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Registered number: 03923448
The Oliver Searle Partnership Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 03923448
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 1,681 2,994
1,681 2,994
CURRENT ASSETS
Debtors 6 156,187 54,979
Cash at bank and in hand 151,178 245,842
307,365 300,821
Creditors: Amounts Falling Due Within One Year 7 (16,292 ) (26,515 )
NET CURRENT ASSETS (LIABILITIES) 291,073 274,306
TOTAL ASSETS LESS CURRENT LIABILITIES 292,754 277,300
PROVISIONS FOR LIABILITIES
Deferred Taxation (187 ) (308 )
NET ASSETS 292,567 276,992
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 292,467 276,892
SHAREHOLDERS' FUNDS 292,567 276,992
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For the year ending 30 April 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
G B Stevens
Director
24/10/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
The Oliver Searle Partnership Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03923448 . The registered office is Unit 11, Riverside Park Industrial Estate, Dogflud Way, Farnham, Surrey, GU9 7UG.
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
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of theconsideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
  • the amount of revenue can be measured reliably;
  • it is probable that the Company will receive the consideration due under the contract;
  • the stage of completion of the contract at the end of the reporting period can be measured reliably; and
  • the costs incurred and the costs to complete the contract can be measured reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Income and Retained Earnings over its useful economic life.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
2.5. Research and Development
Expenditure on research and development is written off in the year it is incurred unless it meets the criteria to allow it to be capitalised. Costs of research are always written off in the year in which they are incurred. Where development costs are recognised as an asset, they are amortised over the period expected to benefit from them. Amortisation of the capitalised costs begins once the developed product comes into use, typically at rate of 33.33% straight line.
2.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
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:
Fixtures & Fittings 50% and 25% Reducing balance
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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 pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.9. Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
2.10. Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty or notice of not more than 24 hours.
2.11. Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 16 (2023: 16)
16 16
4. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 May 2023 100 2,143,880 2,143,980
As at 30 April 2024 100 2,143,880 2,143,980
Amortisation
As at 1 May 2023 100 2,143,880 2,143,980
As at 30 April 2024 100 2,143,880 2,143,980
Net Book Value
As at 30 April 2024 - - -
As at 1 May 2023 - - -
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5. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 May 2023 12,384
Additions 561
Disposals (2,762 )
As at 30 April 2024 10,183
Depreciation
As at 1 May 2023 9,390
Provided during the period (850 )
Disposals (38 )
As at 30 April 2024 8,502
Net Book Value
As at 30 April 2024 1,681
As at 1 May 2023 2,994
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,293 -
Prepayments and accrued income 25,351 33,536
Other debtors 1,000 1,000
Directors' loan accounts 109,300 1,200
Amounts owed by group undertakings 19,243 19,243
156,187 54,979
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 171 4,498
Corporation tax 3,993 9,889
Other taxes and social security 2,360 1,664
VAT 4,305 4,766
Other creditors 1,000 509
Pensions payable 1,506 1,757
Accruals and deferred income 2,917 2,692
Directors' loan accounts 40 740
16,292 26,515
8. Share Capital
2024 2023
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1.00 each 100 100
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9. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £16,315 (2023: £17,221) in the year. At the balance sheet date unpaid contributions of £1,506 (2023: £1,757) were due to the fund. They are included in Other Creditors.
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 May 2023 Amounts advanced Amounts repaid Amounts written off As at 30 April 2024
£ £ £ £ £
Mr Timothy Stevens (700) 110,000 - - 109,300
The above loan is unsecured, interest free and repayable on demand. The loan was fully repaid within 9 months of the year end date. 
11. Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
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