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Registered number: 11364689
Continuitycloud Ltd
Unaudited Financial Statements
For The Year Ended 29 June 2024
Elsby & Company Limited
155 Wellingborough Road
Rushden
Northamptonshire
NN10 9TB
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11364689
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,377 -
1,377 -
CURRENT ASSETS
Debtors 5 239,223 345,942
Cash at bank and in hand 14,152 5,393
253,375 351,335
Creditors: Amounts Falling Due Within One Year 6 (183,569 ) (343,825 )
NET CURRENT ASSETS (LIABILITIES) 69,806 7,510
TOTAL ASSETS LESS CURRENT LIABILITIES 71,183 7,510
Creditors: Amounts Falling Due After More Than One Year 7 (52,726 ) -
NET ASSETS 18,457 7,510
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 18,357 7,410
SHAREHOLDERS' FUNDS 18,457 7,510
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For the year ending 29 June 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
P E Kehoe
Director
2nd April 2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Continuitycloud Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11364689 . The registered office is 20-22 Wenlock Road, London, N1 7GU.
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. 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:
Computer Equipment 20% reducing balance
2.4. Taxation
The taxation expense represents the sum of the corporation tax currently payable and any deferred tax.
The corporation tax currently payable is based on taxable surplus for the year. Taxable surplus differs from surplus 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 in respect of all timing differences that have originated but not reversed at 29 June 2024.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
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4. Tangible Assets
Computer Equipment
£
Cost
As at 30 June 2023 -
Additions 1,721
As at 29 June 2024 1,721
Depreciation
As at 30 June 2023 -
Provided during the period 344
As at 29 June 2024 344
Net Book Value
As at 29 June 2024 1,377
As at 30 June 2023 -
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 227,904 307,550
Amounts owed by group undertakings - 23,995
Other debtors 11,319 14,397
239,223 345,942
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 30,574 216,463
Bank loans and overdrafts 8,250 39,929
Funding circle loan 9,908 -
Amounts owed to group undertakings 28,876 9,000
Other creditors 78,155 54,378
Taxation and social security 27,806 24,055
183,569 343,825
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bounce back loan over 1 year 32,452 -
Funding circle loan over 1 year 15,768 -
Other creditors 4,506 -
52,726 -
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8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 30 June 2023 Amounts advanced Amounts repaid Amounts written off As at 29 June 2024
£ £ £ £ £
Mr Andrew Moody - 7,445 - - 7,445
The above loan is unsecured, interest free and repayable on demand.
10. Exceptional Items
P&L Account - General Administrative Expenses the following should be shown:
Contribution to Commercial Incentive Scheme - £28,000
Note to the P&L Account:
By a Deed of Adherence the company adhered to a Commercial Incentive Scheme
During the accounting period the Company contributed 28,000 to the Commercial Incentive Scheme. The company made a decision to protect
some of it's profit for the benefit of it's suppliers, customers and potential clients and suppliers and did so by adhering to the commercial
incentive scheme. Funds transferred to it are at the discretion of the directors but are irrevocable contributions and no longer form part of the
trading businesse's profit.
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