Acorah Software Products - Accounts Production 16.3.350 false true true 31 October 2023 1 November 2022 false 3 June 2025 1 November 2023 31 October 2024 31 October 2024 05459247 Mr Iain Baynes Mr Peter Morgan Mr Peter Shone Mr Martin Northern Medhurst Communications Limited false iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05459247 2023-10-31 05459247 2024-10-31 05459247 2023-11-01 2024-10-31 05459247 frs-core:CurrentFinancialInstruments 2024-10-31 05459247 frs-core:Non-currentFinancialInstruments 2024-10-31 05459247 frs-core:ComputerEquipment 2024-10-31 05459247 frs-core:ComputerEquipment 2023-11-01 2024-10-31 05459247 frs-core:ComputerEquipment 2023-10-31 05459247 frs-core:FurnitureFittings 2024-10-31 05459247 frs-core:FurnitureFittings 2023-11-01 2024-10-31 05459247 frs-core:FurnitureFittings 2023-10-31 05459247 frs-core:PlantMachinery 2024-10-31 05459247 frs-core:PlantMachinery 2023-11-01 2024-10-31 05459247 frs-core:PlantMachinery 2023-10-31 05459247 frs-core:ShareCapital 2024-10-31 05459247 frs-core:RetainedEarningsAccumulatedLosses 2024-10-31 05459247 frs-bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 05459247 frs-bus:FilletedAccounts 2023-11-01 2024-10-31 05459247 frs-bus:SmallEntities 2023-11-01 2024-10-31 05459247 frs-bus:Audited 2023-11-01 2024-10-31 05459247 frs-bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 05459247 1 2023-11-01 2024-10-31 05459247 frs-bus:Director1 2023-11-01 2024-10-31 05459247 frs-bus:Director2 2023-11-01 2024-10-31 05459247 frs-bus:Director3 2023-11-01 2024-10-31 05459247 frs-bus:Director4 2023-11-01 2024-10-31 05459247 frs-core:Non-currentFinancialInstruments 1 2024-10-31 05459247 frs-core:Non-currentFinancialInstruments 2 2024-10-31 05459247 frs-core:CurrentFinancialInstruments 9 2024-10-31 05459247 frs-countries:EnglandWales 2023-11-01 2024-10-31 05459247 2022-10-31 05459247 2023-10-31 05459247 2022-11-01 2023-10-31 05459247 frs-core:CurrentFinancialInstruments 2023-10-31 05459247 frs-core:Non-currentFinancialInstruments 2023-10-31 05459247 frs-core:ShareCapital 2023-10-31 05459247 frs-core:RetainedEarningsAccumulatedLosses 2023-10-31 05459247 frs-core:Non-currentFinancialInstruments 1 2023-10-31 05459247 frs-core:Non-currentFinancialInstruments 2 2023-10-31 05459247 frs-core:CurrentFinancialInstruments 9 2023-10-31
Registered number: 05459247
Drift It Limited
Financial Statements
For The Year Ended 31 October 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05459247
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 21,109 29,276
21,109 29,276
CURRENT ASSETS
Stocks 7,486 16,694
Debtors 5 135,783 118,604
Cash at bank and in hand 124,781 209,170
268,050 344,468
Creditors: Amounts Falling Due Within One Year 6 (219,245 ) (287,530 )
NET CURRENT ASSETS (LIABILITIES) 48,805 56,938
TOTAL ASSETS LESS CURRENT LIABILITIES 69,914 86,214
Creditors: Amounts Falling Due After More Than One Year 7 (25,926 ) (38,481 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (5,277 ) (7,319 )
NET ASSETS 38,711 40,414
CAPITAL AND RESERVES
Called up share capital 9 1,002 1,000
Profit and Loss Account 37,709 39,414
SHAREHOLDERS' FUNDS 38,711 40,414
Page 1
Page 2
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 Peter Morgan
Director
03/06/2025
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
Drift It Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05459247 . The registered office is Unit 23-24 The Oakwood Centre, Downley Road, Havant, PO9 2NP.
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. Going Concern Disclosure
These financial statements are prepared on a going concern basis.
The directors' consider that the results made last year combined with the continued support of the parent company Medhurst Communications Limited, will ensure that the company is in a good position to withstand the current economic pressures, and has the ability to continue as a going concern for a period of at least 12 months from the date of approving these financial statements.
2.3. 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.
2.4. 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% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% straight line
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. Financial Instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and nonputtable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
2.7. Financial Commitments
The total amount of financial commitments relating to operating leases not included in the balance sheet is £147,505 (2023:£54,507). These leases are secured by the assets to which they relate.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 22 (2023: 24)
22 24
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4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 November 2023 3,560 44,824 5,680 54,064
As at 31 October 2024 3,560 44,824 5,680 54,064
Depreciation
As at 1 November 2023 3,284 17,334 4,170 24,788
Provided during the period 69 6,872 1,226 8,167
As at 31 October 2024 3,353 24,206 5,396 32,955
Net Book Value
As at 31 October 2024 207 20,618 284 21,109
As at 1 November 2023 276 27,490 1,510 29,276
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 106,775 109,890
Prepayments and accrued income 18,483 8,714
Called up share capital not paid 2 -
Amounts owed by group undertakings 10,523 -
135,783 118,604
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 27,377 42,194
Bank loans and overdrafts 11,660 14,017
Corporation tax 15,757 22,163
Other taxes and social security 72,918 115,877
Deferred Income 66,044 70,227
Accruals 13,326 4,918
Amounts owed to group undertakings 12,163 18,134
219,245 287,530
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loan payable by instalments due within 5 years 22,222 22,222
Bank loan payable by instalments due after 5 years 3,704 9,259
Amounts owed to group undertakings - 7,000
25,926 38,481
The bank loan is a bounce back loan with a fixed interest rate of 2.5%  There are no charges against the loan.
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8. Deferred Taxation
The deferred tax liability set out below is expected to reverse in due course and relates to accelerated capital allowances that are expected to mature within the same period
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 5,277 7,319
9. Share Capital
2024 2023
£ £
Called Up Share Capital not Paid 2 -
Called Up Share Capital has been paid up 1,000 1,000
Amount of Allotted, Called Up Share Capital 1,002 1,000
The two new shares issued have different rights to the previous.  They are non-voting and non-equity, but have dividend rights.
10. Controlling Party
The company's ultimate controlling party is Medhurst Communications Limited by virtue of their ownership of 50.1% of the issued share capital in the company.
11. Audit Information
The auditor's report on the accounts of Drift It Limited for the year ended 31 October 2024 was unqualified.
The auditor's report was signed by Michael Wesley FCA (Senior Statutory Auditor) for and on behalf of Azets Audit Services, Chartered Accountants , Statutory Auditor.
Azets Audit Services, Chartered Accountants
Secure House
Lulworth Close
Chandlers Ford
SO53 3TL
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