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Registered number: 07557591
Ict & Data Services Group Limited
Financial Statements
For The Year Ended 31 March 2024
Gravitate Accounting
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—5
Page 1
Balance Sheet
Registered number: 07557591
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 482 1,097
482 1,097
CURRENT ASSETS
Debtors 5 2,344 7,169
Cash at bank and in hand 16,836 23,003
19,180 30,172
Creditors: Amounts Falling Due Within One Year 6 (12,006 ) (16,941 )
NET CURRENT ASSETS (LIABILITIES) 7,174 13,231
TOTAL ASSETS LESS CURRENT LIABILITIES 7,656 14,328
NET ASSETS 7,656 14,328
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 7,556 14,228
SHAREHOLDERS' FUNDS 7,656 14,328
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
J J Parr
Director
30/11/2024
The notes on pages 4 to 5 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 April 2022 100 14,841 14,941
Profit for the year and total comprehensive income - 48,387 48,387
Dividends paid - (49,000) (49,000)
As at 31 March 2023 and 1 April 2023 100 14,228 14,328
Profit for the year and total comprehensive income - 29,328 29,328
Dividends paid - (36,000) (36,000)
As at 31 March 2024 100 7,556 7,656
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Notes to the Financial Statements
1. General Information
Ict & Data Services Group Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07557591 . The registered office is 5 Campsall Drive, Crosspool, Sheffield, South Yorkshire, S10 5FZ.
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.
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:
Computer Equipment 33% straight line
2.4. 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.
2.5. 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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 April 2023 9,475
As at 31 March 2024 9,475
Depreciation
As at 1 April 2023 8,378
Provided during the period 615
As at 31 March 2024 8,993
Net Book Value
As at 31 March 2024 482
As at 1 April 2023 1,097
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 2,344 7,169
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other creditors 12,006 16,941
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
8. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 5,976 -
Later than one year and not later than five years 2,988 -
8,964 -
9. Related Party Transactions
Included in Other Creditors are amounts owed to related parties amounting to £514 (2023: £889). These amounts are unsecured, interest free and repayable on demand.
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