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 NI623009 Mr David Rea Mr Joshua Rea Mrs Sheena Rea iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure NI623009 2023-02-28 NI623009 2024-02-29 NI623009 2023-03-01 2024-02-29 NI623009 frs-core:CurrentFinancialInstruments 2024-02-29 NI623009 frs-core:Non-currentFinancialInstruments 2024-02-29 NI623009 frs-core:FurnitureFittings 2024-02-29 NI623009 frs-core:FurnitureFittings 2023-03-01 2024-02-29 NI623009 frs-core:FurnitureFittings 2023-02-28 NI623009 frs-core:NetGoodwill 2024-02-29 NI623009 frs-core:NetGoodwill 2023-03-01 2024-02-29 NI623009 frs-core:NetGoodwill 2023-02-28 NI623009 frs-core:PlantMachinery 2024-02-29 NI623009 frs-core:PlantMachinery 2023-03-01 2024-02-29 NI623009 frs-core:PlantMachinery 2023-02-28 NI623009 frs-core:WithinOneYear 2024-02-29 NI623009 frs-core:ShareCapital 2024-02-29 NI623009 frs-core:RetainedEarningsAccumulatedLosses 2024-02-29 NI623009 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 NI623009 frs-bus:FilletedAccounts 2023-03-01 2024-02-29 NI623009 frs-bus:SmallEntities 2023-03-01 2024-02-29 NI623009 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 NI623009 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 NI623009 frs-bus:Director1 2023-03-01 2024-02-29 NI623009 frs-bus:Director2 2023-03-01 2024-02-29 NI623009 frs-bus:CompanySecretary1 2023-03-01 2024-02-29 NI623009 frs-countries:NorthernIreland 2023-03-01 2024-02-29 NI623009 2022-02-28 NI623009 2023-02-28 NI623009 2022-03-01 2023-02-28 NI623009 frs-core:CurrentFinancialInstruments 2023-02-28 NI623009 frs-core:Non-currentFinancialInstruments 2023-02-28 NI623009 frs-core:BetweenOneFiveYears 2023-02-28 NI623009 frs-core:WithinOneYear 2023-02-28 NI623009 frs-core:ShareCapital 2023-02-28 NI623009 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28
Registered number: NI623009
Rea Timber Craft Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
P J Carvile
Accountant
14 castor Bay Road
Lurgan
Craigavon
Armagh
BT67 9LE
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: NI623009
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 1,000
Tangible Assets 5 46,010 54,214
46,010 55,214
CURRENT ASSETS
Stocks 6 32,500 27,500
Debtors 7 261,408 299,164
Cash at bank and in hand 160,534 153,787
454,442 480,451
Creditors: Amounts Falling Due Within One Year 8 (134,534 ) (169,450 )
NET CURRENT ASSETS (LIABILITIES) 319,908 311,001
TOTAL ASSETS LESS CURRENT LIABILITIES 365,918 366,215
Creditors: Amounts Falling Due After More Than One Year 9 (93,944 ) (121,423 )
NET ASSETS 271,974 244,792
CAPITAL AND RESERVES
Called up share capital 11 10 10
Profit and Loss Account 271,964 244,782
SHAREHOLDERS' FUNDS 271,974 244,792
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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 Profit and Loss Account.
On behalf of the board
Mr Joshua Rea
Director
26/11/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Rea Timber Craft Limited is a private company, limited by shares, incorporated in Northern Ireland, registered number NI623009 . The registered office is 24, Crosshill Road, Crumlin, Antrim, BT29 4BQ.
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.
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 & 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:
Plant & Machinery 25% Per Annum on WDV
Fixtures & Fittings 25% Per Annum on WDV
2.5. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and 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.
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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 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.
2.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 17 (2023: 17)
17 17
4. Intangible Assets
Goodwill
£
Cost
As at 1 March 2023 10,000
As at 29 February 2024 10,000
Amortisation
As at 1 March 2023 9,000
Provided during the period 1,000
As at 29 February 2024 10,000
Net Book Value
As at 29 February 2024 -
As at 1 March 2023 1,000
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5. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 March 2023 223,965 3,156 227,121
Additions 11,048 - 11,048
Disposals (16,500 ) - (16,500 )
As at 29 February 2024 218,513 3,156 221,669
Depreciation
As at 1 March 2023 170,026 2,881 172,907
Provided during the period 16,247 68 16,315
Disposals (13,563 ) - (13,563 )
As at 29 February 2024 172,710 2,949 175,659
Net Book Value
As at 29 February 2024 45,803 207 46,010
As at 1 March 2023 53,939 275 54,214
6. Stocks
2024 2023
£ £
Stock 32,500 27,500
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 261,408 299,164
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 4,166
Trade creditors 79,221 97,839
Corporation tax 8,423 15,640
Other taxes and social security 8,069 5,783
VAT 28,054 34,755
Other creditors 4,831 5,331
Directors' loan accounts 5,936 5,936
134,534 169,450
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9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Government grants after one year 1,439 1,918
Directors loan account 92,505 119,505
93,944 121,423
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year - 4,166
Later than one year and not later than five years - -
- 4,166
- 4,166
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10 10
12. Dividends
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