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Registered number: 11380763
James Pritchett Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
Modus Accountants Ltd
Unit 1c Church Green
Witney
OX28 4YR
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11380763
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 68 287
Investments 5 10,000 10,000
10,068 10,287
CURRENT ASSETS
Debtors 6 5,050 13,173
Cash at bank and in hand 83 3,968
5,133 17,141
Creditors: Amounts Falling Due Within One Year 7 (12,818 ) (26,365 )
NET CURRENT ASSETS (LIABILITIES) (7,685 ) (9,224 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,383 1,063
Creditors: Amounts Falling Due After More Than One Year 8 (32,794 ) (35,010 )
NET LIABILITIES (30,411 ) (33,947 )
CAPITAL AND RESERVES
Called up share capital 9 102 102
Profit and Loss Account (30,513 ) (34,049 )
SHAREHOLDERS' FUNDS (30,411) (33,947)
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For the year ending 31 May 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 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 Ian Pritchett
Director
10 February 2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
James Pritchett Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11380763 . The registered office is 42 Lytton Road, Barnet, EN5 5BY.
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:
Computer Equipment - 33% on cost
2.4. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
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4. Tangible Assets
Computer Equipment
£
Cost
As at 1 June 2023 1,179
As at 31 May 2024 1,179
Depreciation
As at 1 June 2023 892
Provided during the period 219
As at 31 May 2024 1,111
Net Book Value
As at 31 May 2024 68
As at 1 June 2023 287
5. Investments
Subsidiaries
£
Cost
As at 1 June 2023 10,000
As at 31 May 2024 10,000
Provision
As at 1 June 2023 -
As at 31 May 2024 -
Net Book Value
As at 31 May 2024 10,000
As at 1 June 2023 10,000
6. Debtors
2024 2023
£ £
Due within one year
Amounts owed by group undertakings 1,400 -
Other debtors 3,650 13,173
5,050 13,173
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1 (1 )
Bank loans and overdrafts 3,772 5,263
Amounts owed to participating interests 1,600 -
Other creditors 7,131 21,202
Taxation and social security 314 (99 )
12,818 26,365
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 32,794 35,010
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 102 102
10. Directors Advances, Credits and Guarantees
At the start of the financial year, the director owed the company £7,132. During the year, various transactions were made between the director and the company. By the end of the financial year, the balance had reversed, with the company owing the director £1,930.
The balance is repayable on demand. No interest has been charged on the outstanding amounts.
As at 1 June 2023 Amounts advanced Amounts repaid Amounts written off As at 31 May 2024
£ £ £ £ £
Mr Ian Pritchett 7,132 - (9,062 ) - (1,930 )
11. Related Party Transactions
As at the year end, the company owed an inter company balance of £1,600 to it's connected company, Addicus Property Ltd. The loan is unsecured, interest free and repayable on demand.
As at the year end, the company was owed an inter company balance of £1,400 by it's connected company, Ssassy Property Ltd. The loan is unsecured, interest free and repayable on demand.
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