Acorah Software Products - Accounts Production 16.0.110 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 06465071 Miss Francesca Hayes Mr Robert Abbott Mr Killian Kirkpatrick Miss Francesca Hayes Frassino Limited true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 06465071 2023-03-31 06465071 2024-03-31 06465071 2023-04-01 2024-03-31 06465071 frs-core:CurrentFinancialInstruments 2024-03-31 06465071 frs-core:Non-currentFinancialInstruments 2024-03-31 06465071 frs-core:ComputerEquipment 2024-03-31 06465071 frs-core:ComputerEquipment 2023-04-01 2024-03-31 06465071 frs-core:ComputerEquipment 2023-03-31 06465071 frs-core:FurnitureFittings 2024-03-31 06465071 frs-core:FurnitureFittings 2023-04-01 2024-03-31 06465071 frs-core:FurnitureFittings 2023-03-31 06465071 frs-core:NetGoodwill 2024-03-31 06465071 frs-core:NetGoodwill 2023-04-01 2024-03-31 06465071 frs-core:NetGoodwill 2023-03-31 06465071 frs-core:ShareCapital 2024-03-31 06465071 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 06465071 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06465071 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 06465071 frs-bus:SmallEntities 2023-04-01 2024-03-31 06465071 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 06465071 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06465071 frs-bus:OrdinaryShareClass1 2023-04-01 2024-03-31 06465071 frs-bus:OrdinaryShareClass1 2024-03-31 06465071 1 2023-04-01 2024-03-31 06465071 frs-core:UnlistedNon-exchangeTraded 2024-03-31 06465071 frs-core:UnlistedNon-exchangeTraded 2023-03-31 06465071 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-03-31 06465071 frs-core:AdditionsToInvestments frs-core:UnlistedNon-exchangeTraded 2024-03-31 06465071 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2024-03-31 06465071 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-03-31 06465071 frs-core:ImpairmentReversalProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2024-03-31 06465071 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2024-03-31 06465071 frs-bus:Director1 2023-04-01 2024-03-31 06465071 frs-bus:Director2 2023-04-01 2024-03-31 06465071 frs-bus:Director3 2023-04-01 2024-03-31 06465071 frs-bus:CompanySecretary1 2023-04-01 2024-03-31 06465071 frs-countries:EnglandWales 2023-04-01 2024-03-31 06465071 2022-03-31 06465071 2023-03-31 06465071 2022-04-01 2023-03-31 06465071 frs-core:CurrentFinancialInstruments 2023-03-31 06465071 frs-core:Non-currentFinancialInstruments 2023-03-31 06465071 frs-core:ShareCapital 2023-03-31 06465071 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31 06465071 frs-bus:OrdinaryShareClass1 2022-04-01 2023-03-31
Registered number: 06465071
First Service Financial Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Association of Chartered Certified Accountants (ACCA)
Key Accountants
Office 5, The Forest Rock Offices
Leicester Road, Whitwick
Leicestershire
LE67 5GQ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 06465071
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 6,971 7,568
Investments 6 379,723 292,183
386,694 299,751
CURRENT ASSETS
Debtors 7 10,998 9,930
Cash at bank and in hand 271,851 218,633
282,849 228,563
Creditors: Amounts Falling Due Within One Year 8 (316,866 ) (169,315 )
NET CURRENT ASSETS (LIABILITIES) (34,017 ) 59,248
TOTAL ASSETS LESS CURRENT LIABILITIES 352,677 358,999
Creditors: Amounts Falling Due After More Than One Year 9 (20,000 ) (36,000 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,743 ) (1,306 )
NET ASSETS 330,934 321,693
CAPITAL AND RESERVES
Called up share capital 10 14,000 14,000
Profit and Loss Account 316,934 307,693
SHAREHOLDERS' FUNDS 330,934 321,693
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
Miss Francesca Hayes
Director
14th October 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
First Service Financial Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06465071 . The registered office is Office 5, The Forest Rock Offices Leicester Road, Whitwick, Coalville, LE67 5GQ.
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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. Amortisation is provided to the profit and loss account over its estimated economic life determined by future earnings.
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% Straight Line
Computer Equipment 20% Straight Line
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 year 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 asset reflects 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.
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Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 20 16
20 16
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 20,000
As at 31 March 2024 20,000
Amortisation
As at 1 April 2023 20,000
As at 31 March 2024 20,000
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 646 9,923 10,569
Additions 30 1,651 1,681
As at 31 March 2024 676 11,574 12,250
Depreciation
As at 1 April 2023 206 2,795 3,001
Provided during the period 100 2,178 2,278
As at 31 March 2024 306 4,973 5,279
Net Book Value
As at 31 March 2024 370 6,601 6,971
As at 1 April 2023 440 7,128 7,568
Page 4
Page 5
6. Investments
Unlisted
£
Cost
As at 1 April 2023 325,000
Additions 50,000
As at 31 March 2024 375,000
Provision
As at 1 April 2023 32,817
Reversal of past impairments (37,540 )
As at 31 March 2024 (4,723 )
Net Book Value
As at 31 March 2024 379,723
As at 1 April 2023 292,183
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 3,944 3,725
Prepayments and accrued income 7,054 6,205
10,998 9,930
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 57,750 79,377
Corporation tax 116,652 60,009
Other taxes and social security 35,807 29,353
Other creditors 157 76
Accruals and deferred income 500 500
Amounts owed to parent undertaking 106,000 -
316,866 169,315
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Directors loan account 20,000 20,000
Amounts owed to parent company - 16,000
20,000 36,000
Please note that both of the above long term creditors are covered by subordinated loan agreements.
Page 5
Page 6
10. Share Capital
2024 2023
Allotted, called up and fully paid £ £
14,000 Ordinary Shares of £ 1.00 each 14,000 14,000
11. Ultimate Controlling Party
The company's ultimate controlling party is Frassino Limited by virtue of an ownership of 100% of the issued share capital in the company.
Page 6