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Registered number: 13213720
Babazula Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
Naylor Accountancy Services Limited
16 Mount Pleasant Road
Tunbridge Wells
Kent
TN1 1QU
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 13213720
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 466 700
466 700
CURRENT ASSETS
Debtors 5 253,120 248,209
Investments 6 455,000 150,000
Cash at bank and in hand 40,374 273,097
748,494 671,306
Creditors: Amounts Falling Due Within One Year 7 (109,502 ) (129,113 )
NET CURRENT ASSETS (LIABILITIES) 638,992 542,193
TOTAL ASSETS LESS CURRENT LIABILITIES 639,458 542,893
PROVISIONS FOR LIABILITIES
Deferred Taxation (133 ) (133 )
NET ASSETS 639,325 542,760
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 639,225 542,660
SHAREHOLDERS' FUNDS 639,325 542,760
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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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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
J Gloeer
Director
5th November 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Babazula Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13213720 . The registered office is Unit B12 Pine Grove Enterprise Centre, Pine Grove, Crowborough, East Sussex, TN6 1DH.
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 rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
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:
Computer Equipment 25% Straight Line Method
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
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4. Tangible Assets
Computer Equipment
£
Cost
As at 1 March 2023 1,165
As at 29 February 2024 1,165
Depreciation
As at 1 March 2023 465
Provided during the period 234
As at 29 February 2024 699
Net Book Value
As at 29 February 2024 466
As at 1 March 2023 700
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 230,063 231,567
Prepayments and accrued income 23,057 16,479
VAT - 163
253,120 248,209
6. Current Asset Investments
2024 2023
£ £
Listed investments 200,000 150,000
Short term deposits 255,000 -
455,000 150,000
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 139 21
Corporation tax 39,620 63,914
VAT 28 -
Net wages - 1,048
Director's loan account 69,715 64,130
109,502 129,113
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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