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Registered number: 12180251
Village Hardware Ltd
Unaudited ABRIDGED Financial Statements
For The Year Ended 31 December 2023
Unaudited Financial Statements
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—5
Page 1
Abridged Balance Sheet
Registered number: 12180251
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 4,989 9,484
Tangible Assets 5 5,836 7,781
10,825 17,265
CURRENT ASSETS
Stocks 51,000 53,000
Debtors 320 303
Cash at bank and in hand 16,065 17,016
67,385 70,319
Creditors: Amounts Falling Due Within One Year (82,893 ) (82,734 )
NET CURRENT ASSETS (LIABILITIES) (15,508 ) (12,415 )
TOTAL ASSETS LESS CURRENT LIABILITIES (4,683 ) 4,850
Creditors: Amounts Falling Due After More Than One Year - (3,047 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,100 ) (1,478 )
NET (LIABILITIES)/ASSETS (5,783 ) 325
CAPITAL AND RESERVES
Called up share capital 6 100 100
Profit and Loss Account (5,883 ) 225
SHAREHOLDERS' FUNDS (5,783) 325
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For the year ending 31 December 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 her 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.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 December 2023 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Ms Elizabeth Edmunds
Director
16/04/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Abridged Financial Statements
1. General Information
Village Hardware Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12180251 . The registered office is Units 1-2 Warrior Court, 9-11 Mumby Road, Gosport, Hampshire, PO12 1BS.
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 of 5 years.
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:
Motor Vehicles 25% reducing balance
2.5. Stocks and Work in Progress
Stock is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
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2.6. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.
2.7. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
The average number of persons employed under contracts of service during the year was:  NIL (2022: NIL)
- -
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4. Intangible Assets
Total
£
Cost
As at 1 January 2023 22,474
As at 31 December 2023 22,474
Amortisation
As at 1 January 2023 12,990
Provided during the period 4,495
As at 31 December 2023 17,485
Net Book Value
As at 31 December 2023 4,989
As at 1 January 2023 9,484
5. Tangible Assets
Total
£
Cost
As at 1 January 2023 14,755
As at 31 December 2023 14,755
Depreciation
As at 1 January 2023 6,974
Provided during the period 1,945
As at 31 December 2023 8,919
Net Book Value
As at 31 December 2023 5,836
As at 1 January 2023 7,781
6. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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