Acorah Software Products - Accounts Production 16.1.300 false true true 31 March 2024 1 April 2023 false 1 April 2024 31 January 2025 31 January 2025 02333838 Mr Adam Simpson Mr Alexander Simpson Mrs Samantha Simpson iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 02333838 2024-03-31 02333838 2025-01-31 02333838 2024-04-01 2025-01-31 02333838 frs-core:CurrentFinancialInstruments 2025-01-31 02333838 frs-core:ComputerEquipment 2025-01-31 02333838 frs-core:ComputerEquipment 2024-04-01 2025-01-31 02333838 frs-core:ComputerEquipment 2024-03-31 02333838 frs-core:FurnitureFittings 2025-01-31 02333838 frs-core:FurnitureFittings 2024-04-01 2025-01-31 02333838 frs-core:FurnitureFittings 2024-03-31 02333838 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2025-01-31 02333838 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-04-01 2025-01-31 02333838 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-03-31 02333838 frs-core:ShareCapital 2025-01-31 02333838 frs-core:RetainedEarningsAccumulatedLosses 2025-01-31 02333838 frs-bus:PrivateLimitedCompanyLtd 2024-04-01 2025-01-31 02333838 frs-bus:FilletedAccounts 2024-04-01 2025-01-31 02333838 frs-bus:SmallEntities 2024-04-01 2025-01-31 02333838 frs-bus:AuditExempt-NoAccountantsReport 2024-04-01 2025-01-31 02333838 frs-bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-01-31 02333838 frs-bus:Director1 2024-04-01 2025-01-31 02333838 frs-bus:Director2 2024-04-01 2025-01-31 02333838 frs-bus:CompanySecretary1 2024-04-01 2025-01-31 02333838 frs-countries:EnglandWales 2024-04-01 2025-01-31 02333838 2023-03-31 02333838 2024-03-31 02333838 2023-04-01 2024-03-31 02333838 frs-core:CurrentFinancialInstruments 2024-03-31 02333838 frs-core:ShareCapital 2024-03-31 02333838 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31
Registered number: 02333838
Lastic Limited
Unaudited Financial Statements
For the Period 1 April 2024 to 31 January 2025
Daykin Scott Accountants Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02333838
31 January 2025 31 March 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 - 595,525
- 595,525
CURRENT ASSETS
Debtors 5 50 15,987
Cash at bank and in hand 2,956,582 2,828,917
2,956,632 2,844,904
Creditors: Amounts Falling Due Within One Year 6 (17,808 ) (481,425 )
NET CURRENT ASSETS (LIABILITIES) 2,938,824 2,363,479
TOTAL ASSETS LESS CURRENT LIABILITIES 2,938,824 2,959,004
NET ASSETS 2,938,824 2,959,004
CAPITAL AND RESERVES
Called up share capital 7 400 400
Profit and Loss Account 2,938,424 2,958,604
SHAREHOLDERS' FUNDS 2,938,824 2,959,004
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For the period ending 31 January 2025 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
Mr Alexander Simpson
Director
20/02/2025
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
Lastic Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02333838 . The registered office is Unit 3d Mitre Court, 38 Lichfield Road, Sutton Coldfield, West Midlands, B74 2LZ.
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 assessed the company's financial position and future prospects and have concluded that the going concern basis of accounting is no longer appropriate. This is due to the decision to cease trading and commence the process of liquidation, with the company formally entering liquidation for the period ending 31st January 2025.
As a result, the financial statements have been prepared on a break-up basis rather than a going concern basis. Under this approach:
  • Assets have been reviewed for impairment, and any adjustments required to reflect their recoverable amount have been made.
  • Liabilities have been recognised in full, including provisions for any expected costs associated with the liquidation.
  • No assumptions have been made regarding the company's ability to continue operations beyond the liquidation date.
The directors confirm that all necessary steps are being taken to settle outstanding liabilities and distribute any remaining assets in accordance with the applicable legal and regulatory requirements.
2.3. Significant judgements and estimations
No significant judgements or estimates have been made in preparation of these financial statements.
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.
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.
2.5. 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:
Freehold Revaluation
Fixtures & Fittings 10% Straight Line
Computer Equipment 25% Straight Line
Due to the cessation of the company all assets have been sold or disposed of in the year. Gains and losses of such disposals have been recorded in the P&L inline with the fixed asset accounting policy
2.6. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
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2.7. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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 and deferred tax are recognised in profit or loss for the period, 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.
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
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2.10. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the period was: 2 (2024: 5)
2 5
4. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2024 586,726 16,423 20,833 623,982
Disposals (586,726 ) (16,423 ) (20,833 ) (623,982 )
As at 31 January 2025 - - - -
Depreciation
As at 1 April 2024 - 7,832 20,625 28,457
Provided during the period - 1,094 181 1,275
Disposals - (8,926 ) (20,806 ) (29,732 )
As at 31 January 2025 - - - -
Net Book Value
As at 31 January 2025 - - - -
As at 1 April 2024 586,726 8,591 208 595,525
5. Debtors
31 January 2025 31 March 2024
£ £
Due within one year
Trade debtors - 3,674
Other debtors 50 12,313
50 15,987
6. Creditors: Amounts Falling Due Within One Year
31 January 2025 31 March 2024
£ £
Trade creditors - 6,368
Other creditors 2,596 255
Taxation and social security 15,212 474,802
17,808 481,425
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7. Share Capital
31 January 2025 31 March 2024
£ £
Allotted, Called up and fully paid 400 400
A ordinary shares hold equal voting rights. B investment shares do not carry any voting rights.
8. Related Party Transactions
During the year, Lastic Limited engaged in transactions with Lastic Consulting, which is considered a related party due to overlapping ownership and control interests.
Transactions with Lastic Consulting: In the prior year Lastic Limited recharged Lastic Consulting 24% of supplier bills each month. Due to the cessation of the company the recharges for the period end to 31st January 2025 was based on exact amounts. The total amount recharged to Lastic Consulting during the year amounted to £38,785.61 (2024:£98,233).
Ownership Structure: Lastic Limited is owned equally by its shareholders who also hold significant shareholding within Lastic Consulting limited
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