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Registered number: 05529206
Two Fin Limited
Unaudited Financial Statements
For The Year Ended 31 August 2024
Tungsten Corporate Solutions Ltd
Cardiff Arms Park
Westgate Street
Cardiff
CF10 1JA
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 05529206
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 144,000 162,000
Tangible Assets 5 173,071 135,218
Investment Properties 6 9,853 11,965
326,924 309,183
CURRENT ASSETS
Stocks 7 26,903 32,816
Cash at bank and in hand 282,331 318,084
309,234 350,900
Creditors: Amounts Falling Due Within One Year 9 (253,461 ) (268,274 )
NET CURRENT ASSETS (LIABILITIES) 55,773 82,626
TOTAL ASSETS LESS CURRENT LIABILITIES 382,697 391,809
Creditors: Amounts Falling Due After More Than One Year 10 (25,485 ) (81,494 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (24,575 ) (19,662 )
NET ASSETS 332,637 290,653
CAPITAL AND RESERVES
Called up share capital 12 1,000 1,000
Income Statement 331,637 289,653
SHAREHOLDERS' FUNDS 332,637 290,653
Page 1
Page 2
For the year ending 31 August 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 Income Statement.
On behalf of the board
Mrs Sarah Jones
Director
Mr Huw Glyn Jones
Director
23/04/2025
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
Two Fin Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05529206 . The registered office is Garden House, 1 Nottage Mead, Porthcawl, Mid Glamorgan, CF36 3SA.
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. 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 income statement over its estimated economic life of 10 years.
2.4. 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:
Leasehold straight line basis over length of lease
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% reducing balance
Computer Equipment 25% reducing balance
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the income statement.
2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
2.7. 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.
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2.8. 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: 59 (2023: 47)
59 47
4. Intangible Assets
Goodwill
£
Cost
As at 1 September 2023 180,000
As at 31 August 2024 180,000
Amortisation
As at 1 September 2023 18,000
Provided during the period 18,000
As at 31 August 2024 36,000
Net Book Value
As at 31 August 2024 144,000
As at 1 September 2023 162,000
5. Tangible Assets
Land & Property
Leasehold Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 September 2023 79,399 127,653 145,797 206,773 559,622
Additions - 115,000 - - 115,000
Disposals - (27,854 ) - - (27,854 )
As at 31 August 2024 79,399 214,799 145,797 206,773 646,768
...CONTINUED
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Page 5
Depreciation
As at 1 September 2023 45,992 81,277 113,156 183,979 424,404
Provided during the period 5,318 33,380 4,896 5,699 49,293
As at 31 August 2024 51,310 114,657 118,052 189,678 473,697
Net Book Value
As at 31 August 2024 28,089 100,142 27,745 17,095 173,071
As at 1 September 2023 33,407 46,376 32,641 22,794 135,218
6. Investment Property
2024
£
Fair Value
As at 1 September 2023 39,938
Depreciation and impairment (30,085 )
As at 31 August 2024 9,853
7. Stocks
2024 2023
£ £
Stock at Cost 26,903 32,816
8. Debtors
2024 2023
£ £
Due within one year
9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 11,059
Trade creditors 55,959 61,967
Bank loans and overdrafts 6,210 6,210
Corporation tax 45,772 20,998
Other taxes and social security 41,578 18,095
VAT 57,337 58,076
Loan from One Fin Ltd 31,065 31,065
Accruals and deferred income 15,049 8,986
Directors' loan accounts 491 51,818
253,461 268,274
10. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 45,120
Bank loans 25,485 36,374
25,485 81,494
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11. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year - 11,059
Later than one year and not later than five years - 45,120
- 56,179
- 56,179
12. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
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