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Registered number: 11217792
TGS BL1 LTD
Unaudited Financial Statements
For The Year Ended 30 April 2024
Agnitio Chartered Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11217792
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 52,136 63,830
52,136 63,830
CURRENT ASSETS
Stocks 5 31,063 16,371
Debtors 6 46,021 244,722
Cash at bank and in hand 23,020 29,126
100,104 290,219
Creditors: Amounts Falling Due Within One Year 7 (107,768 ) (121,579 )
NET CURRENT ASSETS (LIABILITIES) (7,664 ) 168,640
TOTAL ASSETS LESS CURRENT LIABILITIES 44,472 232,470
Creditors: Amounts Falling Due After More Than One Year 8 (44,438 ) (54,353 )
NET ASSETS 34 178,117
CAPITAL AND RESERVES
Called up share capital 1 1
Profit and Loss Account 33 178,116
SHAREHOLDERS' FUNDS 34 178,117
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Page 2
For the year ending 30 April 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 Huw Taylor
Director
06/03/2025
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
TGS BL1 LTD is a private company, limited by shares, incorporated in England & Wales, registered number 11217792 . The registered office is C/O Motorpoint Arena, Mary Ann Street, Cardiff, CF10 2EQ.
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:
Plant & Machinery Reducing Balance 25%
Motor Vehicles Reducing Balance 20%
Fixtures & Fittings Reducing Balance 25%
Computer Equipment Reducing Balance 25%
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. 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.
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2.6. 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 statement of financial position 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
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements
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, 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.
2.7. 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 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.
2.8. 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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 24 (2023: 34)
24 34
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 May 2023 23,249 39,275 15,595 8,655 86,774
Additions 5,148 - - 679 5,827
Disposals (3,000 ) - - - (3,000 )
As at 30 April 2024 25,397 39,275 15,595 9,334 89,601
Depreciation
As at 1 May 2023 8,535 7,200 4,794 2,415 22,944
Provided during the period 3,743 6,415 2,700 1,663 14,521
As at 30 April 2024 12,278 13,615 7,494 4,078 37,465
Net Book Value
As at 30 April 2024 13,119 25,660 8,101 5,256 52,136
As at 1 May 2023 14,714 32,075 10,801 6,240 63,830
5. Stocks
2024 2023
£ £
Stock 31,063 16,371
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,846 19,409
Prepayments and accrued income 7,947 17,710
IZettle 5 5
Uber eats control acc 4,915 2,800
Good Eats Control Account 300 364
SumUp control Account 1,216 5,800
Other debtors-Amounts due from Duncan 28,742 66,294
Advances and deposits 1,050 1,050
Director's loan account - 1,802
Amounts owed by group undertakings. - 129,488
46,021 244,722
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 7,833 7,833
Trade creditors 30,167 40,930
Bank loans and overdrafts 5,556 6,212
Corporation tax - 6,095
Other taxes and social security 11,570 3,948
VAT 39,614 27,863
Pension creditor 1,708 1,780
Attachment of earnings 234 234
Paymentsense control acc 1,099 1,099
Other creditor - The Good Swan Ltd - 2,125
Tips payable 488 -
Accruals and deferred income 9,301 23,460
Director's loan account 198 -
107,768 121,579
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 17,082 24,915
Bank loans 27,356 29,438
44,438 54,353
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 7,833 7,833
Later than one year and not later than five years 17,082 24,915
24,915 32,748
24,915 32,748
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