Acorah Software Products - Accounts Production 16.3.350 false true 30 September 2023 1 October 2022 false 1 October 2023 30 September 2024 30 September 2024 06997569 Mrs Emma Allan Mr Ronald Allan Mrs Emma Allan iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 06997569 2023-09-30 06997569 2024-09-30 06997569 2023-10-01 2024-09-30 06997569 frs-core:CurrentFinancialInstruments 2024-09-30 06997569 frs-core:Non-currentFinancialInstruments 2024-09-30 06997569 frs-core:ComputerEquipment 2024-09-30 06997569 frs-core:ComputerEquipment 2023-10-01 2024-09-30 06997569 frs-core:ComputerEquipment 2023-09-30 06997569 frs-core:FurnitureFittings 2024-09-30 06997569 frs-core:FurnitureFittings 2023-10-01 2024-09-30 06997569 frs-core:FurnitureFittings 2023-09-30 06997569 frs-core:MotorVehicles 2024-09-30 06997569 frs-core:MotorVehicles 2023-10-01 2024-09-30 06997569 frs-core:MotorVehicles 2023-09-30 06997569 frs-core:PlantMachinery 2024-09-30 06997569 frs-core:PlantMachinery 2023-10-01 2024-09-30 06997569 frs-core:PlantMachinery 2023-09-30 06997569 frs-core:ShareCapital 2024-09-30 06997569 frs-core:RetainedEarningsAccumulatedLosses 2024-09-30 06997569 frs-bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 06997569 frs-bus:FilletedAccounts 2023-10-01 2024-09-30 06997569 frs-bus:SmallEntities 2023-10-01 2024-09-30 06997569 frs-bus:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 06997569 frs-bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 06997569 frs-bus:Director1 2023-10-01 2024-09-30 06997569 frs-bus:Director2 2023-10-01 2024-09-30 06997569 frs-bus:CompanySecretary1 2023-10-01 2024-09-30 06997569 frs-core:CurrentFinancialInstruments 1 2024-09-30 06997569 frs-countries:EnglandWales 2023-10-01 2024-09-30 06997569 2022-09-30 06997569 2023-09-30 06997569 2022-10-01 2023-09-30 06997569 frs-core:CurrentFinancialInstruments 2023-09-30 06997569 frs-core:Non-currentFinancialInstruments 2023-09-30 06997569 frs-core:ShareCapital 2023-09-30 06997569 frs-core:RetainedEarningsAccumulatedLosses 2023-09-30 06997569 frs-core:CurrentFinancialInstruments 1 2023-09-30
Registered number: 06997569
RFS Technology Ltd
Financial Statements
For The Year Ended 30 September 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 06997569
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 16,673 18,243
16,673 18,243
CURRENT ASSETS
Stocks 5 88,000 81,000
Debtors 6 16,269 44,285
Cash at bank and in hand 11 49,495
104,280 174,780
Creditors: Amounts Falling Due Within One Year 7 (106,831 ) (101,720 )
NET CURRENT ASSETS (LIABILITIES) (2,551 ) 73,060
TOTAL ASSETS LESS CURRENT LIABILITIES 14,122 91,303
Creditors: Amounts Falling Due After More Than One Year 8 (13,458 ) (75,553 )
NET ASSETS 664 15,750
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 662 15,748
SHAREHOLDERS' FUNDS 664 15,750
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For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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
Mrs Emma Allan
Director
2nd June 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
RFS Technology Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06997569 . The registered office is Unit 4A Austin Park, Yeoman Road, Ringwood, Hampshire, BH24 3FG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue is recognised when ownership of goods is transferred or the service has been performed.
2.3. Tangible Fixed Assets and Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant & Machinery 15% reducing balance
Motor Vehicles 20% reducing balance
Fixtures & Fittings 10% reducing balance
Computer Equipment 33.33% reducing balance
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered any impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of cash-generating unit to which the asset belongs.
2.4. Leasing and Hire Purchase Contracts
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the low of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight-line basis over the term of the relevant lease except where more systematic basis is more representative of the time pattern in which economics benefits from the lease asset are consumed.
2.5. Stocks and Work in Progress
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
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2.6. Financial Instruments
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt Instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are present as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once the yare no longer at the discretion of the company.
2.7. Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing differences arises from goodwill or from the initial recognition of assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settles or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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2.8. Pensions
For a defined benefit scheme, the liability recorded in the balance sheet is the present value of the defined obligation at that date. The defined benefit obligation is calculated on an annual basis by independent actuaries.
Actuarial gains and losses are recognised in full in the period in which they occur and are shown in Other Comprehensive Income.
Current and past service costs, along with settlements or curtailments, are charged to the Income Statement. Interest on pension plan liabilities are recognised within finance expense.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 4)
3 4
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 October 2023 22,819 1,335 11,970 36,864 72,988
Additions - - - 2,685 2,685
As at 30 September 2024 22,819 1,335 11,970 39,549 75,673
Depreciation
As at 1 October 2023 16,215 789 5,811 31,930 54,745
Provided during the period 990 109 616 2,540 4,255
As at 30 September 2024 17,205 898 6,427 34,470 59,000
Net Book Value
As at 30 September 2024 5,614 437 5,543 5,079 16,673
As at 1 October 2023 6,604 546 6,159 4,934 18,243
5. Stocks
2024 2023
£ £
Materials 23,000 25,000
Work in progress 65,000 56,000
88,000 81,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 16,197 39,864
Other debtors - 3,500
Other debtors (1) 72 -
Other taxes and social security - 921
16,269 44,285
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 26,590 17,865
Bank loans and overdrafts 51,410 48,087
Corporation tax 22,308 8,785
Other taxes and social security 2,356 -
VAT 3,869 17,412
Other creditors - 114
Accruals and deferred income - 1,316
Directors' loan accounts 298 8,141
106,831 101,720
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 13,458 75,553
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
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