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Registered number: 10742198
Choosing Keeping Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10742198
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 3,222 3,306
Tangible Assets 5 24,859 13,450
28,081 16,756
CURRENT ASSETS
Stocks 676,919 573,269
Debtors 6 73,634 45,751
Cash at bank and in hand 927,641 484,298
1,678,194 1,103,318
Creditors: Amounts Falling Due Within One Year 7 (307,332 ) (172,459 )
NET CURRENT ASSETS (LIABILITIES) 1,370,862 930,859
TOTAL ASSETS LESS CURRENT LIABILITIES 1,398,943 947,615
NET ASSETS 1,398,943 947,615
CAPITAL AND RESERVES
Called up share capital 100 100
Profit and Loss Account 1,398,843 947,515
SHAREHOLDERS' FUNDS 1,398,943 947,615
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For the year ending 30 April 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 J Jeuvell
Director
9 January 2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Choosing Keeping Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10742198 . The registered office is 21 Tower Street, London, WC2H 9NS.
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. Significant judgements and estimations
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates if necessary. It also requires management to exercise judgement in applying the company accounting policies.
2.3. 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.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of three years.
2.5. 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:
Leasehold Straight line over 10 years
Plant & Machinery Straight line over 4 years
Fixtures & Fittings Straight line over 4 years
Computer Equipment Straight line over 3 years
2.6. 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.
2.7. Financial Instruments
The company has elected to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement consitutes a financing transaction, where the transaction is measured at the present value if the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
...CONTINUED
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2.7. Financial Instruments - continued
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitute and financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditor are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently at amortised cost using the effective interest method.
2.8. 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.
2.9. 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.
2.10. 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: 17 (2023: 15)
17 15
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4. Intangible Assets
Goodwill
£
Cost
As at 1 May 2023 3,500
Additions 1,500
As at 30 April 2024 5,000
Amortisation
As at 1 May 2023 194
Provided during the period 1,584
As at 30 April 2024 1,778
Net Book Value
As at 30 April 2024 3,222
As at 1 May 2023 3,306
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 May 2023 346 51,303 101,230 7,857 160,736
Additions - 2,436 13,178 5,249 20,863
As at 30 April 2024 346 53,739 114,408 13,106 181,599
Depreciation
As at 1 May 2023 346 50,138 91,307 5,495 147,286
Provided during the period - 929 6,953 1,572 9,454
As at 30 April 2024 346 51,067 98,260 7,067 156,740
Net Book Value
As at 30 April 2024 - 2,672 16,148 6,039 24,859
As at 1 May 2023 - 1,165 9,923 2,362 13,450
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 7,387 2,162
Other debtors 66,247 43,589
73,634 45,751
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 29,329 31,067
Bank loans and overdrafts - 84
Other creditors 46,570 9,394
Taxation and social security 231,433 131,914
307,332 172,459
8. Related Party Transactions
At year end, Julia Jeuvell, the director and shareholder of Choosing Keeping Limited, was owed £11,404 by the company. The amount does not have a fixed repayment date and is payable on demand.
9. Controlling Party
The company's controlling party is Ms Julia Jeuvell, a director and shareholder of the company.
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