Acorah Software Products - Accounts Production 15.0.600 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 07581896 Mr Scott Walker Miss Victoria Hinton iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07581896 2023-03-31 07581896 2024-03-31 07581896 2023-04-01 2024-03-31 07581896 frs-core:CurrentFinancialInstruments 2024-03-31 07581896 frs-core:ComputerEquipment 2024-03-31 07581896 frs-core:ComputerEquipment 2023-04-01 2024-03-31 07581896 frs-core:ComputerEquipment 2023-03-31 07581896 frs-core:FurnitureFittings 2024-03-31 07581896 frs-core:FurnitureFittings 2023-04-01 2024-03-31 07581896 frs-core:FurnitureFittings 2023-03-31 07581896 frs-core:MotorVehicles 2024-03-31 07581896 frs-core:MotorVehicles 2023-04-01 2024-03-31 07581896 frs-core:MotorVehicles 2023-03-31 07581896 frs-core:PlantMachinery 2024-03-31 07581896 frs-core:PlantMachinery 2023-04-01 2024-03-31 07581896 frs-core:PlantMachinery 2023-03-31 07581896 frs-core:ShareCapital 2024-03-31 07581896 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 07581896 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07581896 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 07581896 frs-bus:SmallEntities 2023-04-01 2024-03-31 07581896 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 07581896 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 07581896 frs-bus:Director1 2023-04-01 2024-03-31 07581896 frs-bus:Director2 2023-04-01 2024-03-31 07581896 frs-core:CurrentFinancialInstruments 2 2024-03-31 07581896 frs-core:CurrentFinancialInstruments 3 2024-03-31 07581896 frs-core:CurrentFinancialInstruments 5 2024-03-31 07581896 frs-core:CurrentFinancialInstruments 6 2024-03-31 07581896 frs-countries:EnglandWales 2023-04-01 2024-03-31 07581896 2022-03-31 07581896 2023-03-31 07581896 2022-04-01 2023-03-31 07581896 frs-core:CurrentFinancialInstruments 2023-03-31 07581896 frs-core:ShareCapital 2023-03-31 07581896 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31 07581896 frs-core:CurrentFinancialInstruments 2 2023-03-31 07581896 frs-core:CurrentFinancialInstruments 3 2023-03-31 07581896 frs-core:CurrentFinancialInstruments 5 2023-03-31 07581896 frs-core:CurrentFinancialInstruments 6 2023-03-31
Registered number: 07581896
Channel Compliance Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
TaxAssist Accountants
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 07581896
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 44,350 49,115
44,350 49,115
CURRENT ASSETS
Debtors 5 112,851 159,738
Cash at bank and in hand 407,856 434,906
520,707 594,644
Creditors: Amounts Falling Due Within One Year 6 (58,502 ) (108,988 )
NET CURRENT ASSETS (LIABILITIES) 462,205 485,656
TOTAL ASSETS LESS CURRENT LIABILITIES 506,555 534,771
PROVISIONS FOR LIABILITIES
Deferred Taxation (8,426 ) (9,332 )
NET ASSETS 498,129 525,439
CAPITAL AND RESERVES
Called up share capital 7 2 2
Profit and Loss Account 498,127 525,437
SHAREHOLDERS' FUNDS 498,129 525,439
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 Profit and Loss Account.
On behalf of the board
Mr Scott Walker
Director
11/10/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Channel Compliance Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07581896 . The registered office is The Hive, 6 Beaufighter Road, Weston-Super-Mare, Somerset, BS24 8EE.
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:
Plant & Machinery 25 % RBM
Motor Vehicles 25 % RBM
Fixtures & Fittings 15 % RBM
Computer Equipment 33.33 % SLM
2.4. 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: 8 (2023: 9)
8 9
Page 3
Page 4
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 59,358 49,440 2,937 16,470 128,205
Additions 9,000 - - 828 9,828
As at 31 March 2024 68,358 49,440 2,937 17,298 138,033
Depreciation
As at 1 April 2023 31,376 28,583 2,661 16,470 79,090
Provided during the period 9,245 5,214 42 92 14,593
As at 31 March 2024 40,621 33,797 2,703 16,562 93,683
Net Book Value
As at 31 March 2024 27,737 15,643 234 736 44,350
As at 1 April 2023 27,982 20,857 276 - 49,115
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 112,851 159,738
112,851 159,738
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 19,709 41,589
VAT 34,088 62,015
Pension fund 794 1,334
Pleo credit card (1,084 ) (4,049 )
Accruals 510 453
PAYE / Ni liability 4,072 7,366
Directors' loan accounts 413 280
58,502 108,988
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
Page 4