Acorah Software Products - Accounts Production 16.3.350 false true true 31 August 2023 1 September 2022 false 1 September 2023 31 August 2024 31 August 2024 07188545 Mr Mark Hoskins Mr Gavin O'Callaghan true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07188545 2023-08-31 07188545 2024-08-31 07188545 2023-09-01 2024-08-31 07188545 frs-core:CurrentFinancialInstruments 2024-08-31 07188545 frs-core:Non-currentFinancialInstruments 2024-08-31 07188545 frs-core:FurnitureFittings 2024-08-31 07188545 frs-core:FurnitureFittings 2023-09-01 2024-08-31 07188545 frs-core:FurnitureFittings 2023-08-31 07188545 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-08-31 07188545 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-09-01 2024-08-31 07188545 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-08-31 07188545 frs-core:MotorVehicles 2023-09-01 2024-08-31 07188545 frs-core:WithinOneYear 2024-08-31 07188545 frs-core:ShareCapital 2024-08-31 07188545 frs-core:RetainedEarningsAccumulatedLosses 2024-08-31 07188545 frs-bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 07188545 frs-bus:FilletedAccounts 2023-09-01 2024-08-31 07188545 frs-bus:SmallEntities 2023-09-01 2024-08-31 07188545 frs-bus:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 07188545 frs-bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 07188545 1 2023-09-01 2024-08-31 07188545 frs-bus:Director1 2023-09-01 2024-08-31 07188545 frs-bus:Director2 2023-09-01 2024-08-31 07188545 frs-countries:EnglandWales 2023-09-01 2024-08-31 07188545 2022-08-31 07188545 2023-08-31 07188545 2022-09-01 2023-08-31 07188545 frs-core:CurrentFinancialInstruments 2023-08-31 07188545 frs-core:Non-currentFinancialInstruments 2023-08-31 07188545 frs-core:BetweenOneFiveYears 2023-08-31 07188545 frs-core:WithinOneYear 2023-08-31 07188545 frs-core:ShareCapital 2023-08-31 07188545 frs-core:RetainedEarningsAccumulatedLosses 2023-08-31
Registered number: 07188545
Corinthian Sports Limited
Unaudited Financial Statements
For The Year Ended 31 August 2024
Shaw Wallace
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—8
Page 1
Balance Sheet
Registered number: 07188545
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 40,831 39,446
40,831 39,446
CURRENT ASSETS
Debtors 4 8,128,205 5,470,923
Cash at bank and in hand 252,068 687,983
8,380,273 6,158,906
Creditors: Amounts Falling Due Within One Year 5 (2,478,712 ) (1,830,637 )
NET CURRENT ASSETS (LIABILITIES) 5,901,561 4,328,269
TOTAL ASSETS LESS CURRENT LIABILITIES 5,942,392 4,367,715
Creditors: Amounts Falling Due After More Than One Year 6 (7,044,032 ) (5,854,803 )
NET LIABILITIES (1,101,640 ) (1,487,088 )
CAPITAL AND RESERVES
Called up share capital 7 2 2
Profit and Loss Account (1,101,642 ) (1,487,090 )
SHAREHOLDERS' FUNDS (1,101,640) (1,487,088)
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For the year ending 31 August 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 directors acknowledge their 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 Mark Hoskins
Director
13/05/2025
The notes on pages 3 to 8 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2. Going Concern Disclosure
The directors have considered the future prospects of the Company for a period of twelve months from the date of signing these financial statements and, whilst they acknowledge that the business has started to show strong recoveries relating to the company's operation. The Board of Directors continues to monitor the impact of ongoing economic conditions such as supply chain constraints, price inflation, increases in the cost of living, and wider uncertainties resulting from the effects of Brexit and European hostilities.

Accordingly the directors have a reasonable expectation that the company will continue in operational existence and thus they adopt the going concern basis of accounting in preparing the financial statements.
1.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will berecovered.
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1.4. 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:
Leasehold Over 5 years
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5. 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 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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1.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
1.7. 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.
1.8. 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.
1.9. Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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1.10. Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11. Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

2. Average Number of Employees
Average number of employees, including directors, during the year was: 55 (2023: 44)
55 44
3. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Total
£ £ £
Cost
As at 1 September 2023 31,339 169,792 201,131
Additions - 15,265 15,265
As at 31 August 2024 31,339 185,057 216,396
Depreciation
As at 1 September 2023 29,724 131,961 161,685
Provided during the period 606 13,274 13,880
As at 31 August 2024 30,330 145,235 175,565
Net Book Value
As at 31 August 2024 1,009 39,822 40,831
As at 1 September 2023 1,615 37,831 39,446
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4. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,450,471 1,046,942
Amounts owed by group undertakings 733,770 626,864
Amounts owed by participating interests - 1,180
Other debtors 1,869,260 1,755,872
4,053,501 3,430,858
Due after more than one year
Other debtors 4,074,704 2,040,065
8,128,205 5,470,923
5. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,633,876 1,028,377
Bank loans and overdrafts 130,000 130,000
Other creditors 176,942 313,014
Taxation and social security 537,894 359,246
2,478,712 1,830,637
Obligations under finance lease and hire purchase contracts are secured in the assets to which they relate. 
The bank loan relates to the Coronavirus Business Interruption Loan Scheme and repayments commence 13 months after the date the loan was drawn. The loan is secured by charges over the assets of the company.
6. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 216,667 346,667
Accruals and deferred income 6,827,365 5,508,136
7,044,032 5,854,803
The bank loan pertains to the Coronavirus Business Interruption Loan Scheme and is scheduled for repayment by April 2026. It is secured by charges over the company's assets.
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7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
8. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 3,024 3,299
Later than one year and not later than five years - 16,863
3,024 20,162
9. Directors Advances, Credits and Guarantees
As at 31 August 2024, the directors owed the company £676,884 (2023: £464,145) in respect of their overdrawn loan accounts
The above loan is unsecured, interest free and repayable on demand.
10. Related Party Transactions
The Company has taken advantage of the exemption available in accordance with section 33 of FRS 102 not to disclose transactions entered into between two or more members of a group, as the Company is a wholly subsidiary of the group to which it is party to the transactions.
11. Ultimate Parent Undertaking and Controlling Party
The company is a 100% subsidiary of Corinthian (London) Holdings Limited, a company registered in England and Wales which is jointly controlled by Mr M J Hoskins and Mr G J O'Callaghan, both of whom are directors of the company. It's registered office address is 43 Manchester Street, London, England, W1U 7LP.
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