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Registered number: 11262626
Exclusive Glazing Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2024
Clever Bean Accounting Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11262626
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 35,520 48,228
35,520 48,228
CURRENT ASSETS
Stocks 6 54,963 -
Debtors 7 79,337 1,420
Cash at bank and in hand 1,982 99,314
136,282 100,734
Creditors: Amounts Falling Due Within One Year 8 (807,689 ) (251,104 )
NET CURRENT ASSETS (LIABILITIES) (671,407 ) (150,370 )
TOTAL ASSETS LESS CURRENT LIABILITIES (635,887 ) (102,142 )
Creditors: Amounts Falling Due After More Than One Year 9 (446,291 ) (620,208 )
NET LIABILITIES (1,082,178 ) (722,350 )
CAPITAL AND RESERVES
Called up share capital 11 1 1
Profit and Loss Account (1,082,179 ) (722,351 )
SHAREHOLDERS' FUNDS (1,082,178) (722,350)
Page 1
Page 2
For the year ending 30 June 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 Stephen Hackney
Director
26/06/2025
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
Exclusive Glazing Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11262626 . The registered office is 6c Harrietsham Industrial Estate, Station Road, Harrietsham, Kent, United Kingdom, ME17 1JA.
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
Motor Vehicles 15% Reducing balance
Fixtures & Fittings 25% Reducing balance
Computer Equipment 25% Reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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.
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2.6. Change in Accounting Policy – Revenue Recognition
During the year ended 30 June 2024, the company reviewed and revised its accounting policy for revenue recognition in respect of long-term customer contracts. This review was undertaken to ensure compliance with the principles set out in Section 23 of FRS 102, which requires revenue to be recognised based on the transfer of control and the satisfaction of performance obligations.
Under the revised policy, revenue and costs are now recognised at the point of installation, which is typically when the final stage of the contract is completed and the goods have been delivered and installed on site. This reflects the point at which the company has fulfilled its contractual obligations and the customer obtains control of the goods and services provided. Any deposits or interim stage payments received before installation, as well as related direct costs incurred, are deferred to the balance sheet and recognised only upon completion of installation.
This replaces the previous policy, under which revenue and associated costs were recognised based on invoice date, without regard to whether the underlying performance obligations had been satisfied.
Due to the absence of detailed historical contract-level data, it was not practicable to apply the revised policy retrospectively. Accordingly, the change in accounting policy has been applied prospectively from 1 July 2023 in accordance with FRS 102 paragraphs 10.11 and 10.19. The company believes the revised policy more accurately reflects the substance of its contractual arrangements and the timing of revenue recognition in accordance with FRS 102.
The change in accounting policy resulted in revenue of £230,425.40 and costs of £54,962.62 to be deferred to the balance sheet as these amounts were directly related to contracts for which the performance obligation was not yet satisfied.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Prior Period Adjustment
During the preparation of the financial statements for the year ended 30 June 2024, the directors identified that the closing inventory balance at 30 June 2023 was overstated by £744,464 due to a stock discrepancy. This resulted in an overstatement of closing stock, net assets, and profit in the financial statements for the year ended 30 June 2023.
The error has been corrected by restating the prior period financial statements and adjusting the opening balances as at 1 July 2023. The correction has resulted in the following adjustments:

Effect on Previously Reported Balances:
Statement of Financial Position as at 30 June 2023:
Item
Originally Reported
Adjustment
Restated
Stock
£744,464
(£744,464)
£0
Corporation Tax Payable
£3,480
(£3,480)
£0
Retained Earnings
£18,633
(£740,984)
(£722,351)
Statement of Comprehensive Income for the year ended 30 June 2023:
Item
Originally Reported
Adjustment
Restated
Cost of Sales
£3,418,977
£744,464
£4,163,441
Profit Before Tax
£3,646
(£744,464)
(£740,818)
Taxation
(£3,480)
£3,480
£0
Profit After Tax
£166
(£740,984)
(£740,818)
Effect on Equity:
Item
Retained Earnings
Balance at 30 June 2023 (as previously reported)
£18,634
Adjustment
(£740,984)
Balance at 30 June 2023 (restated)
(£722,350)
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5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 July 2023 19,808 46,000 5,329 2,304 73,441
Additions - - - 1,165 1,165
Disposals (12,000 ) - - - (12,000 )
As at 30 June 2024 7,808 46,000 5,329 3,469 62,606
Depreciation
As at 1 July 2023 9,253 12,765 1,657 1,538 25,213
Provided during the period 2,639 4,985 918 269 8,811
Disposals (6,938 ) - - - (6,938 )
As at 30 June 2024 4,954 17,750 2,575 1,807 27,086
Net Book Value
As at 30 June 2024 2,854 28,250 2,754 1,662 35,520
As at 1 July 2023 10,555 33,235 3,672 766 48,228
6. Stocks
2024 2023
£ £
Work in progress 54,963 -
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 79,337 1,420
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 130,635 3
Bank loans and overdrafts 130,061 39,792
Other creditors 284,914 58,293
Taxation and social security 262,079 153,016
807,689 251,104
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 32,659 36,242
Bank loans 413,632 583,966
446,291 620,208
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10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Later than one year and not later than five years 32,659 36,242
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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