Acorah Software Products - Accounts Production 16.0.110 false true true 28 February 2023 1 March 2022 false 1 March 2023 29 February 2024 29 February 2024 10609451 Mr Dasos Anastasis iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10609451 2023-02-28 10609451 2024-02-29 10609451 2023-03-01 2024-02-29 10609451 frs-core:CurrentFinancialInstruments 2024-02-29 10609451 frs-core:Non-currentFinancialInstruments 2024-02-29 10609451 frs-core:FurnitureFittings 2024-02-29 10609451 frs-core:FurnitureFittings 2023-03-01 2024-02-29 10609451 frs-core:FurnitureFittings 2023-02-28 10609451 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-02-29 10609451 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-03-01 2024-02-29 10609451 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-02-28 10609451 frs-core:ShareCapital 2024-02-29 10609451 frs-core:RetainedEarningsAccumulatedLosses 2024-02-29 10609451 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 10609451 frs-bus:FilletedAccounts 2023-03-01 2024-02-29 10609451 frs-bus:SmallEntities 2023-03-01 2024-02-29 10609451 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 10609451 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 10609451 frs-bus:Director1 2023-03-01 2024-02-29 10609451 frs-core:Non-currentFinancialInstruments 1 2024-02-29 10609451 frs-countries:EnglandWales 2023-03-01 2024-02-29 10609451 2022-02-28 10609451 2023-02-28 10609451 2022-03-01 2023-02-28 10609451 frs-core:CurrentFinancialInstruments 2023-02-28 10609451 frs-core:Non-currentFinancialInstruments 2023-02-28 10609451 frs-core:ShareCapital 2023-02-28 10609451 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28 10609451 frs-core:Non-currentFinancialInstruments 1 2023-02-28
Registered number: 10609451
The Groomsmith Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
Mouktaris & Co Ltd
Chartered Accountants & Registered Auditors
156a Burnt Oak Broadway
Edgware
Middlesex
HA8 0AX
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 10609451
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 69,896 75,885
69,896 75,885
CURRENT ASSETS
Stocks 5 200 365
Debtors 6 21,736 18,981
Cash at bank and in hand 1,896 18,751
23,832 38,097
Creditors: Amounts Falling Due Within One Year 7 (23,812 ) (38,121 )
NET CURRENT ASSETS (LIABILITIES) 20 (24 )
TOTAL ASSETS LESS CURRENT LIABILITIES 69,916 75,861
Creditors: Amounts Falling Due After More Than One Year 8 (79,461 ) (84,708 )
PROVISIONS FOR LIABILITIES
Provisions For Charges (4,401 ) (4,557 )
NET LIABILITIES (13,946 ) (13,404 )
CAPITAL AND RESERVES
Called up share capital 9 100 100
Income Statement (14,046 ) (13,504 )
SHAREHOLDERS' FUNDS (13,946) (13,404)
Page 1
Page 2
For the year ending 29 February 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 Income Statement.
On behalf of the board
Mr Dasos Anastasis
Director
18 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
The Groomsmith Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10609451 . The registered office is 156a Burnt Oak Broadway, Edgware, Middlesex, HA8 0AX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements are prepared in sterling, which is the functional currency of the entity.
2.2. Going Concern Disclosure
The company has recognised assets in excess of current liabilities of £69,916 (2023: £75,861). Management has forecast cash flows for the company for at least 12 months from the date of signing the financial statements, and having considered the recoverability and liquidity of its net current assets the director confirms that he is satisfied that the company has adequate resources to meet its liabilities for at least 12 months from the date of signing the financial statements. In addition and if required, the shareholder will continue to support the company over the following twelve months at least. As a result, the director continues to adopt the going concern basis in preparing the financial statements.
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; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. 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:
Leasehold 20 years
Fixtures & Fittings 15% reducing balance
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. Financial Instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from third parties.
Page 3
Page 4
2.7. Taxation
The tax expense represents the sum of the corporation 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.
2.8. Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and where material are subsequently measured at amortised cost using the effective interest method, less any impairment.
2.9. Basic financial liabilities
Basic financial liabilities, including trade and other payables and loans from company undertakings that are classified as debt are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at the market rate of interest.
2.10. Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 3)
2 3
4. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Total
£ £ £
Cost
As at 1 March 2023 97,830 19,085 116,915
As at 29 February 2024 97,830 19,085 116,915
Depreciation
As at 1 March 2023 29,250 11,780 41,030
Provided during the period 4,892 1,097 5,989
As at 29 February 2024 34,142 12,877 47,019
...CONTINUED
Page 4
Page 5
Net Book Value
As at 29 February 2024 63,688 6,208 69,896
As at 1 March 2023 68,580 7,305 75,885
5. Stocks
2024 2023
£ £
Stock 200 365
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 4,794 2,731
Corporation tax recoverable assets 324 -
VAT 368 -
5,486 2,731
Due after more than one year
Other debtors 5,000 5,000
Rent deposit 11,250 11,250
16,250 16,250
21,736 18,981
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 2,830 22,885
Bank loans and overdrafts 13,101 6,210
Corporation tax 566 324
Other taxes and social security - 2,505
VAT - 5,734
Director's loan account 2,315 463
Amounts owed to related parties 5,000 -
23,812 38,121
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 79,461 84,708
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5
Page 6
10. Related Party Transactions
Other debtors of £5,000 (2023: £5,000) comprise an amount owed by the related party Borough SE1 Ltd. This amount is unsecured, interest-free, and has no fixed terms of repayment. The parties are related by virtue of being controlled by the same shareholder Mr Dasos Anastasis.
Within creditors is £5,000 (2023: Nil) being an amount owed to the related party D&A Male Grooming Ltd. This amount is unsecured, interest-free, and has no fixed terms of repayment. The parties are related by virtue of being controlled by the same shareholder Mr Dasos Anastasis.
Page 6