Acorah Software Products - Accounts Production 16.0.110 false true 31 May 2023 1 March 2022 false 1 June 2023 31 May 2024 31 May 2024 00747698 Mr Robert Newman Mr Robert Newman iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 00747698 2023-05-31 00747698 2024-05-31 00747698 2023-06-01 2024-05-31 00747698 frs-core:CurrentFinancialInstruments 2024-05-31 00747698 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-05-31 00747698 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 00747698 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-05-31 00747698 frs-core:MotorVehicles 2024-05-31 00747698 frs-core:MotorVehicles 2023-06-01 2024-05-31 00747698 frs-core:MotorVehicles 2023-05-31 00747698 frs-core:PlantMachinery 2024-05-31 00747698 frs-core:PlantMachinery 2023-06-01 2024-05-31 00747698 frs-core:PlantMachinery 2023-05-31 00747698 frs-core:RevaluationReserve 2023-05-31 00747698 frs-core:RevaluationReserve 2024-05-31 00747698 frs-core:ShareCapital 2024-05-31 00747698 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 00747698 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 00747698 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 00747698 frs-bus:SmallEntities 2023-06-01 2024-05-31 00747698 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 00747698 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 00747698 frs-bus:Director1 2023-06-01 2024-05-31 00747698 frs-bus:CompanySecretary1 2023-06-01 2024-05-31 00747698 frs-countries:EnglandWales 2023-06-01 2024-05-31 00747698 2022-02-28 00747698 2023-05-31 00747698 2022-03-01 2023-05-31 00747698 frs-core:CurrentFinancialInstruments 2023-05-31 00747698 frs-core:RevaluationReserve 2023-05-31 00747698 frs-core:ShareCapital 2023-05-31 00747698 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31
Registered number: 00747698
Avicraft Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
TaxAssist Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 00747698
31 May 2024 31 May 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 702,812 703,749
702,812 703,749
CURRENT ASSETS
Stocks 5 91,020 98,055
Cash at bank and in hand 15,870 22,454
106,890 120,509
Creditors: Amounts Falling Due Within One Year 6 (376,396 ) (399,386 )
NET CURRENT ASSETS (LIABILITIES) (269,506 ) (278,877 )
TOTAL ASSETS LESS CURRENT LIABILITIES 433,306 424,872
PROVISIONS FOR LIABILITIES
Deferred Taxation (121,315 ) (121,315 )
NET ASSETS 311,991 303,557
CAPITAL AND RESERVES
Called up share capital 7 1,000 1,000
Revaluation reserve 8 517,235 517,235
Profit and Loss Account (206,244 ) (214,678 )
SHAREHOLDERS' FUNDS 311,991 303,557
Page 1
Page 2
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 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
Mr Robert Newman
Director
19/11/2024
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
Avicraft Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00747698 . The registered office is 15 Chatterton Road, Bromley, Kent.
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:
Plant & Machinery 25% Reducing balance
Motor Vehicles 20% Straight line
Freehold property is included at fair value. Gains are recognised in the revaluation reserve.
2.4. 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.
2.5. 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost or Valuation
As at 1 June 2023 700,000 13,955 59,877 773,832
As at 31 May 2024 700,000 13,955 59,877 773,832
Depreciation
As at 1 June 2023 - 10,206 59,877 70,083
Provided during the period - 937 - 937
As at 31 May 2024 - 11,143 59,877 71,020
Net Book Value
As at 31 May 2024 700,000 2,812 - 702,812
As at 1 June 2023 700,000 3,749 - 703,749
Cost or valuation as at 31 May 2024 represented by:
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
At cost 61,500 13,955 59,877 135,332
At valuation 638,500 - - 638,500
700,000 13,955 59,877 773,832
If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:
Land & Property
Freehold
£
Cost 61,500
5. Stocks
31 May 2024 31 May 2023
£ £
Finished goods 91,020 98,055
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Page 5
6. Creditors: Amounts Falling Due Within One Year
31 May 2024 31 May 2023
£ £
Trade creditors 2,060 1,545
VAT 24,242 28,677
Accruals and deferred income 1,750 2,950
Director's loan account 348,344 366,214
376,396 399,386
7. Share Capital
31 May 2024 31 May 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
8. Reserves
Revaluation Reserve
£
As at 1 June 2023 517,235
As at 31 May 2024 517,235
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