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Registered number: 06106416
Climb Newcastle Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 06106416
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 92,764 92,995
92,764 92,995
CURRENT ASSETS
Stocks 5 77,000 63,221
Debtors 6 28,166 32,319
Cash at bank and in hand 307,759 253,132
412,925 348,672
Creditors: Amounts Falling Due Within One Year 7 (128,337 ) (104,268 )
NET CURRENT ASSETS (LIABILITIES) 284,588 244,404
TOTAL ASSETS LESS CURRENT LIABILITIES 377,352 337,399
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (23,191 ) (17,669 )
NET ASSETS 354,161 319,730
CAPITAL AND RESERVES
Called up share capital 9 99 99
Profit and Loss Account 354,062 319,631
SHAREHOLDERS' FUNDS 354,161 319,730
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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 Profit and Loss Account.
On behalf of the board
A J Earl
Director
16/10/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Climb Newcastle Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06106416 . The registered office is Former Shipley Baths, Shipley Place, Newcastle Upon Tyne, Tyne And Wear, NE6 2DQ.
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.
Functional and Presentational Currency
The company's functional and presentational currency is GBP.
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:
Freehold 4% reducing balance
Plant & Machinery 4 years straight line
Motor Vehicles 5 years straight line
Fixtures & Fittings 4 years straight line
Office Equipment 4 years 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 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.
2.5. 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.
2.6. Financial Instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.  Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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 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.
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. Employee Benefits
The costs of short term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2.11. Cash and Cash Equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
2.12. Share Capital
Ordinary shares are classified as equity.  Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.  If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 20 (2023: 18)
20 18
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4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 March 2023 63,295 115,965 3,695 273,328
Additions - 1,265 - 31,478
As at 29 February 2024 63,295 117,230 3,695 304,806
Depreciation
As at 1 March 2023 24,953 115,372 2,771 226,725
Provided during the period 1,533 640 739 28,487
As at 29 February 2024 26,486 116,012 3,510 255,212
Net Book Value
As at 29 February 2024 36,809 1,218 185 49,594
As at 1 March 2023 38,342 593 924 46,603
Office Equipment Total
£ £
Cost
As at 1 March 2023 34,585 490,868
Additions 1,201 33,944
As at 29 February 2024 35,786 524,812
Depreciation
As at 1 March 2023 28,052 397,873
Provided during the period 2,776 34,175
As at 29 February 2024 30,828 432,048
Net Book Value
As at 29 February 2024 4,958 92,764
As at 1 March 2023 6,533 92,995
5. Stocks
2024 2023
£ £
Stock 77,000 63,221
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 140 7,407
Prepayments and accrued income 17,502 13,857
Corporation tax recoverable assets 10,524 11,055
28,166 32,319
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 6,359 7,980
Bank loans and overdrafts - 17,772
Corporation tax 46,119 34,421
Other taxes and social security 5,591 4,838
VAT 39,760 34,174
Other creditors 1,855 1,494
Accruals and deferred income 23,761 -
Directors' loan accounts 4,892 3,589
128,337 104,268
8. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 23,191 17,669
9. Share Capital
2024 2023
Allotted, called up and fully paid £ £
99 Ordinary Shares of £ 1 each 99 99
10. Pension Commitments
The company operates a defined contribution pension scheme.  The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £1,855 (2023: £1,494) were due to the fund. They are included in other creditors.
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