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 02559712 Mr K E Spencer Mr R E McEwan Mr J J Spencer Mrs M Kerslake iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 02559712 2023-03-31 02559712 2024-03-31 02559712 2023-04-01 2024-03-31 02559712 frs-core:CurrentFinancialInstruments 2024-03-31 02559712 frs-core:ComputerEquipment 2024-03-31 02559712 frs-core:ComputerEquipment 2023-04-01 2024-03-31 02559712 frs-core:ComputerEquipment 2023-03-31 02559712 frs-core:FurnitureFittings 2024-03-31 02559712 frs-core:FurnitureFittings 2023-04-01 2024-03-31 02559712 frs-core:FurnitureFittings 2023-03-31 02559712 frs-core:NetGoodwill 2024-03-31 02559712 frs-core:NetGoodwill 2023-04-01 2024-03-31 02559712 frs-core:NetGoodwill 2023-03-31 02559712 frs-core:MotorVehicles 2024-03-31 02559712 frs-core:MotorVehicles 2023-04-01 2024-03-31 02559712 frs-core:MotorVehicles 2023-03-31 02559712 frs-core:PlantMachinery 2024-03-31 02559712 frs-core:PlantMachinery 2023-04-01 2024-03-31 02559712 frs-core:PlantMachinery 2023-03-31 02559712 frs-core:ShareCapital 2024-03-31 02559712 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 02559712 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02559712 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 02559712 frs-bus:SmallEntities 2023-04-01 2024-03-31 02559712 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 02559712 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 02559712 frs-bus:Director1 2023-04-01 2024-03-31 02559712 frs-bus:Director2 2023-04-01 2024-03-31 02559712 frs-bus:Director3 2023-04-01 2024-03-31 02559712 frs-bus:Director4 2023-04-01 2024-03-31 02559712 frs-core:CurrentFinancialInstruments 9 2024-03-31 02559712 frs-countries:EnglandWales 2023-04-01 2024-03-31 02559712 2022-03-31 02559712 2023-03-31 02559712 2022-04-01 2023-03-31 02559712 frs-core:CurrentFinancialInstruments 2023-03-31 02559712 frs-core:ShareCapital 2023-03-31 02559712 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31 02559712 frs-core:CurrentFinancialInstruments 9 2023-03-31
Registered number: 02559712
Keith Spencer & Co. Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 02559712
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 7,674 7,727
7,674 7,727
CURRENT ASSETS
Stocks 6 10,057 4,242
Debtors 7 717,483 619,283
Cash at bank and in hand 45,255 50,033
772,795 673,558
Creditors: Amounts Falling Due Within One Year 8 (386,841 ) (290,267 )
NET CURRENT ASSETS (LIABILITIES) 385,954 383,291
TOTAL ASSETS LESS CURRENT LIABILITIES 393,628 391,018
PROVISIONS FOR LIABILITIES
Deferred Taxation - (1,186 )
NET ASSETS 393,628 389,832
CAPITAL AND RESERVES
Called up share capital 250 250
Profit and Loss Account 393,378 389,582
SHAREHOLDERS' FUNDS 393,628 389,832
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 K E Spencer
Director
22/10/2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Keith Spencer & Co. Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 02559712 . The registered office is 5 Cornfield Terrace, Eastbourne, East Sussex, BN21 4NN.
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 are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. Significant judgements and estimations
No significant judgements have had to be made by the directors in preparing these financial statements.
The directors have made key assumptions in the determination of the value of the amounts recoverable on long term contracts and stock.
2.3. 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.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Paragraph 19.23(a) of FRS 102 states that goodwill shall be considered to have a finite useful life and in the exceptional cases when an entity is unable to make a reliable estimate of the useful life, the life shall not exceed 10 years. In 2003, the company decided that in accordance with FRSSE the goodwill had an economic life of 20 years. At 31 March 2024 the carrying amount for the goodwill is therefore £0 and has no remaining useful life.
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2.5. 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, assets held under finance leases are depreciated in the same way as owned assets:
Plant & Machinery 15% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 15% on reducing balance
Computer Equipment 33.33% straight line
At each balance sheet date the company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss if any. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.
2.6. 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.
2.7. 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.
2.8. 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.
...CONTINUED
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2.8. Taxation - continued
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. Long term contracts
Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 4 (2023: 4)
4 4
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 146,000
As at 31 March 2024 146,000
Amortisation
As at 1 April 2023 146,000
As at 31 March 2024 146,000
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 7,000 16,653 5,834 2,434 31,921
Additions - 9,183 - 756 9,939
Disposals - (14,517 ) - - (14,517 )
As at 31 March 2024 7,000 11,319 5,834 3,190 27,343
...CONTINUED
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Depreciation
As at 1 April 2023 3,894 12,423 5,527 2,350 24,194
Provided during the period 776 3,058 46 336 4,216
Disposals - (8,741 ) - - (8,741 )
As at 31 March 2024 4,670 6,740 5,573 2,686 19,669
Net Book Value
As at 31 March 2024 2,330 4,579 261 504 7,674
As at 1 April 2023 3,106 4,230 307 84 7,727
6. Stocks
2024 2023
as restated
£ £
Stock 10,057 4,242
7. Debtors
2024 2023
as restated
£ £
Due within one year
Trade debtors 255,417 288,181
Amounts recoverable on contracts 135,555 51,982
Other debtors 290,376 242,344
Prepayments 5,657 5,062
VAT 30,478 31,714
717,483 619,283
8. Creditors: Amounts Falling Due Within One Year
2024 2023
as restated
£ £
Trade creditors 180,740 137,299
Bank loans and overdrafts 52,077 10,696
Corporation tax 146,634 77,026
Other creditors 568 732
Accruals and deferred income 5,100 5,100
Directors' loan accounts 1,722 59,414
386,841 290,267
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9. Secured Creditors
Of the creditors the following amounts are secured against the assets of the company.
There is a fixed and floating charge over the assets of the company becoming in favour of HSBC Bank Plc. This was registered on 20 March 2012.
2024 2023
as restated
£ £
Bank loans and overdrafts 52,077 10,696
10. Related Party Transactions
Included in other creditors are amounts of £76 (2023 - £32) owed to J Spencer, £1,520 (2023 - £1,506) owed to R McEwan, £126 (2023 - £57,876) owed to K Spencer, directors of the company. These loans are interest free and repayable on demand.
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