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Registered number: 08510516
Peace of Mind Estate Planning Ltd
Unaudited Financial Statements
For The Year Ended 30 April 2024
iLex Accountancy Services Ltd
41 Brunswick Road
Gloucester
GL1 1JS
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08510516
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 167 300
167 300
CURRENT ASSETS
Stocks 5 2,050 2,500
Debtors 6 17,053 14,007
Cash at bank and in hand 1 -
19,104 16,507
Creditors: Amounts Falling Due Within One Year 7 (16,873 ) (13,662 )
NET CURRENT ASSETS (LIABILITIES) 2,231 2,845
TOTAL ASSETS LESS CURRENT LIABILITIES 2,398 3,145
Creditors: Amounts Falling Due After More Than One Year 8 (2,193 ) (3,005 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (32 ) -
NET ASSETS 173 140
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 73 40
SHAREHOLDERS' FUNDS 173 140
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Page 2
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 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 Peter Vinicombe
Director
18/01/2025
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
Peace of Mind Estate Planning Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08510516 . The registered office is 41 Brunswick Road, Gloucester, GL1 1JS.
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 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:
Computer Equipment 20-25% straight line basis
2.4. 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.
2.5. 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are 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: NIL (2023: NIL)
- -
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4. Tangible Assets
Computer Equipment
£
Cost
As at 1 May 2023 1,767
As at 30 April 2024 1,767
Depreciation
As at 1 May 2023 1,467
Provided during the period 133
As at 30 April 2024 1,600
Net Book Value
As at 30 April 2024 167
As at 1 May 2023 300
5. Stocks
2024 2023
£ £
Work in progress 2,050 2,500
6. Debtors
2024 2023
£ £
Due within one year
Corporation tax recoverable assets 4,256 3,488
Director's loan account 12,797 10,519
17,053 14,007
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 3,099 4,629
Corporation tax 11,158 7,655
Accruals and deferred income 2,616 1,378
16,873 13,662
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 2,193 3,005
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 May 2023 Amounts advanced Amounts repaid Amounts written off As at 30 April 2024
£ £ £ £ £
Mr Peter Vinicombe 10,519 - - - -
The above loan is unsecured, interest free and repayable on demand.
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