Acorah Software Products - Accounts Production 15.0.600 false true 31 January 2023 1 February 2022 false 1 February 2023 31 January 2024 31 January 2024 07140024 Mr Richard Watkinson Mr Simon Watkinson Mrs Kirsty Keeton Mr Benjamin Matthews Mr Alistair Smith Miss Amy Tillson Miss Rachel Horton R L Watkinson true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07140024 2023-01-31 07140024 2024-01-31 07140024 2023-02-01 2024-01-31 07140024 frs-core:CurrentFinancialInstruments 2024-01-31 07140024 frs-core:Non-currentFinancialInstruments 2024-01-31 07140024 frs-core:ComputerEquipment 2024-01-31 07140024 frs-core:ComputerEquipment 2023-02-01 2024-01-31 07140024 frs-core:ComputerEquipment 2023-01-31 07140024 frs-core:FurnitureFittings 2024-01-31 07140024 frs-core:FurnitureFittings 2023-02-01 2024-01-31 07140024 frs-core:FurnitureFittings 2023-01-31 07140024 frs-core:NetGoodwill 2024-01-31 07140024 frs-core:NetGoodwill 2023-02-01 2024-01-31 07140024 frs-core:NetGoodwill 2023-01-31 07140024 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-01-31 07140024 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 07140024 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-01-31 07140024 frs-core:MotorVehicles 2024-01-31 07140024 frs-core:MotorVehicles 2023-02-01 2024-01-31 07140024 frs-core:MotorVehicles 2023-01-31 07140024 frs-core:ShareCapital 2024-01-31 07140024 frs-core:RetainedEarningsAccumulatedLosses 2024-01-31 07140024 frs-bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 07140024 frs-bus:FilletedAccounts 2023-02-01 2024-01-31 07140024 frs-bus:SmallEntities 2023-02-01 2024-01-31 07140024 frs-bus:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 07140024 frs-bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 07140024 1 2023-02-01 2024-01-31 07140024 frs-bus:Director1 2023-02-01 2024-01-31 07140024 frs-bus:Director2 2023-02-01 2024-01-31 07140024 frs-bus:Director3 2023-02-01 2024-01-31 07140024 frs-bus:Director4 2023-02-01 2024-01-31 07140024 frs-bus:Director5 2023-02-01 2024-01-31 07140024 frs-bus:Director6 2023-02-01 2024-01-31 07140024 frs-bus:Director7 2023-02-01 2024-01-31 07140024 1 2023-02-01 2024-01-31 07140024 frs-countries:EnglandWales 2023-02-01 2024-01-31 07140024 2022-01-31 07140024 2023-01-31 07140024 2022-02-01 2023-01-31 07140024 frs-core:CurrentFinancialInstruments 2023-01-31 07140024 frs-core:Non-currentFinancialInstruments 2023-01-31 07140024 frs-core:ShareCapital 2023-01-31 07140024 frs-core:RetainedEarningsAccumulatedLosses 2023-01-31 07140024 1 2022-02-01 2023-01-31
Registered number: 07140024
Richard Watkinson Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
Barker Maule & Co
Chartered Accountants
27 Castle Gate
Newark
Nottinghamshire
NG24 1BA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07140024
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 367,256 397,861
Tangible Assets 5 254,804 276,641
622,060 674,502
CURRENT ASSETS
Debtors 6 135,800 123,509
Cash at bank and in hand 1,250 10,948
137,050 134,457
Creditors: Amounts Falling Due Within One Year 7 (323,753 ) (254,134 )
NET CURRENT ASSETS (LIABILITIES) (186,703 ) (119,677 )
TOTAL ASSETS LESS CURRENT LIABILITIES 435,357 554,825
Creditors: Amounts Falling Due After More Than One Year 8 (27,363 ) (36,590 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (6,288 ) (9,643 )
NET ASSETS 401,706 508,592
CAPITAL AND RESERVES
Called up share capital 9 500,000 500,000
Profit and Loss Account (98,294 ) 8,592
SHAREHOLDERS' FUNDS 401,706 508,592
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Page 2
For the year ending 31 January 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 Richard Watkinson
Director
18 June 2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Richard Watkinson Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07140024 . The registered office is 7a St Marks House, St Marks Place, Newark, Notts, NG24 1XX.
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. 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 20 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. 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:
Freehold 2% Straight Line
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
Computer Equipment 25% Straight Line
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 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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 44
2024 2023
Office and administration 29 31
Directors 7 7
36 38
4. Intangible Assets
Goodwill
£
Cost
As at 1 February 2023 612,095
As at 31 January 2024 612,095
Amortisation
As at 1 February 2023 214,234
Provided during the period 30,605
As at 31 January 2024 244,839
Net Book Value
As at 31 January 2024 367,256
As at 1 February 2023 397,861
5. Tangible Assets
Land & Property
Freehold Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 February 2023 250,050 1,178 113,341 109,505 474,074
Additions - - - 865 865
As at 31 January 2024 250,050 1,178 113,341 110,370 474,939
Depreciation
As at 1 February 2023 30,006 1,047 70,689 95,691 197,433
Provided during the period 5,001 131 10,663 6,907 22,702
As at 31 January 2024 35,007 1,178 81,352 102,598 220,135
Net Book Value
As at 31 January 2024 215,043 - 31,989 7,772 254,804
As at 1 February 2023 220,044 131 42,652 13,814 276,641
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 38,909 76,541
Prepayments and accrued income 53,310 46,968
Directors' loan accounts 43,581 -
135,800 123,509
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 28,153 32,256
Bank loans and overdrafts 213,234 105,405
Corporation tax (10,380 ) 10,380
Other taxes and social security 19,803 22,961
VAT 71,578 81,546
Accruals and deferred income 1,365 1,200
Directors' loan accounts - 386
323,753 254,134
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loan 27,363 36,590
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 500,000 500,000
10. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid - 58,000
11. Ultimate Controlling Party
The company's ultimate controlling party is R L Watkinson by virtue of his ownership of the issued share capital in the company.
Page 5