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Registered number: 05561135
Two Seven Five Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Appleleaf Chartered Certified Accountants
ACCA
5 Town Hall Street
Grimsby
Lincolnshire
DN31 1HN
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 05561135
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 14,719 58,371
14,719 58,371
CURRENT ASSETS
Stocks 5 - 30,788
Debtors 6 41,026 35,802
Cash at bank and in hand - 832
41,026 67,422
Creditors: Amounts Falling Due Within One Year 7 (184,501 ) (149,531 )
NET CURRENT ASSETS (LIABILITIES) (143,475 ) (82,109 )
TOTAL ASSETS LESS CURRENT LIABILITIES (128,756 ) (23,738 )
Creditors: Amounts Falling Due After More Than One Year 8 (3,349 ) (5,900 )
NET LIABILITIES (132,105 ) (29,638 )
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account (132,205 ) (29,738 )
SHAREHOLDERS' FUNDS (132,105) (29,638)
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For the year ending 31 March 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 Craig Keyworth
Director
17 March 2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Two Seven Five Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05561135 . The registered office is Westbrook Farm, Station Road, North Thoresby, Grimsby, DN36 5QS.
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
The director recognises that there is significant concern over the ability of the company to continue as a going
concern due to the net current liabilities of £143,475 and the insolvent balance sheet of £132,105.
The liability position is largely due to the company having a net intercompany loan account balance of £128,707 and
the director has agreed that the companies will not to seek repayment until there is available funds to do so.
As a result the financial statements have been prepared on a going concern basis.
2.3. Turnover
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of management services in the ordinary course of the company’s activities.
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
2.4. 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 10% reducing balance
Motor Vehicles 10% reducing balance
Fixtures & Fittings 10% reducing balance
Computer Equipment 10% reducing balance
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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. 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: 1 (2023: 1)
1 1
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4. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 107,875 54,107 2,791 164,773
Disposals (107,875 ) - - (107,875 )
As at 31 March 2024 - 54,107 2,791 56,898
Depreciation
As at 1 April 2023 65,859 39,535 1,008 106,402
Provided during the period - 1,457 179 1,636
Disposals (65,859 ) - - (65,859 )
As at 31 March 2024 - 40,992 1,187 42,179
Net Book Value
As at 31 March 2024 - 13,115 1,604 14,719
As at 1 April 2023 42,016 14,572 1,783 58,371
5. Stocks
2024 2023
£ £
Stock - 30,788
6. Debtors
2024 2023
£ £
Due within one year
Other debtors 41,026 35,802
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,797 7,158
Bank loans and overdrafts 7,649 2,213
Other creditors 175,055 140,160
184,501 149,531
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 3,349 5,900
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Related Party Transactions
Other transactions with the Director
At the year end the company owed the director £11,568 (2023: £12,961) in respect of a loan account balance.
Loans made to the director are unsecured, interest free and repayable on demand.
Balance owed from Two Seven Five Ltd at the year end to associated companies £160,938
Balance owed to Two Seven Five Ltd at the year end from an associated company £32,231
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