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Registered number: 01707592
QA (Ironbridge) Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 01707592
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 160,000 192,000
Tangible Assets 5 154,731 188,876
314,731 380,876
CURRENT ASSETS
Stocks 6 37,009 35,091
Debtors 7 510,165 412,728
Cash at bank and in hand 107,190 85,215
654,364 533,034
Creditors: Amounts Falling Due Within One Year 8 (475,767 ) (314,412 )
NET CURRENT ASSETS (LIABILITIES) 178,597 218,622
TOTAL ASSETS LESS CURRENT LIABILITIES 493,328 599,498
Creditors: Amounts Falling Due After More Than One Year 9 (140,326 ) (53,882 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (38,682 ) (47,218 )
NET ASSETS 314,320 498,398
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 314,220 498,298
SHAREHOLDERS' FUNDS 314,320 498,398
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 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 David Teece
Director
7 October 2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
QA (Ironbridge) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01707592 . The registered office is Unit 1 Halesfield 22, Telford, Shropshire, TF7 4QX.
The financial statements are presented in pound sterling (£) and rounded to the nearest whole £.
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.
The financial statements are presented in pound sterling (£) and rounded to the nearest whole £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
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. The company has continued to trade successfully despite the impact of COVID-19.
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.
2.4. 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 15 years.
2.5. 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:
Plant & Machinery 20% reducing balance
Motor Vehicles 25% reducing balance
Computer Equipment 20% reducing balance
2.6. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.7. 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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2.8. 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.
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.10. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.11. Research and development
Research and development costs are fully written off in the period that they are incurred.
2.12. Related parties
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 17 (2023: 21)
17 21
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4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 552,000
As at 31 March 2024 552,000
Amortisation
As at 1 April 2023 360,000
Provided during the period 32,000
As at 31 March 2024 392,000
Net Book Value
As at 31 March 2024 160,000
As at 1 April 2023 192,000
5. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 384,175 180,636 56,493 621,304
Additions 3,430 - 71 3,501
Disposals - (11,350 ) - (11,350 )
As at 31 March 2024 387,605 169,286 56,564 613,455
Depreciation
As at 1 April 2023 229,034 155,601 47,793 432,428
Provided during the period 31,174 3,807 1,813 36,794
Disposals - (10,498 ) - (10,498 )
As at 31 March 2024 260,208 148,910 49,606 458,724
Net Book Value
As at 31 March 2024 127,397 20,376 6,958 154,731
As at 1 April 2023 155,141 25,035 8,700 188,876
6. Stocks
2024 2023
£ £
Finished goods 37,009 35,091
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7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 495,349 347,356
Prepayments & Other debtors 13,089 1,306
Amounts owed by parent companies 1,727 64,066
510,165 412,728
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 22,614 30,305
Trade creditors 130,155 94,074
Bank loans and overdrafts 29,006 -
Corporation tax 141,255 72,816
Other taxes and social security 22,803 18,942
VAT 105,848 65,408
Other creditors 1,374 2,337
Accruals and deferred income 4,617 10,866
Directors' loan accounts 18,095 19,664
475,767 314,412
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 31,268 53,882
Bank loans 109,058 -
140,326 53,882
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 22,614 30,305
Later than one year and not later than five years 31,268 53,882
53,882 84,187
53,882 84,187
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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12. Pension Commitments
The company operates a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Included within Other Creditors at the balance sheet date are unpaid contributions of £1,374 (2023: £1,333) due to the fund.
13. Related Party Transactions
Disclosed within note 8 is a balance owed by the parent company. No interest has been charged on this amount and there were no conditions attached.
14. Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is QA (Telford) Limited , a company incorporated in England & wales. The parent company has taken advantage of the exemptions provided by section 398 of the Companies Act 2006 not to prepare group accounts. 
The ultimate controlling party is the shareholders in the parent company.
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