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Registered number: 13902273
Woodlea Services Ltd
Financial Statements
For The Year Ended 31 March 2024
Findlay Todd Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13902273
31 March 2024 31 March 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 130,795 33,102
130,795 33,102
CURRENT ASSETS
Stocks 5 2,255 -
Debtors 6 14,728 453
Cash at bank and in hand 143,661 74,436
160,644 74,889
Creditors: Amounts Falling Due Within One Year 7 (191,939 ) (76,027 )
NET CURRENT ASSETS (LIABILITIES) (31,295 ) (1,138 )
TOTAL ASSETS LESS CURRENT LIABILITIES 99,500 31,964
Creditors: Amounts Falling Due After More Than One Year 8 (80,975 ) -
PROVISIONS FOR LIABILITIES
Deferred Taxation (6,841 ) (6,307 )
NET ASSETS 11,684 25,657
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 11,584 25,557
SHAREHOLDERS' FUNDS 11,684 25,657
Page 1
Page 2
For the year ending 31 March 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 John Elliott
Director
10/02/2025
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
Woodlea Services Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13902273 . The registered office is 24a Sunderland Road, Cleadon, Sunderland, SR6 7UT.
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. 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% Reducing Balance
Computer Equipment 25% Straight Line
2.4. 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.
2.5. 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.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2023: 2)
10 2
4. Tangible Assets
Motor Vehicles Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 41,000 308 41,308
Additions 115,707 - 115,707
As at 31 March 2024 156,707 308 157,015
Depreciation
As at 1 April 2023 8,200 6 8,206
Provided during the period 17,937 77 18,014
As at 31 March 2024 26,137 83 26,220
Net Book Value
As at 31 March 2024 130,570 225 130,795
As at 1 April 2023 32,800 302 33,102
5. Stocks
31 March 2024 31 March 2023
£ £
Stock 2,255 -
6. Debtors
31 March 2024 31 March 2023
£ £
Due within one year
Trade debtors 14,728 -
Prepayments and accrued income - 453
14,728 453
7. Creditors: Amounts Falling Due Within One Year
31 March 2024 31 March 2023
£ £
Bank loans and overdrafts 30,108 19,726
Corporation tax 858 2,957
Other taxes and social security 516 -
VAT 6,639 999
Accruals and deferred income 1,610 1,329
Directors' loan accounts 152,208 51,016
191,939 76,027
Page 4
Page 5
8. Creditors: Amounts Falling Due After More Than One Year
31 March 2024 31 March 2023
£ £
Loans 80,975 -
9. Share Capital
31 March 2024 31 March 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5