Acorah Software Products - Accounts Production 16.1.200 false true 31 May 2023 1 June 2022 false 1 June 2023 31 May 2024 31 May 2024 09042113 K M Wheeler C Y Wheeler iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09042113 2023-05-31 09042113 2024-05-31 09042113 2023-06-01 2024-05-31 09042113 frs-core:CurrentFinancialInstruments 2024-05-31 09042113 frs-core:ComputerEquipment 2024-05-31 09042113 frs-core:ComputerEquipment 2023-06-01 2024-05-31 09042113 frs-core:ComputerEquipment 2023-05-31 09042113 frs-core:ShareCapital 2024-05-31 09042113 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 09042113 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 09042113 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 09042113 frs-bus:SmallEntities 2023-06-01 2024-05-31 09042113 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 09042113 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 09042113 frs-bus:Director1 2023-06-01 2024-05-31 09042113 frs-bus:Director2 2023-06-01 2024-05-31 09042113 frs-countries:EnglandWales 2023-06-01 2024-05-31 09042113 2022-05-31 09042113 2023-05-31 09042113 2022-06-01 2023-05-31 09042113 frs-core:CurrentFinancialInstruments 2023-05-31 09042113 frs-core:ShareCapital 2023-05-31 09042113 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31
Registered number: 09042113
O & P Financial Services Limited
Financial Statements
For The Year Ended 31 May 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 09042113
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Fixed Assets 4 3,183 2,333
3,183 2,333
CURRENT ASSETS
Debtors 5 75 889
Cash at bank and in hand 8,038 1,411
8,113 2,300
Creditors: Amounts falling due within one year 6 (21,818 ) (10,157 )
NET CURRENT ASSETS (LIABILITIES) (13,705 ) (7,857 )
TOTAL ASSETS LESS CURRENT LIABILITIES (10,522 ) (5,524 )
NET LIABILITIES (10,522 ) (5,524 )
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account (10,622 ) (5,624 )
SHAREHOLDERS' FUNDS (10,522) (5,524)
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For the year ending 31 May 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
K M Wheeler
Director
20 January 2025
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
O & P Financial Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09042113 . The registered office is Construction House, Runwell Road, Wickford, Essex, SS11 7HQ.
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.
The following principal accounting policies have been applied:
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 following conditions have been satisfied:
  • the  company has transferred the significant risks and rewards of ownership to the buyer;
  • the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
  • the amount of consideration can be measured reliably;
  • it is probably that the company will receive this consideration due under the transactions; and
  • the costs incurred or to be in incurred in respect of the transaction can be measured reliably. 
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
  • the amount of revenue can be measured reliably;
  • it is probable that the company will receive the consideration due under the contract;
  • the stage of completion of the contract at the end of the reporting period can be measured reliably; and
  • the costs incurred and the costs to complete the contract can be measured reliably.
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2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided at the following rate:
Computer Equipment 20% reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
2.4. Financial Instruments
Financial instruments
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date. 
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.
...CONTINUED
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2.4. Financial Instruments - continued
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
2.5. Taxation
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.
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.
2.6. Pensions
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.
2.7. Government Grant
Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.
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2.8. Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
2.9. Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
2.10. Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Fixed Assets
Computer Equipment
£
Cost
As at 1 June 2023 4,923
Additions 1,647
As at 31 May 2024 6,570
Depreciation
As at 1 June 2023 2,590
Provided during the period 797
As at 31 May 2024 3,387
Net Book Value
As at 31 May 2024 3,183
As at 1 June 2023 2,333
5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 75 75
Corporation tax recoverable assets - 814
75 889
6. Creditors: Amounts falling due within one year
2024 2023
£ £
Trade creditors 1 1
Accruals and deferred income 1,020 1,020
Directors' loan accounts 20,797 9,136
21,818 10,157
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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