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Registered number: 01660909
Hanning Limited
Financial Statements
For The Year Ended 31 July 2024
The Curtis Partnership
1 Tape Street
Cheadle
Stoke On Trent
Staffordshire
ST10 1BB
Financial Statements
Contents
Page
Accountant's Report 1
Statement of Financial Position 2—3
Notes to the Financial Statements 4—7
Page 1
Accountant's Report
Report to the directors on the preparation of the unaudited statutory accounts of Hanning Limited for the year ended 31 July 2024
To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Hanning Limited which comprise the Income Statement, the Statement of Financial Position and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of Hanning Limited , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Hanning Limited and state those matters that we have agreed to state to the directors of Hanning Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hanning Limited and its directors as a body for our work or for this report.
It is your duty to ensure that Hanning Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Hanning Limited . You consider that Hanning Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Hanning Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
18th February 2025
The Curtis Partnership
1 Tape Street
Cheadle
Stoke On Trent
Staffordshire
ST10 1BB
Page 1
Page 2
Statement of Financial Position
Registered number: 01660909
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 326,351 362,083
326,351 362,083
CURRENT ASSETS
Stocks 5 200,000 190,000
Debtors 6 1,663,812 987,609
Cash at bank and in hand 809,754 576,402
2,673,566 1,754,011
Creditors: Amounts Falling Due Within One Year 7 (1,717,254 ) (1,051,439 )
NET CURRENT ASSETS (LIABILITIES) 956,312 702,572
TOTAL ASSETS LESS CURRENT LIABILITIES 1,282,663 1,064,655
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (65,072 ) (34,803 )
NET ASSETS 1,217,591 1,029,852
CAPITAL AND RESERVES
Called up share capital 10 42 42
Capital redemption reserve 51 51
Income Statement 1,217,498 1,029,759
SHAREHOLDERS' FUNDS 1,217,591 1,029,852
Page 2
Page 3
For the year ending 31 July 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 Income Statement.
On behalf of the board
Mr Timothy Barnes
Director
Mr Robert Page
Director
18th February 2025
The notes on pages 4 to 7 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Hanning Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01660909 . The registered office is 1 Tape Street, Cheadle, Stoke On Trent, Staffordshire, ST10 1BB.
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. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. 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.
2.4. 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:
Freehold 2% Straight line basis
Leasehold 4% Straight line basis
Plant & Machinery 25% Reducing balance basis
Motor Vehicles 25% Reducing balance basis
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. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.
2.7. 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 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 7)
7 7
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 August 2023 182,562 263,944 91,280 537,786
Additions - 3,006 15,295 18,301
As at 31 July 2024 182,562 266,950 106,575 556,087
...CONTINUED
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Page 6
Depreciation
As at 1 August 2023 3,651 137,178 34,874 175,703
Provided during the period 3,652 32,455 17,926 54,033
As at 31 July 2024 7,303 169,633 52,800 229,736
Net Book Value
As at 31 July 2024 175,259 97,317 53,775 326,351
As at 1 August 2023 178,911 126,766 56,406 362,083
5. Stocks
2024 2023
£ £
Stock 120,000 120,000
Work in progress 80,000 70,000
200,000 190,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,628,362 957,529
Prepayments and accrued income 35,450 29,632
Other debtors - 448
1,663,812 987,609
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,229,671 460,874
Corporation tax 152,311 152,676
Other taxes and social security 2,193 -
VAT 56,097 130,842
Other creditors 219,720 254,796
Accruals and deferred income 15,011 15,393
Directors' loan accounts 42,251 36,858
1,717,254 1,051,439
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8. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 65,072 34,803
9. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 August 2023 34,803 34,803
Additions 30,269 30,269
Balance at 31 July 2024 65,072 65,072
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 42 42
Page 7