Acorah Software Products - Accounts Production 16.0.110 false true true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 08945690 Mr M D Edworthy Mr P N Scantlebury iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08945690 2023-03-31 08945690 2024-03-31 08945690 2023-04-01 2024-03-31 08945690 frs-core:CurrentFinancialInstruments 2024-03-31 08945690 frs-core:Non-currentFinancialInstruments 2024-03-31 08945690 frs-core:ComputerEquipment 2023-04-01 2024-03-31 08945690 frs-core:FurnitureFittings 2024-03-31 08945690 frs-core:FurnitureFittings 2023-04-01 2024-03-31 08945690 frs-core:FurnitureFittings 2023-03-31 08945690 frs-core:ShareCapital 2024-03-31 08945690 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 08945690 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08945690 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 08945690 frs-bus:SmallEntities 2023-04-01 2024-03-31 08945690 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 08945690 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 08945690 frs-bus:Director1 2023-04-01 2024-03-31 08945690 frs-bus:Director2 2023-04-01 2024-03-31 08945690 frs-countries:EnglandWales 2023-04-01 2024-03-31 08945690 2022-03-31 08945690 2023-03-31 08945690 2022-04-01 2023-03-31 08945690 frs-core:CurrentFinancialInstruments 2023-03-31 08945690 frs-core:Non-currentFinancialInstruments 2023-03-31 08945690 frs-core:ShareCapital 2023-03-31 08945690 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 08945690
Stowford Mill Development Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08945690
2024 2023
Notes £ £ £ £
FIXED ASSETS
CURRENT ASSETS
Stocks 5 3,204,322 3,399,860
Debtors 6 40,000 55,867
Cash at bank and in hand 1,144,422 1,364,284
4,388,744 4,820,011
Creditors: Amounts Falling Due Within One Year 7 (4,130,654 ) (3,789,625 )
NET CURRENT ASSETS (LIABILITIES) 258,090 1,030,386
TOTAL ASSETS LESS CURRENT LIABILITIES 258,090 1,030,386
Creditors: Amounts Falling Due After More Than One Year 8 (3,875,082 ) (4,256,769 )
NET LIABILITIES (3,616,992 ) (3,226,383 )
CAPITAL AND RESERVES
Called up share capital 9 2,000,200 2,000,200
Profit and Loss Account (5,617,192 ) (5,226,583 )
SHAREHOLDERS' FUNDS (3,616,992) (3,226,383)
Page 1
Page 2
For the year ending 31 March 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 M D Edworthy
Director
19 November 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
Stowford Mill Development Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08945690 . The registered office is Winslade House, Winslade Drive, Clyst St Mary, EX5 1FY.
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. Going Concern Disclosure
As at the year end, the Company’s balance sheet shows an overall deficiency of assets of £3,616,992 (2023:£3,226.383), largely due to a significant provision against the company’s Work in Progress in  a previous period. Accordingly, the Directors have had to consider the basis upon which the accounts should be prepared and determine whether a going concern basis remains appropriate. The Directors have continued to support the Company financially and the Company’s main funder has provided funding to complete the current phase of development. Further funds are also being raised from the disposal of a parcel of land on the development and so accordingly, the accounts have been prepared on a going concern basis. The Directors have also reviewed the position for twelve months from the date the accounts were approved.
2.3. 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.
2.4. 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:
Fixtures & Fittings 15% Reducing balance
Computer Equipment 33% Straight Line
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.
2.6. Pensions
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognized as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognized as a prepayment.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
Page 3
Page 4
4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 April 2023 333
As at 31 March 2024 333
Depreciation
As at 1 April 2023 333
As at 31 March 2024 333
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
5. Stocks
2024 2023
£ £
Work in progress 3,204,322 3,399,860
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 1,920
Other debtors 40,000 53,947
40,000 55,867
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 197,835 575,042
Bank loans and overdrafts 8,160 8,160
Other creditors 3,875,824 3,204,375
Taxation and social security 48,835 2,048
4,130,654 3,789,625
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 15,877 19,774
Other creditors 3,859,205 4,236,995
3,875,082 4,256,769
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Page 5
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2,000,200 2,000,200
Page 5