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Registered number: 07542548
Spec Digital Limited
Unaudited Financial Statements
For The Year Ended 31 August 2024
Michael Price Associates Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07542548
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 8,575 8,636
Tangible Assets 5 10,824 312,803
19,399 321,439
CURRENT ASSETS
Debtors 6 151,569 122,883
Cash at bank and in hand 582,267 500,775
733,836 623,658
Creditors: Amounts Falling Due Within One Year 7 (279,761 ) (269,070 )
NET CURRENT ASSETS (LIABILITIES) 454,075 354,588
TOTAL ASSETS LESS CURRENT LIABILITIES 473,474 676,027
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (2,706 ) (3,503 )
NET ASSETS 470,768 672,524
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 470,668 672,424
SHAREHOLDERS' FUNDS 470,768 672,524
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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 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 Nicholas Trueman
Director
29/05/2025
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
Spec Digital Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07542548 . The registered office is 86-90 Paul Street, London, EC2A 4NE.
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 comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as
follows: 
Intangible assets:                                                   5 year straight line
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:
Freehold 16.67% Straight Line
Plant & Machinery 15% Straight Line
Fixtures & Fittings 25% Straight Line
Computer Equipment 33% Straight Line
Freehold property is shown at cost, without any depreciation on the basis that the future value is expected to be higher.
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.
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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.
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.
2.7. Pensions
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
2.8. Borrowing costs
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2023: 9)
10 9
4. Intangible Assets
Other
£
Cost
As at 1 September 2023 23,989
Additions 4,900
As at 31 August 2024 28,889
...CONTINUED
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Amortisation
As at 1 September 2023 15,353
Provided during the period 4,961
As at 31 August 2024 20,314
Net Book Value
As at 31 August 2024 8,575
As at 1 September 2023 8,636
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 September 2023 308,500 4,316 - 18,458 331,274
Additions 13,952 1,510 4,614 3,809 23,885
Disposals (322,452 ) (2,656 ) - - (325,108 )
As at 31 August 2024 - 3,170 4,614 22,267 30,051
Depreciation
As at 1 September 2023 2,931 2,169 - 13,371 18,471
Provided during the period 883 943 362 4,009 6,197
Disposals (3,814 ) (1,627 ) - - (5,441 )
As at 31 August 2024 - 1,485 362 17,380 19,227
Net Book Value
As at 31 August 2024 - 1,685 4,252 4,887 10,824
As at 1 September 2023 305,569 2,147 - 5,087 312,803
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 124,783 120,700
Prepayments and accrued income 24,603 -
Net wages 102 102
Director's loan account 2,081 2,081
151,569 122,883
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 58,254 104,931
Bank loans and overdrafts 11,385 5,022
Commercial Mortgage Loan - Short-Term - 41,391
Corporation tax 61,988 83,060
Other taxes and social security 5,580 357
VAT 74,719 21,255
Pension Liability 1,762 1,790
Accruals and deferred income 66,073 11,264
279,761 269,070
8. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 2,706 3,503
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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