Acorah Software Products - Accounts Production 16.0.110 false true 31 May 2023 1 June 2022 false 1 June 2023 31 May 2024 31 May 2024 02895923 Mr Gary Adams Mr John Robinson Mr Lee Fisher Mr Lee Fisher iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 02895923 2023-05-31 02895923 2024-05-31 02895923 2023-06-01 2024-05-31 02895923 frs-core:CurrentFinancialInstruments 2024-05-31 02895923 frs-core:ComputerEquipment 2024-05-31 02895923 frs-core:ComputerEquipment 2023-06-01 2024-05-31 02895923 frs-core:ComputerEquipment 2023-05-31 02895923 frs-core:FurnitureFittings 2024-05-31 02895923 frs-core:FurnitureFittings 2023-06-01 2024-05-31 02895923 frs-core:FurnitureFittings 2023-05-31 02895923 frs-core:NetGoodwill 2024-05-31 02895923 frs-core:NetGoodwill 2023-06-01 2024-05-31 02895923 frs-core:NetGoodwill 2023-05-31 02895923 frs-core:MotorVehicles 2024-05-31 02895923 frs-core:MotorVehicles 2023-06-01 2024-05-31 02895923 frs-core:MotorVehicles 2023-05-31 02895923 frs-core:PlantMachinery 2024-05-31 02895923 frs-core:PlantMachinery 2023-06-01 2024-05-31 02895923 frs-core:PlantMachinery 2023-05-31 02895923 frs-core:SharePremium 2024-05-31 02895923 frs-core:ShareCapital 2024-05-31 02895923 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 02895923 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 02895923 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 02895923 frs-bus:SmallEntities 2023-06-01 2024-05-31 02895923 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 02895923 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 02895923 frs-bus:Director1 2023-06-01 2024-05-31 02895923 frs-bus:Director1 2023-05-31 02895923 frs-bus:Director1 2024-05-31 02895923 frs-bus:Director2 2023-06-01 2024-05-31 02895923 frs-bus:Director3 2023-06-01 2024-05-31 02895923 frs-bus:CompanySecretary1 2023-06-01 2024-05-31 02895923 frs-countries:EnglandWales 2023-06-01 2024-05-31 02895923 2022-05-31 02895923 2023-05-31 02895923 2022-06-01 2023-05-31 02895923 frs-core:CurrentFinancialInstruments 2023-05-31 02895923 frs-core:SharePremium 2023-05-31 02895923 frs-core:ShareCapital 2023-05-31 02895923 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31
Registered number: 02895923
Haf Powertools Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 02895923
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 66,349 48,545
66,349 48,545
CURRENT ASSETS
Stocks 6 4,500 5,300
Debtors 7 869,922 852,053
Cash at bank and in hand 2,661,689 2,404,686
3,536,111 3,262,039
Creditors: Amounts Falling Due Within One Year 8 (658,270 ) (604,572 )
NET CURRENT ASSETS (LIABILITIES) 2,877,841 2,657,467
TOTAL ASSETS LESS CURRENT LIABILITIES 2,944,190 2,706,012
NET ASSETS 2,944,190 2,706,012
CAPITAL AND RESERVES
Called up share capital 9 165 165
Share premium account 49,935 49,935
Profit and Loss Account 2,894,090 2,655,912
SHAREHOLDERS' FUNDS 2,944,190 2,706,012
Page 1
Page 2
For the year ending 31 May 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 John Robinson
Director
06/11/2024
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
Haf Powertools Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02895923 . The registered office is 8 Fell Road, Attercliffe, Sheffield, South Yorkshire, S9 2AL.
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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 20 years.
2.4. 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% reducing balance
Motor Vehicles 25% recucing balance
Fixtures & Fittings 15% reducing balance
Computer Equipment 33% reducing balance
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.
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.
...CONTINUED
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Page 4
2.6. Taxation - continued
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 14 (2023: 14)
14 14
4. Intangible Assets
Goodwill
£
Cost
As at 1 June 2023 58,600
As at 31 May 2024 58,600
Amortisation
As at 1 June 2023 58,600
As at 31 May 2024 58,600
Net Book Value
As at 31 May 2024 -
As at 1 June 2023 -
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 June 2023 5,504 224,736 12,390 8,826 251,456
Additions - 39,830 - - 39,830
As at 31 May 2024 5,504 264,566 12,390 8,826 291,286
Depreciation
As at 1 June 2023 4,930 178,329 11,641 8,011 202,911
Provided during the period 86 21,559 112 269 22,026
As at 31 May 2024 5,016 199,888 11,753 8,280 224,937
Net Book Value
As at 31 May 2024 488 64,678 637 546 66,349
As at 1 June 2023 574 46,407 749 815 48,545
6. Stocks
2024 2023
£ £
Stock 4,500 5,300
Page 4
Page 5
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 854,203 852,053
Directors' loan accounts 15,719 -
869,922 852,053
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 320,022 329,306
Bank loans and overdrafts 31,110 10,347
Corporation tax 148,000 81,888
Other taxes and social security 53,515 47,120
VAT 52,106 42,308
Directors' loan accounts 53,517 93,603
658,270 604,572
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 165 165
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 June 2023 Amounts advanced Amounts repaid Amounts written off As at 31 May 2024
£ £ £ £ £
Mr John Robinson - 15,719 - - 15,719
The above loan is unsecured, interest free and repayable on demand.
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