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Registered number: 03446892
The Preparation Group Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountant's Report
Report to the directors on the preparation of the unaudited statutory accounts of The Preparation Group Limited for the year ended 29 February 2024
To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of The Preparation Group Limited which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of The Preparation Group Limited , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Preparation Group Limited and state those matters that we have agreed to state to the directors of The Preparation Group Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Preparation Group Limited and its directors as a body for our work or for this report.
It is your duty to ensure that The Preparation Group Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of The Preparation Group Limited . You consider that The Preparation Group Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of The Preparation Group Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
23/10/2024
MPU Associates Limited
2 Water Street
Stamford
Lincs
PE9 2NJ
Page 1
Page 2
Balance Sheet
Registered number: 03446892
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 351,753 365,494
Investments 5 1,000 1,000
352,753 366,494
CURRENT ASSETS
Debtors 6 167,086 199,713
Cash at bank and in hand 2,663 4,179
169,749 203,892
Creditors: Amounts Falling Due Within One Year 7 (68,696 ) (89,201 )
NET CURRENT ASSETS (LIABILITIES) 101,053 114,691
TOTAL ASSETS LESS CURRENT LIABILITIES 453,806 481,185
Creditors: Amounts Falling Due After More Than One Year 8 (138,342 ) (165,307 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,301 ) (2,672 )
NET ASSETS 313,163 313,206
CAPITAL AND RESERVES
Called up share capital 9 89 89
Profit and Loss Account 313,074 313,117
SHAREHOLDERS' FUNDS 313,163 313,206
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Page 3
For the year ending 29 February 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
T Glew
Director
23/10/2024
The notes on pages 4 to 6 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
The Preparation Group Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03446892 . The registered office is Preparation House, Deacon Road, Lincoln, Lincolnshire, LN2 4JB.
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:
Freehold 2% on cost
Plant & Machinery 20% and 25% reducing balance
Fixtures & Fittings 20% and 25% reducing balance
2.4. 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 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 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 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.
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2.5. 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: 3 (2023: 3)
3 3
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 March 2023 555,796 6,674 65,692 628,162
Additions - 1,497 - 1,497
As at 29 February 2024 555,796 8,171 65,692 629,659
Depreciation
As at 1 March 2023 208,115 2,955 51,598 262,668
Provided during the period 11,115 1,304 2,819 15,238
As at 29 February 2024 219,230 4,259 54,417 277,906
Net Book Value
As at 29 February 2024 336,566 3,912 11,275 351,753
As at 1 March 2023 347,681 3,719 14,094 365,494
5. Investments
Subsidiaries
£
Cost
As at 1 March 2023 1,000
As at 29 February 2024 1,000
Provision
As at 1 March 2023 -
As at 29 February 2024 -
Net Book Value
As at 29 February 2024 1,000
As at 1 March 2023 1,000
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 64 955
Prepayments and accrued income 3,251 4,356
Other debtors - 11,417
Directors' loan accounts 33,081 29,272
Amounts owed by group undertakings 130,690 153,713
167,086 199,713
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 7,331 12,637
Bank loans and overdrafts 26,965 26,965
Corporation tax 18,273 24,151
Other taxes and social security 3,312 3,311
VAT 8,532 2,460
Other creditors 257 8,942
Accruals and deferred income 4,026 10,735
68,696 89,201
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 138,342 165,307
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 89 89
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 March 2023 Amounts advanced Amounts repaid Amounts written off As at 29 February 2024
£ £ £ £ £
Ms Tracey Glew 29,272 15,549 11,740 - 33,081
The above loan is unsecured, interest is charged at 2-2.25% and is repayable on demand.
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