Acorah Software Products - Accounts Production 16.3.350 false true 31 May 2023 1 June 2022 false 1 June 2023 31 May 2024 31 May 2024 10786157 Mr Wayland Austin iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10786157 2023-05-31 10786157 2024-05-31 10786157 2023-06-01 2024-05-31 10786157 frs-core:CurrentFinancialInstruments 2024-05-31 10786157 frs-core:Non-currentFinancialInstruments 2024-05-31 10786157 frs-core:ComputerEquipment 2024-05-31 10786157 frs-core:ComputerEquipment 2023-06-01 2024-05-31 10786157 frs-core:ComputerEquipment 2023-05-31 10786157 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-05-31 10786157 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-05-31 10786157 frs-core:PlantMachinery 2024-05-31 10786157 frs-core:PlantMachinery 2023-06-01 2024-05-31 10786157 frs-core:PlantMachinery 2023-05-31 10786157 frs-core:SharePremium 2024-05-31 10786157 frs-core:ShareCapital 2024-05-31 10786157 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 10786157 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 10786157 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 10786157 frs-bus:SmallEntities 2023-06-01 2024-05-31 10786157 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 10786157 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 10786157 frs-bus:Director1 2023-06-01 2024-05-31 10786157 frs-bus:Director1 2023-05-31 10786157 frs-bus:Director1 2024-05-31 10786157 frs-countries:EnglandWales 2023-06-01 2024-05-31 10786157 2022-05-31 10786157 2023-05-31 10786157 2022-06-01 2023-05-31 10786157 frs-core:CurrentFinancialInstruments 2023-05-31 10786157 frs-core:Non-currentFinancialInstruments 2023-05-31 10786157 frs-core:SharePremium 2023-05-31 10786157 frs-core:ShareCapital 2023-05-31 10786157 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31
Registered number: 10786157
Austin Cycles Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
TS Partners Ltd
2-4 Gladstone Place
Newton Abbot
Devon
TQ12 2AN
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10786157
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 4,397 5,393
4,397 5,393
CURRENT ASSETS
Stocks 6 169,977 174,514
Debtors 7 23,599 65,895
Cash at bank and in hand 28,575 57,311
222,151 297,720
Creditors: Amounts Falling Due Within One Year 8 (87,372 ) (71,069 )
NET CURRENT ASSETS (LIABILITIES) 134,779 226,651
TOTAL ASSETS LESS CURRENT LIABILITIES 139,176 232,044
Creditors: Amounts Falling Due After More Than One Year 9 (2,068 ) (3,146 )
NET ASSETS 137,108 228,898
CAPITAL AND RESERVES
Called up share capital 10 214 214
Share premium account 749,961 749,961
Profit and Loss Account (613,067 ) (521,277 )
SHAREHOLDERS' FUNDS 137,108 228,898
Page 1
Page 2
For the year ending 31 May 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 Wayland Austin
Director
30/05/2025
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
Austin Cycles Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10786157 . The registered office is 34 Devon Square, Newton Abbot, Devon, United Kingdom, TQ12 2HH.
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. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised to ... on a straight line basis over their expected useful economic lives, which range from ... to ... years.
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
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 20% Straight line method
Computer Equipment 20% Straight line method
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.
2.6. 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.
Page 3
Page 4
2.7. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Intangible Assets
Development Costs
£
Cost
As at 1 June 2023 45,432
As at 31 May 2024 45,432
Amortisation
As at 1 June 2023 45,432
As at 31 May 2024 45,432
Net Book Value
As at 31 May 2024 -
As at 1 June 2023 -
5. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 June 2023 3,309 6,391 9,700
Additions - 365 365
As at 31 May 2024 3,309 6,756 10,065
...CONTINUED
Page 4
Page 5
Depreciation
As at 1 June 2023 2,176 2,131 4,307
Provided during the period 267 1,094 1,361
As at 31 May 2024 2,443 3,225 5,668
Net Book Value
As at 31 May 2024 866 3,531 4,397
As at 1 June 2023 1,133 4,260 5,393
6. Stocks
2024 2023
£ £
Materials 169,977 174,514
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 304 16,150
Prepayments and accrued income 64 2,222
VAT 3,845 16,817
Director's loan account 19,386 30,706
23,599 65,895
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 53,970 58,501
Other taxes and social security 17,892 6,128
Other creditors 15,510 2,040
Accruals and deferred income - 4,400
87,372 71,069
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other creditors 2,068 3,146
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 214 214
Page 5
Page 6
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 June 2023 Amounts advanced Amounts repaid Amounts written off As at 31 May 2024
£ £ £ £ £
Mr Wayland Austin 30,706 - 11,320 - 19,386
The above loan is unsecured, interest free and repayable on demand.
Page 6