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Registered number: 12570740
Sandymount House Rhosneigr Limited
Unaudited Financial Statements
For The Year Ended 31 October 2024
EOG Accounting
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12570740
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 348,157 7,766
348,157 7,766
CURRENT ASSETS
Stocks 5 24,448 16,044
Debtors 6 19,837 517,483
Cash at bank and in hand 76,309 62,844
120,594 596,371
Creditors: Amounts Falling Due Within One Year 7 (350,066 ) (562,312 )
NET CURRENT ASSETS (LIABILITIES) (229,472 ) 34,059
TOTAL ASSETS LESS CURRENT LIABILITIES 118,685 41,825
PROVISIONS FOR LIABILITIES
Deferred Taxation - (1,942 )
NET ASSETS 118,685 39,883
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 118,585 39,783
SHAREHOLDERS' FUNDS 118,685 39,883
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For the year ending 31 October 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
Dr Philip Goodwin
Director
11 February 2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Sandymount House Rhosneigr Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12570740 . The registered office is The Glan Neigr, Post Office Lane, Rhosneigr, United Kingdom, LL64 5JA.
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 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 significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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:
Leasehold No depreciation
Plant & Machinery 15% - Reducing Balance
Fixtures & Fittings 25% Reducing Balance
Computer Equipment 33% - Straight line
Leasehold Property Depreciation
The company has acquired three 999-year leasehold properties, which have been classified as tangible fixed assets in accordance with FRS 102 Section 17.
Under FRS 102, tangible fixed assets are generally depreciated over their estimated useful lives. However, the directors have determined that the leasehold properties have an indefinite useful life, as the lease term is effectively perpetual and there are no known factors that would materially reduce their value over time. As such, no depreciation has been charged in these financial statements.
In accordance with FRS 102.17, the company performs an annual impairment review to assess whether the carrying value of the leasehold properties are recoverable. If there are indicators of impairment, an impairment loss will be recognised in the Profit and Loss Account.
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.
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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 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 53 (2023: 46)
53 46
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 November 2023 - 8,075 - 295 8,370
Additions 295,000 14,344 25,908 13,986 349,238
As at 31 October 2024 295,000 22,419 25,908 14,281 357,608
Depreciation
As at 1 November 2023 - 498 - 106 604
Provided during the period - 1,844 5,331 1,672 8,847
As at 31 October 2024 - 2,342 5,331 1,778 9,451
Net Book Value
As at 31 October 2024 295,000 20,077 20,577 12,503 348,157
As at 1 November 2023 - 7,577 - 189 7,766
5. Stocks
2024 2023
£ £
Materials 24,448 16,044
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 7,937 15,118
Amounts owed by participating interests - 500,765
Other debtors 11,900 1,600
19,837 517,483
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 52,456 156,047
Amounts owed to participating interests - 130,957
Other creditors 170,685 95,827
Taxation and social security 126,925 179,481
350,066 562,312
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Related Party Transactions
During the year, the company underwent a group restructuring, which resulted in the write-off of intercompany loan balances amounting to £318,429. These balances, which were previously owed to the company by group entities, have been written off as part of the restructuring process.
The resulting credit has been recognised under Other Operating Income in the Profit and Loss Account. This adjustment has no cash impact on the company and has been reflected in accordance with FRS 102 Section 1A.
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