Acorah Software Products - Accounts Production 16.0.110 false true 28 February 2023 1 March 2022 false 1 March 2023 29 February 2024 29 February 2024 05370595 Mr Kevin Embleton Mr Keith Embleton iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05370595 2023-02-28 05370595 2024-02-29 05370595 2023-03-01 2024-02-29 05370595 frs-core:CurrentFinancialInstruments 2024-02-29 05370595 frs-core:Non-currentFinancialInstruments 2024-02-29 05370595 frs-core:BetweenOneFiveYears 2024-02-29 05370595 frs-core:ComputerEquipment 2024-02-29 05370595 frs-core:ComputerEquipment 2023-03-01 2024-02-29 05370595 frs-core:ComputerEquipment 2023-02-28 05370595 frs-core:FurnitureFittings 2024-02-29 05370595 frs-core:FurnitureFittings 2023-03-01 2024-02-29 05370595 frs-core:FurnitureFittings 2023-02-28 05370595 frs-core:MotorVehicles 2024-02-29 05370595 frs-core:MotorVehicles 2023-03-01 2024-02-29 05370595 frs-core:MotorVehicles 2023-02-28 05370595 frs-core:PlantMachinery 2024-02-29 05370595 frs-core:PlantMachinery 2023-03-01 2024-02-29 05370595 frs-core:PlantMachinery 2023-02-28 05370595 frs-core:WithinOneYear 2024-02-29 05370595 frs-core:ShareCapital 2024-02-29 05370595 frs-core:RetainedEarningsAccumulatedLosses 2024-02-29 05370595 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 05370595 frs-bus:FilletedAccounts 2023-03-01 2024-02-29 05370595 frs-bus:SmallEntities 2023-03-01 2024-02-29 05370595 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 05370595 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 05370595 frs-bus:Director1 2023-03-01 2024-02-29 05370595 frs-bus:Director2 2023-03-01 2024-02-29 05370595 frs-core:CurrentFinancialInstruments 1 2024-02-29 05370595 frs-core:CurrentFinancialInstruments 4 2024-02-29 05370595 frs-countries:EnglandWales 2023-03-01 2024-02-29 05370595 2022-02-28 05370595 2023-02-28 05370595 2022-03-01 2023-02-28 05370595 frs-core:CurrentFinancialInstruments 2023-02-28 05370595 frs-core:Non-currentFinancialInstruments 2023-02-28 05370595 frs-core:BetweenOneFiveYears 2023-02-28 05370595 frs-core:WithinOneYear 2023-02-28 05370595 frs-core:ShareCapital 2023-02-28 05370595 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28 05370595 frs-core:CurrentFinancialInstruments 1 2023-02-28 05370595 frs-core:CurrentFinancialInstruments 4 2023-02-28
Registered number: 05370595
Concept It Services Ltd
Unaudited Financial Statements
For The Year Ended 29 February 2024
Valued
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 05370595
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 160,778 145,751
160,778 145,751
CURRENT ASSETS
Stocks 5 11,164 43,302
Debtors 6 113,252 116,795
Cash at bank and in hand 196,541 105,062
320,957 265,159
Creditors: Amounts Falling Due Within One Year 7 (177,974 ) (159,602 )
NET CURRENT ASSETS (LIABILITIES) 142,983 105,557
TOTAL ASSETS LESS CURRENT LIABILITIES 303,761 251,308
Creditors: Amounts Falling Due After More Than One Year 8 (183,089 ) (134,848 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (29,977 ) (26,843 )
NET ASSETS 90,695 89,617
CAPITAL AND RESERVES
Called up share capital 10 51,000 51,000
Profit and Loss Account 39,695 38,617
SHAREHOLDERS' FUNDS 90,695 89,617
Page 1
Page 2
For the year ending 29 February 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 Kevin Embleton
Director
11/11/2024
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
Concept It Services Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 05370595 . The registered office is F8 Tanfield Lea Business Centre, Tanfield Lea, Stanley, DH9 9DB.
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 form the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover form 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:
Plant & Machinery 15% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 15% Reducing Balance
Computer Equipment 15% Reducing Balance
A full review of the useful economic lives of tangible fixed assets was undertaken during the year.  Where appropriate, the useful economic lives have been changed to better reflect the current estimates by the directors and this is reflected in the depreciation charge for the year.
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.
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.
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2.6. 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 year 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 asset reflects 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: 10 (2023: 10)
10 10
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 March 2023 18,796 50,315 121,867 108,053 299,031
Additions 10,078 - 6,908 26,969 43,955
As at 29 February 2024 28,874 50,315 128,775 135,022 342,986
Depreciation
As at 1 March 2023 7,813 20,885 81,663 42,919 153,280
Provided during the period 2,278 7,358 6,716 12,576 28,928
As at 29 February 2024 10,091 28,243 88,379 55,495 182,208
Net Book Value
As at 29 February 2024 18,783 22,072 40,396 79,527 160,778
As at 1 March 2023 10,983 29,430 40,204 65,134 145,751
5. Stocks
2024 2023
£ £
Materials 2,235 13,022
Work in progress 8,929 30,280
11,164 43,302
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 103,352 67,094
Prepayments and accrued income 1,838 10,890
Other debtors 2,411 1,911
Other debtors (1) 4,931 -
Net wages 720 -
Directors' loan accounts - 36,900
113,252 116,795
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 10,178 11,103
Trade creditors 41,426 73,648
Bank loans and overdrafts 44,656 30,033
Corporation tax 1,601 -
Other taxes and social security 1,643 5,865
VAT 21,805 13,136
Net wages - 1,075
Other creditors 6,953 24,742
Other creditors (4) 49,565 -
Directors' loan accounts 147 -
177,974 159,602
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 8,122 17,375
Bank loans 174,967 117,473
183,089 134,848
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 10,178 11,103
Later than one year and not later than five years 8,122 17,375
18,300 28,478
18,300 28,478
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10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 51,000 51,000
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