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Registration number: 07483229

The App Accounting Group Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 January 2024

 

The App Accounting Group Limited

Contents

Company Information

1

Director's Report

2

Abridged Profit and Loss Account

3

Statement of Comprehensive Income

4

Abridged Balance Sheet

5 to 6

Statement of Changes in Equity

7

Notes to the Unaudited Abridged Financial Statements

8 to 16

 

The App Accounting Group Limited

Company Information

Director

Mr Christopher Clark

Registered office

PO Box 4385
07483229
COMPANIES HOUSE DEFAULT ADDRESS
Cardiff
CF14 8LH

 

The App Accounting Group Limited

Director's Report for the Year Ended 31 January 2024

The director presents his report and the abridged financial statements for the year ended 31 January 2024.

Director of the company

The director who held office during the year was as follows:

Mr Christopher Clark

Principal activity

The principal activity of the company is accounting, book-keeping, payroll and taxation services.

Going concern

A significant element of the business’s trade was disposed of during November 2022, the remaining elements of the business’s clients were sold in September 2023. The cessation of these activities has been taken into consideration in the preparation of these financial statements.

As a result of the sale and cessation of various business activities, the director has reassessed the going concern assumption. After considering the available financial resources and commitments, and the ongoing support of shareholders, the director is satisfied that the Company remains a going concern and has adequate resources to meet its obligations.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 28 October 2024
 

.........................................
Mr Christopher Clark
Director

 

The App Accounting Group Limited

Abridged Profit and Loss Account for the Year Ended 31 January 2024

Note

2024
£

2023
£

Gross profit

 

111,601

711,848

Administrative expenses

 

(196,762)

(891,812)

Loss before tax

4

(85,161)

(179,964)

Tax on loss

 

(3,314)

-

Loss for the financial year

 

(88,475)

(179,964)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

The App Accounting Group Limited

Statement of Comprehensive Income for the Year Ended 31 January 2024

2024
£

2023
£

Loss for the year

(88,475)

(179,964)

Total comprehensive income for the year

(88,475)

(179,964)

 

The App Accounting Group Limited

(Registration number: 07483229)
Abridged Balance Sheet as at 31 January 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

6

7,554

21,567

Investments

7

1

2

 

7,555

21,569

Current assets

 

Debtors

8

92,001

105,128

Cash at bank and in hand

 

1,717

76,914

 

93,718

182,042

Prepayments and accrued income

 

11,312

27,681

Creditors: Amounts falling due within one year

(108,849)

(123,199)

Net current (liabilities)/assets

 

(3,819)

86,524

Total assets less current liabilities

 

3,736

108,093

Provisions for liabilities

-

3,314

Accruals and deferred income

 

(1,910)

(21,106)

Net assets

 

1,826

90,301

Capital and reserves

 

Called up share capital

9

105

105

Retained earnings

1,721

90,196

Shareholders' funds

 

1,826

90,301

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

The App Accounting Group Limited

(Registration number: 07483229)
Abridged Balance Sheet as at 31 January 2024

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 28 October 2024
 

.........................................
Mr Christopher Clark
Director

 

The App Accounting Group Limited

Statement of Changes in Equity for the Year Ended 31 January 2024

Share capital
£

Retained earnings
£

Total
£

At 1 February 2023

105

90,196

90,301

Loss for the year

-

(88,475)

(88,475)

At 31 January 2024

105

1,721

1,826

Share capital
£

Retained earnings
£

Total
£

At 1 February 2022

105

270,160

270,265

Loss for the year

-

(179,964)

(179,964)

At 31 January 2023

105

90,196

90,301

 

The App Accounting Group Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
PO Box 4385
07483229
COMPANIES HOUSE DEFAULT ADDRESS
Cardiff
CF14 8LH
Whales

These financial statements were authorised for issue by the director on 28 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

A significant element of the business’s trade was disposed of during November 2022, the remaining elements of the business’s clients were sold in September 2023. The cessation of these activities has been taken into consideration in the preparation of these financial statements.

As a result of the sale and cessation of various business activities, the director has reassessed the going concern assumption. After considering the available financial resources and commitments and the ongoing support of shareholders, the director is satisfied that the Company remains a going concern and has adequate resources to meet its obligations.

 

The App Accounting Group Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant judgements

There are no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies that have any significant effect on the amounts recognised in the financial statements.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

The App Accounting Group Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

Straight line over the period of the lease

Furniture, fittings and equipment

20% - 25% straight line

Intangible assets

Research and development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with the expected future sales from the related project.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

33.33% straight line

Software development costs

16.66% - 33.33% straight line

Other intangible assets

16.66% - 33.33% straight line

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

The App Accounting Group Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation as a result of past events, it is probable than an outflow of resources will be required to settle the obligation, and the amounts of the obligation can be estimated reliably.

Provision is not made for future operating leases/payments.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

The App Accounting Group Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

Financial instruments

Classification
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.
 Recognition and measurement
Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.

Other financial assets are initially measured at fair value, which is normally the transaction price.
Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss.

Basic financial liabilities, including trade and other payables, and bank loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

 Impairment
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 

The App Accounting Group Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

Derivative financial instruments and hedging

Derivatives
Derivatives are not basic financial instruments.

Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate.

 Hedging
The company does not currently utilise any interest rate derivatives and hence is not required to account for such.
 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 14).

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

9,995

13,497

Amortisation expense

-

900

 

The App Accounting Group Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

5

Intangible assets

Total
£

Cost or valuation

At 1 February 2023

912,686

Disposals

(912,686)

At 31 January 2024

-

Amortisation

At 1 February 2023

912,686

Amortisation eliminated on disposals

(912,686)

At 31 January 2024

-

Carrying amount

At 31 January 2024

-

6

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2023

39,183

29,763

68,946

Disposals

-

(29,763)

(29,763)

At 31 January 2024

39,183

-

39,183

Depreciation

At 1 February 2023

23,792

23,587

47,379

Charge for the year

7,837

2,158

9,995

Eliminated on disposal

-

(25,745)

(25,745)

At 31 January 2024

31,629

-

31,629

Carrying amount

At 31 January 2024

7,554

-

7,554

At 31 January 2023

15,391

6,176

21,567

 

The App Accounting Group Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

Included within the net book value of land and buildings above is £7,554 (2023 - £15,391) in respect of short leasehold land and buildings.
 

7

Investments

Total
£

Cost or valuation

At 1 February 2023

2

Disposals

(1)

At 31 January 2024

1

Provision

Carrying amount

At 31 January 2024

1

At 31 January 2023

2

2024
£

2023
£

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

VATWorks Limited (previously Liquid Friday Accounting Limited)

2nd Floor The Port House
Port Solent
PO6 4TH

England and Wales

Ordinary

100%

100%

 

The App Accounting Group Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

Subsidiary undertakings

VATWorks Limited (previously Liquid Friday Accounting Limited)

The principal activity of VATWorks Limited (previously Liquid Friday Accounting Limited) is that of a dormant company.

8

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £0.10 each

1,053

105

1,053

105

       

10

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

7,000

28,412