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Registered number: 04212229
Ray Hessey Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Modus Accountants Ltd
Unit 1c, Eagle Industrial Estate
Church Green
Witney
Oxfordshire
OX28 4YR
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 04212229
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 118 157
118 157
CURRENT ASSETS
Stocks 6 500 500
Debtors 7 132,304 151,035
Cash at bank and in hand 16,305 14,351
149,109 165,886
Creditors: Amounts Falling Due Within One Year 8 (56,345 ) (44,796 )
NET CURRENT ASSETS (LIABILITIES) 92,764 121,090
TOTAL ASSETS LESS CURRENT LIABILITIES 92,882 121,247
PROVISIONS FOR LIABILITIES
Deferred Taxation (30 ) (25 )
NET ASSETS 92,852 121,222
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 92,752 121,122
SHAREHOLDERS' FUNDS 92,852 121,222
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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
R Hessey
Director
31 October 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Ray Hessey Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04212229 . The registered office is 1c Eagle Industrial Estate, Church Green, Witney, OX28 4YR.
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 five 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 25% reducing balance
Motor Vehicles 20% straight line
Fixtures & Fittings 33% reducing balance
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. 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.
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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 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: 2 (2023: 2)
2 2
4. Intangible Assets
Goodwill
£
Cost
As at 1 June 2023 7,500
As at 31 May 2024 7,500
Amortisation
As at 1 June 2023 7,500
As at 31 May 2024 7,500
Net Book Value
As at 31 May 2024 -
As at 1 June 2023 -
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 June 2023 448 15,006 833 16,287
As at 31 May 2024 448 15,006 833 16,287
Depreciation
As at 1 June 2023 291 15,006 833 16,130
Provided during the period 39 - - 39
As at 31 May 2024 330 15,006 833 16,169
...CONTINUED
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Net Book Value
As at 31 May 2024 118 - - 118
As at 1 June 2023 157 - - 157
Included within motor vehicles is a van which is held under a hire purchase agremeent. The cost of the van was £15,006 and it is fully depreciated. 
6. Stocks
2024 2023
£ £
Stock 500 500
7. Debtors
2024 2023
£ £
Due within one year
Other debtors 132,304 151,035
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 3,678 5,937
Trade creditors 11,650 5,044
Bank loans and overdrafts 1,445 1,360
Other creditors 6,868 6,834
Taxation and social security 32,704 25,621
56,345 44,796
9. Secured Creditors
Of the creditors the following amounts are secured. Hire purchase liabilties are secured against the assets being purchased.
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 3,678 5,937
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 3,678 5,937
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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12. 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 Ray Hessey 99,955 114,802 (127,016 ) - 87,740
The above loan is unsecured, interest bearing at a rate of 2.25% and repayable on demand. Significant repayments totalling £100,000 were made on 14 February 2024.
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