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REGISTERED NUMBER: 07644572 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

ACCURA ACCOUNTANTS LIMITED

ACCURA ACCOUNTANTS LIMITED (REGISTERED NUMBER: 07644572)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 29 February 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


ACCURA ACCOUNTANTS LIMITED

COMPANY INFORMATION
for the Year Ended 29 February 2024







DIRECTORS: B M Leighton
S Patel
Ms R J Boorman
G A Chajet
MD S Mustafa





REGISTERED OFFICE: Langley House
Park Road
London
N2 8EY





REGISTERED NUMBER: 07644572 (England and Wales)






ACCURA ACCOUNTANTS LIMITED (REGISTERED NUMBER: 07644572)

STATEMENT OF FINANCIAL POSITION
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 291,000 320,100
Tangible assets 5 86,740 113,057
Investments 6 1 1
377,741 433,158

CURRENT ASSETS
Stocks 220,000 690,000
Debtors 7 1,574,638 1,218,818
Cash at bank and in hand 39,648 22,376
1,834,286 1,931,194
CREDITORS
Amounts falling due within one year 8 1,410,535 1,426,948
NET CURRENT ASSETS 423,751 504,246
TOTAL ASSETS LESS CURRENT
LIABILITIES

801,492

937,404

CREDITORS
Amounts falling due after more than one
year

9

(22,665

)

(200,526

)

PROVISIONS FOR LIABILITIES (14,711 ) (21,482 )
NET ASSETS 764,116 715,396

CAPITAL AND RESERVES
Called up share capital 1,801 2,001
Capital redemption reserve 12 900 -
Retained earnings 12 761,415 713,395
764,116 715,396

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ACCURA ACCOUNTANTS LIMITED (REGISTERED NUMBER: 07644572)

STATEMENT OF FINANCIAL POSITION - continued
29 February 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by:





B M Leighton - Director


ACCURA ACCOUNTANTS LIMITED (REGISTERED NUMBER: 07644572)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Accura Accountants Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax. Turnover is recognised once the service has been provided

Under FRS 102 Section 1A, revenue is required to be recognised for the provision of services on the completion method where is can be measured reliably. Therefore the work in progress figure represents recoverable unbilled work that has been recognised within the profit and loss account.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on reducing balance and 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.


ACCURA ACCOUNTANTS LIMITED (REGISTERED NUMBER: 07644572)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment of assets
A review of indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversals at each reporting date.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any material unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment or to provide termination benefits

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2023 - 33 ) .

ACCURA ACCOUNTANTS LIMITED (REGISTERED NUMBER: 07644572)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29 February 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 2,532,000
AMORTISATION
At 1 March 2023 2,211,900
Charge for year 29,100
At 29 February 2024 2,241,000
NET BOOK VALUE
At 29 February 2024 291,000
At 28 February 2023 320,100

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2023 289,165
Additions 9,277
Disposals (25,240 )
At 29 February 2024 273,202
DEPRECIATION
At 1 March 2023 176,108
Charge for year 31,500
Eliminated on disposal (21,146 )
At 29 February 2024 186,462
NET BOOK VALUE
At 29 February 2024 86,740
At 28 February 2023 113,057

ACCURA ACCOUNTANTS LIMITED (REGISTERED NUMBER: 07644572)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29 February 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 March 2023
and 29 February 2024 69,940
DEPRECIATION
At 1 March 2023 39,058
Charge for year 7,632
At 29 February 2024 46,690
NET BOOK VALUE
At 29 February 2024 23,250
At 28 February 2023 30,882

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 March 2023
and 29 February 2024 1
NET BOOK VALUE
At 29 February 2024 1
At 28 February 2023 1

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 1,197,715 727,779
Other debtors 376,923 491,039
1,574,638 1,218,818

Included within other debtors are prepayments of £19,633 (2023: £21,907).

ACCURA ACCOUNTANTS LIMITED (REGISTERED NUMBER: 07644572)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29 February 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 171,916 235,070
Hire purchase contracts (see note 10) 17,767 17,767
Trade creditors 90,562 95,699
Amounts owed to group undertakings 11,220 19,470
Taxation and social security 466,129 469,659
Other creditors 652,941 589,283
1,410,535 1,426,948

Included within other creditors are accrued expenses of £21,226 (2023: £nil) and a debt factoring balance of £534,730 (2023: £492,995).

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Bank loans 13,333 126,906
Hire purchase contracts (see note 10) 9,332 19,620
Taxation and social security - 54,000
22,665 200,526

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
29.2.24 28.2.23
£    £   
Net obligations repayable:
Within one year 17,767 17,767
Between one and five years 9,332 19,620
27,099 37,387

Non-cancellable operating leases
29.2.24 28.2.23
£    £   
Within one year 7,032 7,982
Between one and five years 4,688 11,720
11,720 19,702

ACCURA ACCOUNTANTS LIMITED (REGISTERED NUMBER: 07644572)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29 February 2024

11. SECURED DEBTS

The following secured debts are included within creditors:

29.2.24 28.2.23
£    £   
Bank overdraft - 5,585
Hire purchase contracts 27,099 37,387
Debt factoring 534,730 492,995
561,829 535,967

Debt factoring is secured by way of fixed and floating charges over all undertakings and all property and assets of the company.

The liability in respect of the hire purchase agreement are secured against the assets to which they relate.

12. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 March 2023 713,395 - 713,395
Profit for the year 225,913 225,913
Dividends (45,000 ) (45,000 )
Purchase of own shares (132,893 ) 900 (131,993 )
At 29 February 2024 761,415 900 762,315

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 29 February 2024 and 28 February 2023:

29.2.24 28.2.23
£    £   
A.S. Bradstock
Balance outstanding at start of year 129,540 132,508
Amounts advanced - 2,540
Amounts repaid (129,540 ) (5,508 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 129,540

MD S Mustafa
Balance outstanding at start of year 5,000 -
Amounts advanced - 5,000
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 5,000 5,000

ACCURA ACCOUNTANTS LIMITED (REGISTERED NUMBER: 07644572)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29 February 2024

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Included within the amount advanced is interest of nil (2023: £2,540) charged at HMRC prescribed rate on the outstanding loan balance. The overdrawn loan balance is repayable on demand and personally guaranteed by the directors.

14. RELATED PARTY DISCLOSURES

During the year the company did a share buy back of 700 Ordinary shares and 200 B shares for the value of £132,893.