Acorah Software Products - Accounts Production 16.5.460 false true 31 August 2023 1 September 2022 false 1 September 2023 31 August 2024 31 August 2024 03970826 B S Sodhi S Singh S S Sodhi B S Sodhi iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 03970826 2023-08-31 03970826 2024-08-31 03970826 2023-09-01 2024-08-31 03970826 frs-core:CurrentFinancialInstruments 2024-08-31 03970826 frs-core:Non-currentFinancialInstruments 2024-08-31 03970826 frs-core:BetweenOneFiveYears 2024-08-31 03970826 frs-core:ComputerEquipment 2024-08-31 03970826 frs-core:ComputerEquipment 2023-09-01 2024-08-31 03970826 frs-core:ComputerEquipment 2023-08-31 03970826 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-08-31 03970826 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-09-01 2024-08-31 03970826 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-08-31 03970826 frs-core:MotorVehicles 2024-08-31 03970826 frs-core:MotorVehicles 2023-09-01 2024-08-31 03970826 frs-core:MotorVehicles 2023-08-31 03970826 frs-core:PlantMachinery 2024-08-31 03970826 frs-core:PlantMachinery 2023-09-01 2024-08-31 03970826 frs-core:PlantMachinery 2023-08-31 03970826 frs-core:WithinOneYear 2024-08-31 03970826 frs-core:ShareCapital 2024-08-31 03970826 frs-core:RetainedEarningsAccumulatedLosses 2024-08-31 03970826 frs-bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 03970826 frs-bus:FilletedAccounts 2023-09-01 2024-08-31 03970826 frs-bus:SmallEntities 2023-09-01 2024-08-31 03970826 frs-bus:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 03970826 frs-bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 03970826 frs-bus:Director1 2023-09-01 2024-08-31 03970826 frs-bus:Director2 2023-09-01 2024-08-31 03970826 frs-bus:Director3 2023-09-01 2024-08-31 03970826 frs-bus:CompanySecretary1 2023-09-01 2024-08-31 03970826 frs-countries:EnglandWales 2023-09-01 2024-08-31 03970826 2022-08-31 03970826 2023-08-31 03970826 2022-09-01 2023-08-31 03970826 frs-core:CurrentFinancialInstruments 2023-08-31 03970826 frs-core:Non-currentFinancialInstruments 2023-08-31 03970826 frs-core:BetweenOneFiveYears 2023-08-31 03970826 frs-core:WithinOneYear 2023-08-31 03970826 frs-core:ShareCapital 2023-08-31 03970826 frs-core:RetainedEarningsAccumulatedLosses 2023-08-31
Registered number: 03970826
Euro-rose Knitwear Ltd
Financial Statements
For The Year Ended 31 August 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 03970826
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 215,538 287,246
215,538 287,246
CURRENT ASSETS
Stocks 5 314,180 469,370
Debtors 6 258,853 154,048
Cash at bank and in hand 183 94
573,216 623,512
Creditors: Amounts Falling Due Within One Year 7 (1,265,566 ) (965,679 )
NET CURRENT ASSETS (LIABILITIES) (692,350 ) (342,167 )
TOTAL ASSETS LESS CURRENT LIABILITIES (476,812 ) (54,921 )
Creditors: Amounts Falling Due After More Than One Year 8 (215,949 ) (302,204 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (14,363 ) (26,345 )
NET LIABILITIES (707,124 ) (383,470 )
CAPITAL AND RESERVES
Called up share capital 10 99 99
Profit and Loss Account (707,223 ) (383,569 )
SHAREHOLDERS' FUNDS (707,124) (383,470)
Page 1
Page 2
For the year ending 31 August 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
S S Sodhi
Director
21st August 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
Euro-rose Knitwear Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 03970826 . The registered office is 11-13 Copdale Road, Leicester, Leicestershire, LE5 4FG.
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:
Leasehold 0
Plant & Machinery 10% on cost
Motor Vehicles 15% on cost
Office Equipment 33% on cost
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 the 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.
Page 3
Page 4
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. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 38 (2023: 30)
38 30
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Office Equipment Total
£ £ £ £ £
Cost
As at 1 September 2023 49,767 886,539 13,500 101,311 1,051,117
Additions - 6,850 - - 6,850
As at 31 August 2024 49,767 893,389 13,500 101,311 1,057,967
Depreciation
As at 1 September 2023 - 657,577 10,631 95,663 763,871
Provided during the period - 71,027 2,025 5,506 78,558
As at 31 August 2024 - 728,604 12,656 101,169 842,429
Net Book Value
As at 31 August 2024 49,767 164,785 844 142 215,538
As at 1 September 2023 49,767 228,962 2,869 5,648 287,246
Page 4
Page 5
5. Stocks
2024 2023
£ £
Stock 314,180 469,370
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 247,788 146,231
Prepayments and accrued income 11,065 6,317
258,853 152,548
Due after more than one year
Other debtors - 1,500
258,853 154,048
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 62,533 56,778
Trade creditors 631,876 498,881
Bank loans and overdrafts 225,955 215,850
Other taxes and social security 106,191 63,898
VAT 131,096 53,953
Net wages 12,951 -
Other creditors 6,837 4,541
Accruals and deferred income - 3,605
Government grants within one year 10,379 13,279
Directors' loan accounts 77,748 54,894
1,265,566 965,679
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 82,050 120,261
Bank loans 69,650 109,450
Other loans 64,249 72,493
215,949 302,204
Page 5
Page 6
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 62,533 56,778
Later than one year and not later than five years 82,050 120,261
144,583 177,039
144,583 177,039
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 99 99
Page 6