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Registered number: 08574762
The-Bright-Side International Brands Ltd
Financial Statements
For The Year Ended 30 June 2024
BBK Partnership
Chartered Accountants & Statutory Auditors
1 Beauchamp Court
10 Victors Way
Barnet
Hertfordshire
EN5 5TZ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08574762
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 202 4,387
202 4,387
CURRENT ASSETS
Debtors 5 94,907 6,462
Cash at bank and in hand 52,941 69,519
147,848 75,981
Creditors: Amounts Falling Due Within One Year 6 (58,579 ) (31,069 )
NET CURRENT ASSETS (LIABILITIES) 89,269 44,912
TOTAL ASSETS LESS CURRENT LIABILITIES 89,471 49,299
Creditors: Amounts Falling Due After More Than One Year 7 (34,001 ) (39,058 )
NET ASSETS 55,470 10,241
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 55,370 10,141
SHAREHOLDERS' FUNDS 55,470 10,241
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For the year ending 30 June 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 C Jones
Director
21/05/2025
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
The-Bright-Side International Brands Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08574762 . The registered office is 1 Beauchamp Court, 10 Victors Way, Barnet, Hertfordshire, EN5 5TZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial
Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small
Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention
as modified by the revaluation of certain assets.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the
nearest £1.
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
When the outcome of a transaction can be estimated reliably, turnover from the design services is recognised by
reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the time
spent.
Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised
that are recoverable.
Construction contracts
When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by
reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to agreed
contractual terms.
Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they
are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable.
When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an
expense immediately, with a corresponding provision.
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2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated
impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual
value, of each asset on a systematic basis over its expected useful life as follows:
Computer Equipment 25% on cost
2.4. Financial Instruments
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet
date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and
compared to the carrying amount.
Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the
asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are
measured at amortised cost using the effective interest rate method, less impairment.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is
probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
2.5. 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.
2.6. 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.
...CONTINUED
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2.6. Taxation - continued
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. Tangible Assets
Computer Equipment
£
Cost
As at 1 July 2023 17,955
Additions 405
As at 30 June 2024 18,360
Depreciation
As at 1 July 2023 13,568
Provided during the period 4,590
As at 30 June 2024 18,158
Net Book Value
As at 30 June 2024 202
As at 1 July 2023 4,387
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 69,550 6,000
Other debtors 25,357 462
94,907 6,462
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6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 11,605 8,230
Other creditors - 73
Taxation and social security 46,974 22,766
58,579 31,069
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 34,001 39,058
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 July 2023 Amounts advanced Amounts repaid Amounts written off As at 30 June 2024
£ £ £ £ £
Mr Christopher Jones (73 ) 35,931 - - 35,858
The overdrawn director's current account balance was fully repaid on 24th April 2025.
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