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Registered number: 14315431
The Square Cut Limited
Unaudited Financial Statements
For The Year Ended 31 August 2024
Veritons
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 14315431
31 August 2024 31 August 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 12,337 14,048
12,337 14,048
CURRENT ASSETS
Debtors 5 2,850 5,359
Cash at bank and in hand 15,189 18,193
18,039 23,552
Creditors: Amounts Falling Due Within One Year 6 (9,885 ) (15,151 )
NET CURRENT ASSETS (LIABILITIES) 8,154 8,401
TOTAL ASSETS LESS CURRENT LIABILITIES 20,491 22,449
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,344 ) (2,669 )
NET ASSETS 18,147 19,780
CAPITAL AND RESERVES
Called up share capital 7 1 1
Profit and Loss Account 18,146 19,779
SHAREHOLDERS' FUNDS 18,147 19,780
Page 1
Page 2
For the year ending 31 August 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
Gareth Butt
Director
28/10/2024
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
The Square Cut Limited is a private company, limited by shares, incorporated in England & Wales, registered number 14315431 . The registered office is C/O Veritons Ltd, Innovation Centre Medway, Maidstone Road , Chatham, Kent, ME5 9FD.
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. Going Concern Disclosure
Accounting standards require the director to consider the appropriateness of the going concern basis when preparing the financial statements. The director confirms that they consider that the going concern basis remains appropriate.  The director believes that the company has sufficient resources to continue in operational existence for the foreseeable future.  The director believes this to be the case as the company has positive cash balances and no significant long term liabilities. 
Having regard to the above,  the director believes it appropriate to adopt the going concern basis of accounting in preparing the financial statements. 
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 rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
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. 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:
Plant & Machinery 20% straight line
Motor Vehicles 20% straight line
Computer Equipment 33% straight line
2.5. 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 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 
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.  Such assets and liabilities are not recognised if the timing difference arsies from goodwill or from the initial recognition of other assets and liabilities in a transaction tht affects neither the tax profit nor the accounting profit.  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
Page 3
Page 4
2.5. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 1 (2023: 1)
1 1
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 September 2023 1,253 12,505 463 14,221
Additions 598 731 71 1,400
As at 31 August 2024 1,851 13,236 534 15,621
Depreciation
As at 1 September 2023 88 - 85 173
Provided during the period 308 2,634 169 3,111
As at 31 August 2024 396 2,634 254 3,284
Net Book Value
As at 31 August 2024 1,455 10,602 280 12,337
As at 1 September 2023 1,165 12,505 378 14,048
5. Debtors
31 August 2024 31 August 2023
£ £
Due within one year
Trade debtors 2,850 5,200
VAT - 159
2,850 5,359
6. Creditors: Amounts Falling Due Within One Year
31 August 2024 31 August 2023
£ £
Corporation tax 5,376 12,330
VAT 2,471 -
Accruals and deferred income 1,351 1,350
Director's loan account 687 1,471
9,885 15,151
Page 4
Page 5
7. Share Capital
31 August 2024 31 August 2023
£ £
Allotted, Called up and fully paid 1 1
Page 5