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Registered number: 05584004
Firefly Audio Visual Solutions Limited
Unaudited Financial Statements
For The Year Ended 30 November 2024
Moxie Financials
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 05584004
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 966,176 941,143
966,176 941,143
CURRENT ASSETS
Debtors 6 271,352 356,775
Cash at bank and in hand 37,297 72,621
308,649 429,396
Creditors: Amounts Falling Due Within One Year 7 (367,225 ) (398,913 )
NET CURRENT ASSETS (LIABILITIES) (58,576 ) 30,483
TOTAL ASSETS LESS CURRENT LIABILITIES 907,600 971,626
Creditors: Amounts Falling Due After More Than One Year 8 (182,698 ) (274,420 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (169,896 ) (135,311 )
NET ASSETS 555,006 561,895
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 554,906 561,795
SHAREHOLDERS' FUNDS 555,006 561,895
Page 1
Page 2
For the year ending 30 November 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 Michael Cobb
Director
24/07/2025
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
Firefly Audio Visual Solutions Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05584004 . The registered office is OneCoWork Winckley Square, 33-34 Winckley Square, Preston, Lancashire, PR1 3JJ.
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 10% Reducing Balance
Motor Vehicles 20% Reducing Balance
Fixtures & Fittings 15% Reducing Balance
Computer Equipment 33% Straight Line Basis
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.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. 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: 10 (2023: 12)
10 12
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 December 2023 1,260,836 222,262 15,189 33,821 1,532,108
Additions 86,844 94,640 631 8,291 190,406
Disposals - (58,740 ) (1,211 ) (17,754 ) (77,705 )
As at 30 November 2024 1,347,680 258,162 14,609 24,358 1,644,809
Depreciation
As at 1 December 2023 444,126 112,962 7,964 25,913 590,965
Provided during the period 91,201 34,893 1,075 8,038 135,207
Disposals - (29,265 ) (520 ) (17,754 ) (47,539 )
As at 30 November 2024 535,327 118,590 8,519 16,197 678,633
Net Book Value
As at 30 November 2024 812,353 139,572 6,090 8,161 966,176
As at 1 December 2023 816,710 109,300 7,225 7,908 941,143
5. Stocks
2024 2023
as restated
£ £
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Page 5
6. Debtors
2024 2023
as restated
£ £
Due within one year
Trade debtors 184,987 349,981
Other debtors 86,365 6,794
271,352 356,775
Debtors within the year include trade debtors of £184,987 and Other Debtors of £86,365 which were paid post the period end. 
7. Creditors: Amounts Falling Due Within One Year
2024 2023
as restated
£ £
Net obligations under finance lease and hire purchase contracts 80,120 81,112
Trade creditors 74,906 27,483
Bank loans and overdrafts 109,055 109,534
Other creditors 30,681 22,515
Taxation and social security 72,463 158,269
367,225 398,913
Creditors due within 1 year included, trade creditors of £74,906.
Loans & finance arrangments due within 1 year also totalled £189,175 and have been settled accordingly. 
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
as restated
£ £
Net obligations under finance lease and hire purchase contracts 71,112 124,420
Bank loans 111,586 150,000
182,698 274,420
Non current creditor arrangements totalled £182,698 as of the period end. 
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
as restated
£ £
The future minimum finance lease payments are as follows:
Not later than one year 80,120 81,112
Later than one year and not later than five years 71,112 124,420
151,232 205,532
151,232 205,532
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10. Deferred Taxation
The provision for deferred tax has been increased by £34,585, totalling as of the end of the period £169,896.
2024 2023
as restated
£ £
Other timing differences 169,896 135,311
11. Share Capital
2024 2023
as restated
£ £
Allotted, Called up and fully paid 100 100
12. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
as restated
£ £
Not later than one year 80,119 70,120
Later than one year and not later than five years 71,111 51,345
151,230 121,465
The company currently operates several operating leasing arrangments within the period, total payments within the year total £80,119 and between 1-5 years £71,111.
13. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 December 2023 Amounts advanced Amounts repaid Amounts written off As at 30 November 2024
£ £ £ £ £
Mr Michael Cobb - 62,563 57,240 - 5,322
The above loan is unsecured, interest free and repayable on demand.
14. Dividends
2024 2023
as restated
£ £
On equity shares:
Final dividend paid 56,648 50,000
Dividends for the period totalled £56,648 distributable to the shareholders. 
15. Reinstatement of Comparative Information
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The comparative information has been restated to ensuire the 'true and fair reflection'. 
To the best of our knowledge and belief, the financial records and accompanying statements present a true and fair view of the financial position and performance of the entity for the relevant reporting period.
During the current financial period, an adjustment was made to the deemed 'stock' balance to ensure compliance with IAS 16 'Recognition of Fixed Assets'. The balance held was inherently attributable to that of 'plant property & equipment' and therefore has been reclassified as such. 
In addition the prior year accounts have been restated to include recognise the stock balance as 'plant property & equipment', a further adjustment had been made in relation to interest charges that had been omitted. The effect of this change is as follows:
A decrease in stock of £213,510 and a corresponding increase in the 'plant property & equipment' balance held as of the 30 November 2023. 
A increase in the depreciation of 'plant property & equipment' of £19,804 and corresponding profit and loss entry.
A increase in the interest charges payable of £19,633 and corresponding bank loan liability entry. 
The net impact on reserves brought forward at 1 December 2023 is an decrease of £39,435.
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