Acorah Software Products - Accounts Production 16.1.200 false true 31 May 2023 1 June 2022 false 1 June 2023 31 May 2024 31 May 2024 07648836 Mr Jonathan Streeton iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07648836 2023-05-31 07648836 2024-05-31 07648836 2023-06-01 2024-05-31 07648836 frs-core:CurrentFinancialInstruments 2024-05-31 07648836 frs-core:Non-currentFinancialInstruments 2024-05-31 07648836 frs-core:ComputerEquipment 2024-05-31 07648836 frs-core:ComputerEquipment 2023-06-01 2024-05-31 07648836 frs-core:ComputerEquipment 2023-05-31 07648836 frs-core:FurnitureFittings 2024-05-31 07648836 frs-core:FurnitureFittings 2023-06-01 2024-05-31 07648836 frs-core:FurnitureFittings 2023-05-31 07648836 frs-core:MotorVehicles 2024-05-31 07648836 frs-core:MotorVehicles 2023-06-01 2024-05-31 07648836 frs-core:MotorVehicles 2023-05-31 07648836 frs-core:PlantMachinery 2024-05-31 07648836 frs-core:PlantMachinery 2023-06-01 2024-05-31 07648836 frs-core:PlantMachinery 2023-05-31 07648836 frs-core:ShareCapital 2024-05-31 07648836 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 07648836 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 07648836 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 07648836 frs-bus:SmallEntities 2023-06-01 2024-05-31 07648836 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 07648836 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 07648836 frs-bus:Director1 2023-06-01 2024-05-31 07648836 frs-countries:EnglandWales 2023-06-01 2024-05-31 07648836 2022-05-31 07648836 2023-05-31 07648836 2022-06-01 2023-05-31 07648836 frs-core:CurrentFinancialInstruments 2023-05-31 07648836 frs-core:Non-currentFinancialInstruments 2023-05-31 07648836 frs-core:ShareCapital 2023-05-31 07648836 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31
Registered number: 07648836
KGS Partners Ltd
Financial Statements
For The Year Ended 31 May 2024
CCF Accountancy Limited
Chartered Certified Accountants & Chartered Tax Advisers
20 Victoria Avenue
Harrogate
HG1 5QY
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07648836
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 26,768 36,436
Investments 266,042 174,715
292,810 211,151
CURRENT ASSETS
Debtors 5 595 42,147
Cash at bank and in hand 30,128 15,065
30,723 57,212
Creditors: Amounts Falling Due Within One Year 6 (146,731 ) (160,619 )
NET CURRENT ASSETS (LIABILITIES) (116,008 ) (103,407 )
TOTAL ASSETS LESS CURRENT LIABILITIES 176,802 107,744
Creditors: Amounts Falling Due After More Than One Year 7 (47,058 ) (64,355 )
NET ASSETS 129,744 43,389
CAPITAL AND RESERVES
Called up share capital 8 3 3
Profit and Loss Account 129,741 43,386
SHAREHOLDERS' FUNDS 129,744 43,389
Page 1
Page 2
For the year ending 31 May 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 Jonathan Streeton
Director
12/12/2024
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
KGS Partners Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07648836 . The registered office is First Floor Osborne House, 20 Victoria Avenue, Harrogate, HG1 5QY.
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:
Plant & Machinery 25% Reducing balance
Motor Vehicles 20% Reducing balance
Fixtures & Fittings 25% Reducing balance
Computer Equipment 25% Reducing balance
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
Page 3
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4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 June 2023 32,231 24,145 4,759 9,386 70,521
Additions - - - 1,781 1,781
Disposals - - - (6,989 ) (6,989 )
As at 31 May 2024 32,231 24,145 4,759 4,178 65,313
Depreciation
As at 1 June 2023 16,876 11,783 1,190 4,236 34,085
Provided during the period 3,839 2,472 892 894 8,097
Disposals - - - (3,637 ) (3,637 )
As at 31 May 2024 20,715 14,255 2,082 1,493 38,545
Net Book Value
As at 31 May 2024 11,516 9,890 2,677 2,685 26,768
As at 1 June 2023 15,355 12,362 3,569 5,150 36,436
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 156 41,699
Prepayments and accrued income 439 448
595 42,147
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 29,855 29,855
Corporation tax 92,797 91,460
Other taxes and social security 738 867
VAT 19,676 28,599
Accruals and deferred income 3,477 2,651
Director's loan account 188 7,187
146,731 160,619
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 22,946 52,802
Credit card account 24,112 11,553
47,058 64,355
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8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 3 3
Page 5