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Registered number: 05400810
WP Reilly Group Limited
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—6
Page 1
Balance Sheet
Registered number: 05400810
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 56,000 96,500
Tangible Assets 5 130,078 413,946
Investment Properties 6 500 500
186,578 510,946
CURRENT ASSETS
Stocks 7 27,978 26,059
Debtors 8 173,152 216,642
Cash at bank and in hand 3,500 3,500
204,630 246,201
Creditors: Amounts Falling Due Within One Year 9 (771,200 ) (1,267,557 )
NET CURRENT ASSETS (LIABILITIES) (566,570 ) (1,021,356 )
TOTAL ASSETS LESS CURRENT LIABILITIES (379,992 ) (510,410 )
Creditors: Amounts Falling Due After More Than One Year 10 (44,675 ) (50,000 )
NET LIABILITIES (424,667 ) (560,410 )
CAPITAL AND RESERVES
Called up share capital 11 380 380
Profit and Loss Account (425,047 ) (560,790 )
SHAREHOLDERS' FUNDS (424,667) (560,410)
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 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
W P Reilly
Director
23/10/2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
WP Reilly Group Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05400810 . The registered office is Woodgate House, 2-8 Games Road, Cockfosters, Hertfordshire, EN4 9HN.
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 .... 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:
Freehold 25% on reducing balance method
Leasehold 25% on reducing balance method
Plant & Machinery 25% on reducing balance method
Motor Vehicles 25% on reducing balance method
Fixtures & Fittings 25% on reducing balance method
Computer Equipment 25% on reducing balance method
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.6. 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.
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2.7. 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.
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: 22)
14 22
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 780,000
As at 31 March 2024 780,000
Amortisation
As at 1 April 2023 683,500
Provided during the period 40,500
As at 31 March 2024 724,000
Net Book Value
As at 31 March 2024 56,000
As at 1 April 2023 96,500
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5. Tangible Assets
Land & Property
Leasehold Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 April 2023 240,508 10,554 353,832 604,894
Disposals (240,508 ) - - (240,508 )
As at 31 March 2024 - 10,554 353,832 364,386
Depreciation
As at 1 April 2023 - 8,379 182,569 190,948
Provided during the period - 544 42,816 43,360
As at 31 March 2024 - 8,923 225,385 234,308
Net Book Value
As at 31 March 2024 - 1,631 128,447 130,078
As at 1 April 2023 240,508 2,175 171,263 413,946
6. Investment Property
2024
£
Fair Value
As at 1 April 2023 and 31 March 2024 500
7. Stocks
2024 2023
£ £
Stock 27,978 26,059
8. Debtors
2024 2023
£ £
Due within one year
Trade debtors 30,703 15,003
Prepayments and accrued income 23,000 23,000
Other debtors 144,164 84,864
Deferred tax current asset (24,715) 93,775
173,152 216,642
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9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 77,912 66,709
Bank loans and overdrafts 17,396 8,617
Other taxes and social security 27,345 15,656
VAT 74,360 97,691
Other creditors 64,833 68,814
Accruals and deferred income 3,300 3,300
Director's loan account 96,948 531,963
Amounts owed to group undertakings 409,106 474,807
771,200 1,267,557
10. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 44,675 50,000
44,675 50,000
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 380 380
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