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Registered number: 09753152
Cognitive Law Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Harpers Accountancy LLP
PO Box 293
Lewes
BN7 9PG
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—8
Page 1
Balance Sheet
Registered number: 09753152
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 3,024 1,005
3,024 1,005
CURRENT ASSETS
Stocks 6 78,014 67,628
Debtors 7 92,288 61,809
Cash at bank and in hand 166,156 167,810
336,458 297,247
Creditors: Amounts Falling Due Within One Year 8 (218,319 ) (173,218 )
NET CURRENT ASSETS (LIABILITIES) 118,139 124,029
TOTAL ASSETS LESS CURRENT LIABILITIES 121,163 125,034
Creditors: Amounts Falling Due After More Than One Year 9 (13,091 ) (23,274 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (756 ) (191 )
NET ASSETS 107,316 101,569
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 107,216 101,469
SHAREHOLDERS' FUNDS 107,316 101,569
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 L J Tarrant
Director
12/10/2024
The notes on pages 4 to 8 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 April 2022 100 98,531 98,631
Profit for the year and total comprehensive income - 107,938 107,938
Dividends paid - (105,000) (105,000)
As at 31 March 2023 and 1 April 2023 100 101,469 101,569
Profit for the year and total comprehensive income - 128,247 128,247
Dividends paid - (122,500) (122,500)
As at 31 March 2024 100 107,216 107,316
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Cognitive Law Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09753152 . The registered office is Sussex Innovation Centre, Falmer, Brighton, BN1 9SB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.
2.2. Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. 
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
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:
Fixtures & Fittings on 20% straight line
Computer Equipment on 33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
2.5. Stocks and Work in Progress
Work in progress is measured at the lower of cost and net realisable value being the estimated selling price less costs to complete. Work in progress includes labour costs and attributable overheads.
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2.6. Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. 
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2.7. Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority
2.8. Pensions
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2.9. Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. 
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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2.10. Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.11. Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cashgenerating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 5)
5 5
4. Intangible Assets
Other
£
Cost
As at 1 April 2023 3,240
As at 31 March 2024 3,240
Amortisation
As at 1 April 2023 3,240
As at 31 March 2024 3,240
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
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5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 884 4,888 5,772
Additions - 2,560 2,560
As at 31 March 2024 884 7,448 8,332
Depreciation
As at 1 April 2023 614 4,153 4,767
Provided during the period 83 458 541
As at 31 March 2024 697 4,611 5,308
Net Book Value
As at 31 March 2024 187 2,837 3,024
As at 1 April 2023 270 735 1,005
6. Stocks
2024 2023
£ £
Work in progress 78,014 67,628
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 64,709 51,753
Prepayments and accrued income 8,988 4,234
Other debtors 3,247 1,300
Directors' loan accounts 15,344 4,522
92,288 61,809
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 10,286 1,454
Bank loans and overdrafts 10,183 9,932
Other creditors 107,682 86,539
Taxation and social security 90,168 75,293
218,319 173,218
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9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans and overdarfts 13,091 23,274
10. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 756 191
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
12. 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
£ £ £ £ £
Mrs Lucy Tarrant 4,522 13,607 4,522 - 13,607
Mr Richard Bates - 1,737 - - 1,737
The above loans are unsecured, subject to interest and repayable on demand.
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