Acorah Software Products - Accounts Production 16.0.110 false true 28 February 2023 1 March 2022 false 1 March 2023 29 February 2024 29 February 2024 11843840 M.N.C. Management Ltd Mr Aristeidis Varos iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11843840 2023-02-28 11843840 2024-02-29 11843840 2023-03-01 2024-02-29 11843840 frs-core:CurrentFinancialInstruments 2024-02-29 11843840 frs-core:ComputerEquipment 2024-02-29 11843840 frs-core:ComputerEquipment 2023-03-01 2024-02-29 11843840 frs-core:ComputerEquipment 2023-02-28 11843840 frs-core:FurnitureFittings 2023-03-01 2024-02-29 11843840 frs-core:OtherResidualIntangibleAssets 2024-02-29 11843840 frs-core:OtherResidualIntangibleAssets 2023-03-01 2024-02-29 11843840 frs-core:OtherResidualIntangibleAssets 2023-02-28 11843840 frs-core:ShareCapital 2024-02-29 11843840 frs-core:RetainedEarningsAccumulatedLosses 2024-02-29 11843840 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 11843840 frs-bus:FilletedAccounts 2023-03-01 2024-02-29 11843840 frs-bus:SmallEntities 2023-03-01 2024-02-29 11843840 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 11843840 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 11843840 frs-bus:Director1 2023-03-01 2024-02-29 11843840 frs-bus:Director2 2023-03-01 2024-02-29 11843840 frs-countries:EnglandWales 2023-03-01 2024-02-29 11843840 2022-02-28 11843840 2023-02-28 11843840 2022-03-01 2023-02-28 11843840 frs-core:CurrentFinancialInstruments 2023-02-28 11843840 frs-core:ShareCapital 2023-02-28 11843840 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28
Registered number: 11843840
Xionsoft 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
Unaudited Financial Statements
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 11843840
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 3 9,584 10,088
Tangible Assets 4 3,479 5,062
13,063 15,150
CURRENT ASSETS
Debtors 5 16,024 683
Cash at bank and in hand 52,049 58,888
68,073 59,571
Creditors: Amounts Falling Due Within One Year 6 (6,143 ) (7,276 )
NET CURRENT ASSETS (LIABILITIES) 61,930 52,295
TOTAL ASSETS LESS CURRENT LIABILITIES 74,993 67,445
NET ASSETS 74,993 67,445
CAPITAL AND RESERVES
Called up share capital 7 100 100
Income Statement 74,893 67,345
SHAREHOLDERS' FUNDS 74,993 67,445
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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 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 Income Statement.
On behalf of the board
Mr Aristeidis Varos
Director
25 November 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. 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.
1.2. 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; 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.
1.3. Research and Development
Expenditures on research or on the research phase of an internal project are recognised as an expense when incurred. The intangible assets arising from the development phase of an internal project are recognised if, and only if, the following conditions apply:
  • it is technically feasible to complete the asset for use
  • the company has the intention of completing the asset for either use or resale
  • the company has the ability to either use or sell the asset
  • it is possible to estimate how the asset will generate income
  • the company has adequate financial, technical and other resources to develop and use the asset; and
  • the expenditure incurred to develop the asset is measurable.
If no intangible asset can be recognised based on the above, then development costs are recognised in profit and loss in the period in which they are incurred.
1.4. 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 4 years
Computer Equipment 4 years
1.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.
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1.6. 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. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 1 (2023: 1)
1 1
3. Intangible Assets
Other
£
Cost
As at 1 March 2023 10,088
As at 29 February 2024 10,088
Amortisation
As at 1 March 2023 -
Provided during the period 504
As at 29 February 2024 504
Net Book Value
As at 29 February 2024 9,584
As at 1 March 2023 10,088
Intangible assets are internally generated development costs related to enterprise resource planning app development for invoicing and warehouse management.

Intangible assets are initially recorded at cost and are subsequently stated at cost less any accumulated amortisation and impairment losses. The cost of internally generated intangible assets comprises directly attributable costs of subcontractors necessary to generate the asset.

Intangible assets are amortised from the date they are available for use. Amortisation is charged to the Income Statement on a straight-line basis over the estimated useful life of the intangible asset, which is 10 years. Intangible assets with an indefinite useful life are tested for impairment annually. Amortisation periods and methods are reviewed annually and adjusted if appropriate.

Any intangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

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4. Tangible Assets
Computer Equipment
£
Cost
As at 1 March 2023 8,039
Additions 680
Disposals (1,636 )
As at 29 February 2024 7,083
Depreciation
As at 1 March 2023 2,977
Provided during the period 2,263
Disposals (1,636 )
As at 29 February 2024 3,604
Net Book Value
As at 29 February 2024 3,479
As at 1 March 2023 5,062
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 15,183 -
VAT 841 683
16,024 683
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 154 1,208
Corporation tax 5,766 3,355
Accruals and deferred income 160 2,694
Directors' loan accounts 63 19
6,143 7,276
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
8. General Information
Xionsoft Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11843840 . The registered office is 156A Burnt Oak Broadway, Edgware, Middlesex, HA8 0AX.
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