Acorah Software Products - Accounts Production 16.0.110 false true 31 May 2023 1 June 2022 false 1 June 2023 31 May 2024 31 May 2024 10759115 Mrs R Clarke Mr R Clarke iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10759115 2023-05-31 10759115 2024-05-31 10759115 2023-06-01 2024-05-31 10759115 frs-core:CurrentFinancialInstruments 2024-05-31 10759115 frs-core:ComputerEquipment 2023-06-01 2024-05-31 10759115 frs-core:FurnitureFittings 2023-06-01 2024-05-31 10759115 frs-core:InvestmentPropertyIncludedWithinPPE 2024-05-31 10759115 frs-core:InvestmentPropertyIncludedWithinPPE 2023-06-01 2024-05-31 10759115 frs-core:InvestmentPropertyIncludedWithinPPE 2023-05-31 10759115 frs-core:PlantMachinery 2024-05-31 10759115 frs-core:PlantMachinery 2023-06-01 2024-05-31 10759115 frs-core:PlantMachinery 2023-05-31 10759115 frs-core:ShareCapital 2024-05-31 10759115 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 10759115 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 10759115 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 10759115 frs-bus:SmallEntities 2023-06-01 2024-05-31 10759115 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 10759115 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 10759115 frs-bus:Director1 2023-06-01 2024-05-31 10759115 frs-bus:Director2 2023-06-01 2024-05-31 10759115 frs-countries:EnglandWales 2023-06-01 2024-05-31 10759115 2022-05-31 10759115 2023-05-31 10759115 2022-06-01 2023-05-31 10759115 frs-core:CurrentFinancialInstruments 2023-05-31 10759115 frs-core:ShareCapital 2023-05-31 10759115 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31
Registered number: 10759115
RC Squared Services Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10759115
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 558,083 558,907
Investments 20 20
558,103 558,927
CURRENT ASSETS
Debtors 5 225 937
Cash at bank and in hand 15,147 16,557
15,372 17,494
Creditors: Amounts Falling Due Within One Year 6 (273,400 ) (275,790 )
NET CURRENT ASSETS (LIABILITIES) (258,028 ) (258,296 )
TOTAL ASSETS LESS CURRENT LIABILITIES 300,075 300,631
PROVISIONS FOR LIABILITIES
Deferred Taxation (187 ) (326 )
NET ASSETS 299,888 300,305
CAPITAL AND RESERVES
Called up share capital 7 10 10
Profit and Loss Account 299,878 300,295
SHAREHOLDERS' FUNDS 299,888 300,305
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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 R Clarke
Director
29/10/2024
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
RC Squared Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10759115 . The registered office is Little Boldre House, Lower Sandy Down Lane, Boldre, Lymington, SO41 8PP.
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:
Plant & Machinery 20% Reducing Balance
Fixtures & Fittings 3 Years Straight Line
Computer Equipment 3 Years Straight Line
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Leasing and Hire Purchase Contracts
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
2.6. Financial Instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
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2.7. Taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Investment Properties Plant & Machinery etc. Total
£ £ £
Cost
As at 1 June 2023 555,607 14,712 570,319
As at 31 May 2024 555,607 14,712 570,319
Depreciation
As at 1 June 2023 - 11,412 11,412
Provided during the period - 824 824
As at 31 May 2024 - 12,236 12,236
Net Book Value
As at 31 May 2024 555,607 2,476 558,083
As at 1 June 2023 555,607 3,300 558,907
The freehold investment properties were valued on an open market basis on 13/07/2023 using an online valuation. The value of the properties is believed be £539,000 with no significant changes between the valuaton date and the current period end.
The cumulative cost of the capitalised legal fees is £16,607.
If the investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would be included as follows £305,000 (FY2022 £305,000).
5. Debtors
2024 2023
£ £
Due within one year
Other debtors 225 937
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6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other creditors 272,656 273,334
Taxation and social security 744 2,456
273,400 275,790
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10 10
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