Acorah Software Products - Accounts Production 16.1.300 false true true 31 May 2023 1 June 2022 false 1 June 2023 31 May 2024 31 May 2024 10594108 Mr Abdelkrim Bousfiha iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10594108 2023-05-31 10594108 2024-05-31 10594108 2023-06-01 2024-05-31 10594108 frs-core:CurrentFinancialInstruments 2024-05-31 10594108 frs-core:ComputerEquipment 2024-05-31 10594108 frs-core:ComputerEquipment 2023-06-01 2024-05-31 10594108 frs-core:ComputerEquipment 2023-05-31 10594108 frs-core:PlantMachinery 2024-05-31 10594108 frs-core:PlantMachinery 2023-06-01 2024-05-31 10594108 frs-core:PlantMachinery 2023-05-31 10594108 frs-core:ShareCapital 2024-05-31 10594108 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 10594108 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 10594108 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 10594108 frs-bus:SmallEntities 2023-06-01 2024-05-31 10594108 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 10594108 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 10594108 frs-bus:Director1 2023-06-01 2024-05-31 10594108 frs-countries:EnglandWales 2023-06-01 2024-05-31 10594108 2022-05-31 10594108 2023-05-31 10594108 2022-06-01 2023-05-31 10594108 frs-core:CurrentFinancialInstruments 2023-05-31 10594108 frs-core:ShareCapital 2023-05-31 10594108 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31
Registered number: 10594108
Hakara Resources Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10594108
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 4,748 4,750
4,748 4,750
CURRENT ASSETS
Debtors 6 607,882 1,259,918
Investments 7 5,170 4,700
Cash at bank and in hand 329,501 110,637
942,553 1,375,255
Creditors: Amounts Falling Due Within One Year 8 (282,281 ) (683,855 )
NET CURRENT ASSETS (LIABILITIES) 660,272 691,400
TOTAL ASSETS LESS CURRENT LIABILITIES 665,020 696,150
NET ASSETS 665,020 696,150
CAPITAL AND RESERVES
Called up share capital 9 130,000 130,000
Profit and Loss Account 535,020 566,150
SHAREHOLDERS' FUNDS 665,020 696,150
Page 1
Page 2
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 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 Abdelkrim Bousfiha
Director
5 September 2024
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
Hakara Resources Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10594108 . The registered office is 40 Gracechurch Street, London, EC3V 0BT.
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. Going Concern Disclosure
The directors have identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate.
2.3. Significant judgements and estimations
In the application of the company’s accounting policies, the director is required to make judgements, estimates and
assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The
estimates and associated assumptions are based on historical experience and other factors that are considered to be
relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of
the revision and future periods where the revision affects both current and future periods.
2.4. 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.
2.5. 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:
Plant & Machinery 25% on cost
Computer Equipment 3 years
2.6. 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 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.
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, 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 constitutes a financing
transaction, where the debt instrument is measured at the present value of the future payments discounted at a
market rate of interest. Financial liabilities classified as payable within one year are not amortised.
...CONTINUED
Page 3
Page 4
2.6. Financial Instruments - continued
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.
2.7. 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.
2.8. 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.
2.9. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks,
other short-term highly liquid investments that mature in no more than three months from the date of acquisition and
are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
4. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 June 2023 3,542 8,634 12,176
Additions - 2,374 2,374
As at 31 May 2024 3,542 11,008 14,550
Depreciation
As at 1 June 2023 1,431 5,995 7,426
Provided during the period 830 1,546 2,376
As at 31 May 2024 2,261 7,541 9,802
...CONTINUED
Page 4
Page 5
Net Book Value
As at 31 May 2024 1,281 3,467 4,748
As at 1 June 2023 2,111 2,639 4,750
5. Stocks
2024 2023
£ £
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 339,959 1,238,729
Other debtors 260,584 21,189
600,543 1,259,918
Due after more than one year
Other debtors 7,339 -
607,882 1,259,918
7. Current Asset Investments
2024 2023
£ £
Short term deposits 5,170 4,700
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 48,860 386,681
Bank loans and overdrafts 1,137 42
Other creditors 230,944 201,543
Taxation and social security 1,340 95,589
282,281 683,855
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 130,000 130,000
Page 5