Acorah Software Products - Accounts Production 15.0.600 false true true 30 June 2023 1 July 2022 false 1 July 2023 30 June 2024 30 June 2024 10223825 Mr Richard Canavan Mrs Julia Canavan iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10223825 2023-06-30 10223825 2024-06-30 10223825 2023-07-01 2024-06-30 10223825 frs-core:CurrentFinancialInstruments 2024-06-30 10223825 frs-core:ComputerEquipment 2024-06-30 10223825 frs-core:ComputerEquipment 2023-07-01 2024-06-30 10223825 frs-core:ComputerEquipment 2023-06-30 10223825 frs-core:FurnitureFittings 2024-06-30 10223825 frs-core:FurnitureFittings 2023-07-01 2024-06-30 10223825 frs-core:FurnitureFittings 2023-06-30 10223825 frs-core:MotorVehicles 2024-06-30 10223825 frs-core:MotorVehicles 2023-07-01 2024-06-30 10223825 frs-core:MotorVehicles 2023-06-30 10223825 frs-core:PlantMachinery 2024-06-30 10223825 frs-core:PlantMachinery 2023-07-01 2024-06-30 10223825 frs-core:PlantMachinery 2023-06-30 10223825 frs-core:ShareCapital 2024-06-30 10223825 frs-core:RetainedEarningsAccumulatedLosses 2024-06-30 10223825 frs-bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 10223825 frs-bus:FilletedAccounts 2023-07-01 2024-06-30 10223825 frs-bus:SmallEntities 2023-07-01 2024-06-30 10223825 frs-bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 10223825 frs-bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 10223825 frs-core:CostValuation 2023-06-30 10223825 frs-core:CostValuation 2024-06-30 10223825 frs-core:ProvisionsForImpairmentInvestments 2023-06-30 10223825 frs-core:ProvisionsForImpairmentInvestments 2024-06-30 10223825 frs-bus:Director1 2023-07-01 2024-06-30 10223825 frs-bus:Director2 2023-07-01 2024-06-30 10223825 frs-countries:EnglandWales 2023-07-01 2024-06-30 10223825 2022-06-30 10223825 2023-06-30 10223825 2022-07-01 2023-06-30 10223825 frs-core:CurrentFinancialInstruments 2023-06-30 10223825 frs-core:ShareCapital 2023-06-30 10223825 frs-core:RetainedEarningsAccumulatedLosses 2023-06-30
Registered number: 10223825
Richard Canavan LTD
Unaudited Financial Statements
For The Year Ended 30 June 2024
Oxwich Accountancy Limited
ICAEW member firm number C006246679
Contents
Page
Company Information 1
Accountants' Report 2
Balance Sheet 3—4
Notes to the Financial Statements 5—8
Page 1
Company Information
Directors Mr Richard Canavan
Mrs Julia Canavan
Company Number 10223825
Registered Office 8 Lilley Mead
Redhill
RH1 2NY
Accountants Oxwich Accountancy Limited
ICAEW member firm number C006246679
113 Canalside
Redhill
Surrey
RH1 2FH
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Page 2
Accountants' Report
Chartered Accountants' report to the directors on the preparation of the unaudited statutory accounts of Richard Canavan LTD for the year ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Richard Canavan LTD for the year ended 30 June 2024 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of Richard Canavan LTD , as a body, in accordance with the terms of our engagement letter dated 21 January 2019. Our work has been undertaken solely to prepare for your approval the accounts of Richard Canavan LTD and state those matters that we have agreed to state to the directors of Richard Canavan LTD , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Richard Canavan LTD and its directors, as a body, for our work or for this report.
It is your duty to ensure that Richard Canavan 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 Richard Canavan LTD . You consider that Richard Canavan LTD is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Richard Canavan 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
Dr. Ceri Rhys Williams
16/12/2024
Oxwich Accountancy Limited
ICAEW member firm number C006246679
113 Canalside
Redhill
Surrey
RH1 2FH
Page 2
Page 3
Balance Sheet
Registered number: 10223825
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 48,585 55,146
Investments 5 1 1
48,586 55,147
CURRENT ASSETS
Debtors 6 190,313 135,971
Cash at bank and in hand 104,210 110,811
294,523 246,782
Creditors: Amounts Falling Due Within One Year 7 (38,369 ) (58,710 )
NET CURRENT ASSETS (LIABILITIES) 256,154 188,072
TOTAL ASSETS LESS CURRENT LIABILITIES 304,740 243,219
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (4,426 ) (3,853 )
NET ASSETS 300,314 239,366
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 300,214 239,266
SHAREHOLDERS' FUNDS 300,314 239,366
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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 Richard Canavan
Director
Mrs Julia Canavan
Director
17/12/2024
The notes on pages 5 to 8 form part of these financial statements.
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Page 5
Notes to the Financial Statements
1. General Information
Richard Canavan LTD is a private company, limited by shares, incorporated in England & Wales, registered number 10223825 . The registered office is 8 Lilley Mead, Redhill, RH1 2NY.
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 not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. 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 royalties and similar income and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Royalties and Similar Income
Royalties and similar licence fee income is collected via third party rights agencies and similar intermediaries. Income is recognised in the period when the company is first notified the income has been earned.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. Turnover relating to the annual Production Music Awards is recognised on completion of the awards ceremony.
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 2 - 5 years
Motor Vehicles 10 years
Fixtures & Fittings 2 - 5 years
Computer Equipment 2 years
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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 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.
...CONTINUED
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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 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. Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 July 2023 17,861 56,148 2,132 20,035 96,176
Additions - - - 4,459 4,459
As at 30 June 2024 17,861 56,148 2,132 24,494 100,635
Depreciation
As at 1 July 2023 15,613 6,041 997 18,379 41,030
Provided during the period 1,540 5,626 534 3,320 11,020
As at 30 June 2024 17,153 11,667 1,531 21,699 52,050
Net Book Value
As at 30 June 2024 708 44,481 601 2,795 48,585
As at 1 July 2023 2,248 50,107 1,135 1,656 55,146
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5. Investments
Subsidiaries
£
Cost
As at 1 July 2023 1
As at 30 June 2024 1
Provision
As at 1 July 2023 -
As at 30 June 2024 -
Net Book Value
As at 30 June 2024 1
As at 1 July 2023 1
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 184 20,350
Prepayments and accrued income 33,368 37,983
VAT 2,125 -
Other taxes and social security 129 -
Amounts owed by subsidiaries 154,507 77,638
190,313 135,971
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 17,442 (72 )
Corporation tax 4,493 23,927
Other taxes and social security - 24
VAT - 7,678
Net wages - 1,537
Accruals and deferred income 8,030 -
Directors' loan accounts 8,404 25,616
38,369 58,710
8. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 4,426 3,853
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9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Directors Advances, Credits and Guarantees
Dividends paid to directors
2024 2023
£ £
Mr Richard Canavan - 33,000
Mrs Julia Canavan - 11,000
11. Related Party Transactions
Onscore Limited100% subsidiary companyThe company continues to provide financial support to its subsidiary (Onscore Limited) by way of intercompany loans. These loans are repayable on demand and non interest bearing. The outstanding loan amounts are shown in the debtors note above

Onscore Limited

100% subsidiary company

The company continues to provide financial support to its subsidiary (Onscore Limited) by way of intercompany loans. These loans are repayable on demand and non interest bearing. The outstanding loan amounts are shown in the debtors note above

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