Acorah Software Products - Accounts Production 16.8.200 false true 31 March 2024 1 April 2023 false 1 April 2024 31 March 2025 31 March 2025 01988084 H Umar I H Umar T Umar J Fazal iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 01988084 2024-03-31 01988084 2025-03-31 01988084 2024-04-01 2025-03-31 01988084 frs-core:CurrentFinancialInstruments 2025-03-31 01988084 frs-core:Non-currentFinancialInstruments 2025-03-31 01988084 frs-core:BetweenOneFiveYears 2025-03-31 01988084 frs-core:PlantMachinery 2025-03-31 01988084 frs-core:PlantMachinery 2024-04-01 2025-03-31 01988084 frs-core:PlantMachinery 2024-03-31 01988084 frs-core:WithinOneYear 2025-03-31 01988084 frs-core:RevaluationReserve 2024-03-31 01988084 frs-core:RevaluationReserve 2025-03-31 01988084 frs-core:ShareCapital 2025-03-31 01988084 frs-core:RetainedEarningsAccumulatedLosses 2024-04-01 2025-03-31 01988084 frs-core:RetainedEarningsAccumulatedLosses frs-core:PreviouslyStatedAmount 2024-03-31 01988084 frs-core:RetainedEarningsAccumulatedLosses 2025-03-31 01988084 frs-bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 01988084 frs-bus:FilletedAccounts 2024-04-01 2025-03-31 01988084 frs-bus:SmallEntities 2024-04-01 2025-03-31 01988084 frs-bus:AuditExempt-NoAccountantsReport 2024-04-01 2025-03-31 01988084 frs-bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 01988084 frs-core:UnlistedNon-exchangeTraded 2025-03-31 01988084 frs-core:UnlistedNon-exchangeTraded 2024-03-31 01988084 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2024-03-31 01988084 frs-core:AdditionsToInvestments frs-core:UnlistedNon-exchangeTraded 2025-03-31 01988084 frs-core:DisposalsRepaymentsInvestments frs-core:UnlistedNon-exchangeTraded 2025-03-31 01988084 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2025-03-31 01988084 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2024-03-31 01988084 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2025-03-31 01988084 frs-bus:Director1 2024-04-01 2025-03-31 01988084 frs-bus:Director2 2024-04-01 2025-03-31 01988084 frs-bus:Director2 2024-03-31 01988084 frs-bus:Director2 2025-03-31 01988084 frs-bus:Director3 2024-04-01 2025-03-31 01988084 frs-bus:Director4 2024-04-01 2025-03-31 01988084 frs-countries:EnglandWales 2024-04-01 2025-03-31 01988084 2023-03-31 01988084 2024-03-31 01988084 2023-04-01 2024-03-31 01988084 frs-core:CurrentFinancialInstruments 2024-03-31 01988084 frs-core:Non-currentFinancialInstruments 2024-03-31 01988084 frs-core:BetweenOneFiveYears 2024-03-31 01988084 frs-core:WithinOneYear 2024-03-31 01988084 frs-core:RevaluationReserve 2024-03-31 01988084 frs-core:ShareCapital 2024-03-31 01988084 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31
Registered number: 01988084
Gwendolen Knitting Co Limited
Financial Statements
For The Year Ended 31 March 2025
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 01988084
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 24,563 24,750
Investment Properties 5 5,000,000 5,000,000
Investments 6 231,568 311,598
5,256,131 5,336,348
CURRENT ASSETS
Stocks 7 559,659 73,333
Debtors 8 775,118 899,388
Cash at bank and in hand 10,966 9,170
1,345,743 981,891
Creditors: Amounts Falling Due Within One Year 9 (543,551 ) (556,638 )
NET CURRENT ASSETS (LIABILITIES) 802,192 425,253
TOTAL ASSETS LESS CURRENT LIABILITIES 6,058,323 5,761,601
Creditors: Amounts Falling Due After More Than One Year 10 (492,248 ) (274,099 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (706,248 ) (706,248 )
NET ASSETS 4,859,827 4,781,254
CAPITAL AND RESERVES
Called up share capital 12 1,500 1,500
Revaluation reserve 14 4,229,553 4,229,553
Income Statement 628,774 550,201
SHAREHOLDERS' FUNDS 4,859,827 4,781,254
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
H Umar
Director
23rd December 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
Gwendolen Knitting Co Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01988084 . The registered office is 109 Coleman Road, Leicester, LE5 4LE.
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 15% on reducing balance
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the income statement.
2.5. 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 income statement 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 income statement as incurred.
2.6. 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
2.7. 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: 4 (2024: 5)
4 5
4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 April 2024 507,516
Additions 8,000
As at 31 March 2025 515,516
Depreciation
As at 1 April 2024 482,766
Provided during the period 8,187
As at 31 March 2025 490,953
Net Book Value
As at 31 March 2025 24,563
As at 1 April 2024 24,750
5. Investment Property
2025
£
Fair Value
As at 1 April 2024 and 31 March 2025 5,000,000
Page 4
Page 5
6. Investments
Unlisted
£
Cost or Valuation
As at 1 April 2024 311,598
Additions 1,500
Disposals (81,530 )
As at 31 March 2025 231,568
Provision
As at 1 April 2024 -
As at 31 March 2025 -
Net Book Value
As at 31 March 2025 231,568
As at 1 April 2024 311,598
7. Stocks
2025 2024
£ £
Stock 559,659 73,333
8. Debtors
2025 2024
£ £
Due within one year
Trade debtors 68,470 219,043
Amounts owed by group undertakings 636,862 665,792
Other debtors 69,786 14,553
775,118 899,388
9. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 99,865 10,178
Trade creditors 154,404 319,185
Bank loans and overdrafts 86,171 86,171
Other creditors 149,670 52,719
Taxation and social security 53,441 88,385
543,551 556,638
10. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 324,281 29,083
Bank loans 167,967 245,016
492,248 274,099
Page 5
Page 6
11. Obligations Under Finance Leases and Hire Purchase
2025 2024
£ £
The future minimum finance lease payments are as follows:
Not later than one year 99,865 10,178
Later than one year and not later than five years 324,281 29,083
424,146 39,261
424,146 39,261
12. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 1,500 1,500
13. Directors Advances, Credits and Guarantees
The following advances and credits to directors subsisted during the current and prior periods:
As at 1 April 2024 Amounts advanced Amounts repaid Amounts written off As at 31 March 2025
£ £ £ £ £
Mr. Iqbal Umar (9,306 ) (72,111 ) - - (81,417 )
The above loan is unsecured, interest free and repayable on demand.
14. Reserves
Revaluation reserve Income Statement
£ £
As at 1 April 2024 4,229,553 550,201
Profit for the year and total comprehensive income - 78,573
As at 31 March 2025 4,229,553 628,774
Page 6