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 NI601827 Mrs Janine Nicholson Dr Kenneth Nicholson iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure NI601827 2023-02-28 NI601827 2024-02-29 NI601827 2023-03-01 2024-02-29 NI601827 frs-core:CurrentFinancialInstruments 2024-02-29 NI601827 frs-core:ComputerEquipment 2024-02-29 NI601827 frs-core:ComputerEquipment 2023-03-01 2024-02-29 NI601827 frs-core:ComputerEquipment 2023-02-28 NI601827 frs-core:FurnitureFittings 2024-02-29 NI601827 frs-core:FurnitureFittings 2023-03-01 2024-02-29 NI601827 frs-core:FurnitureFittings 2023-02-28 NI601827 frs-core:PlantMachinery 2024-02-29 NI601827 frs-core:PlantMachinery 2023-03-01 2024-02-29 NI601827 frs-core:PlantMachinery 2023-02-28 NI601827 frs-core:ShareCapital 2024-02-29 NI601827 frs-core:RetainedEarningsAccumulatedLosses 2024-02-29 NI601827 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 NI601827 frs-bus:FilletedAccounts 2023-03-01 2024-02-29 NI601827 frs-bus:SmallEntities 2023-03-01 2024-02-29 NI601827 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 NI601827 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 NI601827 frs-bus:Director1 2023-03-01 2024-02-29 NI601827 frs-bus:Director2 2023-03-01 2024-02-29 NI601827 frs-countries:NorthernIreland 2023-03-01 2024-02-29 NI601827 2022-02-28 NI601827 2023-02-28 NI601827 2022-03-01 2023-02-28 NI601827 frs-core:CurrentFinancialInstruments 2023-02-28 NI601827 frs-core:ShareCapital 2023-02-28 NI601827 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28
Registered number: NI601827
Profivision Ltd
Unaudited Financial Statements
For The Year Ended 29 February 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: NI601827
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 6,930 10,155
Investment Properties 5 223,764 223,764
230,694 233,919
CURRENT ASSETS
Debtors 6 10 10
Cash at bank and in hand 147,301 167,094
147,311 167,104
Creditors: Amounts Falling Due Within One Year 7 (22,752 ) (22,156 )
NET CURRENT ASSETS (LIABILITIES) 124,559 144,948
TOTAL ASSETS LESS CURRENT LIABILITIES 355,253 378,867
NET ASSETS 355,253 378,867
CAPITAL AND RESERVES
Called up share capital 8 50 50
Profit and Loss Account 355,203 378,817
SHAREHOLDERS' FUNDS 355,253 378,867
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 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
Mrs Janine Nicholson
Director
Dr Kenneth Nicholson
Director
26th November 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Profivision Ltd is a private company, limited by shares, incorporated in Northern Ireland, registered number NI601827 . The registered office is 21 Springfort Lodge, Dollingstown, Craigavon, BT66 7BE.
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. 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 20% Reducing Balance
Fixtures & Fittings 15% Reducing Balance
Computer Equipment 33% Reducing Balance
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.
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.
...CONTINUED
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2.6. Taxation - continued
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: 1 (2023: 1)
1 1
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 March 2023 13,499 761 22,824 37,084
Additions - - 1,362 1,362
Disposals (4,770 ) (17,642 ) - (22,412 )
As at 29 February 2024 8,729 (16,881 ) 24,186 16,034
Depreciation
As at 1 March 2023 5,570 350 21,009 26,929
Provided during the period 1,397 62 1,460 2,919
Disposals (3,823 ) (16,921 ) - (20,744 )
As at 29 February 2024 3,144 (16,509 ) 22,469 9,104
Net Book Value
As at 29 February 2024 5,585 (372 ) 1,717 6,930
As at 1 March 2023 7,929 411 1,815 10,155
5. Investment Property
2024
£
Fair Value
As at 1 March 2023 and 29 February 2024 223,764
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 10 10
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Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1 (1 )
Other creditors 22,733 21,793
Taxation and social security 18 364
22,752 22,156
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 50 50
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