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Registered number: 07235500
Lee Christian & Co Ltd
Unaudited ABRIDGED Financial Statements
For The Year Ended 31 May 2024
Lee Christian & Co Limited
Chartered Certified Accountants
Suite 222 Cuffley Point
Cuffley Place, Sopers Road
Cuffley
Hertfordshire
EN6 4RY
Contents
Page
Company Information 1
Accountant's Report 2
Abridged Statement of Financial Position 3—4
Notes to the Abridged Financial Statements 5—8
Page 1
Company Information
Director Mr K Antoniou
Secretary Mrs J Antoniou
Company Number 07235500
Registered Office Suite 222 Cuffley Point
Cuffley Place, Sopers Road
Cuffley
Hertfordshire
EN6 4RY
Accountants Lee Christian & Co Limited
Chartered Certified Accountants
Suite 222 Cuffley Point
Cuffley Place, Sopers Road
Cuffley
Hertfordshire
EN6 4RY
Page 1
Page 2
Accountant's Report
Report to the director on the preparation of the unaudited statutory accounts of Lee Christian & Co Ltd for the year ended 31 May 2024
To assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lee Christian & Co Ltd which comprise the Income Statement, the Statement of Financial Position and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the director of Lee Christian & Co Ltd , as a body, in accordance with our terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Lee Christian & Co Ltd and state those matters that we have agreed to state to the director of Lee Christian & Co Ltd , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lee Christian & Co Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Lee Christian & Co Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Lee Christian & Co Ltd . You consider that Lee Christian & Co Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Lee Christian & Co Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
27th September 2024
Lee Christian & Co Limited
Chartered Certified Accountants
Suite 222 Cuffley Point
Cuffley Place, Sopers Road
Cuffley
Hertfordshire
EN6 4RY
Page 2
Page 3
Abridged Statement of Financial Position
Registered number: 07235500
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 245,635 252,457
Tangible Assets 5 2,651 3,824
248,286 256,281
CURRENT ASSETS
Debtors 166,998 139,363
Cash at bank and in hand 63,929 119,976
230,927 259,339
Creditors: Amounts Falling Due Within One Year (172,959 ) (173,065 )
NET CURRENT ASSETS (LIABILITIES) 57,968 86,274
TOTAL ASSETS LESS CURRENT LIABILITIES 306,254 342,555
Creditors: Amounts Falling Due After More Than One Year (10,949 ) (20,919 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (89 ) (267 )
NET ASSETS 295,216 321,369
CAPITAL AND RESERVES
Called up share capital 6 1,010 1,010
Income Statement 294,206 320,359
SHAREHOLDERS' FUNDS 295,216 321,369
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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 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 Income Statement.
All of the company's members have consented to the preparation of an Abridged Income Statement and an Abridged Statement of Financial Position for the year end 31 May 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr K Antoniou
Director
27th September 2024
The notes on pages 5 to 8 form part of these financial statements.
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Page 5
Notes to the Abridged Financial Statements
1. General Information
Lee Christian & Co Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07235500 . The registered office is Suite 222 Cuffley Point, Cuffley Place, Sopers Road, Cuffley, Hertfordshire, EN6 4RY.
The presentation currency of the accounts is in Pound Sterling (£).
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 the rendering of services.
Revenue from the rendering of professional services is recognised by reference to the stage of completion of the engagement. The stage of completion of an engagement is measured by comparing the costs incurred for work performed to date to the estimated engagement costs. Revenue is only recognised to the extent of recoverable expenses when the outcome of an engagement cannot be estimated reliably.
Services rendered to clients during the year that have not been billed at the reporting date have been recognised as unbilled revenue based on assessment of the fair value of the services provided as a proportion of the total value of the engagement.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to income statement over its estimated economic life of fifty years.
2.4. 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:
Leasehold straight line over the life of the lease
Fixtures & Fittings 20% on reducing balance
The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.
The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the profit and loss account and included in the other operating income.
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2.5. Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like plant, property and equipment are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.
2.6. Taxation
Taxaion for the year comprises 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.
2.7. 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.
2.8. Creditors
Short term trade 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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2.9. Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense in the period in which they are incurred.
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: 6 (2023: 7)
6 7
4. Intangible Assets
Total
£
Cost
As at 1 June 2023 341,145
As at 31 May 2024 341,145
Amortisation
As at 1 June 2023 88,688
Provided during the period 6,822
As at 31 May 2024 95,510
Net Book Value
As at 31 May 2024 245,635
As at 1 June 2023 252,457
5. Tangible Assets
Total
£
Cost
As at 1 June 2023 11,966
Additions 249
Disposals (2,590 )
As at 31 May 2024 9,625
Depreciation
As at 1 June 2023 8,142
Provided during the period 663
Disposals (1,831 )
As at 31 May 2024 6,974
...CONTINUED
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Net Book Value
As at 31 May 2024 2,651
As at 1 June 2023 3,824
6. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,010 1,010
7. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 June 2023 Amounts advanced Amounts repaid Amounts written off As at 31 May 2024
£ £ £ £ £
Mr Kyriacos Antoniou - 200,637 200,637 - -
The above loans are unsecured and repayable on demand. Where applicable interest has been charged on these loans by the company at the average official rate of interest. 
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