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Registered number: 08893788
Ascertus Limited
Directors' Report and
Unaudited Financial Statements
For The Year Ended 31 March 2024
Naylor Accountancy Services Limited
16 Mount Pleasant Road
Tunbridge Wells
Kent
TN1 1QU
Contents
Page
Company Information 1
Directors' Report 2
Profit and Loss Account 3
Statement of Comprehensive Income 4
Balance Sheet 5—6
Statement of Changes in Equity 7
Notes to the Financial Statements 8—12
Page 1
Company Information
Directors Mr R Russell
Mr J Wainwright
Secretary Mrs W Russell
Company Number 08893788
Registered Office Unit B12 Pine Grove Enterprise Centre
Pine Grove
Crowborough
East Sussex
TN6 1DH
Accountants Naylor Accountancy Services Limited
16 Mount Pleasant Road
Tunbridge Wells
Kent
TN1 1QU
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 31 March 2024.
Principal Activity
The principal activity of the company in the year under review was that of computer software consultancy and supply.
Directors
The directors who held office during the year were as follows:
Mr R Russell
Mr J Wainwright
Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small Company Rules
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.
On behalf of the board
Mr R Russell
Director
16th September 2024
Page 2
Page 3
Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 13,333,611 11,098,319
Cost of sales (11,465,579 ) (9,465,064 )
GROSS PROFIT 1,868,032 1,633,255
Administrative expenses (1,769,223 ) (1,385,562 )
OPERATING PROFIT 98,809 247,693
Loss on disposal of fixed assets (4,640 ) -
Other interest receivable and similar income 5 1,734 524
PROFIT BEFORE TAXATION 95,903 248,217
Tax on Profit 6 (40,863 ) (50,906 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 55,040 197,311
The notes on pages 8 to 12 form part of these financial statements.
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Statement of Comprehensive Income
2024 2023
£ £
PROFIT FOR THE FINANCIAL YEAR 55,040 197,311
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 55,040 197,311
Page 4
Page 5
Balance Sheet
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 7 - 15,144
Tangible Assets 8 31,812 51,365
31,812 66,509
CURRENT ASSETS
Stocks 9 341,890 92,253
Debtors 10 3,063,029 4,150,105
Cash at bank and in hand 1,026,666 464,232
4,431,585 4,706,590
Creditors: Amounts Falling Due Within One Year 11 (3,749,885 ) (4,125,434 )
NET CURRENT ASSETS (LIABILITIES) 681,700 581,156
TOTAL ASSETS LESS CURRENT LIABILITIES 713,512 647,665
PROVISIONS FOR LIABILITIES
Deferred Taxation 12 (10,807 ) -
NET ASSETS 702,705 647,665
CAPITAL AND RESERVES
Called up share capital 14 1,000 1,000
Profit and Loss Account 701,705 646,665
SHAREHOLDERS' FUNDS 702,705 647,665
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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 in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
Mr R Russell
Director
16th September 2024
The notes on pages 8 to 12 form part of these financial statements.
Page 6
Page 7
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 April 2022 1,000 449,354 450,354
Profit for the year and total comprehensive income - 197,311 197,311
As at 31 March 2023 and 1 April 2023 1,000 646,665 647,665
Profit for the year and total comprehensive income - 55,040 55,040
As at 31 March 2024 1,000 701,705 702,705
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Page 8
Notes to the Financial Statements
1. General Information
Ascertus Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08893788 . The registered office is Unit B12 Pine Grove Enterprise Centre, Pine Grove, Crowborough, East Sussex, TN6 1DH.
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 "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 10 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:
Computer Equipment 20% 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 irrecoverable costs. 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. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
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.
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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 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. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 3,545,267 2,757,906
Social security costs 435,316 355,366
Other pension costs 420,638 327,322
4,401,221 3,440,594
4. Average Number of Employees
Average number of employees, including directors, during the year was: 56 (2023: 48)
56 48
5. Interest Receivable and Similar Income
2024 2023
£ £
Bank interest receivable 1,146 524
Interest on early tax payment 588 -
1,734 524
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6. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 23.5% 19.0% 30,056 47,610
Prior period adjustment - 3,296
30,056 50,906
Deferred Tax
Deferred taxation 10,807 -
Total tax charge for the period 40,863 50,906
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax 95,903 248,217
Tax on profit at 23.5% (UK standard rate) 22,597 47,160
Goodwill/depreciation not allowed for tax 4,062 3,110
Expenses not deductible for tax purposes 4,130 1,953
Capital allowances (733 ) (4,613 )
Short term timing differences 10,807 -
Prior period adjustment - 3,296
Total tax charge for the period 40,863 50,906
7. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 151,440
As at 31 March 2024 151,440
Amortisation
As at 1 April 2023 136,296
Provided during the period 15,144
As at 31 March 2024 151,440
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 15,144
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8. Tangible Assets
Computer Equipment
£
Cost
As at 1 April 2023 103,626
Additions 3,104
Disposals (36,397 )
As at 31 March 2024 70,333
Depreciation
As at 1 April 2023 52,261
Provided during the period 17,240
Disposals (30,980 )
As at 31 March 2024 38,521
Net Book Value
As at 31 March 2024 31,812
As at 1 April 2023 51,365
9. Stocks
2024 2023
£ £
Work in progress 330,475 92,253
Long term contracts 11,415 -
341,890 92,253
10. Debtors
2024 2023
£ £
Due within one year
Trade debtors 2,435,706 3,634,877
Other debtors 627,323 515,228
3,063,029 4,150,105
11. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,196,582 1,272,449
Other creditors 2,406,154 2,658,550
Taxation and social security 147,149 194,435
3,749,885 4,125,434
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12. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 10,807 -
13. Provisions for Liabilities
Deferred Tax Total
£ £
Additions 10,807 10,807
Balance at 31 March 2024 10,807 10,807
14. Share Capital
2024 2023
Allotted, called up and fully paid £ £
96,000 Ordinary Shares of £ 0.01 each 960 960
4,000 Ordinary A shares of £ 0.01 each 40 40
1,000 1,000
15. 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.
During the year the charge to profit or loss in respect of defined contribution schemes was £420,638 (2023: £327,322).
At the balance sheet date contributions of £39,794 (2023: £0) were due to the fund and are included in creditors.
16. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Royston Russell 195,266 22,500 - - 217,766
Mr Jonathan Wainwright 128,639 15,000 - - 143,639
The above loans are unsecured, interest free and repayable on demand.
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