Acorah Software Products - Accounts Production 16.0.110 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 11453121 Mrs Laura Knight Mr Paul Finglas Mr Richard Mithen Dr Andrew Muir Dr Georgina Pope Ms Sarah McDonald iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11453121 2023-03-31 11453121 2024-03-31 11453121 2023-04-01 2024-03-31 11453121 frs-core:CurrentFinancialInstruments 2024-03-31 11453121 frs-core:ComputerEquipment 2024-03-31 11453121 frs-core:ComputerEquipment 2023-04-01 2024-03-31 11453121 frs-core:ComputerEquipment 2023-03-31 11453121 frs-core:SharePremium 2024-03-31 11453121 frs-core:ShareCapital 2024-03-31 11453121 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 11453121 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 11453121 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 11453121 frs-bus:SmallEntities 2023-04-01 2024-03-31 11453121 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 11453121 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 11453121 frs-bus:Director1 2023-04-01 2024-03-31 11453121 frs-bus:Director2 2023-04-01 2024-03-31 11453121 frs-bus:Director3 2023-04-01 2024-03-31 11453121 frs-bus:Director4 2023-04-01 2024-03-31 11453121 frs-bus:Director5 2023-04-01 2024-03-31 11453121 frs-bus:Director6 2023-04-01 2024-03-31 11453121 frs-countries:EnglandWales 2023-04-01 2024-03-31 11453121 2022-03-31 11453121 2023-03-31 11453121 2022-04-01 2023-03-31 11453121 frs-core:CurrentFinancialInstruments 2023-03-31 11453121 frs-core:SharePremium 2023-03-31 11453121 frs-core:ShareCapital 2023-03-31 11453121 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 11453121
THE SMARTER FOOD COMPANY LIMITED
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 11453121
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,209 362
1,209 362
CURRENT ASSETS
Stocks 5 296,210 181,388
Debtors 6 9,923 11,535
Cash at bank and in hand 296,025 190,322
602,158 383,245
Creditors: Amounts Falling Due Within One Year 7 (153,102 ) (91,449 )
NET CURRENT ASSETS (LIABILITIES) 449,056 291,796
TOTAL ASSETS LESS CURRENT LIABILITIES 450,265 292,158
NET ASSETS 450,265 292,158
CAPITAL AND RESERVES
Called up share capital 8 919 806
Share premium account 1,546,903 1,205,523
Income Statement (1,097,557 ) (914,171 )
SHAREHOLDERS' FUNDS 450,265 292,158
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For the year ending 31 March 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 Income Statement.
On behalf of the board
Mrs Laura Knight
Director
6th November 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
THE SMARTER FOOD COMPANY LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 11453121 . The registered office is C/O Ma Partners, 7 The Close, Norwich, NR1 4DJ.
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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied: 
  • the Company has transferred the significant risks and rewards of ownership to the buyer;
  • the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
  • the amount of revenue can be measured reliably;
  • it is probable that the Company will receive the consideration due under the transaction; and
  • the costs incurred or to be incurred in respect of the transaction can be measured 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 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 basis:
Computer Equipment Over three years
2.4. 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.
2.5. Financial Instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.
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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.
2.8. Pensions
The company operates a defined contribution pension scheme.  A defined contribution plan is a pension plan under which the Company pavs fixed contributions into a separate entity.  Once the contributions have been paid the Company has no further payment obligations.
Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.  Amounts not paid are shown in creditors as a liability in the Balance Sheet.
2.9. Development costs
In the research phase of the project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on development shall be recognised as an expense when it is incurred.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
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4. Tangible Assets
Computer Equipment
£
Cost
As at 1 April 2023 746
Additions 1,138
As at 31 March 2024 1,884
Depreciation
As at 1 April 2023 384
Provided during the period 291
As at 31 March 2024 675
Net Book Value
As at 31 March 2024 1,209
As at 1 April 2023 362
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5. Stocks
2024 2023
£ £
Materials 82,576 73,102
Finished goods 137,206 81,708
Work in progress 76,428 26,578
296,210 181,388
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 1,203 1,412
Other debtors - 420
VAT 8,720 9,703
9,923 11,535
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 99,462 45,024
Other taxes and social security 2,440 2,580
Other creditors 862 1,252
Accruals and deferred income 50,338 41,761
Directors' loan accounts - 832
153,102 91,449
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 919 806
9. Related Party Transactions
As at 31 March 2024 the company owed a director £nil (2023: £832).
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