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Registered number: 11221454
Miracca&Browne Ltd
Unaudited Financial Statements
For the Period 1 March 2024 to 31 October 2024
BCT Accountants Ltd
Beechley Minskip Road
Boroughbridge
York
North Yorkshire
YO51 9HY
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11221454
31 October 2024 29 February 2024
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 670
Tangible Assets 5 11,799 17,314
11,799 17,984
CURRENT ASSETS
Stocks 6 2,000 5,000
Debtors 7 29,792 61,737
Cash at bank and in hand - 87,823
31,792 154,560
Creditors: Amounts Falling Due Within One Year 8 (48,233 ) (48,708 )
NET CURRENT ASSETS (LIABILITIES) (16,441 ) 105,852
TOTAL ASSETS LESS CURRENT LIABILITIES (4,642 ) 123,836
Creditors: Amounts Falling Due After More Than One Year 9 (16,990 ) (20,092 )
PROVISIONS FOR LIABILITIES
Deferred Taxation - (4,329 )
NET (LIABILITIES)/ASSETS (21,632 ) 99,415
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account (21,633 ) 99,414
SHAREHOLDERS' FUNDS (21,632) 99,415
Page 1
Page 2
For the period 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 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 David Miracca
Director
17th 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
Miracca&Browne Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11221454 . The registered office is Unit 24 Kirby Street, London, EC1N 8TE.
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 and 8 months.
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:
Plant & Machinery 20% reducing balance
Motor Vehicles 25% straight line
Fixtures & Fittings 25% reducing balance
Computer Equipment 33% Straight line
2.5. 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.
2.6. 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 year 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.
...CONTINUED
Page 3
Page 4
2.6. Taxation - continued
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 asset reflects 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 as follows: 2 (2024: 2)
2 2
4. Intangible Assets
Goodwill
£
Cost
As at 1 March 2024 5,667
As at 31 October 2024 5,667
Amortisation
As at 1 March 2024 4,997
Provided during the period 670
As at 31 October 2024 5,667
Net Book Value
As at 31 October 2024 -
As at 1 March 2024 670
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 March 2024 13,700 13,940 24,332 1,929 53,901
Disposals - (13,940 ) - - (13,940 )
As at 31 October 2024 13,700 - 24,332 1,929 39,961
Depreciation
As at 1 March 2024 4,567 10,455 19,673 1,892 36,587
Provided during the period 1,217 1,162 776 37 3,192
Disposals - (11,617 ) - - (11,617 )
As at 31 October 2024 5,784 - 20,449 1,929 28,162
Net Book Value
As at 31 October 2024 7,916 - 3,883 - 11,799
As at 1 March 2024 9,133 3,485 4,659 37 17,314
Page 4
Page 5
6. Stocks
31 October 2024 29 February 2024
£ £
Materials 2,000 5,000
7. Debtors
31 October 2024 29 February 2024
£ £
Due within one year
Trade debtors 526 56,074
Prepayments and accrued income 1,695 5,663
Director's loan account 27,571 -
29,792 61,737
8. Creditors: Amounts Falling Due Within One Year
31 October 2024 29 February 2024
£ £
Trade creditors 26,879 7,182
Bank loans and overdrafts 9,934 -
Corporation tax 8,452 24,670
Other taxes and social security 1,422 465
VAT 1,378 15,950
Other creditors 168 168
Director's loan account - 273
48,233 48,708
9. Creditors: Amounts Falling Due After More Than One Year
31 October 2024 29 February 2024
£ £
Bank loans 16,990 20,092
10. Share Capital
31 October 2024 29 February 2024
£ £
Allotted, Called up and fully paid 1 1
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 March 2024 Amounts advanced Amounts repaid Amounts written off As at 31 October 2024
£ £ £ £ £
Mr David Miracca - 27,571 - - 27,571
The above loan is unsecured, interest free and repayable on demand.
Page 5