Acorah Software Products - Accounts Production 16.0.110 false true 30 June 2023 1 July 2022 false 1 July 2023 30 June 2024 30 June 2024 07665645 Mr Domenico Annessa Ms Maria Annessa Mr Gezim Sulejmani iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07665645 2023-06-30 07665645 2024-06-30 07665645 2023-07-01 2024-06-30 07665645 frs-core:CurrentFinancialInstruments 2024-06-30 07665645 frs-core:ComputerEquipment 2024-06-30 07665645 frs-core:ComputerEquipment 2023-07-01 2024-06-30 07665645 frs-core:ComputerEquipment 2023-06-30 07665645 frs-core:FurnitureFittings 2024-06-30 07665645 frs-core:FurnitureFittings 2023-07-01 2024-06-30 07665645 frs-core:FurnitureFittings 2023-06-30 07665645 frs-core:PlantMachinery 2024-06-30 07665645 frs-core:PlantMachinery 2023-07-01 2024-06-30 07665645 frs-core:PlantMachinery 2023-06-30 07665645 frs-core:ShareCapital 2024-06-30 07665645 frs-core:RetainedEarningsAccumulatedLosses 2024-06-30 07665645 frs-bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 07665645 frs-bus:FilletedAccounts 2023-07-01 2024-06-30 07665645 frs-bus:SmallEntities 2023-07-01 2024-06-30 07665645 frs-bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 07665645 frs-bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 07665645 frs-bus:Director1 2023-07-01 2024-06-30 07665645 frs-bus:Director2 2023-07-01 2024-06-30 07665645 frs-bus:Director3 2023-07-01 2024-06-30 07665645 frs-countries:EnglandWales 2023-07-01 2024-06-30 07665645 2022-06-30 07665645 2023-06-30 07665645 2022-07-01 2023-06-30 07665645 frs-core:CurrentFinancialInstruments 2023-06-30 07665645 frs-core:ShareCapital 2023-06-30 07665645 frs-core:RetainedEarningsAccumulatedLosses 2023-06-30
Registered number: 07665645
L.Terroni & Sons 1878 Limited
Financial Statements
For The Year Ended 30 June 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07665645
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 8,025 6,777
8,025 6,777
CURRENT ASSETS
Stocks 5 24,200 24,200
Debtors 6 6,543 6,082
Cash at bank and in hand 291,755 389,833
322,498 420,115
Creditors: Amounts Falling Due Within One Year 7 (142,611 ) (136,325 )
NET CURRENT ASSETS (LIABILITIES) 179,887 283,790
TOTAL ASSETS LESS CURRENT LIABILITIES 187,912 290,567
NET ASSETS 187,912 290,567
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 187,812 290,467
SHAREHOLDERS' FUNDS 187,912 290,567
Page 1
Page 2
For the year ending 30 June 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 Domenico Annessa
Director
24/10/2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
L.Terroni & Sons 1878 Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07665645 . The registered office is Wellington House, 273-275 High Street, London Colney,, St Albans, Hertfordshire, AL2 1HA.
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 15% Straight line
Fixtures & Fittings 15% Stright line
Computer Equipment 33% Straight line
2.4. 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.
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 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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3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2023: 8)
10 8
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 July 2023 36,671 31,251 1,392 69,314
Additions 3,605 - - 3,605
As at 30 June 2024 40,276 31,251 1,392 72,919
Depreciation
As at 1 July 2023 30,630 31,250 657 62,537
Provided during the period 1,989 1 367 2,357
As at 30 June 2024 32,619 31,251 1,024 64,894
Net Book Value
As at 30 June 2024 7,657 - 368 8,025
As at 1 July 2023 6,041 1 735 6,777
5. Stocks
2024 2023
£ £
Stock 24,200 24,200
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 6,198 5,737
Directors' loan accounts 345 345
6,543 6,082
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 58,676 59,308
Corporation tax 32,223 28,580
Other taxes and social security 3,846 3,334
VAT 18,407 19,474
Other creditors 26,176 22,669
Accruals and deferred income 3,283 2,960
142,611 136,325
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8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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