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Registered number: 06971840
Wilde Business Solutions Ltd
Financial Statements
For The Year Ended 31 July 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 06971840
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 41,177 44,766
41,177 44,766
CURRENT ASSETS
Stocks 5 15,700 8,810
Debtors 6 49,967 47,112
Cash at bank and in hand 7,094 14,507
72,761 70,429
Creditors: Amounts Falling Due Within One Year 7 (55,267 ) (83,314 )
NET CURRENT ASSETS (LIABILITIES) 17,494 (12,885 )
TOTAL ASSETS LESS CURRENT LIABILITIES 58,671 31,881
Creditors: Amounts Falling Due After More Than One Year 8 (24,898 ) (28,446 )
NET ASSETS 33,773 3,435
CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Profit and Loss Account 32,773 2,435
SHAREHOLDERS' FUNDS 33,773 3,435
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For the year ending 31 July 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 her 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
Ms C F Crompton
Director
29 April 2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Wilde Business Solutions Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06971840 . The registered office is Yew Tree House, Lewes Road, Forest Row, East Sussex, RH18 5AA.
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:
Other Fixed Assets 5% straight line
Fixtures & Fittings 25% reducing balance
Office Equipment 20% straight line
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.
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2.5. Financial Instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable.
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.
Current tax for the year is recognised in profit or loss, except when it related to items that are recognised in other comprehensive income or directly in equity, in which case, the current tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Other Fixed Assets Fixtures & Fittings Office Equipment Total
£ £ £ £
Cost
As at 1 August 2023 32,753 30,937 1,336 65,026
Additions - 2,495 - 2,495
As at 31 July 2024 32,753 33,432 1,336 67,521
Depreciation
As at 1 August 2023 3,275 16,717 268 20,260
Provided during the period 1,638 4,179 267 6,084
As at 31 July 2024 4,913 20,896 535 26,344
Net Book Value
As at 31 July 2024 27,840 12,536 801 41,177
As at 1 August 2023 29,478 14,220 1,068 44,766
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5. Stocks
2024 2023
£ £
Stock 15,700 8,810
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 10,800 4,590
Other debtors 39,167 42,522
49,967 47,112
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 8,298 13,709
Other creditors 5,085 30,784
Taxation and social security 41,884 38,821
55,267 83,314
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 24,898 28,446
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
10. Directors Advances, Credits and Guarantees
Included in other debtors due within one year is a loan to the director, Ms C Crompton amounting to £39,167 (2023 - £42,522).
Interest has been charged at the H.M. Revenue and Customs official rate and the loan was repaid within 9 months of the year end.
11. Ultimate Controlling Party
The company was controlled throughout the current and previous period by its director, Ms C Crompton by virtue of the fact that they own all of the company's ordinary issued share capital.
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