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Acorah Software Products - Accounts Production6.9.025false1 March 201728 February 201828 February 201807152282Mr Muzaffar 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Koros Press Limited
Financial Statements
For The Year Ended 28 February 2018
Accountax Consultants UK Ltd

Chartered Certified Accountants & Registered Auditors

The Basement
Goodmayes House
45-49 Goodmayes Road
Essex
IG3 9UF
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Balance Sheet
Registered number: 07152282
2018 2017
Notes £ £ £ £
FIXED ASSETS
CURRENT ASSETS
Debtors 4 17,220 21,604
Cash at bank and in hand 26,398 36,792
43,618 58,396
Creditors: Amounts Falling Due Within One Year 5 (22,122) (6,539)
NET CURRENT ASSETS (LIABILITIES) 21,496 51,857
TOTAL ASSETS LESS CURRENT LIABILITIES 21,496 51,857
Creditors: Amounts Falling Due After More Than One Year 6 (20,966) (50,000)
NET ASSETS 530 1,857
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 430 1,757
SHAREHOLDERS' FUNDS 530 1,857
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For the year ending 28 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities
  • The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The director acknowledges his 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
Mr Muzaffar Shafi
08/10/2018

The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2. 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.
1.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. 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:
Computer Equipment 33%
1.4. 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.
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1.5. 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 year 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 asset reflects 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 or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Tangible Assets
Computer Equipment
£
Cost
As at 1 March 2017 904
Disposals (904)
As at 28 February 2018 -
Depreciation
As at 1 March 2017 904
Disposals (904)
As at 28 February 2018 -
Net Book Value
As at 28 February 2018 -
As at 1 March 2017 -
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4. Debtors
2018 2017
£ £
Due within one year
Trade debtors 17,066 21,450
Other debtors 154 154
17,220 21,604
5. Creditors: Amounts Falling Due Within One Year
2018 2017
£ £
Bank loans and overdrafts 16,614 -
Corporation tax 2,046 5,181
Other taxes and social security 1,011 -
Net wages 951 -
Accruals and deferred income 1,500 -
Director's loan account - 1,358
22,122 6,539
6. Creditors: Amounts Falling Due After More Than One Year
2018 2017
£ £
Director (Muzaffar Shafi)'s Loan 20,966 50,000
The director's loan provided by Muzaffar Shafi is "Unsecured and subordinated in favour of third party creditors of the company"
7. Share Capital
2018 2017
Allotted, Called up and fully paid 100 100
8. General Information
Koros Press Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07152282. The registered office is 88 Wood Street, 10th Floor, London, EC2V 7RS.
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