Acorah Software Products - Accounts Production 16.1.200 false true true false 6 March 2023 30 June 2024 30 June 2024 14708612 Mr Andrew Foster Mr Robert Keane Mr Chris Mathias Mr Mark Mathias Mr Steve Riley Mr Erik Van Meeteren iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 14708612 2023-03-05 14708612 2024-06-30 14708612 2023-03-06 2024-06-30 14708612 frs-core:CurrentFinancialInstruments 2024-06-30 14708612 frs-core:ComputerEquipment 2024-06-30 14708612 frs-core:ComputerEquipment 2023-03-06 2024-06-30 14708612 frs-core:ComputerEquipment 2023-03-05 14708612 frs-core:FurnitureFittings 2024-06-30 14708612 frs-core:FurnitureFittings 2023-03-06 2024-06-30 14708612 frs-core:FurnitureFittings 2023-03-05 14708612 frs-core:NetGoodwill 2024-06-30 14708612 frs-core:NetGoodwill 2023-03-06 2024-06-30 14708612 frs-core:NetGoodwill 2023-03-05 14708612 frs-core:PlantMachinery 2024-06-30 14708612 frs-core:PlantMachinery 2023-03-06 2024-06-30 14708612 frs-core:PlantMachinery 2023-03-05 14708612 frs-core:SharePremium 2024-06-30 14708612 frs-core:ShareCapital 2024-06-30 14708612 frs-core:RetainedEarningsAccumulatedLosses 2024-06-30 14708612 frs-bus:PrivateLimitedCompanyLtd 2023-03-06 2024-06-30 14708612 frs-bus:FilletedAccounts 2023-03-06 2024-06-30 14708612 frs-bus:SmallEntities 2023-03-06 2024-06-30 14708612 frs-bus:AuditExempt-NoAccountantsReport 2023-03-06 2024-06-30 14708612 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-06 2024-06-30 14708612 frs-bus:Director1 2023-03-06 2024-06-30 14708612 frs-bus:Director2 2023-03-06 2024-06-30 14708612 frs-bus:Director3 2023-03-06 2024-06-30 14708612 frs-bus:Director4 2023-03-06 2024-06-30 14708612 frs-bus:Director5 2023-03-06 2024-06-30 14708612 frs-bus:Director6 2023-03-06 2024-06-30 14708612 frs-countries:EnglandWales 2023-03-06 2024-06-30
Registered number: 14708612
Padel Project UK Limited
Unaudited Financial Statements
For the Period 6 March 2023 to 30 June 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 14708612
30 June 2024
Notes £ £
FIXED ASSETS
Intangible Assets 4 140,000
Tangible Assets 5 273,077
413,077
CURRENT ASSETS
Stocks 6 5,519
Debtors 7 65,007
Cash at bank and in hand 424,453
494,979
Creditors: Amounts Falling Due Within One Year 8 (44,961 )
NET CURRENT ASSETS (LIABILITIES) 450,018
TOTAL ASSETS LESS CURRENT LIABILITIES 863,095
NET ASSETS 863,095
CAPITAL AND RESERVES
Called up share capital 9 1,437
Share premium account 1,298,562
Profit and Loss Account (436,904 )
SHAREHOLDERS' FUNDS 863,095
Page 1
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For the period 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 Robert Keane
Director
24/02/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Padel Project UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 14708612 . The registered office is 1st Floor 15 Kean Street, London, WC2B 4AZ.
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 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. This includes but is not limited to equipment, food & drink as examples of what items are sold.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract and to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably. Turnover from court hiring is recongnised at the time the court is used.
2.4. 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 15 years.
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:
Plant & Machinery 20% Reducing Balance
Fixtures & Fittings 20% Straight Line
Computer Equipment 20% Straight Line
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.
2.7. Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments; and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
...CONTINUED
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2.7. Financial Instruments - continued
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.The company has elected to apply the provisions of Section 11 'Basic Financial Instruments; and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividend payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2.8. 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.
2.9. 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.
2.10. 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.
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3. Average Number of Employees
Average number of employees, including directors, during the period was: 5
5
4. Intangible Assets
Goodwill
£
Cost
As at 6 March 2023 -
Additions 150,000
As at 30 June 2024 150,000
Amortisation
As at 6 March 2023 -
Provided during the period 10,000
As at 30 June 2024 10,000
Net Book Value
As at 30 June 2024 140,000
As at 6 March 2023 -
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 6 March 2023 - - - -
Additions 311,601 4,348 4,204 320,153
As at 30 June 2024 311,601 4,348 4,204 320,153
Depreciation
As at 6 March 2023 - - - -
Provided during the period 45,725 934 417 47,076
As at 30 June 2024 45,725 934 417 47,076
Net Book Value
As at 30 June 2024 265,876 3,414 3,787 273,077
As at 6 March 2023 - - - -
6. Stocks
30 June 2024
£
Stock 5,519
7. Debtors
30 June 2024
£
Due within one year
Other debtors 65,007
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8. Creditors: Amounts Falling Due Within One Year
30 June 2024
£
Trade creditors 21,352
Other creditors 8,620
Taxation and social security 14,989
44,961
9. Share Capital
30 June 2024
£
Allotted, Called up and fully paid 1,437
Page 6