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Registered number: 09640915
Locco Apparel Ltd
Unaudited ABRIDGED Financial Statements
For The Year Ended 30 June 2024
Prime TaxTrust Advisory Ltd.
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—5
Page 1
Abridged Balance Sheet
Registered number: 09640915
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 457 3,867
Tangible Assets 5 11,942 13,827
12,399 17,694
CURRENT ASSETS
Stocks 101,898 96,088
Debtors 698,796 782,921
Cash at bank and in hand 1,202,633 1,136,709
2,003,327 2,015,718
Creditors: Amounts Falling Due Within One Year (188,839 ) (173,824 )
NET CURRENT ASSETS (LIABILITIES) 1,814,488 1,841,894
TOTAL ASSETS LESS CURRENT LIABILITIES 1,826,887 1,859,588
NET ASSETS 1,826,887 1,859,588
CAPITAL AND RESERVES
Called up share capital 6 100 100
Profit and Loss Account 1,826,787 1,859,488
SHAREHOLDERS' FUNDS 1,826,887 1,859,588
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For the year ending 30 June 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.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 30 June 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Dr. Longfei Li
Director
30/03/2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Abridged Financial Statements
1. General Information
Locco Apparel Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09640915 . The registered office is 8 Camberwell Street, Off Derby Street, Manchester, M8 8HG.
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 - Other Intangible
Other intangible assets are website. It is amortised to profit and loss account over its estimated economic life of 4 years.
2.4. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are trademark. It is amortised to the profit and loss account over its estimated economic life of 4 years.
2.5. 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:
Leasehold 4 years on a straightline basis
Plant & Machinery 4 years on a straightline basis
Motor Vehicles 4 years on a straightline basis
Fixtures & Fittings 4 years on a straightline basis
Computer Equipment 4 years on a straightline basis
2.6. 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.
2.7. 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.
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2.8. 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.
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: 10 (2023: 6)
10 6
4. Intangible Assets
Total
£
Cost
As at 1 July 2023 25,035
As at 30 June 2024 25,035
Amortisation
As at 1 July 2023 21,168
Provided during the period 3,410
As at 30 June 2024 24,578
Net Book Value
As at 30 June 2024 457
As at 1 July 2023 3,867
5. Tangible Assets
Total
£
Cost
As at 1 July 2023 79,507
Additions 8,739
As at 30 June 2024 88,246
...CONTINUED
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Depreciation
As at 1 July 2023 65,680
Provided during the period 10,624
As at 30 June 2024 76,304
Net Book Value
As at 30 June 2024 11,942
As at 1 July 2023 13,827
6. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
7. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 July 2023 Amounts advanced Amounts repaid Amounts written off As at 30 June 2024
£ £ £ £ £
Dr. Longfei Li 125,500 - - - -
The above loan is unsecured and repayable on demand.The interest on the loan is at a rate that equals the 'official rate' of interest. 
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