Acorah Software Products - Accounts Production 16.0.110 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 13258911 Mr Simon Groom Mr David Griffiths iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 13258911 2023-03-31 13258911 2024-03-31 13258911 2023-04-01 2024-03-31 13258911 frs-core:CurrentFinancialInstruments 2024-03-31 13258911 frs-core:ComputerEquipment 2024-03-31 13258911 frs-core:ComputerEquipment 2023-04-01 2024-03-31 13258911 frs-core:ComputerEquipment 2023-03-31 13258911 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 13258911 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-01 2024-03-31 13258911 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 13258911 frs-core:SharePremium 2024-03-31 13258911 frs-core:ShareCapital 2024-03-31 13258911 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 13258911 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13258911 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 13258911 frs-bus:SmallEntities 2023-04-01 2024-03-31 13258911 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 13258911 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 13258911 frs-bus:Director1 2023-04-01 2024-03-31 13258911 frs-bus:Director2 2023-04-01 2024-03-31 13258911 frs-countries:EnglandWales 2023-04-01 2024-03-31 13258911 2022-03-31 13258911 2023-03-31 13258911 2022-04-01 2023-03-31 13258911 frs-core:CurrentFinancialInstruments 2023-03-31 13258911 frs-core:SharePremium 2023-03-31 13258911 frs-core:ShareCapital 2023-03-31 13258911 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 13258911
MagnifyB Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 13258911
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 59,800 78,400
Tangible Assets 5 1,293 111
61,093 78,511
CURRENT ASSETS
Debtors 6 21,599 13,946
Cash at bank and in hand 2,996 21,741
24,595 35,687
Creditors: Amounts Falling Due Within One Year 7 (48,223 ) (10,472 )
NET CURRENT ASSETS (LIABILITIES) (23,628 ) 25,215
TOTAL ASSETS LESS CURRENT LIABILITIES 37,465 103,726
NET ASSETS 37,465 103,726
CAPITAL AND RESERVES
Called up share capital 8 12 12
Share premium account 155,459 114,976
Profit and Loss Account (118,006 ) (11,262 )
SHAREHOLDERS' FUNDS 37,465 103,726
Page 1
Page 2
For the year ending 31 March 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 David Griffiths
Director
27/11/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
MagnifyB Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13258911 . The registered office is The Innovation Centre, Keckwick Lane, Darebury, Warrington, WA4 4FS.
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. Research and Development
Expenditure on research and development is written off on a 20% Straight Line basis in the year following the expenditure being incurred.
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:
Computer Equipment 33% Straight Line
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Intangible Assets
Development Costs
£
Cost
As at 1 April 2023 93,000
As at 31 March 2024 93,000
Amortisation
As at 1 April 2023 14,600
Impairment losses 18,600
As at 31 March 2024 33,200
Net Book Value
As at 31 March 2024 59,800
As at 1 April 2023 78,400
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Page 4
5. Tangible Assets
Computer Equipment
£
Cost
As at 1 April 2023 167
Additions 1,849
As at 31 March 2024 2,016
Depreciation
As at 1 April 2023 56
Provided during the period 667
As at 31 March 2024 723
Net Book Value
As at 31 March 2024 1,293
As at 1 April 2023 111
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 20,001 -
Prepayments and accrued income 192 -
Other debtors 10 10
Corporation tax recoverable assets - 13,562
VAT 1,396 374
21,599 13,946
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 17,362 472
Other loans 14,010 2,000
Other taxes and social security 4,349 -
Net wages 11 -
Other creditors - 5,387
Accruals and deferred income 6,547 -
Directors' loan accounts 5,944 2,613
48,223 10,472
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 12 12
Page 4