Acorah Software Products - Accounts Production 16.1.300 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 04404385 Mr Simon Garrett Mr Alan Durose iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 04404385 2023-03-31 04404385 2024-03-31 04404385 2023-04-01 2024-03-31 04404385 frs-core:CurrentFinancialInstruments 2024-03-31 04404385 frs-core:Non-currentFinancialInstruments 2024-03-31 04404385 frs-core:ComputerEquipment 2024-03-31 04404385 frs-core:ComputerEquipment 2023-04-01 2024-03-31 04404385 frs-core:ComputerEquipment 2023-03-31 04404385 frs-core:FurnitureFittings 2024-03-31 04404385 frs-core:FurnitureFittings 2023-04-01 2024-03-31 04404385 frs-core:FurnitureFittings 2023-03-31 04404385 frs-core:NetGoodwill 2024-03-31 04404385 frs-core:NetGoodwill 2023-04-01 2024-03-31 04404385 frs-core:NetGoodwill 2023-03-31 04404385 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-03-31 04404385 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 04404385 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-03-31 04404385 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-03-31 04404385 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04404385 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-03-31 04404385 frs-core:ShareCapital 2024-03-31 04404385 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 04404385 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04404385 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 04404385 frs-bus:SmallEntities 2023-04-01 2024-03-31 04404385 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 04404385 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04404385 frs-bus:Director1 2023-04-01 2024-03-31 04404385 frs-bus:CompanySecretary1 2023-04-01 2024-03-31 04404385 frs-countries:EnglandWales 2023-04-01 2024-03-31 04404385 2022-03-31 04404385 2023-03-31 04404385 2022-04-01 2023-03-31 04404385 frs-core:CurrentFinancialInstruments 2023-03-31 04404385 frs-core:Non-currentFinancialInstruments 2023-03-31 04404385 frs-core:ShareCapital 2023-03-31 04404385 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Michael Garrett Associates Limited
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04404385
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 112,916 128,318
112,916 128,318
CURRENT ASSETS
Debtors 6 113,015 116,198
Cash at bank and in hand 142,901 143,355
255,916 259,553
Creditors: Amounts Falling Due Within One Year 7 (357,161 ) (260,897 )
NET CURRENT ASSETS (LIABILITIES) (101,245 ) (1,344 )
TOTAL ASSETS LESS CURRENT LIABILITIES 11,671 126,974
Creditors: Amounts Falling Due After More Than One Year 8 (72,895 ) (127,566 )
NET LIABILITIES (61,224 ) (592 )
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account (61,226 ) (594 )
SHAREHOLDERS' FUNDS (61,224) (592)
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 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 Simon Garrett
Director
25 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
Michael Garrett Associates Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04404385 . The registered office is 6th Floor 41-44 Great Queen Street, Covent Garden, London, WC2B 5AD.
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 .... years.
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:
Freehold 0
Leasehold 10
Fixtures & Fittings 10
Computer Equipment 25
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 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2023: )
9 -
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 20,000
As at 31 March 2024 20,000
Amortisation
As at 1 April 2023 20,000
As at 31 March 2024 20,000
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
5. Tangible Assets
Land & Property
Freehold Leasehold Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 39,770 34,468 165,835 100,972 341,045
Additions - - 3,370 266 3,636
As at 31 March 2024 39,770 34,468 169,205 101,238 344,681
Depreciation
As at 1 April 2023 - 14,936 103,636 94,155 212,727
Provided during the period - 3,447 12,309 3,282 19,038
As at 31 March 2024 - 18,383 115,945 97,437 231,765
Net Book Value
As at 31 March 2024 39,770 16,085 53,260 3,801 112,916
As at 1 April 2023 39,770 19,532 62,199 6,817 128,318
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6. Debtors
2024 2023
£ £
Due within one year
Other debtors 23,648 26,831
Due after more than one year
Other debtors 89,367 89,367
113,015 116,198
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 157,194 157,194
Other loans 10,000 -
Other creditors 140,944 32,669
Taxation and social security 49,023 71,034
357,161 260,897
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other loans 72,895 127,566
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
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