,071
Tax on Profit (33,250 ) -
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 340,620 25,071
The notes on pages 7 to 9 form part of these financial statements.
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Page 4
Balance Sheet
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 23,652 16,664
23,652 16,664
CURRENT ASSETS
Stocks 5 636 16,830
Debtors 6 661,299 433,793
Cash at bank and in hand 273,778 392,308
935,713 842,931
Creditors: Amounts Falling Due Within One Year 7 (838,819 ) (1,054,669 )
NET CURRENT ASSETS (LIABILITIES) 96,894 (211,738 )
TOTAL ASSETS LESS CURRENT LIABILITIES 120,546 (195,074 )
Creditors: Amounts Falling Due After More Than One Year 8 (16,585 ) (26,585 )
NET ASSETS/(LIABILITIES) 103,961 (221,659 )
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 103,861 (221,759 )
SHAREHOLDERS' FUNDS 103,961 (221,659)
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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 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 in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
Mr Robert Clarke
Director
07/10/2024
The notes on pages 7 to 9 form part of these financial statements.
Page 5
Page 6
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 April 2022 100 (246,830 ) (246,730)
Profit for the year and total comprehensive income - 25,071 25,071
As at 31 March 2023 and 1 April 2023 100 (221,759 ) (221,659)
Profit for the year and total comprehensive income - 340,620 340,620
Dividends paid - (15,000) (15,000)
As at 31 March 2024 100 103,861 103,961
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Notes to the Financial Statements
1. General Information
Redway Networks Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09867985 . The registered office is Aurora House, Deltic Avenue, Milton Keynes, MK13 8LW.
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. 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 provision 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 have transferred to the buyer, usually on delivery of the goods.
Professional services
Turnover from the provision of professional services for surveying,installation and configuration work is recognised when the customer confirms that the work has been completed satisfactorily. Where the company's consultants provide ongoing support under maintenance contracts, turnover is recognised on a percentage completion basis, taking into account the actual and projected costs of fulfilling the contract.



2.3. 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:
Leasehold 5 years straight line basis
Plant & Machinery 3 years straight line basis
Motor Vehicles 2 years straight line basis
Fixtures & Fittings 3 years straight line basis
Computer Equipment 3 years straight line basis
2.4. 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.
2.5. 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.
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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 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.
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: 11 (2023: 9)
11 9
4. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 3,341 8,475 29,776 41,592
Additions - 9,433 9,414 18,847
As at 31 March 2024 3,341 17,908 39,190 60,439
Depreciation
As at 1 April 2023 649 2,472 21,807 24,928
Provided during the period 1,114 3,867 6,878 11,859
As at 31 March 2024 1,763 6,339 28,685 36,787
Net Book Value
As at 31 March 2024 1,578 11,569 10,505 23,652
As at 1 April 2023 2,692 6,003 7,969 16,664
5. Stocks
2024 2023
£ £
Finished goods 636 1,197
Work in progress - 15,633
636 16,830
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 622,090 378,838
Prepayments and accrued income 39,209 54,955
661,299 433,793
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 591,610 648,862
Bank loans and overdrafts 10,000 10,000
Corporation tax 33,250 -
Other taxes and social security 15,986 9,345
VAT 17,594 32,717
Other creditors 23,830 186,774
Amount owed to Director 110,000 110,000
Accruals and deferred income 36,549 56,971
838,819 1,054,669
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 16,585 26,585
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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