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 12250676 Mr Dave Gregory Mr Adam Smith iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12250676 2023-09-30 12250676 2024-09-30 12250676 2023-10-01 2024-09-30 12250676 frs-core:CurrentFinancialInstruments 2024-09-30 12250676 frs-core:FurnitureFittings 2024-09-30 12250676 frs-core:FurnitureFittings 2023-10-01 2024-09-30 12250676 frs-core:FurnitureFittings 2023-09-30 12250676 frs-core:PlantMachinery 2024-09-30 12250676 frs-core:PlantMachinery 2023-10-01 2024-09-30 12250676 frs-core:PlantMachinery 2023-09-30 12250676 frs-core:ShareCapital 2024-09-30 12250676 frs-core:RetainedEarningsAccumulatedLosses 2024-09-30 12250676 frs-bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 12250676 frs-bus:FilletedAccounts 2023-10-01 2024-09-30 12250676 frs-bus:SmallEntities 2023-10-01 2024-09-30 12250676 frs-bus:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 12250676 frs-bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 12250676 frs-bus:Director1 2023-10-01 2024-09-30 12250676 frs-bus:Director2 2023-10-01 2024-09-30 12250676 frs-countries:EnglandWales 2023-10-01 2024-09-30 12250676 2022-09-30 12250676 2023-09-30 12250676 2022-10-01 2023-09-30 12250676 frs-core:CurrentFinancialInstruments 2023-09-30 12250676 frs-core:ShareCapital 2023-09-30 12250676 frs-core:RetainedEarningsAccumulatedLosses 2023-09-30
Registered number: 12250676
Karma Composites Ltd
Financial Statements
For The Year Ended 30 September 2024
L J Hanbury Limited
143 Tamworth Road
Long Eaton
Nottingham
NG10 1BY
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 12250676
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 36,608 14,523
36,608 14,523
CURRENT ASSETS
Stocks 5 1,000 5,000
Debtors 6 275,218 216,986
Cash at bank and in hand 68,329 34,921
344,547 256,907
Creditors: Amounts Falling Due Within One Year 7 (206,950 ) (179,862 )
NET CURRENT ASSETS (LIABILITIES) 137,597 77,045
TOTAL ASSETS LESS CURRENT LIABILITIES 174,205 91,568
PROVISIONS FOR LIABILITIES
Deferred Taxation (9,152 ) (3,631 )
NET ASSETS 165,053 87,937
CAPITAL AND RESERVES
Called up share capital 8 12 12
Profit and Loss Account 165,041 87,925
SHAREHOLDERS' FUNDS 165,053 87,937
Page 1
Page 2
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
Mr Adam Smith
Director
27/06/2025
The notes on pages 3 to 4 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Karma Composites Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12250676 . The registered office is Unit 26C Birkdale Close, Manners Industrial Estate, Ilkeston, Derbyshire, DE7 8YA.
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. 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 basis
Fixtures & Fittings 25% reducing balance basis
2.4. 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.
2.5. 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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2023: 10)
12 10
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 October 2023 34,475 1,742 36,217
Additions 33,966 - 33,966
As at 30 September 2024 68,441 1,742 70,183
Depreciation
As at 1 October 2023 20,524 1,170 21,694
Provided during the period 11,738 143 11,881
As at 30 September 2024 32,262 1,313 33,575
Net Book Value
As at 30 September 2024 36,179 429 36,608
As at 1 October 2023 13,951 572 14,523
5. Stocks
2024 2023
£ £
Stock 1,000 5,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 275,018 216,986
Other debtors 200 -
275,218 216,986
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 55,617 68,371
Other creditors 51,140 36,180
Taxation and social security 100,193 75,311
206,950 179,862
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 12 12
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