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 09741768 Thomas Valaitis Joaquin Rider Joaquin Correa Christopher Wilkes-Green iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09741768 2023-08-31 09741768 2024-08-31 09741768 2023-09-01 2024-08-31 09741768 frs-core:CurrentFinancialInstruments 2024-08-31 09741768 frs-core:Non-currentFinancialInstruments 2024-08-31 09741768 frs-core:BetweenOneFiveYears 2024-08-31 09741768 frs-core:MotorVehicles 2024-08-31 09741768 frs-core:MotorVehicles 2023-09-01 2024-08-31 09741768 frs-core:MotorVehicles 2023-08-31 09741768 frs-core:PlantMachinery 2024-08-31 09741768 frs-core:PlantMachinery 2023-09-01 2024-08-31 09741768 frs-core:PlantMachinery 2023-08-31 09741768 frs-core:WithinOneYear 2024-08-31 09741768 frs-core:ShareCapital 2024-08-31 09741768 frs-core:RetainedEarningsAccumulatedLosses 2024-08-31 09741768 frs-bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 09741768 frs-bus:FilletedAccounts 2023-09-01 2024-08-31 09741768 frs-bus:SmallEntities 2023-09-01 2024-08-31 09741768 frs-bus:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 09741768 frs-bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 09741768 frs-bus:Director1 2023-09-01 2024-08-31 09741768 frs-bus:Director2 2023-09-01 2024-08-31 09741768 frs-bus:Director3 2023-09-01 2024-08-31 09741768 frs-bus:Director4 2023-09-01 2024-08-31 09741768 frs-countries:EnglandWales 2023-09-01 2024-08-31 09741768 2022-08-31 09741768 2023-08-31 09741768 2022-09-01 2023-08-31 09741768 frs-core:CurrentFinancialInstruments 2023-08-31 09741768 frs-core:Non-currentFinancialInstruments 2023-08-31 09741768 frs-core:BetweenOneFiveYears 2023-08-31 09741768 frs-core:WithinOneYear 2023-08-31 09741768 frs-core:ShareCapital 2023-08-31 09741768 frs-core:RetainedEarningsAccumulatedLosses 2023-08-31
Registered number: 09741768
Chakray UK Ltd
Unaudited Financial Statements
For The Year Ended 31 August 2024
Brackenfern Advisory Limited
First Floor
5 High Street
Westbury-on-Trym
Bristol
BS9 3BY
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 09741768
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 57,281 18,372
57,281 18,372
CURRENT ASSETS
Debtors 5 2,891,480 2,354,599
Cash at bank and in hand 162,835 123,711
3,054,315 2,478,310
Creditors: Amounts Falling Due Within One Year 6 (809,256 ) (357,280 )
NET CURRENT ASSETS (LIABILITIES) 2,245,059 2,121,030
TOTAL ASSETS LESS CURRENT LIABILITIES 2,302,340 2,139,402
Creditors: Amounts Falling Due After More Than One Year 7 (28,509 ) -
PROVISIONS FOR LIABILITIES
Deferred Taxation (14,320 ) (3,491 )
NET ASSETS 2,259,511 2,135,911
CAPITAL AND RESERVES
Called up share capital 9 4 4
Profit and Loss Account 2,259,507 2,135,907
SHAREHOLDERS' FUNDS 2,259,511 2,135,911
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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
Thomas Valaitis
Director
31 August 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
Chakray UK Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09741768 . The registered office is 3 High Street, Warwick, CV34 4AP.
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% Straight Line
Motor Vehicles 33% Straight Line
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. Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through the profit and loss. All other investments are subsequently measured ar cost less impairment. Debtors and creditors that fall due within one year are recorded in the financial statements at transaction price and then subsequently measured at amortised cost. If the effects of the time value of money are immaterial, they are measured at cost (less impairment for trade debtors). Debtors are reviewed for impairment at each reporting date and any impairments are recorded within profit and loss and shown within administrative expenses when there is objective evidence that a debtor is impaired. Objective evidence that a debtor is impaired arises when the customer is unable to settle amounts owing to the company or the customer becomes bankrupt. Debtors do not carry interest and are stated at their nominal value. Trade creditors are not interest-bearing and are stated at their nominal value. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment , an impairment loss is recognised in profit and loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assesed individually for impairment. Other financial assets are either assessed individually or grouped on the similar basis of credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset which exceeds what the carrying amount would have been had the impairment loss not previously been recognised.
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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.
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.
2.8. Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in
exchange for the employee's services to the company. Where employees have accrued shortterm
benefits which the entity has not paid by the balance sheet date, an accrual is recognised
within creditors: amounts falling due within one year together with an associated expense in profit
and loss. The company operates a defined contribution pension plan for the benefit of its
employees. Contributions are recognised as expenses as they become payable. Differences
between contributions payable in the year and those actually paid are recognised as either
prepayments or accruals in the balance sheet. The assets of the defined contribution pension
scheme are held separately from those of the company in an independently administered fund.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 33 (2023: 30)
33 30
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 September 2023 33,668 - 33,668
Additions 3,843 54,090 57,933
As at 31 August 2024 37,511 54,090 91,601
Depreciation
As at 1 September 2023 15,296 - 15,296
Provided during the period 12,263 6,761 19,024
As at 31 August 2024 27,559 6,761 34,320
...CONTINUED
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Net Book Value
As at 31 August 2024 9,952 47,329 57,281
As at 1 September 2023 18,372 - 18,372
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,894,113 1,204,224
Other debtors 997,367 1,150,375
2,891,480 2,354,599
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 11,022 -
Trade creditors 424,317 198,350
Other creditors 273,442 30,583
Taxation and social security 100,475 128,347
809,256 357,280
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 28,509 -
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 11,022 -
Later than one year and not later than five years 28,509 -
39,531 -
39,531 -
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 4 4
10. Pension Commitments
The company operates a defined contribution pension scheme for the benefit of the employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £5,973.17 (2023 £4,363) were due to the fund. They are included in Other Creditors.
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11. Related Party Transactions
Included within other debtors is the following loan to a related party.
As at the balance sheet date of 31 August 2024, a shareholder owed the company the amount
of £452,586 (2023 - £452,586).
The above loan is unsecured, interest free and repayable on demand.
Included within other debtors is the following loan to a related party.
As at the balance sheet date of 31 August 2024, the related party owed the company the amount
of £370,249 (2023 - £370,249).
The above loan is unsecured, interest free and repayable on demand.
Included within other debtors is the following loan to a related party.
As at the balance sheet date of 31 August 2024, the related party owed the company the amount
of £49,085 (2023 - £49,085).
A shareholder has a participating interest in the related party.
The above loan is unsecured, interest free and repayable on demand.
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