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Registered number: 02267523
Mycroft International Limited
Unaudited Financial Statements
For The Year Ended 31 March 2025
Affinity Associates (Flemmings) Limited
Accountants and Statutory Auditors
76 Canterbury Road
Croydon
Surrey
CR0 3HA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02267523
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 948 1,053
Investments 5 100 100
1,048 1,153
CURRENT ASSETS
Debtors 6 94,240 111,159
Cash at bank and in hand 4,005 10,792
98,245 121,951
Creditors: Amounts Falling Due Within One Year 7 (25,370 ) (37,013 )
NET CURRENT ASSETS (LIABILITIES) 72,875 84,938
TOTAL ASSETS LESS CURRENT LIABILITIES 73,923 86,091
Creditors: Amounts Falling Due After More Than One Year 8 (497 ) (8,700 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (180 ) (200 )
NET ASSETS 73,246 77,191
CAPITAL AND RESERVES
Called up share capital 2 2
Profit and Loss Account 73,244 77,189
SHAREHOLDERS' FUNDS 73,246 77,191
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Page 2
For the year ending 31 March 2025 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 P Groves
Director
17 July 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
Mycroft International Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02267523 . The registered office is The End House, 13 Old Oak Avenue, Chipstead, Surrey, CR5 3PG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The financial statements are presented in Pound Sterling, which is the functional currency of the company.
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.
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:
Fixtures & Fittings 15% Straight Line
2.4. Financial Instruments
Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.
2.5. 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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2.6. 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 or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also 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.
2.8. Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2024: 2)
2 2
4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 April 2024 3,078
Additions 291
Disposals (532 )
As at 31 March 2025 2,837
Depreciation
As at 1 April 2024 2,025
Provided during the period 396
Disposals (532 )
As at 31 March 2025 1,889
...CONTINUED
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Net Book Value
As at 31 March 2025 948
As at 1 April 2024 1,053
5. Investments
Other
£
Cost
As at 1 April 2024 6,000
As at 31 March 2025 6,000
Provision
As at 1 April 2024 5,900
As at 31 March 2025 5,900
Net Book Value
As at 31 March 2025 100
As at 1 April 2024 100
6. Debtors
2025 2024
£ £
Due within one year
Section 455 tax recoverable 23,042 26,229
Corporation tax recoverable assets - 3,337
VAT 299 301
Directors' loan accounts 70,899 81,292
94,240 111,159
7. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 10,481 12,443
Bank loans and overdrafts 8,837 23,287
Corporation tax 5,585 -
Other taxes and social security 467 1,283
25,370 37,013
8. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Bank loans 497 8,700
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9. Related Party Transactions
During the year the company made the following related party transactions: 
Mr C P Groves and Mrs C A Groves 
(Directors and shareholders) 
The directors had given a joint personal guarantee for £15,000 in respect of the bank overdraft facility to the company's bankers. 
Dividends paid during the year to the directors was £39,500 (2024 - £42,000). 
Interest at the HMRC Official Rate amounting to £2,212 was charged to the directors in respect of the overdrawn directors current account. At the balance sheet date the amount due from Mr C P Groves and Mrs C A Groves was £70,899 (2024 - £81,292). 
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