Acorah Software Products - Accounts Production 16.0.110 false true 28 February 2023 1 March 2022 false 1 March 2023 28 February 2024 28 February 2024 06821396 Mr Matthew Wintle Mr Gary Kent Mr Richard Peeke Mr Richard Peeke iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 06821396 2023-02-28 06821396 2024-02-28 06821396 2023-03-01 2024-02-28 06821396 frs-core:CurrentFinancialInstruments 2024-02-28 06821396 frs-core:Non-currentFinancialInstruments 2024-02-28 06821396 frs-core:BetweenOneFiveYears 2024-02-28 06821396 frs-core:ComputerEquipment 2024-02-28 06821396 frs-core:ComputerEquipment 2023-03-01 2024-02-28 06821396 frs-core:ComputerEquipment 2023-02-28 06821396 frs-core:FurnitureFittings 2024-02-28 06821396 frs-core:FurnitureFittings 2023-03-01 2024-02-28 06821396 frs-core:FurnitureFittings 2023-02-28 06821396 frs-core:NetGoodwill 2024-02-28 06821396 frs-core:NetGoodwill 2023-03-01 2024-02-28 06821396 frs-core:NetGoodwill 2023-02-28 06821396 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-02-28 06821396 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-03-01 2024-02-28 06821396 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-02-28 06821396 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-02-28 06821396 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-03-01 2024-02-28 06821396 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-02-28 06821396 frs-core:MotorVehicles 2024-02-28 06821396 frs-core:MotorVehicles 2023-03-01 2024-02-28 06821396 frs-core:MotorVehicles 2023-02-28 06821396 frs-core:PlantMachinery 2024-02-28 06821396 frs-core:PlantMachinery 2023-03-01 2024-02-28 06821396 frs-core:PlantMachinery 2023-02-28 06821396 frs-core:WithinOneYear 2024-02-28 06821396 frs-core:ShareCapital 2024-02-28 06821396 frs-core:RetainedEarningsAccumulatedLosses 2024-02-28 06821396 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-28 06821396 frs-bus:FilletedAccounts 2023-03-01 2024-02-28 06821396 frs-bus:SmallEntities 2023-03-01 2024-02-28 06821396 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-28 06821396 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-28 06821396 frs-bus:Director1 2023-03-01 2024-02-28 06821396 frs-bus:Director2 2023-03-01 2024-02-28 06821396 frs-bus:Director3 2023-03-01 2024-02-28 06821396 frs-bus:CompanySecretary1 2023-03-01 2024-02-28 06821396 frs-countries:EnglandWales 2023-03-01 2024-02-28 06821396 2022-02-28 06821396 2023-02-28 06821396 2022-03-01 2023-02-28 06821396 frs-core:CurrentFinancialInstruments 2023-02-28 06821396 frs-core:Non-currentFinancialInstruments 2023-02-28 06821396 frs-core:BetweenOneFiveYears 2023-02-28 06821396 frs-core:WithinOneYear 2023-02-28 06821396 frs-core:ShareCapital 2023-02-28 06821396 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28
Registered number: 06821396
KPW Newkey Ltd
Unaudited Financial Statements
For The Year Ended 28 February 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 06821396
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 2,000 2,500
Tangible Assets 5 205,653 236,653
207,653 239,153
CURRENT ASSETS
Stocks 6 3,000 3,000
Debtors 7 776,500 658,981
Cash at bank and in hand 39,714 349,602
819,214 1,011,583
Creditors: Amounts Falling Due Within One Year 8 (603,066 ) (429,845 )
NET CURRENT ASSETS (LIABILITIES) 216,148 581,738
TOTAL ASSETS LESS CURRENT LIABILITIES 423,801 820,891
Creditors: Amounts Falling Due After More Than One Year 9 (309,237 ) (239,952 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (24,915 ) (32,745 )
NET ASSETS 89,649 548,194
CAPITAL AND RESERVES
Called up share capital 11 3 3
Profit and Loss Account 89,646 548,191
SHAREHOLDERS' FUNDS 89,649 548,194
Page 1
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 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 Profit and Loss Account.
On behalf of the board
Mr Richard Peeke
Director
20/11/2024
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
KPW Newkey Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06821396 . The registered office is Unit 10a Dart Marine Park, Steamer Quay Road, Totnes, Devon, TQ9 5AL.
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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
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:
Freehold nil
Leasehold nil
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% reducing balance
Computer Equipment 33% Cost
2.5. 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.
2.6. 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.
Page 3
Page 4
2.7. 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 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: 211 (2023: 225)
211 225
4. Intangible Assets
Goodwill
£
Cost
As at 1 March 2023 5,000
As at 28 February 2024 5,000
Amortisation
As at 1 March 2023 2,500
Provided during the period 500
As at 28 February 2024 3,000
Net Book Value
As at 28 February 2024 2,000
As at 1 March 2023 2,500
5. Tangible Assets
Land & Property
Freehold Leasehold Plant & Machinery Motor Vehicles
£ £ £ £
Cost
As at 1 March 2023 63,212 1,100 74,520 146,060
Additions - - 1,557 11,990
As at 28 February 2024 63,212 1,100 76,077 158,050
...CONTINUED
Page 4
Page 5
Depreciation
As at 1 March 2023 - - 51,989 21,257
Provided during the period - - 5,747 32,451
As at 28 February 2024 - - 57,736 53,708
Net Book Value
As at 28 February 2024 63,212 1,100 18,341 104,342
As at 1 March 2023 63,212 1,100 22,531 124,803
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 March 2023 52,347 82,111 419,350
Additions - 6,437 19,984
As at 28 February 2024 52,347 88,548 439,334
Depreciation
As at 1 March 2023 43,616 65,835 182,697
Provided during the period 1,309 11,477 50,984
As at 28 February 2024 44,925 77,312 233,681
Net Book Value
As at 28 February 2024 7,422 11,236 205,653
As at 1 March 2023 8,731 16,276 236,653
6. Stocks
2024 2023
£ £
Stock 3,000 3,000
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 407,890 610,661
Other debtors 28,588 48,320
Directors' loan accounts 340,022 -
776,500 658,981
Page 5
Page 6
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 21,329 19,518
Trade creditors 44,736 106,524
Bank loans and overdrafts 48,870 28,873
Corporation tax 232,021 89,138
PAYE 180,404 96,701
Other creditors 75,706 82,567
Directors' loan accounts - 6,524
603,066 429,845
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 69,392 89,515
Bank loans 239,845 150,437
309,237 239,952
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 21,329 19,518
Later than one year and not later than five years 69,392 89,515
90,721 109,033
90,721 109,033
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 3 3
Page 6