Acorah Software Products - Accounts Production 15.0.600 false true 30 April 2023 1 May 2022 false 1 May 2023 30 April 2024 30 April 2024 12535243 Mr Daniel Loyd Forster Ms Claire Elizabeth Wright Mr Matthew Nelson iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12535243 2023-04-30 12535243 2024-04-30 12535243 2023-05-01 2024-04-30 12535243 frs-core:CurrentFinancialInstruments 2024-04-30 12535243 frs-core:Non-currentFinancialInstruments 2024-04-30 12535243 frs-core:BetweenOneFiveYears 2024-04-30 12535243 frs-core:ComputerEquipment 2024-04-30 12535243 frs-core:ComputerEquipment 2023-05-01 2024-04-30 12535243 frs-core:ComputerEquipment 2023-04-30 12535243 frs-core:WithinOneYear 2024-04-30 12535243 frs-core:CapitalRedemptionReserve 2024-04-30 12535243 frs-core:ShareCapital 2024-04-30 12535243 frs-core:RetainedEarningsAccumulatedLosses 2024-04-30 12535243 frs-bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 12535243 frs-bus:FilletedAccounts 2023-05-01 2024-04-30 12535243 frs-bus:SmallEntities 2023-05-01 2024-04-30 12535243 frs-bus:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 12535243 frs-bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 12535243 frs-bus:Director1 2023-05-01 2024-04-30 12535243 frs-bus:Director1 2023-04-30 12535243 frs-bus:Director1 2024-04-30 12535243 frs-bus:Director2 2023-05-01 2024-04-30 12535243 frs-bus:Director2 2023-04-30 12535243 frs-bus:Director2 2024-04-30 12535243 frs-bus:Director3 2023-05-01 2024-04-30 12535243 frs-bus:Director3 2023-04-30 12535243 frs-bus:Director3 2024-04-30 12535243 frs-countries:EnglandWales 2023-05-01 2024-04-30 12535243 2022-04-30 12535243 2023-04-30 12535243 2022-05-01 2023-04-30 12535243 frs-core:CurrentFinancialInstruments 2023-04-30 12535243 frs-core:Non-currentFinancialInstruments 2023-04-30 12535243 frs-core:BetweenOneFiveYears 2023-04-30 12535243 frs-core:WithinOneYear 2023-04-30 12535243 frs-core:CapitalRedemptionReserve 2023-04-30 12535243 frs-core:ShareCapital 2023-04-30 12535243 frs-core:RetainedEarningsAccumulatedLosses 2023-04-30
Registered number: 12535243
Mad Product Ltd
Unaudited Financial Statements
For The Year Ended 30 April 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 12535243
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 4,404 1,648
4,404 1,648
CURRENT ASSETS
Stocks 1,059,851 166,531
Debtors 5 883,454 454,658
Cash at bank and in hand 4,597 27,748
1,947,902 648,937
Creditors: Amounts Falling Due Within One Year 6 (1,792,405 ) (570,305 )
NET CURRENT ASSETS (LIABILITIES) 155,497 78,632
TOTAL ASSETS LESS CURRENT LIABILITIES 159,901 80,280
Creditors: Amounts Falling Due After More Than One Year 7 (97,348 ) -
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,100 ) (400 )
NET ASSETS 61,453 79,880
CAPITAL AND RESERVES
Called up share capital 8 1,500 1,500
Capital redemption reserve 500 500
Profit and Loss Account 59,453 77,880
SHAREHOLDERS' FUNDS 61,453 79,880
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For the year ending 30 April 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 Matthew Nelson
Director
17 October 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
Mad Product Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12535243 . The registered office is The Leeming Building, Ludgate Hill, Leeds, LS2 7HZ.
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. 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.
2.3. 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:
Fixtures, fittings and equipment 20% on cost
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.
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2.5. 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 year was: 5 (2023: 3)
5 3
4. Tangible Assets
Fixtures, fittings and equipment
£
Cost
As at 1 May 2023 1,870
Additions 3,543
As at 30 April 2024 5,413
Depreciation
As at 1 May 2023 222
Provided during the period 787
As at 30 April 2024 1,009
Net Book Value
As at 30 April 2024 4,404
As at 1 May 2023 1,648
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5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 811,929 347,808
Other debtors 71,525 106,850
883,454 454,658
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 576,734 48,041
Other loans 12,652 -
Other creditors 896,353 371,612
Taxation and social security 306,666 150,652
1,792,405 570,305
Invoice discounting advances of £892,737 (2022 - £367,822), included in other creditors, are secured on trade debtors and certain other company assets.
Included in other loans is £12,652 owed to Nucleus Cash Flow Finance2 Limited which is secured by a debenture dated 8th April 2024 containing fixed and floating charges over property and other assets of the company.
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other loans 97,348 -
Included in other loans is £97,348 owed to Nucleus Cash Flow Finance2 Limited which is secured by a debenture dated 8th April 2024 containing fixed and floating charges over property and other assets of the company.
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,500 1,500
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9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 19,777 12,904
Later than one year and not later than five years 27,770 31,509
47,547 44,413
10. Directors Advances, Credits and Guarantees
Included within other debtors are the following loans to directors:
As at 1 May 2023 Amounts advanced Amounts repaid Amounts written off As at 30 April 2024
£ £ £ £ £
Mr Daniel Forster 34,709 65,342 (86,694 ) - 13,357
Ms Claire Wright 39,765 69,728 (91,388 ) - 18,105
Mr Matthew Nelson 27,230 69,311 (65,638 ) - 30,903
The overdrawn balances were repaid on 1st August 2024.
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