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Registered number: 14455998
Proud Works Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2024
Pages Accountancy Solutions Limited
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 14455998
30 November 2024 30 November 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 9,842 12,942
Tangible Assets 5 551 805
10,393 13,747
CURRENT ASSETS
Stocks 6 3,150 3,000
Debtors 7 327 -
Cash at bank and in hand 9,307 8,001
12,784 11,001
Creditors: Amounts Falling Due Within One Year 8 (9,245 ) (22,931 )
NET CURRENT ASSETS (LIABILITIES) 3,539 (11,930 )
TOTAL ASSETS LESS CURRENT LIABILITIES 13,932 1,817
Creditors: Amounts Falling Due After More Than One Year 9 (3,665 ) (6,197 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (105 ) -
NET ASSETS/(LIABILITIES) 10,162 (4,380 )
CAPITAL AND RESERVES
Called up share capital 10 1 1
Income Statement 10,161 (4,381 )
SHAREHOLDERS' FUNDS 10,162 (4,380)
Page 1
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For the year ending 30 November 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 Income Statement.
On behalf of the board
Mr Christian Proud
Director
11/04/2025
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Proud Works Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 14455998 . The registered office is 12 Legions Way, Bishop's Stortford, Hertfordshire, CM23 2AU.
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. Significant judgements and estimations
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
There are no estimates and assumptions which have had significant risk of causing a material adjustment to the carrying amount of assets and liabilities.
2.3. 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 rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances. 
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are franchise fees. They are amortised to income statement over the estimated economic life of the agreement, 5 years.
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:
Computer Equipment 25% on cost
2.6. Leasing and Hire Purchase Contracts
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. 
2.8. Financial Instruments
The company has elected to apply the provisions of Section 11: 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of it's financial instruments.
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade debtors and creditors.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.
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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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Intangible Assets
Franchise Fee
£
Cost
As at 1 December 2023 15,500
As at 30 November 2024 15,500
Amortisation
As at 1 December 2023 2,558
Provided during the period 3,100
As at 30 November 2024 5,658
Net Book Value
As at 30 November 2024 9,842
As at 1 December 2023 12,942
5. Tangible Assets
Computer Equipment
£
Cost
As at 1 December 2023 1,016
As at 30 November 2024 1,016
Depreciation
As at 1 December 2023 211
Provided during the period 254
As at 30 November 2024 465
...CONTINUED
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Net Book Value
As at 30 November 2024 551
As at 1 December 2023 805
6. Stocks
30 November 2024 30 November 2023
£ £
Stock 3,150 3,000
7. Debtors
30 November 2024 30 November 2023
£ £
Due within one year
Other debtors 327 -
8. Creditors: Amounts Falling Due Within One Year
30 November 2024 30 November 2023
£ £
Trade creditors 649 -
Other loans 2,532 2,732
Other creditors 525 18,602
Taxation and social security 5,539 1,597
9,245 22,931
9. Creditors: Amounts Falling Due After More Than One Year
30 November 2024 30 November 2023
£ £
Other loans 3,665 6,197
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