Acorah Software Products - Accounts Production 16.1.200 false true 31 August 2023 1 September 2022 false 1 September 2023 31 August 2024 31 August 2024 05870352 Mr D K Owen Mrs E L Owen iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05870352 2023-08-31 05870352 2024-08-31 05870352 2023-09-01 2024-08-31 05870352 frs-core:CurrentFinancialInstruments 2024-08-31 05870352 frs-core:ComputerEquipment 2023-09-01 2024-08-31 05870352 frs-core:FurnitureFittings 2023-09-01 2024-08-31 05870352 frs-core:MotorVehicles 2023-09-01 2024-08-31 05870352 frs-core:PlantMachinery 2024-08-31 05870352 frs-core:PlantMachinery 2023-09-01 2024-08-31 05870352 frs-core:PlantMachinery 2023-08-31 05870352 frs-core:ShareCapital 2024-08-31 05870352 frs-core:RetainedEarningsAccumulatedLosses 2024-08-31 05870352 frs-bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 05870352 frs-bus:FilletedAccounts 2023-09-01 2024-08-31 05870352 frs-bus:SmallEntities 2023-09-01 2024-08-31 05870352 frs-bus:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 05870352 frs-bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 05870352 frs-bus:Director1 2023-09-01 2024-08-31 05870352 frs-bus:CompanySecretary1 2023-09-01 2024-08-31 05870352 frs-countries:EnglandWales 2023-09-01 2024-08-31 05870352 2022-08-31 05870352 2023-08-31 05870352 2022-09-01 2023-08-31 05870352 frs-core:CurrentFinancialInstruments 2023-08-31 05870352 frs-core:ShareCapital 2023-08-31 05870352 frs-core:RetainedEarningsAccumulatedLosses 2023-08-31
Registered number: 05870352
Owen Commercials Limited
Unaudited Financial Statements
For The Year Ended 31 August 2024
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05870352
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 119,494 69,731
Investment Properties 5 208,546 -
328,040 69,731
CURRENT ASSETS
Stocks 411,219 308,556
Debtors 6 2,081 205,453
Cash at bank and in hand 189,635 382,115
602,935 896,124
Creditors: Amounts Falling Due Within One Year 7 (37,983 ) (81,738 )
NET CURRENT ASSETS (LIABILITIES) 564,952 814,386
TOTAL ASSETS LESS CURRENT LIABILITIES 892,992 884,117
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,655 ) (2,062 )
NET ASSETS 891,337 882,055
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account 891,336 882,054
SHAREHOLDERS' FUNDS 891,337 882,055
Page 1
Page 2
For the year ending 31 August 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 D K Owen
Director
18 December 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Owen Commercials Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05870352 . The registered office is Unit 5 The Workshops, New Street, Bridgtown, Cannock, WS11 0DE.
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.
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 25% reducing balance
Fixtures & Fittings 10%/25% reducing balance
Computer Equipment 25% reducing balance
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.
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.
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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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Plant & Machinery etc.
£
Cost
As at 1 September 2023 123,266
Additions 79,030
Disposals (23,368 )
As at 31 August 2024 178,928
Depreciation
As at 1 September 2023 53,535
Provided during the period (8,608 )
Disposals 14,507
As at 31 August 2024 59,434
Net Book Value
As at 31 August 2024 119,494
As at 1 September 2023 69,731
5. Investment Property
2024
£
Fair Value
As at 1 September 2023 -
Additions 208,546
As at 31 August 2024 208,546
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 13,980
Other debtors 2,081 191,473
2,081 205,453
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 3,147 5,705
Other creditors 13,450 1,664
Taxation and social security 21,386 74,369
37,983 81,738
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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