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Registered number: 06256223
Nova Plasterboard Systems Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
CBS Accountants Ltd
Chartered Accountants
Unit 17, Orbital 25 Business Park
Dwight Road
Watford
Hertfordshire
WD18 9DA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 06256223
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 333,857 305,693
333,857 305,693
CURRENT ASSETS
Stocks 5 316,310 213,763
Debtors 6 1,045,316 1,064,644
Cash at bank and in hand 423 75,878
1,362,049 1,354,285
Creditors: Amounts Falling Due Within One Year 7 (816,279 ) (781,089 )
NET CURRENT ASSETS (LIABILITIES) 545,770 573,196
TOTAL ASSETS LESS CURRENT LIABILITIES 879,627 878,889
Creditors: Amounts Falling Due After More Than One Year 8 (481,846 ) (468,738 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (7,417 ) (8,958 )
NET ASSETS 390,364 401,193
CAPITAL AND RESERVES
Called up share capital 10 198 198
Capital redemption reserve 99 99
Profit and Loss Account 390,067 400,896
SHAREHOLDERS' FUNDS 390,364 401,193
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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
Mr James Brennan
Director
28/10/2024
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
Nova Plasterboard Systems Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06256223 . The registered office is Unit 2, Greenwood Court, Ramridge Road, Luton, LU2 0TN.
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 using straight line basis 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 10%
Motor Vehicles 25%
Computer Equipment 25%
Previously Motor Vehicles were depreciated at 25% straight line, the policy has been changed and align with plant and machinery at 10% straight line basis.
2.4. 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.
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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. Financial Instruments
Basic financial instruments are recognized at amortised cost using the effective interest method.
Other financial instruments are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognized in profit or loss.
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. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2023: 10)
10 10
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4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 June 2023 23,000 401,158 35,248 459,406
Additions 53,395 - - 53,395
As at 31 May 2024 76,395 401,158 35,248 512,801
Depreciation
As at 1 June 2023 1,438 117,027 35,248 153,713
Provided during the period 2,300 22,931 - 25,231
As at 31 May 2024 3,738 139,958 35,248 178,944
Net Book Value
As at 31 May 2024 72,657 261,200 - 333,857
As at 1 June 2023 21,562 284,131 - 305,693
5. Stocks
2024 2023
£ £
Materials 316,310 213,763
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,960 19,927
Other debtors 1,043,356 1,044,717
1,045,316 1,064,644
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 550,919 483,181
Bank loans and overdrafts 129,275 251,111
Other creditors 111,455 5,573
Taxation and social security 24,630 41,224
816,279 781,089
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 320,972 324,060
Bank loans 160,874 144,678
481,846 468,738
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Later than one year and not later than five years 320,972 324,060
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 198 198
11. Related Party Transactions
During the year, the director made an interest-free advances to company amounting to £105,000 (2023: £Nil). These were repayable on demand.
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