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Registered number: 07213889
THE CHEESE SHED LIMITED
Unaudited Financial Statements
For The Year Ended 31 March 2025
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—7
Page 1
Statement of Financial Position
Registered number: 07213889
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 356,888 369,088
356,888 369,088
CURRENT ASSETS
Stocks 5 25,857 26,348
Debtors 6 3,598 2,546
Cash at bank and in hand 14,104 16,768
43,559 45,662
Creditors: Amounts Falling Due Within One Year 7 (58,926 ) (100,958 )
NET CURRENT ASSETS (LIABILITIES) (15,367 ) (55,296 )
TOTAL ASSETS LESS CURRENT LIABILITIES 341,521 313,792
Creditors: Amounts Falling Due After More Than One Year 8 (185,000 ) (150,000 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (6,815 ) (7,888 )
NET ASSETS 149,706 155,904
CAPITAL AND RESERVES
Called up share capital 9 103 103
Income Statement 149,603 155,801
SHAREHOLDERS' FUNDS 149,706 155,904
Page 1
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 Income Statement.
On behalf of the board
Mr I H Wellens
Director
09/12/2025
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
THE CHEESE SHED LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 07213889 . The registered office is 1 The Cheese Shed, 1 Station Rd, Bovey Tracey, TQ13 9AL.
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.
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:
Freehold 2% Reducing Balance
Cold Room 10% Reducing Balance
Fixtures & Fittings 10% Reducing Balance
Website 10% Straight Line
2.4. 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.
2.5. Financial Instruments
Financial Instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.
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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 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. Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.  The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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2.8. Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
2.9. Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises. 
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2024: 7)
6 7
4. Tangible Assets
Land & Property
Freehold Cold Room Fixtures & Fittings Website Total
£ £ £ £ £
Cost
As at 1 April 2024 360,070 40,914 19,663 25,740 446,387
Additions - - - 420 420
Disposals - - - (5,963 ) (5,963 )
As at 31 March 2025 360,070 40,914 19,663 20,197 440,844
Depreciation
As at 1 April 2024 32,497 17,224 10,213 17,365 77,299
Provided during the period 6,551 2,369 945 2,020 11,885
Disposals - - - (5,228 ) (5,228 )
As at 31 March 2025 39,048 19,593 11,158 14,157 83,956
...CONTINUED
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Net Book Value
As at 31 March 2025 321,022 21,321 8,505 6,040 356,888
As at 1 April 2024 327,573 23,690 9,450 8,375 369,088
5. Stocks
2025 2024
£ £
Finished goods 25,857 26,348
6. Debtors
2025 2024
£ £
Due within one year
Prepayments and accrued income 1,090 1,137
Other debtors 230 -
VAT 1,976 1,279
Other taxes and social security 302 130
3,598 2,546
7. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 16,362 13,568
Bank loans and overdrafts - 4,538
Corporation tax 6,554 11,257
Net wages 4,358 4,054
Pension contributions 196 187
Other tax payable 1,318 -
Accruals and deferred income 2,874 2,559
Directors' loan accounts 21,429 56,460
Payments on account 5,835 8,335
58,926 100,958
8. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Other loans 185,000 150,000
There is a debenture dated 26 November 2019 with Lloyds Bank Plc.
There is a fixed and floating charge dated 3 January 2020 with Lloyds Bank Plc.
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9. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 103 103
10. Related Party Transactions
During the year the company voted and paid the following dividends:
Mr I Wellens - £25,200 (Last year £17,640)
Mr J Mann -    £          0 (Last year £  3,500)
Mrs G Mann -  £          0 (Last year £  3,360)
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