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 10537045 Mr A M Walsh Mrs S Walsh iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10537045 2023-03-31 10537045 2024-03-31 10537045 2023-04-01 2024-03-31 10537045 frs-core:CurrentFinancialInstruments 2024-03-31 10537045 frs-core:Non-currentFinancialInstruments 2024-03-31 10537045 frs-core:BetweenOneFiveYears 2024-03-31 10537045 frs-core:MotorVehicles 2024-03-31 10537045 frs-core:MotorVehicles 2023-04-01 2024-03-31 10537045 frs-core:MotorVehicles 2023-03-31 10537045 frs-core:PlantMachinery 2024-03-31 10537045 frs-core:PlantMachinery 2023-04-01 2024-03-31 10537045 frs-core:PlantMachinery 2023-03-31 10537045 frs-core:WithinOneYear 2024-03-31 10537045 frs-core:ShareCapital 2024-03-31 10537045 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 10537045 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10537045 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 10537045 frs-bus:SmallEntities 2023-04-01 2024-03-31 10537045 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 10537045 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 10537045 frs-bus:Director1 2023-04-01 2024-03-31 10537045 frs-bus:Director1 2023-03-31 10537045 frs-bus:Director1 2024-03-31 10537045 frs-bus:Director2 2023-04-01 2024-03-31 10537045 frs-core:CurrentFinancialInstruments 1 2024-03-31 10537045 frs-countries:EnglandWales 2023-04-01 2024-03-31 10537045 2022-03-31 10537045 2023-03-31 10537045 2022-04-01 2023-03-31 10537045 frs-core:CurrentFinancialInstruments 2023-03-31 10537045 frs-core:Non-currentFinancialInstruments 2023-03-31 10537045 frs-core:BetweenOneFiveYears 2023-03-31 10537045 frs-core:MoreThanFiveYears 2023-03-31 10537045 frs-core:WithinOneYear 2023-03-31 10537045 frs-core:ShareCapital 2023-03-31 10537045 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31 10537045 frs-core:CurrentFinancialInstruments 1 2023-03-31
Subsol Projects Limited
Unaudited 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: 10537045
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 37,952 45,656
37,952 45,656
CURRENT ASSETS
Debtors 5 254,157 436,631
Cash at bank and in hand 280 20,259
254,437 456,890
Creditors: Amounts Falling Due Within One Year 6 (66,804 ) (159,053 )
NET CURRENT ASSETS (LIABILITIES) 187,633 297,837
TOTAL ASSETS LESS CURRENT LIABILITIES 225,585 343,493
Creditors: Amounts Falling Due After More Than One Year 7 (34,970 ) (55,716 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (7,211 ) (8,675 )
NET ASSETS 183,404 279,102
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 183,304 279,002
SHAREHOLDERS' FUNDS 183,404 279,102
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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 A M Walsh
Director
25 March 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
Subsol Projects Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10537045 . The registered office is 104 Wembley Park Drive, Wembley, HA9 8HP.
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.
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 & Equipment 20% on Reducing Balance
Motor Vehicles 20% on Reducing Balance
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. 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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2.5. 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 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Plant & Equipment Motor Vehicles Total
£ £ £
Cost
As at 1 April 2023 9,788 52,365 62,153
Additions 1,784 - 1,784
As at 31 March 2024 11,572 52,365 63,937
Depreciation
As at 1 April 2023 5,583 10,914 16,497
Provided during the period 1,198 8,290 9,488
As at 31 March 2024 6,781 19,204 25,985
Net Book Value
As at 31 March 2024 4,791 33,161 37,952
As at 1 April 2023 4,205 41,451 45,656
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 9,367 148,944
Prepayments and accrued income 300 300
Corporation tax debtor 14,964 -
VAT 6,572 23,304
Other taxes and social security 115,705 264,083
Directors' loan accounts 107,249 -
254,157 436,631
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6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 10,832 10,832
Trade creditors 1,037 35,257
Bank loans and overdrafts 52,935 63,692
Corporation tax - 49,272
Accruals and deferred income 2,000 -
66,804 159,053
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 20,771 31,602
Bank loans 14,199 24,114
34,970 55,716
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 10,832 10,832
Later than one year and not later than five years 20,771 31,602
Later than five years - -
31,603 42,434
31,603 42,434
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Aiden Walsh - 107,249 - - 107,249
The above loan is unsecured, interest free and repayable on demand. The loan was repaid within 9 months from year end
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