Acorah Software Products - Accounts Production 16.3.350 false true 31 December 2023 1 January 2023 false 1 January 2024 31 December 2024 31 December 2024 05306511 Mr Akinyinka Sobo iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05306511 2023-12-31 05306511 2024-12-31 05306511 2024-01-01 2024-12-31 05306511 frs-core:CurrentFinancialInstruments 2024-12-31 05306511 frs-core:Non-currentFinancialInstruments 2024-12-31 05306511 frs-core:NetGoodwill 2024-12-31 05306511 frs-core:NetGoodwill 2024-01-01 2024-12-31 05306511 frs-core:NetGoodwill 2023-12-31 05306511 frs-core:MotorVehicles 2024-12-31 05306511 frs-core:MotorVehicles 2024-01-01 2024-12-31 05306511 frs-core:MotorVehicles 2023-12-31 05306511 frs-core:PlantMachinery 2024-12-31 05306511 frs-core:PlantMachinery 2024-01-01 2024-12-31 05306511 frs-core:PlantMachinery 2023-12-31 05306511 frs-core:ShareCapital 2024-12-31 05306511 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 05306511 frs-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 05306511 frs-bus:FilletedAccounts 2024-01-01 2024-12-31 05306511 frs-bus:SmallEntities 2024-01-01 2024-12-31 05306511 frs-bus:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 05306511 frs-bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 05306511 frs-bus:Director1 2024-01-01 2024-12-31 05306511 frs-countries:EnglandWales 2024-01-01 2024-12-31 05306511 2022-12-31 05306511 2023-12-31 05306511 2023-01-01 2023-12-31 05306511 frs-core:CurrentFinancialInstruments 2023-12-31 05306511 frs-core:Non-currentFinancialInstruments 2023-12-31 05306511 frs-core:ShareCapital 2023-12-31 05306511 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31
Registered number: 05306511
I LOVE OFFICE SUPPLIES LIMITED
Unaudited Financial Statements
For The Year Ended 31 December 2024
A & P Service
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05306511
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 750 750
Tangible Assets 5 48,133 50,606
48,883 51,356
CURRENT ASSETS
Stocks 6 7,000 32,000
Debtors 7 71,106 90,979
Cash at bank and in hand 22 7,208
78,128 130,187
Creditors: Amounts Falling Due Within One Year 8 (129,474 ) (150,289 )
NET CURRENT ASSETS (LIABILITIES) (51,346 ) (20,102 )
TOTAL ASSETS LESS CURRENT LIABILITIES (2,463 ) 31,254
Creditors: Amounts Falling Due After More Than One Year 9 (11,327 ) (13,965 )
NET (LIABILITIES)/ASSETS (13,790 ) 17,289
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account (13,890 ) 17,189
SHAREHOLDERS' FUNDS (13,790) 17,289
Page 1
Page 2
For the year ending 31 December 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 Akinyinka Sobo
Director
29/05/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
I LOVE OFFICE SUPPLIES LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 05306511 . The registered office is 26 Rudyerd Street, North Shields, Tyne & Wear, NE29 6RR.
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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
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:
Plant & Machinery 25%
Motor Vehicles 25%
2.5. 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. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 5)
5 5
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2024 750
As at 31 December 2024 750
Net Book Value
As at 31 December 2024 750
As at 1 January 2024 750
Page 3
Page 4
5. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 January 2024 6,823 47,855 54,678
Additions - 9,560 9,560
As at 31 December 2024 6,823 57,415 64,238
Depreciation
As at 1 January 2024 2,367 1,705 4,072
Provided during the period 891 11,142 12,033
As at 31 December 2024 3,258 12,847 16,105
Net Book Value
As at 31 December 2024 3,565 44,568 48,133
As at 1 January 2024 4,456 46,150 50,606
6. Stocks
2024 2023
£ £
Stock 7,000 32,000
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 29,625 49,498
Other debtors 41,481 41,481
71,106 90,979
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 85,059 109,862
Bank loans and overdrafts 4,487 9,208
Other taxes and social security 5,289 2,582
VAT 2,271 5,012
Director's loan account 32,368 23,625
129,474 150,289
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 9,415 12,053
Other creditors 1,912 1,912
11,327 13,965
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Page 5
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5