Acorah Software Products - Accounts Production 15.0.600 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 09723247 Mr Bradley Coombes Mr Louis Cross Mr Matthew Halsey Collabz Limited true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09723247 2023-03-31 09723247 2024-03-31 09723247 2023-04-01 2024-03-31 09723247 frs-core:CurrentFinancialInstruments 2024-03-31 09723247 frs-core:Non-currentFinancialInstruments 2024-03-31 09723247 frs-core:ComputerEquipment 2024-03-31 09723247 frs-core:ComputerEquipment 2023-04-01 2024-03-31 09723247 frs-core:ComputerEquipment 2023-03-31 09723247 frs-core:FurnitureFittings 2024-03-31 09723247 frs-core:FurnitureFittings 2023-04-01 2024-03-31 09723247 frs-core:FurnitureFittings 2023-03-31 09723247 frs-core:WithinOneYear 2024-03-31 09723247 frs-core:ShareCapital 2024-03-31 09723247 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 09723247 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09723247 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 09723247 frs-bus:SmallEntities 2023-04-01 2024-03-31 09723247 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 09723247 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09723247 1 2023-04-01 2024-03-31 09723247 frs-bus:Director1 2023-04-01 2024-03-31 09723247 frs-bus:Director2 2023-04-01 2024-03-31 09723247 frs-bus:Director3 2023-04-01 2024-03-31 09723247 frs-countries:EnglandWales 2023-04-01 2024-03-31 09723247 2022-03-31 09723247 2023-03-31 09723247 2022-04-01 2023-03-31 09723247 frs-core:CurrentFinancialInstruments 2023-03-31 09723247 frs-core:Non-currentFinancialInstruments 2023-03-31 09723247 frs-core:WithinOneYear 2023-03-31 09723247 frs-core:ShareCapital 2023-03-31 09723247 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 09723247
Create and Adapt Limited
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09723247
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 4,903 12,597
4,903 12,597
CURRENT ASSETS
Debtors 5 89,771 221,371
Cash at bank and in hand 103,390 292,267
193,161 513,638
Creditors: Amounts Falling Due Within One Year 6 (97,119 ) (300,459 )
NET CURRENT ASSETS (LIABILITIES) 96,042 213,179
TOTAL ASSETS LESS CURRENT LIABILITIES 100,945 225,776
Creditors: Amounts Falling Due After More Than One Year 7 (19,006 ) (23,333 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,226 ) (2,393 )
NET ASSETS 80,713 200,050
CAPITAL AND RESERVES
Called up share capital 8 10 10
Profit and Loss Account 80,703 200,040
SHAREHOLDERS' FUNDS 80,713 200,050
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
Mr Bradley Coombes
Director
30/10/2024
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
Create and Adapt Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09723247 . The registered office is Unit 14 Greenway Farm, Bath Road, Wick, Bristol, BS30 5RL.
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 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.
2.3. 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:
Fixtures & Fittings 25% straight line
Computer Equipment 25% straight line
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. 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.
2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 15 (2023: 24)
15 24
Page 3
Page 4
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 469 27,611 28,080
Disposals - (13,660 ) (13,660 )
As at 31 March 2024 469 13,951 14,420
Depreciation
As at 1 April 2023 59 15,424 15,483
Provided during the period 117 4,721 4,838
Disposals - (10,804 ) (10,804 )
As at 31 March 2024 176 9,341 9,517
Net Book Value
As at 31 March 2024 293 4,610 4,903
As at 1 April 2023 410 12,187 12,597
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 67,604 210,500
Prepayments and accrued income 21,647 10,871
Other debtors 520 -
89,771 221,371
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 22,510 3,158
Bank loans and overdrafts 8,919 10,000
Other taxes and social security 63,480 146,325
Other creditors 1,727 4,016
Accruals and deferred income 438 136,960
Directors' loan accounts 45 -
97,119 300,459
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 19,006 23,333
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10 10
Page 4
Page 5
9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 635 345
635 345
10. Related Party Transactions
Collabz Limited
During the period a loan of £34,136 was provided to Collabz Limited, of which Create and Adapt Limited is a subsidiary and shares common directors. The loan was released in the period. At the end of the period, a debtor balance of £0 (2023: £0) was outstanding.
11. Ultimate Controlling Party
As at the balance sheet date, the company's ultimate controlling party was Collabz Limited by virtue of their ownership of 100% of the issued share capital in the company.
Page 5