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Registered number: 11851515
Poppet Construction Limited
Unaudited Financial Statements
For The Year Ended 28 February 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 11851515
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 65,768 972
65,768 972
CURRENT ASSETS
Debtors 5 380,204 497,505
Cash at bank and in hand 60,658 6,982
440,862 504,487
Creditors: Amounts Falling Due Within One Year 6 (379,816 ) (448,750 )
NET CURRENT ASSETS (LIABILITIES) 61,046 55,737
TOTAL ASSETS LESS CURRENT LIABILITIES 126,814 56,709
Creditors: Amounts Falling Due After More Than One Year 7 (72,873 ) (30,000 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (6,053 ) -
NET ASSETS 47,888 26,709
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account 47,887 26,708
SHAREHOLDERS' FUNDS 47,888 26,709
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Page 2
For the year ending 28 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 Profit and Loss Account.
On behalf of the board
P D Goadby
Director
26 November 2024
The notes on pages 3 to 7 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Poppet Construction Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11851515 . The registered office is 1st Floor, 59 New Street, Chelmsford, Essex, CM1 1NE.
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 company. Monetary amounts in these financial statements are rounded to the nearest £.
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 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 20% reducing balance
Computer Equipment 3 years straight line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.5. Financial Instruments
The company applies the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Basic financial assets and liabilities are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets and liabilities classified as receivable or payable within one year are not amortised.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
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.
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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are 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: 1 (2023: 1)
1 1
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4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 March 2023 - - 1,215 - 1,215
Additions 36,000 30,995 - 2,097 69,092
As at 28 February 2024 36,000 30,995 1,215 2,097 70,307
Depreciation
As at 1 March 2023 - - 243 - 243
Provided during the period - 3,874 195 227 4,296
As at 28 February 2024 - 3,874 438 227 4,539
Net Book Value
As at 28 February 2024 36,000 27,121 777 1,870 65,768
As at 1 March 2023 - - 972 - 972
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Plant & Machinery 36,000 -
Motor Vehicles 27,121 -
63,121 -
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 125,478 98,090
Other debtors 254,726 399,415
380,204 497,505
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6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 8,239 -
Trade creditors - 692
Bank loans and overdrafts 10,000 10,000
Other creditors 285,172 393,983
Taxation and social security 76,405 44,075
379,816 448,750
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 52,873 -
Bank loans 20,000 30,000
72,873 30,000
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 8,239 -
Later than one year and not later than five years 52,873 -
61,112 -
61,112 -
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 33,169 16,955
Later than one year and not later than five years 71,875 26,134
105,044 43,089
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11. Directors Advances, Credits and Guarantees
During the year the company made advances to the Director totalling £23,525 (2023: £8,898) and recevied repayments totalling £8,700 (2023:£14,500). The balance outstanding at the year end was £23,445 (2023: £8,620) and is shown within other debtors. The loan is unsecured, repayable on demand and subject to interest at 2.25%.
12. Related Party Transactions
During the year Poppet Construction Limited had the following transactions with a companies under the control of the Director.
- Sale of goods and services amounting to £199,946 net (2023: £21,949 net).  
- Purchase of goods and services amounting to £1,993,776 net (2023:£1,496,852 net). 
- Provided loans totalling £109,412 (2023: £42,000) and received repayments totallng £104,114 (2023: £16,769). Loans were made interest free and are repayable on demand.
The aggregated balances due at year end and included in debtors due in less than 1 year amounted to £11,792 (2023: £74,278). Aggregated balances due at the year end and included in creditors due in less than 1 year amounted to £53,326 (2032: £nil).
13. Transition to FRS 102
This is the first period of reporting under FRS102 section 1A. Transitional adjusments from FRS105 have been considered from 01/03/2022 and include the introduction of deferred tax. No adjustment was required to the opening or closing balances for the comparative year.
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