Acorah Software Products - Accounts Production 16.1.300 false true 30 April 2023 1 May 2022 false 1 May 2023 30 April 2024 30 April 2024 1875582 Mr Kenneth Davis Mrs Adrienne Davis iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 1875582 2023-04-30 1875582 2024-04-30 1875582 2023-05-01 2024-04-30 1875582 frs-core:CurrentFinancialInstruments 2024-04-30 1875582 frs-core:FurnitureFittings 2024-04-30 1875582 frs-core:FurnitureFittings 2023-05-01 2024-04-30 1875582 frs-core:FurnitureFittings 2023-04-30 1875582 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-04-30 1875582 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 1875582 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-04-30 1875582 frs-core:ShareCapital 2024-04-30 1875582 frs-core:RetainedEarningsAccumulatedLosses 2024-04-30 1875582 frs-bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 1875582 frs-bus:FilletedAccounts 2023-05-01 2024-04-30 1875582 frs-bus:SmallEntities 2023-05-01 2024-04-30 1875582 frs-bus:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 1875582 frs-bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 1875582 frs-bus:Director1 2023-05-01 2024-04-30 1875582 frs-bus:CompanySecretary1 2023-05-01 2024-04-30 1875582 frs-countries:EnglandWales 2023-05-01 2024-04-30 1875582 2022-04-30 1875582 2023-04-30 1875582 2022-05-01 2023-04-30 1875582 frs-core:CurrentFinancialInstruments 2023-04-30 1875582 frs-core:ShareCapital 2023-04-30 1875582 frs-core:RetainedEarningsAccumulatedLosses 2023-04-30
Registered number: 1875582
Kenneth Davis (Works of Art) 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: 1875582
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,557 3,316
2,557 3,316
CURRENT ASSETS
Stocks 4,241,464 4,203,684
Debtors 5 266,746 242,784
Cash at bank and in hand 640,585 572,833
5,148,795 5,019,301
Creditors: Amounts Falling Due Within One Year 6 (281,706 ) (364,549 )
NET CURRENT ASSETS (LIABILITIES) 4,867,089 4,654,752
TOTAL ASSETS LESS CURRENT LIABILITIES 4,869,646 4,658,068
PROVISIONS FOR LIABILITIES
Deferred Taxation 7 (315 ) (371 )
NET ASSETS 4,869,331 4,657,697
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 4,869,231 4,657,597
SHAREHOLDERS' FUNDS 4,869,331 4,657,697
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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 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 Kenneth Davis
Director
29/01/2025
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
Kenneth Davis (Works of Art) Limited , Registered number 1875582 , is private company limited by shares, registered in England and Wales and is incorporated and domiciled in England. The Registered Office is 15 King Street, St. James's, London, SW1Y 6QU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared under the historical cost convention in accordance and compliance with the 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 presented in sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost net of depreciation and any impairment losses.

Impairment of tangible fixed assets
At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Depreciation of tangible fixed assets
Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as detailed below:

Leasehold Over the term of the lease
Fixtures & Fittings 15% reducing balance
2.4. Leasing and Hire Purchase Contracts
Rentals payable under operating leases are charged to profit and loss account on a straight line basis over the term of the lease.
2.5. Stocks and Work in Progress
Stock is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
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2.6. Financial Instruments
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 statement of financial position 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 realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised costs using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Loans and receivables
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be material. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Classification of financial liabilities
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
Basic financial liabilities, which include creditors, bank loans, loans from related parties that are classified as debt, are initially recognised at the transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at 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 creditors 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 measured at amortised cost using the effective interest method.

Equity Instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2.7. Foreign Currencies
Transactions in currencies other than in pounds sterling are translated at the rate of exchange prevailing at the date of the transaction. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated into pounds sterling at the rates of exchange prevailing on the reporting end date. Gains and losses arising on translation are included in the profit or loss.
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2.8. Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.

Current Tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using rates that have been enacted or substantively enacted by the reporting end date.

Deferred Tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 assets to be recovered. Deferred tax is measured on a non-discounted basis at tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2.9. Pensions
The company operates a defined pension contribution scheme for the benefit of is employees. Contributions are charged to the profit and loss account in the year they are payable.
2.10. Employee benefits
The cost of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 7)
4 7
4. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Total
£ £ £
Cost
As at 1 May 2023 2,687 4,356 7,043
As at 30 April 2024 2,687 4,356 7,043
Depreciation
As at 1 May 2023 854 2,873 3,727
Provided during the period 537 222 759
As at 30 April 2024 1,391 3,095 4,486
Net Book Value
As at 30 April 2024 1,296 1,261 2,557
As at 1 May 2023 1,833 1,483 3,316
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5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 253,809 205,224
Prepayments and accrued income 12,937 8,349
Other taxes and social security - 29,211
266,746 242,784
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 188,046 299,818
Current tax 82,550 33,130
Other creditors 6,981 25,726
Accruals and deferred income 4,129 5,875
281,706 364,549
7. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 315 371
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Other Commitments
At the end of the reporting period the company had total commitments under non-cancellable operating leases of £120,548 (2023 : £170,548).
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