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Registered number: 12379452
PETE MATHESON MEDIA LIMITED
Unaudited Financial Statements
For The Year Ended 5 April 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 12379452
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1,701 1,984
Tangible Assets 5 83,423 59,413
85,124 61,397
CURRENT ASSETS
Debtors 6 17,452 32,412
Cash at bank and in hand 72,423 47,445
89,875 79,857
Creditors: Amounts Falling Due Within One Year 7 (111,862 ) (88,066 )
NET CURRENT ASSETS (LIABILITIES) (21,987 ) (8,209 )
TOTAL ASSETS LESS CURRENT LIABILITIES 63,137 53,188
PROVISIONS FOR LIABILITIES
Deferred Taxation (20,692 ) (14,575 )
NET ASSETS 42,445 38,613
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 42,345 38,513
SHAREHOLDERS' FUNDS 42,445 38,613
Page 1
Page 2
For the year ending 5 April 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 P D Matheson
Director
28/10/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
PETE MATHESON MEDIA LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 12379452 . The registered office is C/O Smooth Accounting Limited, Building 1000 Lakeside North Harbour, Western Road, Portsmouth, PO6 3EN.
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. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets is a website. It is amortised to profit and loss account over its estimated economic life of 10 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 3 years straight line
Motor Vehicles 3 years straight line
Fixtures & Fittings 25% reducing balance
Computer Equipment 3 years straight line
2.5. Leasing and Hire Purchase Contracts
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
2.6. Financial Instruments
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
...CONTINUED
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2.6. Financial Instruments - continued
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
2.7. 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.
2.8. Taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
2.9. 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.
2.10. Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
2.11. Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
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4. Intangible Assets
Other Intangible Assets
£
Cost
As at 6 April 2023 2,835
As at 5 April 2024 2,835
Amortisation
As at 6 April 2023 851
Provided during the period 283
As at 5 April 2024 1,134
Net Book Value
As at 5 April 2024 1,701
As at 6 April 2023 1,984
5. Tangible Assets
Plant & Machinery etc.
£
Cost
As at 6 April 2023 103,224
Additions 120,029
Disposals (79,720 )
As at 5 April 2024 143,533
Depreciation
As at 6 April 2023 43,811
Provided during the period 44,308
Disposals (28,009 )
As at 5 April 2024 60,110
Net Book Value
As at 5 April 2024 83,423
As at 6 April 2023 59,413
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 4,590 22,941
Amounts owed by participating interests 501 -
Other debtors 12,361 9,471
17,452 32,412
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 7,981 1,319
Bank loans and overdrafts - 4
Other creditors 84,246 65,240
Taxation and social security 19,635 21,503
111,862 88,066
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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