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 05762058 Ms Carol Peace Mr Graham Woodruff iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05762058 2023-03-31 05762058 2024-03-31 05762058 2023-04-01 2024-03-31 05762058 frs-core:CurrentFinancialInstruments 2024-03-31 05762058 frs-core:Non-currentFinancialInstruments 2024-03-31 05762058 frs-core:ComputerEquipment 2024-03-31 05762058 frs-core:ComputerEquipment 2023-04-01 2024-03-31 05762058 frs-core:ComputerEquipment 2023-03-31 05762058 frs-core:FurnitureFittings 2024-03-31 05762058 frs-core:FurnitureFittings 2023-04-01 2024-03-31 05762058 frs-core:FurnitureFittings 2023-03-31 05762058 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-03-31 05762058 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05762058 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-03-31 05762058 frs-core:MotorVehicles 2024-03-31 05762058 frs-core:MotorVehicles 2023-04-01 2024-03-31 05762058 frs-core:MotorVehicles 2023-03-31 05762058 frs-core:ShareCapital 2024-03-31 05762058 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 05762058 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05762058 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 05762058 frs-bus:SmallEntities 2023-04-01 2024-03-31 05762058 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 05762058 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05762058 frs-bus:Director1 2023-04-01 2024-03-31 05762058 frs-bus:Director1 2023-03-31 05762058 frs-bus:Director1 2024-03-31 05762058 frs-bus:CompanySecretary1 2023-04-01 2024-03-31 05762058 frs-countries:EnglandWales 2023-04-01 2024-03-31 05762058 2022-03-31 05762058 2023-03-31 05762058 2022-04-01 2023-03-31 05762058 frs-core:CurrentFinancialInstruments 2023-03-31 05762058 frs-core:Non-currentFinancialInstruments 2023-03-31 05762058 frs-core:ShareCapital 2023-03-31 05762058 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 05762058
Carol Peace Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05762058
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 146,825 142,266
146,825 142,266
CURRENT ASSETS
Stocks 5 245,757 231,234
Debtors 6 73,053 84,992
Cash at bank and in hand 211,010 238,794
529,820 555,020
Creditors: Amounts Falling Due Within One Year 7 (45,891 ) (29,869 )
NET CURRENT ASSETS (LIABILITIES) 483,929 525,151
TOTAL ASSETS LESS CURRENT LIABILITIES 630,754 667,417
Creditors: Amounts Falling Due After More Than One Year 8 (20,011 ) (30,000 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,072 ) (1,494 )
NET ASSETS 609,671 635,923
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 609,571 635,823
SHAREHOLDERS' FUNDS 609,671 635,923
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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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
Ms Carol Peace
Director
06/11/2024
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
Carol Peace Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 05762058 . The registered office is Upper Galfog, Llanigon, Hereford, Powys, HR3 5QB.
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:
Freehold 50
Motor Vehicles 4
Fixtures & Fittings 4
Computer Equipment 3
2.4. 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.
2.5. 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
Page 3
Page 4
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
Land & Property
Freehold Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 140,000 28,218 10,247 10,222 188,687
Additions 8,350 - 325 - 8,675
As at 31 March 2024 148,350 28,218 10,572 10,222 197,362
Depreciation
As at 1 April 2023 5,600 28,218 4,615 7,988 46,421
Provided during the period 1,567 - 1,420 1,129 4,116
As at 31 March 2024 7,167 28,218 6,035 9,117 50,537
Net Book Value
As at 31 March 2024 141,183 - 4,537 1,105 146,825
As at 1 April 2023 134,400 - 5,632 2,234 142,266
5. Stocks
2024 2023
£ £
Stock 245,757 231,234
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 44,533 32,816
Prepayments and accrued income 5,968 10,456
Other debtors 17,360 17,360
VAT - 1,323
Director's loan account 5,192 23,037
73,053 84,992
Page 4
Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 28 -
Bank loans and overdrafts 10,006 10,000
Corporation tax 5,919 15,423
VAT 96 -
Other creditors 469 -
Accruals and deferred income 29,373 4,446
45,891 29,869
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 20,011 30,000
Total outstanding Bounceback loans at 31st March 2024 were £30,016 and are included within creditors: amounts falling due within and after one year. The remaining loan repayment period at 31st Msrch 2024 is 3 years and a fixed interest rate of 2.5% per annum applies to the loan.
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Ms Carol Peace 23,036 5,192 (23,036 ) - 5,192
The above loan is unsecured and repayable on demand. Interest was charged at 2% per annum until 31st October 2023, and at 0% thereafter.
Page 5