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Registered number: 08445807
Cardinal Supplies Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Olio Accountancy
47 Appleleaf Lane
Barton-Upon-Humber
DN18 5GP
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08445807
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 10,216 14,656
10,216 14,656
CURRENT ASSETS
Stocks 6 59,069 55,065
Debtors 7 52,299 39,100
Cash at bank and in hand 215,804 163,899
327,172 258,064
Creditors: Amounts Falling Due Within One Year 8 (199,133 ) (149,058 )
NET CURRENT ASSETS (LIABILITIES) 128,039 109,006
TOTAL ASSETS LESS CURRENT LIABILITIES 138,255 123,662
Creditors: Amounts Falling Due After More Than One Year 9 (21,667 ) (31,667 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (2,554 ) (2,785 )
NET ASSETS 114,034 89,210
CAPITAL AND RESERVES
Called up share capital 11 2 2
Profit and Loss Account 114,032 89,208
SHAREHOLDERS' FUNDS 114,034 89,210
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
Mrs Maureen Spink
Director
Mr Geoffrey Spink
Director
19th June 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
Cardinal Supplies Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08445807 . The registered office is Units 8 & 9 Lincoln Central Industrial Estate, Tentercroft Street, Lincoln, Lincolnshire, LN5 7ED.
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. 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 five years.
2.4. 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 20% reducing balance
Motor Vehicles 20% reducing balance
Fixtures & Fittings 15% reducing balance
Computer Equipment 3 years straight line
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. 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.
...CONTINUED
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2.6. Taxation - continued
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.
2.7. 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.
2.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 14 (2023: 13)
14 13
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 21,000
As at 31 March 2024 21,000
Amortisation
As at 1 April 2023 21,000
As at 31 March 2024 21,000
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 39,051 4,267 12,424 55,742
As at 31 March 2024 39,051 4,267 12,424 55,742
Depreciation
As at 1 April 2023 30,778 2,651 7,657 41,086
Provided during the period 1,655 244 2,541 4,440
As at 31 March 2024 32,433 2,895 10,198 45,526
Net Book Value
As at 31 March 2024 6,618 1,372 2,226 10,216
As at 1 April 2023 8,273 1,616 4,767 14,656
Page 4
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6. Stocks
2024 2023
£ £
Finished goods 59,069 55,065
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 28,416 25,707
Prepayments and accrued income 10,283 9,793
Other debtors 13,600 3,600
52,299 39,100
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 51,713 57,822
Corporation tax 34,390 28,371
VAT 19,665 21,971
Other creditors 19,217 29,843
Other creditors (1) 72,086 -
Accruals and deferred income 1,772 1,528
Directors' loan accounts 290 9,523
199,133 149,058
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 21,667 31,667
21,667 31,667
10. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 2,554 2,785
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
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12. Contingent Liabilities
2024 2023
£ £
At the end of the period 6,750 -
The company has total commitments contracted but not provided for in the financial statements in relation to an operating lease for the building the company occupies.
13. Directors Advances, Credits and Guarantees
Dividends paid to directors
2024 2023
£ £
Mrs Maureen Spink 40,000 35,000
Mr Geoffrey Spink 40,000 35,000
14. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 80,000 70,000
80,000 70,000
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