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Registered number: 08182052
Oakford Motoring Centre Ltd
Unaudited Financial Statements
For The Year Ended 30 September 2023
TS Partners Ltd
34 Devon Square
Newton Abbot
Devon
TQ12 2HH
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08182052
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 9,000 10,000
Tangible Assets 5 5,275 823
14,275 10,823
CURRENT ASSETS
Stocks 6 1,800 1,570
Debtors 7 7,329 6,219
Cash at bank and in hand 132,918 86,777
142,047 94,566
Creditors: Amounts Falling Due Within One Year 8 (52,268 ) (50,409 )
NET CURRENT ASSETS (LIABILITIES) 89,779 44,157
TOTAL ASSETS LESS CURRENT LIABILITIES 104,054 54,980
NET ASSETS 104,054 54,980
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 104,052 54,978
SHAREHOLDERS' FUNDS 104,054 54,980
Page 1
Page 2
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Liam Osborne
Director
18/03/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Oakford Motoring Centre Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08182052 . The registered office is Unit 2 Tuplin Park, Greenhill Way, Kingsteignton, Devon, TQ12 3SB.
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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life.
2.4. 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% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
2.5. 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.
2.6. 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.
...CONTINUED
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2.6. Taxation - continued
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 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. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 3)
3 3
4. Intangible Assets
Goodwill
£
Cost
As at 1 October 2022 20,000
As at 30 September 2023 20,000
Amortisation
As at 1 October 2022 10,000
Provided during the period 1,000
As at 30 September 2023 11,000
Net Book Value
As at 30 September 2023 9,000
As at 1 October 2022 10,000
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 October 2022 3,587 1,117 - 535 5,239
Additions 3,875 1,600 736 - 6,211
As at 30 September 2023 7,462 2,717 736 535 11,450
Depreciation
As at 1 October 2022 3,273 1,047 - 96 4,416
Provided during the period 1,047 418 184 110 1,759
As at 30 September 2023 4,320 1,465 184 206 6,175
Net Book Value
As at 30 September 2023 3,142 1,252 552 329 5,275
As at 1 October 2022 314 70 - 439 823
6. Stocks
2023 2022
£ £
Stock 1,800 1,570
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Page 5
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 6,362 4,309
Prepayments and accrued income 967 1,910
7,329 6,219
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 1,143 1,032
Corporation tax 18,815 17,342
Other taxes and social security 1,173 825
VAT 7,904 11,247
Credit Card 3,325 1,991
Accruals and deferred income 15,054 17,452
Director's loan account 4,854 520
52,268 50,409
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
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