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Registered number: 08240052
Luggage-Point Ukena 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: 08240052
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 241,464 255,831
241,464 255,831
CURRENT ASSETS
Stocks 5 38,338 38,133
Debtors 6 586,436 236,756
Investments 7 220 220
Cash at bank and in hand 158,985 361,533
783,979 636,642
Creditors: Amounts Falling Due Within One Year 8 (425,675 ) (638,452 )
NET CURRENT ASSETS (LIABILITIES) 358,304 (1,810 )
TOTAL ASSETS LESS CURRENT LIABILITIES 599,768 254,021
Creditors: Amounts Falling Due After More Than One Year 9 (16,874 ) (31,552 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (60,366 ) (48,608 )
NET ASSETS 522,528 173,861
CAPITAL AND RESERVES
Called up share capital 10 110 110
Profit and Loss Account 522,418 173,751
SHAREHOLDERS' FUNDS 522,528 173,861
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 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 Marc Stewart
Director
22/11/2024
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
Luggage-Point Ukena Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08240052 . The registered office is Ground Floor Unit 39b, Colbourne Crescent, Nelson Park Industrial Estate, Cramlington, Northumberland, NE23 1WB.
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 15% Reducing balance
Fixtures & Fittings 15% Reducing balance
Computer Equipment 33% Reducing balance
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. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. 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.
...CONTINUED
Page 3
Page 4
2.6. Taxation - continued
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 19 (2023: 16)
19 16
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 April 2023 140,541 361,116 501,657
Additions 16,041 9,674 25,715
As at 31 March 2024 156,582 370,790 527,372
Depreciation
As at 1 April 2023 95,540 150,286 245,826
Provided during the period 7,995 32,087 40,082
As at 31 March 2024 103,535 182,373 285,908
Net Book Value
As at 31 March 2024 53,047 188,417 241,464
As at 1 April 2023 45,001 210,830 255,831
5. Stocks
2024 2023
£ £
Stock 38,338 38,133
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 29,080 592
Other debtors 557,356 236,164
586,436 236,756
7. Current Asset Investments
2024 2023
£ £
Shares in subsidiaries 220 220
Page 4
Page 5
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 218,230 156,993
Bank loans and overdrafts 23,993 37,589
Other creditors 172,939 338,337
Taxation and social security 10,513 105,533
425,675 638,452
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 16,874 31,552
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 110 110
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