Acorah Software Products - Accounts Production 16.1.300 false true true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 00403334 Mr A P Lawson Mr F J Lawson Mrs G S Lawson Mrs G S Lawson iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 00403334 2022-12-31 00403334 2023-12-31 00403334 2023-01-01 2023-12-31 00403334 frs-core:CurrentFinancialInstruments 2023-12-31 00403334 frs-core:Non-currentFinancialInstruments 2023-12-31 00403334 frs-core:SharePremium 2023-12-31 00403334 frs-core:ShareCapital 2023-12-31 00403334 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 00403334 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 00403334 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 00403334 frs-bus:SmallEntities 2023-01-01 2023-12-31 00403334 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 00403334 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 00403334 frs-bus:Director1 2023-01-01 2023-12-31 00403334 frs-bus:Director1 2022-12-31 00403334 frs-bus:Director1 2023-12-31 00403334 frs-bus:Director2 2023-01-01 2023-12-31 00403334 frs-bus:Director2 2022-12-31 00403334 frs-bus:Director2 2023-12-31 00403334 frs-bus:Director3 2023-01-01 2023-12-31 00403334 frs-bus:Director3 2022-12-31 00403334 frs-bus:Director3 2023-12-31 00403334 frs-bus:CompanySecretary1 2023-01-01 2023-12-31 00403334 frs-countries:EnglandWales 2023-01-01 2023-12-31 00403334 2021-12-31 00403334 2022-12-31 00403334 2022-01-01 2022-12-31 00403334 frs-core:CurrentFinancialInstruments 2022-12-31 00403334 frs-core:Non-currentFinancialInstruments 2022-12-31 00403334 frs-core:SharePremium 2022-12-31 00403334 frs-core:ShareCapital 2022-12-31 00403334 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 00403334
Cornelia James Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Harpers Accountancy LLP
PO Box 293
Lewes
BN7 9PG
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 00403334
2023 2022
as restated
Notes £ £ £ £
FIXED ASSETS
CURRENT ASSETS
Stocks 5 136,472 107,250
Debtors 6 152,116 223,559
Cash at bank and in hand 10,083 2,787
298,671 333,596
Creditors: Amounts Falling Due Within One Year 7 (322,838 ) (211,481 )
NET CURRENT ASSETS (LIABILITIES) (24,167 ) 122,115
TOTAL ASSETS LESS CURRENT LIABILITIES (24,167 ) 122,115
Creditors: Amounts Falling Due After More Than One Year 8 (18,501 ) -
NET (LIABILITIES)/ASSETS (42,668 ) 122,115
CAPITAL AND RESERVES
Called up share capital 9 10,205 10,205
Share premium account 89,540 89,540
Profit and Loss Account (142,413 ) 22,370
SHAREHOLDERS' FUNDS (42,668) 122,115
Page 1
Page 2
For the year ending 31 December 2023 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 A P Lawson
Director
06/03/2025
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Cornelia James Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 00403334 . The registered office is Unit B Hall Court Farm Firle Road, Ripe, Lewes, BN8 6AY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Change in Accounting Framework
The company has adopted FRS 102 for the preparation of its financial statements for the current year, transitioning from FRS 105. The transition has been applied retrospectively, and the comparative figures have been restated accordingly to align with the disclosure requirements of section 1A of FRS 102.
2.2. Going Concern Disclosure
The financial statements have been prepared on a going concern basis, based on the directors' assessment of the company’s financial position and future plans. The directors believe the company will continue to operate for the foreseeable future and have confirmed their intention to support the company if necessary.
2.3. Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
2.4. Stocks and Work in Progress
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
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2.5. 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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
2.6. Foreign Currencies
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2.7. Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.9. Government Grant
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2.10. Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.11. Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 16 (2022: 16)
16 16
4. Prior Period Adjustment
During the current financial year, the company identified that a creditor amounting to £141,296 should have been released to the Profit and Loss Account in the financial years 2015 and 2016.  It is believed that this creditor had been overlooked in prior periods and was incorrectly carried forward in the balance sheet.   This adjustment increases retained earnings by £141,296 and eliminates the previously overstated creditors.
5. Stocks
2023 2022
as restated
£ £
Stock 136,472 107,250
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6. Debtors
2023 2022
as restated
£ £
Due within one year
Trade debtors 12,735 7,858
Prepayments and accrued income 1,295 1,174
Other debtors 10,394 28,058
VAT - 11,548
Directors' loan accounts 127,692 174,921
152,116 223,559
7. Creditors: Amounts Falling Due Within One Year
2023 2022
as restated
£ £
Trade creditors 93,188 64,642
Bank loans and overdrafts 12,031 51,992
Other loans 130,419 16,000
Other taxes and social security 21,818 20,728
VAT 1,352 -
Net wages 3,252 2,588
Other creditors 55,778 33,503
Accruals and deferred income 5,000 22,028
322,838 211,481
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
as restated
£ £
Bank loans 18,501 -
18,501 -
9. Share Capital
2023 2022
as restated
£ £
Allotted, Called up and fully paid 10,205 10,205
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10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr Andrew Lawson 112,069 28,146 - - 140,215
Mr Frederick Lawson 58,692 23,861 82,553 - -
Mrs Genevieve Lawson 4,161 5,518 - - 9,679
The above loans are unsecured, subject to interest at HMRC's official rate of interest and repayable on demand.
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