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Registered number: 06705784
IRubber Limited
Unaudited 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: 06705784
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 6,826 8,824
Tangible Assets 5 40,951 16,429
47,777 25,253
CURRENT ASSETS
Stocks 6 108,199 116,613
Debtors 7 40,114 13,839
Cash at bank and in hand 2,097 47,860
150,410 178,312
Creditors: Amounts Falling Due Within One Year 8 (95,425 ) (69,992 )
NET CURRENT ASSETS (LIABILITIES) 54,985 108,320
TOTAL ASSETS LESS CURRENT LIABILITIES 102,762 133,573
Creditors: Amounts Falling Due After More Than One Year 9 (52,226 ) (26,997 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (7,871 ) (3,190 )
NET ASSETS 42,665 103,386
CAPITAL AND RESERVES
Called up share capital 12 1 1
Capital redemption reserve 1 1
Profit and Loss Account 42,663 103,384
SHAREHOLDERS' FUNDS 42,665 103,386
Page 1
Page 2
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 his 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 P R Lewis
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
IRubber Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06705784 . The registered office is Northgate House , North Gate, New Basford, Nottingham, NG7 7BQ.
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 in the ordinary course of the company's activities. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at coss less accumulated amortisation and accumulated impairment loss. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows: 
Website - 20% Straight Line
2.5. 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 3% Straight line
Plant & Machinery 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
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 profit and loss account 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 profit and loss account as incurred.
2.7. Stocks and Work in Progress
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in the profit and loss.
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2.8. Foreign Currencies
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. 
Monetary assets and liabilities are denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items are measured in terms of historical cost in a foreign currency are not retranslated.
2.9. 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.
2.10. Pensions
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service the excess is recognised as a prepayment.
2.11. Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
2.12. Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price.
2.13. Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective initerest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 15 (2023: 15)
15 15
4. Intangible Assets
Goodwill Development Costs Total
£ £ £
Cost
As at 1 August 2023 10,000 11,390 21,390
As at 31 July 2024 10,000 11,390 21,390
Amortisation
As at 1 August 2023 10,000 2,566 12,566
Provided during the period - 1,998 1,998
As at 31 July 2024 10,000 4,564 14,564
Net Book Value
As at 31 July 2024 - 6,826 6,826
As at 1 August 2023 - 8,824 8,824
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 August 2023 - 49,107 12,262 10,729 72,098
Additions 21,635 - 7,530 1,441 30,606
As at 31 July 2024 21,635 49,107 19,792 12,170 102,704
Depreciation
As at 1 August 2023 - 38,782 11,359 5,528 55,669
Provided during the period 454 3,332 811 1,487 6,084
As at 31 July 2024 454 42,114 12,170 7,015 61,753
Net Book Value
As at 31 July 2024 21,181 6,993 7,622 5,155 40,951
As at 1 August 2023 - 10,325 903 5,201 16,429
6. Stocks
2024 2023
£ £
Stock 108,199 116,613
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7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 17,157 7,066
Other debtors 22,957 6,773
40,114 13,839
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 3,602
Trade creditors 26,359 32,956
Bank loans and overdrafts 12,082 10,000
Other loans 15,469 654
Other creditors 25,297 14,101
Taxation and social security 16,218 8,679
95,425 69,992
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 16,670 26,670
Other loans 35,556 327
52,226 26,997
10. Secured Creditors
Of the creditors the following amounts are secured.
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 3,602
11. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year - 3,602
12. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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