Acorah Software Products - Accounts Production 15.0.600 false true 31 January 2023 1 February 2022 false 1 February 2023 31 January 2024 31 January 2024 03391974 Mr David Rutland Mr Graham Soar iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 03391974 2023-01-31 03391974 2024-01-31 03391974 2023-02-01 2024-01-31 03391974 frs-core:CurrentFinancialInstruments 2024-01-31 03391974 frs-core:Non-currentFinancialInstruments 2024-01-31 03391974 frs-core:ComputerEquipment 2024-01-31 03391974 frs-core:ComputerEquipment 2023-02-01 2024-01-31 03391974 frs-core:ComputerEquipment 2023-01-31 03391974 frs-core:FurnitureFittings 2024-01-31 03391974 frs-core:FurnitureFittings 2023-02-01 2024-01-31 03391974 frs-core:FurnitureFittings 2023-01-31 03391974 frs-core:MotorVehicles 2024-01-31 03391974 frs-core:MotorVehicles 2023-02-01 2024-01-31 03391974 frs-core:MotorVehicles 2023-01-31 03391974 frs-core:PlantMachinery 2024-01-31 03391974 frs-core:PlantMachinery 2023-02-01 2024-01-31 03391974 frs-core:PlantMachinery 2023-01-31 03391974 frs-core:ShareCapital 2024-01-31 03391974 frs-core:RetainedEarningsAccumulatedLosses 2024-01-31 03391974 frs-bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 03391974 frs-bus:FilletedAccounts 2023-02-01 2024-01-31 03391974 frs-bus:SmallEntities 2023-02-01 2024-01-31 03391974 frs-bus:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 03391974 frs-bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 03391974 frs-bus:Director1 2023-02-01 2024-01-31 03391974 frs-bus:CompanySecretary1 2023-02-01 2024-01-31 03391974 frs-core:CurrentFinancialInstruments 1 2024-01-31 03391974 frs-core:CurrentFinancialInstruments 9 2024-01-31 03391974 frs-countries:EnglandWales 2023-02-01 2024-01-31 03391974 2022-01-31 03391974 2023-01-31 03391974 2022-02-01 2023-01-31 03391974 frs-core:CurrentFinancialInstruments 2023-01-31 03391974 frs-core:Non-currentFinancialInstruments 2023-01-31 03391974 frs-core:ShareCapital 2023-01-31 03391974 frs-core:RetainedEarningsAccumulatedLosses 2023-01-31 03391974 frs-core:CurrentFinancialInstruments 1 2023-01-31 03391974 frs-core:CurrentFinancialInstruments 9 2023-01-31
Registered number: 03391974
Online Technology International Ltd.
Unaudited Financial Statements
For The Year Ended 31 January 2024
HAG Accounting Services LTD
Owl Lodge
Tubwell Lane
Crowborough
East Sussex
TN6 3RN
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03391974
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 32,506 41,207
32,506 41,207
CURRENT ASSETS
Stocks 5 9,369 -
Debtors 6 190,126 180,859
Investments 7 8,000 8,000
Cash at bank and in hand 22,198 37,889
229,693 226,748
Creditors: Amounts Falling Due Within One Year 8 (71,055 ) (77,448 )
NET CURRENT ASSETS (LIABILITIES) 158,638 149,300
TOTAL ASSETS LESS CURRENT LIABILITIES 191,144 190,507
Creditors: Amounts Falling Due After More Than One Year 9 (18,720 ) -
NET ASSETS 172,424 190,507
CAPITAL AND RESERVES
Called up share capital 10 345,993 345,993
Profit and Loss Account (173,569 ) (155,486 )
SHAREHOLDERS' FUNDS 172,424 190,507
Page 1
Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 David Rutland
Director
18th 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
Online Technology International Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 03391974 . The registered office is Owl Lodge, Tubwell Lane, Crowborough, East Sussex, TN6 3RN.
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 stated at cost less depreciation. 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 Balamce
Motor Vehicles 20% REDUCING BALANCE
Fixtures & Fittings 20% Reducing Balance
Computer Equipment 33.33 Straight line
2.4. 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.
2.5. 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 year 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 asset reflects 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: NIL (2023: 1)
- 1
Page 3
Page 4
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 February 2023 34,623 62,500 5,346 5,821 108,290
As at 31 January 2024 34,623 62,500 5,346 5,821 108,290
Depreciation
As at 1 February 2023 30,949 28,384 2,137 5,613 67,083
Provided during the period 826 6,823 636 416 8,701
As at 31 January 2024 31,775 35,207 2,773 6,029 75,784
Net Book Value
As at 31 January 2024 2,848 27,293 2,573 (208 ) 32,506
As at 1 February 2023 3,674 34,116 3,209 208 41,207
5. Stocks
2024 2023
£ £
Stock 9,369 -
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 125,228 115,961
Pass J Holdings account 64,898 64,898
190,126 180,859
7. Current Asset Investments
2024 2023
£ £
Shares in subsidiaries 500 500
Unlisted investments 7,500 7,500
8,000 8,000
Page 4
Page 5
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 2,262 8,070
Bank loans and overdrafts 6,513 17,237
Corporation tax - 2,746
VAT 3,489 14,428
Other creditors Accountancy 2,996 1,805
Other creditors (9)On Tech Ltd suspense 13,355 4,892
Director's loan account 42,440 28,270
71,055 77,448
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Directors loan account 18,720 -
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 345,993 345,993
Page 5