Acorah Software Products - Accounts Production 16.1.300 false true 30 June 2023 1 July 2022 false 1 July 2023 30 June 2024 30 June 2024 11425445 Mr Ajay Patel Mr Alkesh Patel iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11425445 2023-06-30 11425445 2024-06-30 11425445 2023-07-01 2024-06-30 11425445 frs-core:CurrentFinancialInstruments 2024-06-30 11425445 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-07-01 2024-06-30 11425445 frs-core:FurnitureFittings 2024-06-30 11425445 frs-core:FurnitureFittings 2023-07-01 2024-06-30 11425445 frs-core:FurnitureFittings 2023-06-30 11425445 frs-core:NetGoodwill 2024-06-30 11425445 frs-core:NetGoodwill 2023-07-01 2024-06-30 11425445 frs-core:NetGoodwill 2023-06-30 11425445 frs-core:MotorVehicles 2024-06-30 11425445 frs-core:MotorVehicles 2023-07-01 2024-06-30 11425445 frs-core:MotorVehicles 2023-06-30 11425445 frs-core:OtherResidualIntangibleAssets 2024-06-30 11425445 frs-core:OtherResidualIntangibleAssets 2023-06-30 11425445 frs-core:ShareCapital 2024-06-30 11425445 frs-core:RetainedEarningsAccumulatedLosses 2024-06-30 11425445 frs-bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 11425445 frs-bus:FilletedAccounts 2023-07-01 2024-06-30 11425445 frs-bus:SmallEntities 2023-07-01 2024-06-30 11425445 frs-bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 11425445 frs-bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 11425445 frs-bus:Director1 2023-07-01 2024-06-30 11425445 frs-bus:Director2 2023-07-01 2024-06-30 11425445 frs-countries:EnglandWales 2023-07-01 2024-06-30 11425445 2022-06-30 11425445 2023-06-30 11425445 2022-07-01 2023-06-30 11425445 frs-core:CurrentFinancialInstruments 2023-06-30 11425445 frs-core:ShareCapital 2023-06-30 11425445 frs-core:RetainedEarningsAccumulatedLosses 2023-06-30
Registered number: 11425445
A & AK Patel Ltd
Financial Statements
For The Year Ended 30 June 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11425445
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 259,075 259,075
Tangible Assets 5 13,576 15,778
272,651 274,853
CURRENT ASSETS
Stocks 55,254 40,522
Debtors 6 24,593 11,351
Cash at bank and in hand 92,113 148,361
171,960 200,234
Creditors: Amounts Falling Due Within One Year 7 (53,012 ) (56,169 )
NET CURRENT ASSETS (LIABILITIES) 118,948 144,065
TOTAL ASSETS LESS CURRENT LIABILITIES 391,599 418,918
NET ASSETS 391,599 418,918
CAPITAL AND RESERVES
Called up share capital 100 100
Profit and Loss Account 391,499 418,818
SHAREHOLDERS' FUNDS 391,599 418,918
Page 1
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For the year ending 30 June 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
Mr Alkesh Patel
Director
4 February 2025
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
A & AK Patel Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11425445 . The registered office is 120 Bensham Lane, Thornton Heath, CR7 7ES.
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. 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 profit and loss account over its estimated economic life of 5 years.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are Leasehold Rights. It is not amortised to profit and loss account unlike the other intangible assets.
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments.
Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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:
Motor Vehicles 20% straight line method
Fixtures & Fittings 25% reducing balance method
2.6. 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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2.7. 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 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.
2.8. Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
2.9. Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loan and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.10. Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 2)
3 2
4. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 July 2023 255,000 4,075 259,075
As at 30 June 2024 255,000 4,075 259,075
Net Book Value
As at 30 June 2024 255,000 4,075 259,075
As at 1 July 2023 255,000 4,075 259,075
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years
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5. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 July 2023 11,100 38,391 49,491
Additions - 3,500 3,500
As at 30 June 2024 11,100 41,891 52,991
Depreciation
As at 1 July 2023 6,334 27,379 33,713
Provided during the period 2,220 3,482 5,702
As at 30 June 2024 8,554 30,861 39,415
Net Book Value
As at 30 June 2024 2,546 11,030 13,576
As at 1 July 2023 4,766 11,012 15,778
6. Debtors
2024 2023
£ £
Due within one year
Other debtors 24,593 11,351
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,883 1,357
Corporation tax 1,106 26,008
Other taxes and social security 8,096 2,321
Other creditors 41,927 26,483
53,012 56,169
8. Related party transactions
Mr Ajay Kumar Patel and Mr Alkesh Rameshbhai Patel are the Directors of A & AK Patel Limited.
At the balance sheet date, the total amount owed by the company to the directors is £16,956.40
(Previous year £14,637.31.00).
During the year the company has declared a dividend of £30,000.00 (Previous year £30,000.00).
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