Acorah Software Products - Accounts Production 16.0.110 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 08827312 Mrs Wen Jing Qian iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08827312 2022-12-31 08827312 2023-12-31 08827312 2023-01-01 2023-12-31 08827312 frs-core:CurrentFinancialInstruments 2023-12-31 08827312 frs-core:Non-currentFinancialInstruments 2023-12-31 08827312 frs-core:ComputerEquipment 2023-12-31 08827312 frs-core:ComputerEquipment 2023-01-01 2023-12-31 08827312 frs-core:ComputerEquipment 2022-12-31 08827312 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 08827312 frs-core:FurnitureFittings 2023-12-31 08827312 frs-core:FurnitureFittings 2023-01-01 2023-12-31 08827312 frs-core:FurnitureFittings 2022-12-31 08827312 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-12-31 08827312 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08827312 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2022-12-31 08827312 frs-core:OtherResidualIntangibleAssets 2023-12-31 08827312 frs-core:OtherResidualIntangibleAssets 2022-12-31 08827312 frs-core:PlantMachinery 2023-12-31 08827312 frs-core:PlantMachinery 2023-01-01 2023-12-31 08827312 frs-core:PlantMachinery 2022-12-31 08827312 frs-core:RevaluationReserve 2023-01-01 2023-12-31 08827312 frs-core:RevaluationReserve 2023-12-31 08827312 frs-core:ShareCapital 2023-12-31 08827312 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 08827312 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08827312 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 08827312 frs-bus:SmallEntities 2023-01-01 2023-12-31 08827312 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 08827312 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 08827312 frs-bus:OrdinaryShareClass1 2023-01-01 2023-12-31 08827312 frs-bus:OrdinaryShareClass1 2023-12-31 08827312 frs-bus:Director1 2023-01-01 2023-12-31 08827312 frs-countries:EnglandWales 2023-01-01 2023-12-31 08827312 2021-12-31 08827312 2022-12-31 08827312 2022-01-01 2022-12-31 08827312 frs-core:CurrentFinancialInstruments 2022-12-31 08827312 frs-core:Non-currentFinancialInstruments 2022-12-31 08827312 frs-core:RevaluationReserve 2022-12-31 08827312 frs-core:ShareCapital 2022-12-31 08827312 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 08827312 frs-bus:OrdinaryShareClass1 2022-01-01 2022-12-31
Registered number: 08827312
Seada Technology Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08827312
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 768,146 729,821
768,146 729,821
CURRENT ASSETS
Stocks 6 76,982 236,075
Debtors 7 164,829 132,418
Cash at bank and in hand 79,186 351,909
320,997 720,402
Creditors: Amounts Falling Due Within One Year 8 (446,413 ) (483,601 )
NET CURRENT ASSETS (LIABILITIES) (125,416 ) 236,801
TOTAL ASSETS LESS CURRENT LIABILITIES 642,730 966,622
Creditors: Amounts Falling Due After More Than One Year 9 (400,000 ) (830,239 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (3,574 ) -
NET ASSETS 239,156 136,383
CAPITAL AND RESERVES
Called up share capital 10 100,000 100,000
Revaluation reserve 11 13,322 -
Profit and Loss Account 125,834 36,383
SHAREHOLDERS' FUNDS 239,156 136,383
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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
Mrs Wen Jing Qian
Director
01/11/2024
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
Seada Technology Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08827312 . The registered office is Seada House Saxon Business Park, Hanbury Road, Bromsgrove, Worcestershire, B60 4AD.
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 - Other Intangible
Other intangible assets are patent. It is amortised to profit and loss account over its estimated economic life of 5 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:
Freehold Improvement to Property - Not depreciated
Plant & Machinery Plant and Machinery - 15% RBM
Fixtures & Fittings Fixtures and fittings - 15% RBM
Computer Equipment Computer equipment - 33.33% SLM
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. 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.
Page 3
Page 4
2.7. 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.8. 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: 9 (2022: 7)
9 7
4. Intangible Assets
Other
£
Cost
As at 1 January 2023 1,015
As at 31 December 2023 1,015
Amortisation
As at 1 January 2023 1,015
As at 31 December 2023 1,015
Net Book Value
As at 31 December 2023 -
As at 1 January 2023 -
Page 4
Page 5
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost or Valuation
As at 1 January 2023 683,104 45,715 13,495 30,462 772,776
Additions - 13,698 11,861 7,934 33,493
Revaluation 16,896 - - - 16,896
As at 31 December 2023 700,000 59,413 25,356 38,396 823,165
Depreciation
As at 1 January 2023 - 8,525 6,786 27,644 42,955
Provided during the period - 6,985 2,127 2,952 12,064
As at 31 December 2023 - 15,510 8,913 30,596 55,019
Net Book Value
As at 31 December 2023 700,000 43,903 16,443 7,800 768,146
As at 1 January 2023 683,104 37,190 6,709 2,818 729,821
6. Stocks
2023 2022
£ £
Stock 76,982 236,075
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 102,979 17,740
Other debtors 61,850 114,678
164,829 132,418
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 222,433 209,051
Bank loans and overdrafts 1,396 19,957
Other creditors 201,973 253,286
Taxation and social security 20,611 1,307
446,413 483,601
Page 5
Page 6
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans - 430,239
Other loans 400,000 400,000
400,000 830,239
10. Share Capital
2023 2022
Allotted, called up but not fully paid £ £
100,000 Ordinary Shares of £ 1.00 each 100,000 100,000
11. Reserves
Revaluation Reserve
£
Surplus on revaluation 16,896
Deficit on revaluation (3,574)
As at 31 December 2023 13,322
Page 6