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Textile Curtain Services Ltd
Unaudited ABRIDGED Financial Statements
For The Year Ended 29 February 2024
Contents
Page
Abridged Statement of Financial Position 1—2
Notes to the Abridged Financial Statements 3—5
Page 1
Abridged Statement of Financial Position
Registered number: 9425076
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 48,317 62,883
48,317 62,883
CURRENT ASSETS
Stocks 1,500 6,250
Debtors 126,455 70,741
Cash at bank and in hand 442,636 192,982
570,591 269,973
Creditors: Amounts Falling Due Within One Year (156,445 ) (76,150 )
NET CURRENT ASSETS (LIABILITIES) 414,146 193,823
TOTAL ASSETS LESS CURRENT LIABILITIES 462,463 256,706
Creditors: Amounts Falling Due After More Than One Year (37,129 ) (43,885 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (12,079 ) (15,326 )
NET ASSETS 413,255 197,495
CAPITAL AND RESERVES
Called up share capital 6 100 100
Income Statement 413,155 197,395
SHAREHOLDERS' FUNDS 413,255 197,495
Page 1
Page 2
For the year ending 29 February 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 Income Statement.
All of the company's members have consented to the preparation of an Abridged Income Statement and an Abridged Statement of Financial Position for the year end 29 February 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
L Bennett
Director
17/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. General Information
Textile Curtain Services Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 9425076 . The registered office is Alderwood, Market Street, Edenfield, Ramsbottom, BL0 0JH.
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 rendering of services. 
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 goods have been delivered.
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.
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:
Plant & Machinery 20% Straight Line
Motor Vehicles 20% Straight Line
Fixtures & Fittings 20% Straight Line
Computer Equipment 33% Straight Line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under 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 income statement 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 income statement as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and estimated selling price less costs to complete and sell.
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. 
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
Page 3
Page 4
4. Tangible Assets
Total
£
Cost
As at 1 March 2023 75,612
Additions 673
Disposals (1,308 )
As at 29 February 2024 74,977
Depreciation
As at 1 March 2023 12,729
Provided during the period 15,069
Disposals (1,138 )
As at 29 February 2024 26,660
Net Book Value
As at 29 February 2024 48,317
As at 1 March 2023 62,883
5. Obligations Under Finance Leases and Hire Purchase
2024 2023
as restated
£ £
The future minimum finance lease payments are as follows:
Not later than one year 7,066 6,880
Later than one year and not later than five years 37,129 43,885
44,195 50,765
44,195 50,765
6. Share Capital
2024 2023
as restated
£ £
Allotted, Called up and fully paid 100 100
7. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as follows:
2024 2023
as restated
£ £
Not later than one year 7,440 6,200
Later than one year and not later than five years 6,200 -
13,640 6,200
The lease payments recognised as an expense are £7,260.
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Page 5
8. Transition to FRS 102
This is the first year in which the financial statements have been prepared under FRS 102 1A.   
The 28 February 2023 financial statements included deferred tax.  However they were shown to have been prepared in accordance with FRS 105.  As deferred tax is prohibited to be recognised under FRS 105, this would increase the 2023 reserves by £11,948.
However, due to the transition to FRS 102 1A, deferred tax would now be recognised from the transition date of 1 March 2022.  If a similar rate of profits were expected for 2024, the effective rate of tax would be higher than that accounted for, as the 25% rate of corporation tax had already become substantively enacted.  The result of this is a £3,378 increase in the provision for deferred tax for 2023.
Income statement for the year ended 28 February 2023      
Profit under FRS 105 after tax   134,693 
Adjustment for deferred tax 3,378
Restated profit after tax under FRS 102 1A 131,315
Statement of financial position at 28 February 2023
Equity under FRS 105   200,873
Adjustment for deferred tax 3,378
Restated equity under FRS 102 1A 197,495
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