Acorah Software Products - Accounts Production 16.1.200 false true true 31 January 2023 1 February 2022 false 1 February 2023 31 January 2024 31 January 2024 05336466 Miss Tina Dempsey Mr John Dempsey Mrs Hazel Dempsey iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05336466 2023-01-31 05336466 2024-01-31 05336466 2023-02-01 2024-01-31 05336466 frs-core:CurrentFinancialInstruments 2024-01-31 05336466 frs-core:Non-currentFinancialInstruments 2024-01-31 05336466 frs-core:FurnitureFittings 2024-01-31 05336466 frs-core:FurnitureFittings 2023-02-01 2024-01-31 05336466 frs-core:FurnitureFittings 2023-01-31 05336466 frs-core:NetGoodwill 2024-01-31 05336466 frs-core:NetGoodwill 2023-02-01 2024-01-31 05336466 frs-core:NetGoodwill 2023-01-31 05336466 frs-core:PlantMachinery 2024-01-31 05336466 frs-core:PlantMachinery 2023-02-01 2024-01-31 05336466 frs-core:PlantMachinery 2023-01-31 05336466 frs-core:SharePremium 2024-01-31 05336466 frs-core:ShareCapital 2024-01-31 05336466 frs-core:RetainedEarningsAccumulatedLosses 2024-01-31 05336466 frs-bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 05336466 frs-bus:FilletedAccounts 2023-02-01 2024-01-31 05336466 frs-bus:SmallEntities 2023-02-01 2024-01-31 05336466 frs-bus:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 05336466 frs-bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 05336466 frs-bus:Director1 2023-02-01 2024-01-31 05336466 frs-bus:Director2 2023-02-01 2024-01-31 05336466 frs-bus:Director3 2023-02-01 2024-01-31 05336466 frs-core:CurrentFinancialInstruments 1 2024-01-31 05336466 frs-countries:EnglandWales 2023-02-01 2024-01-31 05336466 2022-01-31 05336466 2023-01-31 05336466 2022-02-01 2023-01-31 05336466 frs-core:CurrentFinancialInstruments 2023-01-31 05336466 frs-core:Non-currentFinancialInstruments 2023-01-31 05336466 frs-core:SharePremium 2023-01-31 05336466 frs-core:ShareCapital 2023-01-31 05336466 frs-core:RetainedEarningsAccumulatedLosses 2023-01-31 05336466 frs-core:CurrentFinancialInstruments 1 2023-01-31 05336466 frs-core:CurrentFinancialInstruments 2 2023-01-31
Registered number: 05336466
F Masters Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
Maurice J Bushell & Co Ltd.
Chartered Certified Accountants
Office 12
Epsilon House
Ipswich
Suffolk
IP3 9FJ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05336466
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 6,405 8,264
6,405 8,264
CURRENT ASSETS
Stocks 6 28,830 28,745
Debtors 7 67,715 74,632
Cash at bank and in hand 6,313 9,160
102,858 112,537
Creditors: Amounts Falling Due Within One Year 8 (51,490 ) (53,909 )
NET CURRENT ASSETS (LIABILITIES) 51,368 58,628
TOTAL ASSETS LESS CURRENT LIABILITIES 57,773 66,892
Creditors: Amounts Falling Due After More Than One Year 9 (29,763 ) (45,499 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,217 ) (400 )
NET ASSETS 26,793 20,993
CAPITAL AND RESERVES
Called up share capital 10 18 18
Share premium account (27,494 ) (27,494 )
Profit and Loss Account 54,269 48,469
SHAREHOLDERS' FUNDS 26,793 20,993
Page 1
Page 2
For the year ending 31 January 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
Miss Tina Dempsey
Director
24 January 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
F Masters Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05336466 . The registered office is C/O Mjb Avanti, Office 12 Epsilon House, West Road, Ipswich, IP3 9FJ.
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. 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 .... 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:
Plant & Machinery 25% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
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. 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
Page 3
Page 4
2.7. 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 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.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
4. Intangible Assets
Goodwill
£
Cost
As at 1 February 2023 137,500
As at 31 January 2024 137,500
Amortisation
As at 1 February 2023 137,500
As at 31 January 2024 137,500
Net Book Value
As at 31 January 2024 -
As at 1 February 2023 -
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 February 2023 29,709 8,772 38,481
As at 31 January 2024 29,709 8,772 38,481
Depreciation
As at 1 February 2023 27,636 2,581 30,217
Provided during the period 311 1,548 1,859
As at 31 January 2024 27,947 4,129 32,076
Net Book Value
As at 31 January 2024 1,762 4,643 6,405
As at 1 February 2023 2,073 6,191 8,264
Page 4
Page 5
6. Stocks
2024 2023
£ £
Stock 28,830 28,745
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 34,424 39,686
VAT - 1,404
Other taxes and social security 842 2,067
Net wages 32,449 12,229
Directors' loan accounts - 19,246
67,715 74,632
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 25,687 32,635
Corporation tax 10,653 6,945
VAT 2,755 -
Credit Card (Current liabilities - creditors < 1 year) - 4,048
Loan (Current liabilities - creditors < 1 year) 7,788 7,788
Pensions Payable - (180 )
Accruals and deferred income 4,583 2,632
Directors' loan accounts 24 41
51,490 53,909
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 26,631 30,367
Loan - J Dempsey 3,132 15,132
29,763 45,499
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 18 18
Page 5