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Registered number: 06233961
Hildebrant Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Wilkinson Accounting Solutions Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06233961
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 965,242 965,242
Tangible Assets 5 47,363 29,850
1,012,605 995,092
CURRENT ASSETS
Debtors 6 1,034,766 612,832
Cash at bank and in hand 22,462 86,246
1,057,228 699,078
Creditors: Amounts Falling Due Within One Year 7 (126,859 ) (192,379 )
NET CURRENT ASSETS (LIABILITIES) 930,369 506,699
TOTAL ASSETS LESS CURRENT LIABILITIES 1,942,974 1,501,791
Creditors: Amounts Falling Due After More Than One Year 8 (714,263 ) (580,214 )
NET ASSETS 1,228,711 921,577
CAPITAL AND RESERVES
Called up share capital 9 364 364
Profit and Loss Account 1,228,347 921,213
SHAREHOLDERS' FUNDS 1,228,711 921,577
Page 1
Page 2
For the year ending 31 May 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 Uche Oguike
Director
28/03/2025
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
Hildebrant Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06233961 . The registered office is Stuart House-East Wing, St Johns Street, Peterborough, PE1 5DD.
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 - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of nil years.
2.4. 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 18% Reducing balance method
Fixtures & Fittings 18% Reducing balance method
Computer Equipment 18% Reducing balance method
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.
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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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2.6.
Trade Creditors
Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts Payable are classified as current liabilities if the company does not have an unconditional right at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2023: 11)
11 11
4. Intangible Assets
Goodwill
£
Cost
As at 1 June 2023 1,262,803
As at 31 May 2024 1,262,803
Amortisation
As at 1 June 2023 297,561
As at 31 May 2024 297,561
Net Book Value
As at 31 May 2024 965,242
As at 1 June 2023 965,242
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 June 2023 115,336 87,865 1,000 204,201
Additions 27,911 - - 27,911
As at 31 May 2024 143,247 87,865 1,000 232,112
Depreciation
As at 1 June 2023 96,149 77,751 451 174,351
Provided during the period 8,478 1,821 99 10,398
As at 31 May 2024 104,627 79,572 550 184,749
Net Book Value
As at 31 May 2024 38,620 8,293 450 47,363
As at 1 June 2023 19,187 10,114 549 29,850
Page 4
Page 5
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,292 6,392
Prepayments and accrued income 900 -
Sole Trader Debtor 457,568 391,900
Other debtors Fountain 349,947 61,501
Director's loan account 225,059 153,039
1,034,766 612,832
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 17,431 12,985
Corporation tax 67,723 146,275
PAYE 18,361 8,258
Accountancy creditor 5,597 5,280
Pension Creditor 995 924
Associate Fee Creditor 16,752 15,264
Accruals and deferred income - 3,393
126,859 192,379
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans - Barclays 689,667 302,443
HP Account 24,596 277,771
714,263 580,214
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 364 364
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 June 2023 Amounts advanced Amounts repaid Amounts written off As at 31 May 2024
£ £ £ £ £
Mr Uche Oguike 153,039 170,372 - - 323,411
The above loan is unsecured, interest free and repayable on demand.
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