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Registered number: 08113994
Elixir Garden Supplies Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2024
BCS Accountants & Tax Consultants
60 Main Road
Bolton Le Sands
Carnforth
Lancashire
LA5 8DN
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08113994
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 292,987 341,339
292,987 341,339
CURRENT ASSETS
Stocks 6 1,533,790 1,473,754
Debtors 7 938,074 939,789
Cash at bank and in hand 2,431,588 1,880,349
4,903,452 4,293,892
Creditors: Amounts Falling Due Within One Year 8 (743,105 ) (658,658 )
NET CURRENT ASSETS (LIABILITIES) 4,160,347 3,635,234
TOTAL ASSETS LESS CURRENT LIABILITIES 4,453,334 3,976,573
PROVISIONS FOR LIABILITIES
Deferred Taxation (73,247 ) (85,335 )
NET ASSETS 4,380,087 3,891,238
CAPITAL AND RESERVES
Called up share capital 9 102 102
Profit and Loss Account 4,379,985 3,891,136
SHAREHOLDERS' FUNDS 4,380,087 3,891,238
Page 1
Page 2
For the year ending 30 November 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
Mr K McGuinness
Director
15/04/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
The company is a private company limited by shares, registered in England and Wales. The
address of the registered office is Unit 1, Middlegate, White Lund Industrial Estate, Morecambe,
Lancs, LA3 3BN.
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
The financial statements have been prepared on the historical cost basis, as modified by the
revaluation of certain financial assets and liabilities and investment properties measured at fair
value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover is measured at the fair value of the consideration received or receivable for goods
supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of
ownership have transferred to the buyer (usually on despatch of the goods); the amount of
revenue can be measured reliably; it is probable that the associated economic benefits will flow
to the entity; and the costs incurred or to be incurred in respect of the transactions can be
measured reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual
value, over the useful life of that asset as follows:
Goodwil  l-  20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life
or residual value of an intangible asset, the amortisation is revised prospectively to reflect the
new estimates.
2.4. Tangible Fixed Assets and Depreciation
Tangible assets are initially recorded at cost, and subsequently stated at cost less any
accumulated depreciation and impairment losses. Any tangible assets carried at revalued
amounts are recorded at the fair value at the date of revaluation less any subsequent
accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other
comprehensive income and accumulated in equity, except to the extent it reverses a revaluation
decrease of the same asset previously recognised in profit or loss. A decrease in the carrying
amount of an asset as a result of revaluation, is recognised in other comprehensive income to
the extent of any previously recognised revaluation increase accumulated in equity in respect of
that asset. Where a revaluation decrease exceeds the accumulated revaluation gains
accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual
value, over the useful economic life of that asset as follows:
Plant & Machinery 15% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% reducing balance
Computer Equipment 33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable
amount being estimated where such indicators exist. Where the carrying value exceeds the
recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for
possible reversal at each reporting date.
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Page 4
2.5. Stocks and Work in Progress
Stocks are measured at the lower of cost and estimated selling price less costs to complete and
sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing
the stock to its present location and condition.
2.6. Foreign Currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the
spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated
in foreign currencies are translated at the exchange rate ruling at the reporting date, with any
gains or losses being taken to the profit and loss account.
2.7. Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised
in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to
items recognised in other comprehensive income or directly in equity. In this case, tax is
recognised in other comprehensive income or directly in equity, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is
measured at the amounts of tax expected to pay or recover using the tax rates and laws that
have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved
tax losses and other deferred tax assets are recognised to the extent that it is probable that they
will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively
enacted by the reporting date that are expected to apply to the reversal of the timing difference.
2.8. Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a
past event, it is probable that the entity will be required to transfer economic benefits in
settlement and the amount of the obligation can be estimated reliably. Provisions are recognised
as a liability in the statement of financial position and the amount of the provision as an
expense.
Provisions are initially measured at the best estimate of the amount required to settle the
obligation at the reporting date and subsequently reviewed at each reporting date and adjusted
to reflect the current best estimate of the amount that would be required to settle the obligation.
Any adjustments to the amounts previously recognised are recognised in profit or loss unless the
provision was originally recognised as part of the cost of an asset. When a provision is
measured at the present value of the amount expected to be required to settle the obligation, the
unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
2.9. Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which
the related service is provided. Prepaid contributions are recognised as an asset to the extent
that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the
reporting date in which the employees render the related service, the liability is measured on a
discounted present value basis. The unwinding of the discount is recognised as a finance cost in
profit or loss in the period in which it arises.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 41 (2023: 44)
41 44
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4. Intangible Assets
Goodwill
£
Cost
As at 1 December 2023 160,000
As at 30 November 2024 160,000
Amortisation
As at 1 December 2023 160,000
As at 30 November 2024 160,000
Net Book Value
As at 30 November 2024 -
As at 1 December 2023 -
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 December 2023 123,840 253,715 57,893 25,351 460,799
Additions 18,260 - 12,514 260 31,034
Disposals (9,009 ) (3,750 ) (7,943 ) (7,140 ) (27,842 )
As at 30 November 2024 133,091 249,965 62,464 18,471 463,991
Depreciation
As at 1 December 2023 29,911 37,728 26,470 25,351 119,460
Provided during the period 14,644 53,978 6,120 79 74,821
Disposals (6,631 ) (3,064 ) (6,442 ) (7,140 ) (23,277 )
As at 30 November 2024 37,924 88,642 26,148 18,290 171,004
Net Book Value
As at 30 November 2024 95,167 161,323 36,316 181 292,987
As at 1 December 2023 93,929 215,987 31,423 - 341,339
6. Stocks
2024 2023
£ £
Stock 1,533,790 1,473,754
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Page 6
7. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 11,452 70,313
Other debtors 129,362 172,216
S455 Corporation Tax 170,938 170,938
Floorworld Ltd 1,322 1,322
Directors' loan accounts 625,000 525,000
938,074 939,789
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 326,552 281,520
Corporation tax 266,238 115,455
VAT 137,858 255,159
Pension control account 2,854 2,919
Accruals and deferred income 9,603 3,605
743,105 658,658
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 102 102
10. Directors Advances, Credits and Guarantees
During the year loans to the directors were as follows:
Mr D Furey - balance at 30th November 2023 and at 30th November 2024 £525,000.
Mr K McGuinness - balance at 30th November 2023 nil, balance at 30th November 2024 £100,000
11. Related Party Transactions
The company was under the control of the directors throughout the current and previous year.
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