Acorah Software Products - Accounts Production 15.0.600 false true 31 March 2023 1 June 2022 false 1 April 2023 31 March 2024 31 March 2024 11371201 Mrs Clare McHugh Mr Liam McHugh iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11371201 2023-03-31 11371201 2024-03-31 11371201 2023-04-01 2024-03-31 11371201 frs-core:CurrentFinancialInstruments 2024-03-31 11371201 frs-core:Non-currentFinancialInstruments 2024-03-31 11371201 frs-core:ComputerEquipment 2024-03-31 11371201 frs-core:ComputerEquipment 2023-04-01 2024-03-31 11371201 frs-core:ComputerEquipment 2023-03-31 11371201 frs-core:FurnitureFittings 2024-03-31 11371201 frs-core:FurnitureFittings 2023-04-01 2024-03-31 11371201 frs-core:FurnitureFittings 2023-03-31 11371201 frs-core:ShareCapital 2024-03-31 11371201 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 11371201 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 11371201 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 11371201 frs-bus:SmallEntities 2023-04-01 2024-03-31 11371201 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 11371201 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 11371201 frs-core:CostValuation 2023-03-31 11371201 frs-core:AdditionsToInvestments 2024-03-31 11371201 frs-core:CostValuation 2024-03-31 11371201 frs-core:ProvisionsForImpairmentInvestments 2023-03-31 11371201 frs-core:ProvisionsForImpairmentInvestments 2024-03-31 11371201 frs-bus:Director1 2023-04-01 2024-03-31 11371201 frs-bus:Director2 2023-04-01 2024-03-31 11371201 frs-countries:EnglandWales 2023-04-01 2024-03-31 11371201 2022-05-31 11371201 2023-03-31 11371201 2022-06-01 2023-03-31 11371201 frs-core:CurrentFinancialInstruments 2023-03-31 11371201 frs-core:Non-currentFinancialInstruments 2023-03-31 11371201 frs-core:ShareCapital 2023-03-31 11371201 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 11371201
L M Accountancy Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Steve Pye & Co.
Chartered Certified Accountants
Unit 10 Aylsham Business Park
Richard Oakes Road
Aylsham, Norwich
Norfolk
NR11 6FD
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 11371201
31 March 2024 31 March 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 396 628
Investments 5 1,403,310 1,402,310
1,403,706 1,402,938
CURRENT ASSETS
Debtors 6 57,347 10,892
Cash at bank and in hand 11,129 2,472
68,476 13,364
Creditors: Amounts Falling Due Within One Year 7 (248,114 ) (224,353 )
NET CURRENT ASSETS (LIABILITIES) (179,638 ) (210,989 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,224,068 1,191,949
Creditors: Amounts Falling Due After More Than One Year 8 (538,164 ) (805,813 )
NET ASSETS 685,904 386,136
CAPITAL AND RESERVES
Called up share capital 9 100 100
Income Statement 685,804 386,036
SHAREHOLDERS' FUNDS 685,904 386,136
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 Income Statement.
On behalf of the board
Mr Liam McHugh
Director
19 October 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
L M Accountancy Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11371201 . The registered office is 9 Elizabeth Way, Aylsham, NR11 6FW.  The presentation currency of the financial statements is the Pound Sterling (£).
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 25 % reducing balance
Computer Equipment straight line over 3 years
2.4. Financial Instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.
a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.
b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.
c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
d) Trade and other creditors
...CONTINUED
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2.4. Financial Instruments - continued
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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: 2 (2023: 2)
2 2
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 650 460 1,110
As at 31 March 2024 650 460 1,110
Depreciation
As at 1 April 2023 163 319 482
Provided during the period 162 70 232
As at 31 March 2024 325 389 714
Net Book Value
As at 31 March 2024 325 71 396
As at 1 April 2023 487 141 628
Page 4
Page 5
5. Investments
Subsidiaries Other Total
£ £ £
Cost
As at 1 April 2023 1,401,010 1,300 1,402,310
Additions - 1,000 1,000
As at 31 March 2024 1,401,010 2,300 1,403,310
Provision
As at 1 April 2023 - - -
As at 31 March 2024 - - -
Net Book Value
As at 31 March 2024 1,401,010 2,300 1,403,310
As at 1 April 2023 1,401,010 1,300 1,402,310
6. Debtors
31 March 2024 31 March 2023
£ £
Due within one year
Trade debtors 34,336 1,337
Other debtors 23,011 9,555
57,347 10,892
7. Creditors: Amounts Falling Due Within One Year
31 March 2024 31 March 2023
£ £
Other loans 120,000 120,000
Other creditors 116,852 96,337
Taxation and social security 11,262 8,016
248,114 224,353
8. Creditors: Amounts Falling Due After More Than One Year
31 March 2024 31 March 2023
£ £
Other loans 520,991 736,813
Amounts owed to group undertakings 17,173 69,000
538,164 805,813
9. Share Capital
31 March 2024 31 March 2023
£ £
Allotted, Called up and fully paid 100 100
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