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Registered number: 08197258
Olive & Bean Limited
Unaudited Financial Statements
For The Year Ended 30 September 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08197258
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 33,150 55,250
Tangible Assets 5 48,449 37,230
81,599 92,480
CURRENT ASSETS
Stocks 6 10,000 7,500
Debtors 7 22,114 18,996
Cash at bank and in hand 207,982 235,718
240,096 262,214
Creditors: Amounts Falling Due Within One Year 8 (132,355 ) (109,546 )
NET CURRENT ASSETS (LIABILITIES) 107,741 152,668
TOTAL ASSETS LESS CURRENT LIABILITIES 189,340 245,148
PROVISIONS FOR LIABILITIES
Deferred Taxation (12,136 ) (9,307 )
NET ASSETS 177,204 235,841
CAPITAL AND RESERVES
Called up share capital 9 60 60
Profit and Loss Account 177,144 235,781
SHAREHOLDERS' FUNDS 177,204 235,841
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 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
J Meynell
Director
01/05/2025
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
Olive & Bean Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08197258 . The registered office is Ye Olde Hundred, 69 Church Way, North Shields, NE29 0AE.
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.
Functional and Presentational Currency
The financial statements are presented in sterling and this is the functional currency of the company.
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 profit and loss account over its estimated economic life of ten 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:
Plant & Machinery 25% straight line
Fixtures & Fittings 15% straight line
Office Equipment 33% straight line
2.5. 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.
2.6. 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.
2.7. Financial Instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.  Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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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 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.
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.10. Cash and Cash Equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
2.11. Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2.12. Share Capital
Ordinary shares are classified as equity.  Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.  If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 36 (2023: 33)
36 33
4. Intangible Assets
Goodwill
£
Cost
As at 1 October 2023 220,999
As at 30 September 2024 220,999
Amortisation
As at 1 October 2023 165,749
Provided during the period 22,100
As at 30 September 2024 187,849
...CONTINUED
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Net Book Value
As at 30 September 2024 33,150
As at 1 October 2023 55,250
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Office Equipment Total
£ £ £ £
Cost
As at 1 October 2023 118,790 152,912 4,954 276,656
Additions 2,920 27,926 (4,954 ) 25,892
As at 30 September 2024 121,710 180,838 - 302,548
Depreciation
As at 1 October 2023 99,288 136,916 3,222 239,426
Provided during the period 10,459 7,436 (3,222 ) 14,673
As at 30 September 2024 109,747 144,352 - 254,099
Net Book Value
As at 30 September 2024 11,963 36,486 - 48,449
As at 1 October 2023 19,502 15,996 1,732 37,230
6. Stocks
2024 2023
£ £
Stock 10,000 7,500
7. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 22,114 18,996
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 66,926 28,985
Corporation tax - 4,988
Other taxes and social security - 5,794
VAT 60,081 63,064
Other creditors 2,487 1,426
Accruals and deferred income 2,596 4,957
Director's loan account 265 332
132,355 109,546
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9. Share Capital
2024 2023
Allotted, called up and fully paid £ £
60 Ordinary Shares of £ 1.00 each 60 60
10. Pension Commitments
The company operates a defined contribution pension scheme.  The assets of the scheme are held separately from those of the company in an independently administered fund.  Contributions totalling £1,426 (2022: £2,000) were payable to the fund at the balance sheet date and are included in creditors.
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