Accura Accountants Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 07644572 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

ACCURA ACCOUNTANTS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

A.S. Bradstock

B M Leighton

S Patel

Ms R J Boorman

G A Chajet

MD S Mustafa

REGISTERED OFFICE:

Langley House

Park Road

London

N2 8EY

REGISTERED NUMBER:

07644572 (England and Wales)

FIXED ASSETS

Intangible assets

4

320,100

349,200

Tangible assets

5

113,057

122,736

Investments

6

1

1

433,158

471,937

CURRENT ASSETS

Stocks

690,000

710,000

Debtors

7

1,511,521

1,216,712

Cash at bank and in hand

22,376

19,525

2,223,897

1,946,237

CREDITORS

Amounts falling due within one year

8

1,503,948

1,337,744

NET CURRENT ASSETS

719,949

608,493

TOTAL ASSETS LESS CURRENT LIABILITIES

1,153,107

1,080,430

CREDITORS

Amounts falling due after more than one year

9

(200,526

)

(173,534

)

PROVISIONS FOR LIABILITIES

(21,482

)

(8,005

)

NET ASSETS

931,099

898,891

CAPITAL AND RESERVES

Called up share capital

2,001

2,001

Retained earnings

929,098

896,890

931,099

898,891

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 October 2023 and were signed on its behalf by:

B M Leighton - Director

1.	STATUTORY INFORMATION

Accura Accountants Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax. Turnover is recognised once the service has been provided

Under FRS 102 Section 1A, revenue is required to be recognised for the provision of services on the completion method where is can be measured reliably. Therefore the work in progress figure represents recoverable unbilled work that has been recognised within the profit and loss account.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

33% on reducing balance and 25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment of assets

A review of 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 reversals at each reporting date.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any material unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment or to provide termination benefits

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2022 - 36 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 March 2022

and 28 February 2023

2,532,000

AMORTISATION

At 1 March 2022

2,182,800

Charge for year

29,100

At 28 February 2023

2,211,900

NET BOOK VALUE

At 28 February 2023

320,100

At 28 February 2022

349,200

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 March 2022

328,801

Additions

38,438

Disposals

(78,074

)

At 28 February 2023

289,165

DEPRECIATION

At 1 March 2022

206,065

Charge for year

43,691

Eliminated on disposal

(73,648

)

At 28 February 2023

176,108

NET BOOK VALUE

At 28 February 2023

113,057

At 28 February 2022

122,736

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 March 2022

95,180

Transfer to ownership

(25,240

)

At 28 February 2023

69,940

DEPRECIATION

At 1 March 2022

49,014

Charge for year

11,542

Transfer to ownership

(21,498

)

At 28 February 2023

39,058

NET BOOK VALUE

At 28 February 2023

30,882

At 28 February 2022

46,166

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 March 2022

and 28 February 2023

1

NET BOOK VALUE

At 28 February 2023

1

At 28 February 2022

1

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.23

28.2.22

£

£

Trade debtors

1,020,482

737,373

Other debtors

491,039

479,339

1,511,521

1,216,712

Included within other debtors are prepayments of £21,907 (2022: £43,210).

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.23

28.2.22

£

£

Bank loans and overdrafts

235,070

10,000

Hire purchase contracts (see note 10)

17,767

22,458

Trade creditors

95,698

51,740

Amounts owed to group undertakings

19,470

26,022

Taxation and social security

546,660

457,038

Other creditors

589,283

770,486

1,503,948

1,337,744

Included within other creditors are accrued expenses of £Nil (2022: £14,644) and a debt factoring balance of £492,995 (2022: £427,337)

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.23

28.2.22

£

£

Bank loans

126,906

57,950

Hire purchase contracts (see note 10)

19,620

37,584

Taxation and social security

54,000

-

Other creditors

-

78,000

200,526

173,534

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

28.2.23

28.2.22

£

£

Net obligations repayable:

Within one year

17,767

22,458

Between one and five years

19,620

37,584

37,387

60,042

Non-cancellable operating

leases

28.2.23

28.2.22

£

£

Within one year

7,982

5,160

Between one and five years

11,720

950

19,702

6,110

11.	SECURED DEBTS

The following secured debts are included within creditors:

28.2.23

28.2.22

£

£

Bank overdraft

5,585

-

Hire purchase contracts

37,387

60,042

Funding Circle

-

111,437

Debt factoring

429,995

427,337

472,967

598,816

Debt factoring is secured by way of fixed and floating charges over all undertakings and all property and assets of the company.

The liability in respect of the hire purchase agreement are secured against the assets to which they relate.

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 28 February 2023 and 28 February 2022:

28.2.23

28.2.22

£

£

B M Leighton

Balance outstanding at start of year

-

241,837

Amounts advanced

-

55,823

Amounts repaid

-

(297,660

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

A.S. Bradstock

Balance outstanding at start of year

132,508

78,859

Amounts advanced

2,540

53,649

Amounts repaid

(5,508

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

129,540

132,508

MD S Mustafa

Balance outstanding at start of year

-

-

Amounts advanced

5,000

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

5,000

-

Included within the amount advanced is interest of £2,540 charged at HMRC prescribed rate on the outstanding loan balance. The overdrawn loan balance is repayable on demand and personally guaranteed by the directors.