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Registered number: 05523915
GLX Advisory Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
GLX Advisory Limited
Chartered Accountants
69-75 Thorpe Road
Norwich
NR1 1UA
Contents
Page
Accountants' Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—8
Page 1
Accountants' Report
Chartered Accountants' report to the directors on the preparation of the unaudited statutory accounts of GLX Advisory Limited for the year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of GLX Advisory Limited for the year ended 31 March 2024 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at 
http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of GLX Advisory Limited , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of GLX Advisory Limited and state those matters that we have agreed to state to the directors of GLX Advisory Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GLX Advisory Limited and its directors, as a body, for our work or for this report.
It is your duty to ensure that GLX Advisory Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of GLX Advisory Limited . You consider that GLX Advisory Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of GLX Advisory Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
17/12/2024
GLX Advisory Limited
Chartered Accountants
69-75 Thorpe Road
Norwich
NR1 1UA
Page 1
Page 2
Balance Sheet
Registered number: 05523915
31 March 2024 31 March 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 104,312 15,234
Investments 4 - 70
104,312 15,304
CURRENT ASSETS
Stocks 5 31,955 21,806
Debtors 6 1,218,978 1,605,206
Cash at bank and in hand 68,560 151,839
1,319,493 1,778,851
Creditors: Amounts Falling Due Within One Year 7 (184,490 ) (184,991 )
NET CURRENT ASSETS (LIABILITIES) 1,135,003 1,593,860
TOTAL ASSETS LESS CURRENT LIABILITIES 1,239,315 1,609,164
Creditors: Amounts Falling Due After More Than One Year 8 (124,889 ) (86,667 )
NET ASSETS 1,114,426 1,522,497
CAPITAL AND RESERVES
Called up share capital 10 200 200
Profit and Loss Account 1,114,226 1,522,297
SHAREHOLDERS' FUNDS 1,114,426 1,522,497
Page 2
Page 3
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 J Presland
Director
17/12/2024
The notes on pages 4 to 8 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. Accounting Policies
1.1. 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.
The comparative period represents a short period of accounts following the company's decision to shorten the year ended 31 July 2023 to 31 March 2023.  This means that the comparative amounts presented in the financial statements are not directly comparable.
1.2. 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.
1.3. 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 12% straight line
Fixtures & Fittings 25% straight line
1.4. 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.
1.5. 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.
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1.6. 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.
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. Average Number of Employees
Average number of employees, including directors, during the year was: 15 (2023: 15)
15 15
3. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 April 2023 - 90,040 90,040
Additions 100,174 13,897 114,071
As at 31 March 2024 100,174 103,937 204,111
Depreciation
As at 1 April 2023 - 74,806 74,806
Provided during the period 12,021 12,972 24,993
As at 31 March 2024 12,021 87,778 99,799
Net Book Value
As at 31 March 2024 88,153 16,159 104,312
As at 1 April 2023 - 15,234 15,234
Page 5
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4. Investments
Unlisted
£
Cost
As at 1 April 2023 70
Disposals (70 )
As at 31 March 2024 -
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 70
5. Stocks
31 March 2024 31 March 2023
£ £
Work in progress 31,955 21,806
6. Debtors
31 March 2024 31 March 2023
£ £
Due within one year
Trade debtors 121,797 111,131
Prepayments and accrued income 32,630 46,135
Other debtors 572,750 245,834
Directors' loan accounts 3,235 3,862
Amounts owed by group undertakings 488,566 1,198,244
1,218,978 1,605,206
Page 6
Page 7
7. Creditors: Amounts Falling Due Within One Year
31 March 2024 31 March 2023
£ £
Net obligations under finance lease and hire purchase contracts 13,589 -
Trade creditors 41,149 (509 )
Bank loans and overdrafts 40,000 40,000
Other taxes and social security 69,717 133,994
Net wages 1,174 959
Other creditors 12,959 674
Accruals and deferred income 5,902 9,873
184,490 184,991
8. Creditors: Amounts Falling Due After More Than One Year
31 March 2024 31 March 2023
£ £
Net obligations under finance lease and hire purchase contracts 78,222 -
Bank loans 46,667 86,667
124,889 86,667
9. Obligations Under Finance Leases and Hire Purchase
31 March 2024 31 March 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 13,589 -
Later than one year and not later than five years 78,222 -
91,811 -
91,811 -
10. Share Capital
31 March 2024 31 March 2023
£ £
Allotted, Called up and fully paid 200 200
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11. 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
£ £ £ £ £
Mr Jack Presland 3,862 3,235 3,862 - 3,235
The above loan is unsecured, chargeable at the HMRC approved official rate of interest and repayable on demand. 
12. Related Party Transactions
Included within debtors is an amount of £843,043 (2023 : £1,198,244) owing from group undertakings. The loan is unsecured, interest free and repayable on demand.
13. Ultimate Controlling Party
The company's immediate parent undertaking is GLX Group Limited, a company incorporated in England and Wales.
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