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Registered number: 07545790
The Draughtsman Architectural Ltd.
Unaudited Financial Statements
For The Year Ended 28 February 2024
MSB & Co Canvey Island Limited
Accountants and Tax Advisors
14 Furtherwick Road
Canvey Island
Essex
SS8 7AE
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07545790
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 25,941 30,497
Investment Properties 5 409,803 409,803
435,744 440,300
CURRENT ASSETS
Stocks 6 - 4,887
Debtors 7 19,041 14,085
Investments 8 450,000 450,000
Cash at bank and in hand 50,953 173,243
519,994 642,215
Creditors: Amounts Falling Due Within One Year 9 (465,341 ) (593,612 )
NET CURRENT ASSETS (LIABILITIES) 54,653 48,603
TOTAL ASSETS LESS CURRENT LIABILITIES 490,397 488,903
Creditors: Amounts Falling Due After More Than One Year 10 (12,510 ) (22,510 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (4,929 ) (5,794 )
NET ASSETS 472,958 460,599
CAPITAL AND RESERVES
Called up share capital 11 10 10
Revaluation reserve 13 60,000 60,000
Profit and Loss Account 412,948 400,589
SHAREHOLDERS' FUNDS 472,958 460,599
Page 1
Page 2
For the year ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Nicholas Kenney
Director
26th November 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
The Draughtsman Architectural Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 07545790 . The registered office is 14 Furtherwick Road, Canvey Island, Essex, SS8 7AE.
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:
Motor Vehicles 25% reduced balance method
Fixtures & Fittings 15% reduced balance method
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. 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. 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.
2.7. 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.
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: 2 (2023: 2)
2 2
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 March 2023 64,120 31,305 95,425
Additions - 1,659 1,659
As at 28 February 2024 64,120 32,964 97,084
Depreciation
As at 1 March 2023 49,529 15,399 64,928
Provided during the period 3,648 2,567 6,215
As at 28 February 2024 53,177 17,966 71,143
Net Book Value
As at 28 February 2024 10,943 14,998 25,941
As at 1 March 2023 14,591 15,906 30,497
5. Investment Property
2024
£
Fair Value
As at 1 March 2023 and 28 February 2024 409,803
Page 4
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6. Stocks
2024 2023
£ £
Work in progress - 4,887
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 10,325 4,759
Prepayments and accrued income 948 309
Director's loan account 7,768 9,017
19,041 14,085
8. Current Asset Investments
2024 2023
£ £
Other investments, held for sale 450,000 450,000
9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Corporation tax (820 ) 820
PAYE Control 598 1,379
VAT 3,778 6,997
Accruals and deferred income 1,750 1,750
Amounts owed to related parties 450,035 572,666
465,341 593,612
10. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Business Bounce back loan 12,510 22,510
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10 10
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12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 March 2023 Amounts advanced Amounts repaid Amounts written off As at 28 February 2024
£ £ £ £ £
Mr Nicholas Kenney 9,017 - (9,329 ) 8,080 7,768
The above loan is unsecured, interest free and repayable on demand.
13. Reserves
Revaluation Reserve
£
As at 1 March 2023 60,000
As at 28 February 2024 60,000
Page 6