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Registered number: 01680529
Platipus Anchors Limited
Unaudited ABRIDGED Financial Statements
For The Year Ended 29 February 2024
SRC Advisory
2nd Floor Stanford Gate South Road
Brighton
East Sussex
BN1 6SB
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—6
Page 1
Abridged Balance Sheet
Registered number: 01680529
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 488,559 504,792
Investments 5 625 625
489,184 505,417
CURRENT ASSETS
Stocks 1,945,073 1,805,569
Debtors 944,483 1,080,365
Cash at bank and in hand 122,375 226,064
3,011,931 3,111,998
Creditors: Amounts Falling Due Within One Year (1,770,868 ) (1,494,293 )
NET CURRENT ASSETS (LIABILITIES) 1,241,063 1,617,705
TOTAL ASSETS LESS CURRENT LIABILITIES 1,730,247 2,123,122
Creditors: Amounts Falling Due After More Than One Year (41,091 ) (79,346 )
PROVISIONS FOR LIABILITIES
Provisions For Charges - (90,000 )
Deferred Taxation (106,637 ) (71,939 )
NET ASSETS 1,582,519 1,881,837
CAPITAL AND RESERVES
Called up share capital 7 15,000 15,000
Profit and Loss Account 1,567,519 1,866,837
SHAREHOLDERS' FUNDS 1,582,519 1,881,837
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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.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 29 February 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr C Agg
Director
26 November 2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Abridged Financial Statements
1. General Information
Platipus Anchors Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01680529 . The registered office is The Kingsfield Business Centre, Philanthropic Road, Redhill, Surrey, RH1 4DP.
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 and Machinery
15% reducing balance
Fixtures, Fittings and Equipment
15% reducing balance
Motor Vehicles
25% reducing balance
Installation Tools
15% reducing balance
Leasehold Improvements
15% reducing balance
Computer Equipment
4 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.
2.5. 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.
2.6. 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.
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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 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.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 32 (2023: 29)
32 29
4. Tangible Assets
Total
£
Cost
As at 1 March 2023 1,746,460
Additions 121,355
Disposals (93,898 )
As at 29 February 2024 1,773,917
Depreciation
As at 1 March 2023 1,241,668
Provided during the period 90,606
Disposals (46,916 )
As at 29 February 2024 1,285,358
Net Book Value
As at 29 February 2024 488,559
As at 1 March 2023 504,792
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5. Investments
Total
£
Cost
As at 1 March 2023 625
As at 29 February 2024 625
Provision
As at 1 March 2023 -
As at 29 February 2024 -
Net Book Value
As at 29 February 2024 625
As at 1 March 2023 625
6. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 42,680 40,251
Later than one year and not later than five years 41,091 79,346
83,771 119,597
83,771 119,597
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 15,000 15,000
8. Related Party Transactions
Directors remuneration
The directors' remuneration for the year is as follows:
2024
2023
£
£
Remuneration
116,000
114,000
image
image
116,000
image
114,000
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Summary of transactions with parent
Platipus Anchors Holdings Limited
During the year, the company paid royalties of £500,000 (2023: £762,089). At the balance sheet date the amount due to Platipus Anchors Holdings Ltd was £782,420 (2023: £806,136)
The company paid dividends to Platipus Anchors Holdings Limited of £500,000 (2023: £nil)
Summary of transactions with all subsidiaries
Platipus Anchors Inc
During the year the company traded on normal commercial terms with its subsidiary undertaking, Platipus Anchors Inc, a company registered in the United States. The company sold goods to the value of £911,000 (2023: £712,414) to Platipus Anchors Inc. At the balance sheet date the amount due from Platipus Anchors Inc was £289,405 (2023: £255,464).
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9. Ultimate Parent Undertaking and Controlling Party
The company's immediate parent is Platipus Anchors (Holdings) Ltd , incorporated in England & Wales. The ultimate controlling party is Mr C Agg .
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