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Registered number: 00603950
Tidmas Townsend Limited
Financial Statements
For The Year Ended 31 January 2024
Marchant Associates
Broadlands
Amberstone Road
Hailsham
East Sussex
BN27 1PQ
Financial Statements
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Accountant's Report
Report of the Accountant to the directors of Tidmas Townsend Limited
These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended 31 January 2024.
We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.
On the Balance Sheet you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give “a true and fair view”.
You have determined that the company is exempt from the statutory requirement for an audit for this accounting year. Therefore, the financial statements are unaudited.
The financial statements are provided exclusively to the director for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.
Signed
R Marchant
28th October 2024
Marchant Associates
Broadlands
Amberstone Road
Hailsham
East Sussex
BN27 1PQ
Page 1
Page 2
Balance Sheet
Registered number: 00603950
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 190,519 240,704
190,519 240,704
CURRENT ASSETS
Stocks 5 87,904 164,369
Debtors 6 104,730 138,061
Cash at bank and in hand 341,649 204,116
534,283 506,546
Creditors: Amounts Falling Due Within One Year 7 (520,990 ) (524,076 )
NET CURRENT ASSETS (LIABILITIES) 13,293 (17,530 )
TOTAL ASSETS LESS CURRENT LIABILITIES 203,812 223,174
Creditors: Amounts Falling Due After More Than One Year 8 (72,270 ) (65,560 )
NET ASSETS 131,542 157,614
CAPITAL AND RESERVES
Called up share capital 10 5,589 5,589
Profit and Loss Account 125,953 152,025
SHAREHOLDERS' FUNDS 131,542 157,614
Page 2
Page 3
For the 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.
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
Mr Marc Townsend
Director
28th October 2024
The notes on pages 4 to 7 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Tidmas Townsend Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00603950 . The registered office is Dower House Farm, Possingworth Lane, Blackboys, East Sussex, TN22 5HJ.
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. 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 25% p.a. Reducing Balance
Motor Vehicles 25% p.a. Reducing Balance
Fixtures & Fittings 20% p.a. Reducing Balance
Computer Equipment 25% p.a. Straight Line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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 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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2.6. 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.
2.7. 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 as follows: 2020:  20 (2023: 20)
20 20
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 February 2023 326,964 148,391 40,666 8,560 524,581
Additions 6,440 - 14,847 - 21,287
Disposals - (19,302 ) - - (19,302 )
As at 31 January 2024 333,404 129,089 55,513 8,560 526,566
Depreciation
As at 1 February 2023 161,963 99,240 19,324 3,350 283,877
Provided during the period 41,250 15,120 7,238 2,139 65,747
Disposals - (13,577 ) - - (13,577 )
As at 31 January 2024 203,213 100,783 26,562 5,489 336,047
Net Book Value
As at 31 January 2024 130,191 28,306 28,951 3,071 190,519
As at 1 February 2023 165,001 49,151 21,342 5,210 240,704
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5. Stocks
2024 2023
£ £
Stock 87,904 164,369
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 98,245 131,576
Prepayments and accrued income 6,485 6,485
104,730 138,061
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 28,131 23,163
Trade creditors 266,440 349,271
Bank loans and overdrafts 18,000 18,000
Corporation tax 54,683 40,892
Other taxes and social security 5,503 5,503
VAT 52,159 57,160
Other creditors 72,463 -
Accruals and deferred income 10,982 17,458
Directors' loan accounts 12,629 12,629
520,990 524,076
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 48,270 23,560
Bank loans 24,000 42,000
72,270 65,560
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 28,131 23,163
Later than one year and not later than five years 48,270 23,560
76,401 46,723
76,401 46,723
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10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 5,589 5,589
Page 7