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 05330462 Mr Damon Moore Mrs Kate Moore iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05330462 2023-03-31 05330462 2024-03-31 05330462 2023-04-01 2024-03-31 05330462 frs-core:CurrentFinancialInstruments 2024-03-31 05330462 frs-core:Non-currentFinancialInstruments 2024-03-31 05330462 frs-core:ComputerEquipment 2024-03-31 05330462 frs-core:ComputerEquipment 2023-04-01 2024-03-31 05330462 frs-core:ComputerEquipment 2023-03-31 05330462 frs-core:FurnitureFittings 2024-03-31 05330462 frs-core:FurnitureFittings 2023-04-01 2024-03-31 05330462 frs-core:FurnitureFittings 2023-03-31 05330462 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-03-31 05330462 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05330462 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-03-31 05330462 frs-core:MotorVehicles 2024-03-31 05330462 frs-core:MotorVehicles 2023-04-01 2024-03-31 05330462 frs-core:MotorVehicles 2023-03-31 05330462 frs-core:PlantMachinery 2024-03-31 05330462 frs-core:PlantMachinery 2023-04-01 2024-03-31 05330462 frs-core:PlantMachinery 2023-03-31 05330462 frs-core:RevaluationReserve 2023-03-31 05330462 frs-core:RevaluationReserve 2024-03-31 05330462 frs-core:SharePremium 2024-03-31 05330462 frs-core:ShareCapital 2024-03-31 05330462 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 05330462 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05330462 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 05330462 frs-bus:SmallEntities 2023-04-01 2024-03-31 05330462 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 05330462 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05330462 frs-bus:Director1 2023-04-01 2024-03-31 05330462 frs-bus:Director2 2023-04-01 2024-03-31 05330462 frs-countries:EnglandWales 2023-04-01 2024-03-31 05330462 2022-03-31 05330462 2023-03-31 05330462 2022-04-01 2023-03-31 05330462 frs-core:CurrentFinancialInstruments 2023-03-31 05330462 frs-core:Non-currentFinancialInstruments 2023-03-31 05330462 frs-core:RevaluationReserve 2023-03-31 05330462 frs-core:SharePremium 2023-03-31 05330462 frs-core:ShareCapital 2023-03-31 05330462 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 05330462
Frome Silk Mill Arts Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
4 Fair View
North Brewham
Bruton
Somerset
BA10 0JT
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05330462
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 807,183 806,285
807,183 806,285
CURRENT ASSETS
Debtors 5 105,573 105,814
Investments 6 (7,235 ) (5,585 )
Cash at bank and in hand 18,373 16,491
116,711 116,720
Creditors: Amounts Falling Due Within One Year 7 (26,090 ) (19,844 )
NET CURRENT ASSETS (LIABILITIES) 90,621 96,876
TOTAL ASSETS LESS CURRENT LIABILITIES 897,804 903,161
Creditors: Amounts Falling Due After More Than One Year 8 (404,450 ) (409,450 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (25,539 ) (25,368 )
NET ASSETS 467,815 468,343
CAPITAL AND RESERVES
Called up share capital 9 100 100
Share premium account 299,900 299,900
Revaluation reserve 10 73,859 73,859
Profit and Loss Account 93,956 94,484
SHAREHOLDERS' FUNDS 467,815 468,343
Page 1
Page 2
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 Profit and Loss Account.
On behalf of the board
Mrs Kate Moore
Director
15/11/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Frome Silk Mill Arts Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05330462 . The registered office is 81a High Street, Maiden Bradley, Warminster, Wiltshire, BA12 7JG.
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 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 Revaluation
Plant & Machinery 25% slm
Motor Vehicles 25% slm
Fixtures & Fittings 20% rbm
Computer Equipment 25% slm
2.4. 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.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: )
2 -
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 April 2023 798,663 8,487 6,400 9,191
Additions - 1,320 2,999 -
As at 31 March 2024 798,663 9,807 9,399 9,191
Depreciation
As at 1 April 2023 - 8,487 6,400 4,657
Provided during the period - 330 750 1,511
As at 31 March 2024 - 8,817 7,150 6,168
Net Book Value
As at 31 March 2024 798,663 990 2,249 3,023
As at 1 April 2023 798,663 - - 4,534
Computer Equipment Total
£ £
Cost
As at 1 April 2023 4,395 827,136
Additions 358 4,677
As at 31 March 2024 4,753 831,813
Depreciation
As at 1 April 2023 1,307 20,851
Provided during the period 1,188 3,779
As at 31 March 2024 2,495 24,630
Net Book Value
As at 31 March 2024 2,258 807,183
As at 1 April 2023 3,088 806,285
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 8,054 8,598
Other debtors 97,519 97,216
105,573 105,814
Page 4
Page 5
6. Current Asset Investments
2024 2023
£ £
Short term deposits (7,235 ) (5,585 )
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 5,000 5,000
Other creditors 14,543 10,716
Taxation and social security 6,547 4,128
26,090 19,844
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 404,450 409,450
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Reserves
Revaluation Reserve
£
As at 1 April 2023 73,859
As at 31 March 2024 73,859
Page 5