Acorah Software Products - Accounts Production 16.1.300 false true 30 June 2023 1 July 2022 false 1 July 2023 30 June 2024 30 June 2024 10899364 Mr Christopher Ogunsola iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10899364 2023-06-30 10899364 2024-06-30 10899364 2023-07-01 2024-06-30 10899364 frs-core:CurrentFinancialInstruments 2024-06-30 10899364 frs-core:Non-currentFinancialInstruments 2024-06-30 10899364 frs-core:ComputerEquipment 2024-06-30 10899364 frs-core:ComputerEquipment 2023-07-01 2024-06-30 10899364 frs-core:ComputerEquipment 2023-06-30 10899364 frs-core:FurnitureFittings 2024-06-30 10899364 frs-core:FurnitureFittings 2023-07-01 2024-06-30 10899364 frs-core:FurnitureFittings 2023-06-30 10899364 frs-core:ShareCapital 2024-06-30 10899364 frs-core:RetainedEarningsAccumulatedLosses 2024-06-30 10899364 frs-bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 10899364 frs-bus:FilletedAccounts 2023-07-01 2024-06-30 10899364 frs-bus:SmallEntities 2023-07-01 2024-06-30 10899364 frs-bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 10899364 frs-bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 10899364 frs-bus:Director1 2023-07-01 2024-06-30 10899364 frs-bus:Director1 2023-06-30 10899364 frs-bus:Director1 2024-06-30 10899364 frs-countries:EnglandWales 2023-07-01 2024-06-30 10899364 2022-06-30 10899364 2023-06-30 10899364 2022-07-01 2023-06-30 10899364 frs-core:CurrentFinancialInstruments 2023-06-30 10899364 frs-core:Non-currentFinancialInstruments 2023-06-30 10899364 frs-core:ShareCapital 2023-06-30 10899364 frs-core:RetainedEarningsAccumulatedLosses 2023-06-30
Ogunsola Ltd
Financial Statements
For The Year Ended 30 June 2024
TaxAssist Accountants
133 Station Road
Sidcup
DA15 7AA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10899364
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,077 926
2,077 926
CURRENT ASSETS
Debtors 5 70,207 29,268
Investments 6 5,000 5,000
Cash at bank and in hand 126,584 115,514
201,791 149,782
Creditors: Amounts Falling Due Within One Year 7 (118,507 ) (78,822 )
NET CURRENT ASSETS (LIABILITIES) 83,284 70,960
TOTAL ASSETS LESS CURRENT LIABILITIES 85,361 71,886
Creditors: Amounts Falling Due After More Than One Year 8 (16,452 ) (3,720 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (394 ) (176 )
NET ASSETS 68,515 67,990
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account 68,514 67,989
SHAREHOLDERS' FUNDS 68,515 67,990
Page 1
Page 2
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.
On behalf of the board
Mr Christopher Ogunsola
Director
28 March 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
Ogunsola Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10899364 . The registered office is 133 Station Road, Sidcup, DA15 7AA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
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. 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:
Fixtures & Fittings 15% reducing balance
Computer Equipment 33.33% straight line
Page 3
Page 4
2.4. 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: 1 (2023: 1)
1 1
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 July 2023 2,166 1,252 3,418
Additions - 2,073 2,073
As at 30 June 2024 2,166 3,325 5,491
Depreciation
As at 1 July 2023 1,241 1,251 2,492
Provided during the period 231 691 922
As at 30 June 2024 1,472 1,942 3,414
Net Book Value
As at 30 June 2024 694 1,383 2,077
As at 1 July 2023 925 1 926
Page 4
Page 5
5. Debtors
2024 2023
£ £
Due within one year
Other debtors 1,545 2,581
Director's loan account 68,662 26,687
70,207 29,268
6. Current Asset Investments
2024 2023
£ £
Unlisted investments 5,000 5,000
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 3,270 19,336
Corporation tax 77,687 57,921
Other taxes and social security 35,985 -
Accruals and deferred income 1,565 1,565
118,507 78,822
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 16,452 3,720
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
10. 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
£ £ £ £ £
Mr Christopher Ogunsola 26,687 68,622 26,687 - 68,622
The above loan is unsecured, repayable on demand and attracts interest at the HMRC official rates for beneficial loans.
Page 5