Acorah Software Products - Accounts Production 16.3.350 false true true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 12459851 Mr C Grove Mr L Meggitt Mr L Meggitt and Mr C Grove true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12459851 2023-03-31 12459851 2024-03-31 12459851 2023-04-01 2024-03-31 12459851 frs-core:CurrentFinancialInstruments 2024-03-31 12459851 frs-core:ComputerEquipment 2024-03-31 12459851 frs-core:ComputerEquipment 2023-04-01 2024-03-31 12459851 frs-core:ComputerEquipment 2023-03-31 12459851 frs-core:SharePremium 2024-03-31 12459851 frs-core:ShareCapital 2024-03-31 12459851 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 12459851 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 12459851 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 12459851 frs-bus:SmallEntities 2023-04-01 2024-03-31 12459851 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 12459851 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 12459851 1 2023-04-01 2024-03-31 12459851 frs-core:CostValuation 2023-03-31 12459851 frs-core:AdditionsToInvestments 2024-03-31 12459851 frs-core:CostValuation 2024-03-31 12459851 frs-core:ProvisionsForImpairmentInvestments 2023-03-31 12459851 frs-core:ProvisionsForImpairmentInvestments 2024-03-31 12459851 frs-core:UnlistedNon-exchangeTraded 2024-03-31 12459851 frs-core:UnlistedNon-exchangeTraded 2023-03-31 12459851 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-03-31 12459851 frs-core:AdditionsToInvestments frs-core:UnlistedNon-exchangeTraded 2024-03-31 12459851 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2024-03-31 12459851 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-03-31 12459851 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2024-03-31 12459851 frs-bus:Director1 2023-04-01 2024-03-31 12459851 frs-bus:Director1 2023-03-31 12459851 frs-bus:Director1 2024-03-31 12459851 frs-bus:Director2 2023-04-01 2024-03-31 12459851 frs-bus:Director2 2023-03-31 12459851 frs-bus:Director2 2024-03-31 12459851 frs-core:CurrentFinancialInstruments 1 2024-03-31 12459851 frs-countries:EnglandWales 2023-04-01 2024-03-31 12459851 2022-03-31 12459851 2023-03-31 12459851 2022-04-01 2023-03-31 12459851 frs-core:CurrentFinancialInstruments 2023-03-31 12459851 frs-core:SharePremium 2023-03-31 12459851 frs-core:ShareCapital 2023-03-31 12459851 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31 12459851 frs-core:CurrentFinancialInstruments 1 2023-03-31
Registered number: 12459851
Forster Chase Group Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 12459851
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 620 239
Investments 5 38,339 8,897
38,959 9,136
CURRENT ASSETS
Debtors 6 318,985 318,015
Cash at bank and in hand 393 2,770
319,378 320,785
Creditors: Amounts Falling Due Within One Year 7 (350,722 ) (304,900 )
NET CURRENT ASSETS (LIABILITIES) (31,344 ) 15,885
TOTAL ASSETS LESS CURRENT LIABILITIES 7,615 25,021
NET ASSETS 7,615 25,021
CAPITAL AND RESERVES
Called up share capital 8 407 407
Share premium account 124,980 124,939
Profit and Loss Account (117,772 ) (100,325 )
SHAREHOLDERS' FUNDS 7,615 25,021
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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 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
Mr C Grove
Director
11 June 2025
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Forster Chase Group Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12459851 . The registered office is Warnford Court, 29 Throgmorton Street, London, EC2N 2AT.
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
At the time of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
The directors continue to adopt the going concern basis of accounting in preparing 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.
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:
Computer Equipment 33% on cost
Investments in subsidiary undertakings are recognised at cost.
2.5. Financial Instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.
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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.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 4)
3 4
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 April 2023 958
Additions 925
As at 31 March 2024 1,883
Depreciation
As at 1 April 2023 719
Provided during the period 544
As at 31 March 2024 1,263
...CONTINUED
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Net Book Value
As at 31 March 2024 620
As at 1 April 2023 239
5. Investments
Subsidiaries Unlisted Total
£ £ £
Cost
As at 1 April 2023 338 8,559 8,897
Additions 29,442 - 29,442
As at 31 March 2024 29,780 8,559 38,339
Provision
As at 1 April 2023 - - -
As at 31 March 2024 - - -
Net Book Value
As at 31 March 2024 29,780 8,559 38,339
As at 1 April 2023 338 8,559 8,897
Forster Chase Advisory Limited
Registered office: Warnford Court, 29 Throgmorton Street, London, EC2N 2AT
There is a 100% share holding in this subsidiary
31.03.24
31.03.23
£
£
Aggregate capital and reserves
(325,969)
(268,570)
Profit/(Loss) for the year/period
(29,673)
135,528
During the year the company purchased the remaining 3,750 shares for a total value of £29,442.
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 295,930
Prepayments and accrued income 23,085 3,000
Other debtors 293,977 17,174
Directors' loan accounts 1,923 1,911
318,985 318,015
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 18,957 10,408
Other loans 50,000 50,000
Corporation tax 118,619 69,973
Other taxes and social security 5,072 3,459
VAT 90,616 56,779
Other creditors 66,180 113,933
Pension creditor 200 -
Accruals and deferred income 1,078 348
350,722 304,900
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 407 407
Number:
Class:
Nominal
31.03.24
31.03.23
Value
£
£
9,676
Ordinary A
£0.01
96.76
96.76
13,176
Ordinary B
£0.01
131.76
131.76
13,742
Ordinary C
£0.01
137.42
137.42
4,068
Ordinary D
£0.01
40.68
image
40.68
image
406.62
image
image
406.62
image
image
9. Financial Instruments
Included in creditors is £50,000 of convertible loan notes, which has yet to be converted into equity.
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Christopher Grove 212 907 - - 1,119
Mr Leo Meggitt 1,698 - 893 - 805
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11. Related Party Transactions
Forster Chase Limited
There is an oustanding loan due to be received from Forster Chase Limited of £2,567. (2023: £67,578 due to be paid to Forster Chase Limited).
A company under common control.
This loan is interest free and repayable upon demand.
Forster Chase Advisory Limited
There is an outstanding loan due to be received from Forster Chase Advisory Limited of £290,831. (2023: £20,236 due to be paid to Forster Chase Advisory Limited ).
A company under common control.
This loan is interest free and repayable upon demand.
Forster Chase Interim Limited
There is an oustanding loan due to be paid to Forster Chase Interim Limited of £66,180 (2023: £26,000 ).
A company under common control.
This company has now been dissolved.
Forster Chase Ventures Limited
There is an outstanding loan due to be received from Forster Chase Ventures Limited of £580. (2023: £130)
A company under common control.
This company has now been dissolved.
12. Ultimate Controlling Party
The company's ultimate controlling party is Mr L Meggitt and Mr C Grove by virtue of his ownership of 100% of the issued share capital in the company.
13. Working capital deficit
Current liabilities exceed current assets, however, the company is able to meet its liabilities as they fall due.
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