Acorah Software Products - Accounts Production 16.2.800 false true 31 January 2024 1 February 2023 false 1 February 2024 31 January 2025 31 January 2025 08375020 Mrs Elaine McCarthy Mrs Orla Pearson Mrs Elaine McCarthy and Mrs Orla Pearson true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08375020 2024-01-31 08375020 2025-01-31 08375020 2024-02-01 2025-01-31 08375020 frs-core:CurrentFinancialInstruments 2025-01-31 08375020 frs-core:Non-currentFinancialInstruments 2025-01-31 08375020 frs-core:ComputerEquipment 2025-01-31 08375020 frs-core:ComputerEquipment 2024-02-01 2025-01-31 08375020 frs-core:ComputerEquipment 2024-01-31 08375020 frs-core:FurnitureFittings 2025-01-31 08375020 frs-core:FurnitureFittings 2024-02-01 2025-01-31 08375020 frs-core:FurnitureFittings 2024-01-31 08375020 frs-core:PlantMachinery 2025-01-31 08375020 frs-core:PlantMachinery 2024-02-01 2025-01-31 08375020 frs-core:PlantMachinery 2024-01-31 08375020 frs-core:ShareCapital 2025-01-31 08375020 frs-core:RetainedEarningsAccumulatedLosses 2025-01-31 08375020 frs-bus:PrivateLimitedCompanyLtd 2024-02-01 2025-01-31 08375020 frs-bus:FilletedAccounts 2024-02-01 2025-01-31 08375020 frs-bus:SmallEntities 2024-02-01 2025-01-31 08375020 frs-bus:AuditExempt-NoAccountantsReport 2024-02-01 2025-01-31 08375020 frs-bus:SmallCompaniesRegimeForAccounts 2024-02-01 2025-01-31 08375020 frs-bus:OrdinaryShareClass1 2024-02-01 2025-01-31 08375020 frs-bus:OrdinaryShareClass1 2025-01-31 08375020 frs-bus:OrdinaryShareClass2 2024-02-01 2025-01-31 08375020 frs-bus:OrdinaryShareClass2 2025-01-31 08375020 frs-bus:OrdinaryShareClass3 2024-02-01 2025-01-31 08375020 frs-bus:OrdinaryShareClass3 2025-01-31 08375020 1 2024-02-01 2025-01-31 08375020 frs-bus:Director1 2024-02-01 2025-01-31 08375020 frs-bus:Director2 2024-02-01 2025-01-31 08375020 frs-countries:EnglandWales 2024-02-01 2025-01-31 08375020 2023-01-31 08375020 2024-01-31 08375020 2023-02-01 2024-01-31 08375020 frs-core:CurrentFinancialInstruments 2024-01-31 08375020 frs-core:Non-currentFinancialInstruments 2024-01-31 08375020 frs-core:ShareCapital 2024-01-31 08375020 frs-core:RetainedEarningsAccumulatedLosses 2024-01-31 08375020 frs-bus:OrdinaryShareClass1 2023-02-01 2024-01-31 08375020 frs-bus:OrdinaryShareClass2 2023-02-01 2024-01-31 08375020 frs-bus:OrdinaryShareClass3 2023-02-01 2024-01-31
Registered number: 08375020
MyClearText Ltd
Financial Statements
For The Year Ended 31 January 2025
AJM Accountancy & Taxation Ltd
21 Goldings Close
Kings Hill
Kent
ME19 4BE
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08375020
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 8,347 6,740
8,347 6,740
CURRENT ASSETS
Debtors 5 471,205 391,459
Cash at bank and in hand 53,463 80,053
524,668 471,512
Creditors: Amounts Falling Due Within One Year 6 (176,493 ) (179,217 )
NET CURRENT ASSETS (LIABILITIES) 348,175 292,295
TOTAL ASSETS LESS CURRENT LIABILITIES 356,522 299,035
Creditors: Amounts Falling Due After More Than One Year 7 (7,982 ) (17,754 )
NET ASSETS 348,540 281,281
CAPITAL AND RESERVES
Called up share capital 8 4 4
Profit and Loss Account 348,536 281,277
SHAREHOLDERS' FUNDS 348,540 281,281
Page 1
Page 2
For the year ending 31 January 2025 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
Mrs Elaine McCarthy
Director
28 February 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
MyClearText Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08375020 . The registered office is 63 Dover Road, Manor Park, London, E12 5DZ.
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 rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
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 25% on straight line
Fixtures & Fittings 20% on straight line
Computer Equipment 33% on reducing balance
2.4. 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.
2.5. 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 year 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.
...CONTINUED
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2.5. Taxation - continued
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 asset reflects 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: 5 (2024: 5)
5 5
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 February 2024 2,235 - 32,238 34,473
Additions - 5,029 - 5,029
As at 31 January 2025 2,235 5,029 32,238 39,502
Depreciation
As at 1 February 2024 1,118 - 26,615 27,733
Provided during the period 559 1,006 1,857 3,422
As at 31 January 2025 1,677 1,006 28,472 31,155
Net Book Value
As at 31 January 2025 558 4,023 3,766 8,347
As at 1 February 2024 1,117 - 5,623 6,740
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5. Debtors
2025 2024
£ £
Due within one year
Trade debtors 59,329 89,578
Other debtors 411,876 301,881
471,205 391,459
6. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 33,513 32,032
Bank loans and overdrafts 10,445 10,445
Corporation tax 97,893 77,320
VAT 27,501 47,542
Other creditors 4,295 10,136
Accruals and deferred income 419 -
Directors' loan accounts 2,427 1,742
176,493 179,217
7. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Bank loans 7,982 17,754
8. Share Capital
2025 2024
Allotted, called up and fully paid £ £
2 Ordinary Shares of £ 1 each 2 2
1 Ordinary A shares of £ 1 each 1 1
1 Ordinary B shares of £ 1 each 1 1
4 4
9. Directors Advances, Credits and Guarantees
Dividends paid to directors amounted to £228,000 (2024: £235,000).
10. Related Party Transactions
During the year the company increased the short-term interest free loan to Streameasy Ltd which stood at £409,273 at 31 January 2025. Streameasy Ltd is a company in which Mrs E McCarthy and Mrs O Pearson hold substantial shareholdings. The loan is is repayable on demand and is shown within "Other debtors" in the Notes to the financial statements.
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11. Ultimate Controlling Party
The company's ultimate controlling party is Mrs Elaine McCarthy and Mrs Orla Pearson by virtue of their ownership of 100% of the issued share capital in the company.
Page 6