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Gasonic Ltd
Financial Statements
For The Year Ended 30 June 2024
TaxAssist Accountants
133 Station Road
Sidcup
DA15 7AA
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10828235
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 4,309 10,210
4,309 10,210
CURRENT ASSETS
Stocks 5 1,056 429
Debtors 6 23,183 25,715
Cash at bank and in hand 11,845 8,286
36,084 34,430
Creditors: Amounts Falling Due Within One Year 7 (35,266 ) (35,485 )
NET CURRENT ASSETS (LIABILITIES) 818 (1,055 )
TOTAL ASSETS LESS CURRENT LIABILITIES 5,127 9,155
Creditors: Amounts Falling Due After More Than One Year 8 (2,750 ) (5,750 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (819 ) (1,940 )
NET ASSETS 1,558 1,465
CAPITAL AND RESERVES
Called up share capital 10 2 2
Profit and Loss Account 1,556 1,463
SHAREHOLDERS' FUNDS 1,558 1,465
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For the year ending 30 June 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
Mrs Jenny Lewis
Director
20 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
Gasonic Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10828235 . The registered office is 133 Station Road, Sidcup, Kent, DA15 7AA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
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.
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 reducing balance at 25%
Motor Vehicles reducing balance at 25%
2.4. 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.
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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 year 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 asset reflects 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:  3 (2023: 4)
3 4
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 July 2023 5,842 24,138 29,980
Additions 598 - 598
Disposals - (6,750 ) (6,750 )
As at 30 June 2024 6,440 17,388 23,828
...CONTINUED
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Depreciation
As at 1 July 2023 3,982 15,788 19,770
Provided during the period 614 823 1,437
Disposals - (1,688 ) (1,688 )
As at 30 June 2024 4,596 14,923 19,519
Net Book Value
As at 30 June 2024 1,844 2,465 4,309
As at 1 July 2023 1,860 8,350 10,210
5. Stocks
2024 2023
£ £
Stock 1,056 429
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 8,806 11,505
Other debtors 868 1,008
Directors' loan accounts 13,509 13,202
23,183 25,715
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 6,296 3,527
Bank loans and overdrafts 3,000 3,000
Corporation tax 6,113 7,372
Other taxes and social security - 328
VAT 4,731 5,374
Net wages - 154
Other creditors 13,121 13,825
Accruals and deferred income 2,005 1,905
35,266 35,485
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 2,750 5,750
2,750 5,750
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 July 2023 Amounts advanced Amounts repaid Amounts written off As at 30 June 2024
£ £ £ £ £
Mrs Jenny Lewis 6,601 153 - - 6,754
Mr Luke Lewis 6,601 153 - - 6,754
The above loan is unsecured, interest free and repayable on demand.
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