Acorah Software Products - Accounts Production 16.2.800 false true 30 September 2023 1 October 2022 false 1 October 2023 30 September 2024 30 September 2024 11017095 Mr Scott Goodspeed Miss Roxy Harrison iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11017095 2023-09-30 11017095 2024-09-30 11017095 2023-10-01 2024-09-30 11017095 frs-core:CurrentFinancialInstruments 2024-09-30 11017095 frs-core:Non-currentFinancialInstruments 2024-09-30 11017095 frs-core:ComputerEquipment 2024-09-30 11017095 frs-core:ComputerEquipment 2023-10-01 2024-09-30 11017095 frs-core:ComputerEquipment 2023-09-30 11017095 frs-core:FurnitureFittings 2024-09-30 11017095 frs-core:FurnitureFittings 2023-10-01 2024-09-30 11017095 frs-core:FurnitureFittings 2023-09-30 11017095 frs-core:PlantMachinery 2024-09-30 11017095 frs-core:PlantMachinery 2023-10-01 2024-09-30 11017095 frs-core:PlantMachinery 2023-09-30 11017095 frs-core:ShareCapital 2024-09-30 11017095 frs-core:RetainedEarningsAccumulatedLosses 2024-09-30 11017095 frs-bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 11017095 frs-bus:FilletedAccounts 2023-10-01 2024-09-30 11017095 frs-bus:SmallEntities 2023-10-01 2024-09-30 11017095 frs-bus:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 11017095 frs-bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 11017095 frs-bus:Director1 2023-10-01 2024-09-30 11017095 frs-bus:Director2 2023-10-01 2024-09-30 11017095 frs-countries:EnglandWales 2023-10-01 2024-09-30 11017095 2022-09-30 11017095 2023-09-30 11017095 2022-10-01 2023-09-30 11017095 frs-core:CurrentFinancialInstruments 2023-09-30 11017095 frs-core:Non-currentFinancialInstruments 2023-09-30 11017095 frs-core:ShareCapital 2023-09-30 11017095 frs-core:RetainedEarningsAccumulatedLosses 2023-09-30
Registered number: 11017095
Verus Retail Limited
Unaudited Financial Statements
For The Year Ended 30 September 2024
Howards Accountants
Suite 17
Camborne Business Centre
Camborne
Cornwall
TR14 7DB
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11017095
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 14,896 19,860
14,896 19,860
CURRENT ASSETS
Stocks 5 161,818 202,607
Debtors 6 39,693 34,815
Cash at bank and in hand 78,332 99,608
279,843 337,030
Creditors: Amounts Falling Due Within One Year 7 (132,589 ) (55,140 )
NET CURRENT ASSETS (LIABILITIES) 147,254 281,890
TOTAL ASSETS LESS CURRENT LIABILITIES 162,150 301,750
Creditors: Amounts Falling Due After More Than One Year 8 (46,752 ) (183,216 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,830 ) (3,773 )
NET ASSETS 112,568 114,761
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 112,566 114,759
SHAREHOLDERS' FUNDS 112,568 114,761
Page 1
Page 2
For the year ending 30 September 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 Scott Goodspeed
Director
28th February 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
Verus Retail Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11017095 . The registered office is Unit 1 Redruth Enterprise Park, Scorrier, Redruth, Cornwall, TR16 5EZ.
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:
Plant & Machinery 25%
Fixtures & Fittings 25%
Computer Equipment 25%
2.4. 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.
2.5. 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.
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Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 October 2023 31,377 6,707 2,343 40,427
As at 30 September 2024 31,377 6,707 2,343 40,427
Depreciation
As at 1 October 2023 14,396 4,490 1,681 20,567
Provided during the period 4,245 554 165 4,964
As at 30 September 2024 18,641 5,044 1,846 25,531
Net Book Value
As at 30 September 2024 12,736 1,663 497 14,896
As at 1 October 2023 16,981 2,217 662 19,860
5. Stocks
2024 2023
£ £
Stock 161,818 202,607
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 658
Other debtors 39,693 34,157
39,693 34,815
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 80,665 -
Other creditors 42,612 44,305
Taxation and social security 9,312 10,835
132,589 55,140
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 46,752 183,216
Page 4
Page 5
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
Page 5