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Registered number: 03879049
Mark Tempest Autocentre Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
RS Welwyn Limited
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03879049
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 18,295 24,392
18,295 24,392
CURRENT ASSETS
Stocks 5 17,051 12,639
Debtors 6 2,592 17,989
Cash at bank and in hand 208,753 127,013
228,396 157,641
Creditors: Amounts Falling Due Within One Year 7 (55,570 ) (40,263 )
NET CURRENT ASSETS (LIABILITIES) 172,826 117,378
TOTAL ASSETS LESS CURRENT LIABILITIES 191,121 141,770
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (3,476 ) (4,634 )
NET ASSETS 187,645 137,136
CAPITAL AND RESERVES
Called up share capital 9 2,000 2,000
Profit and Loss Account 185,645 135,136
SHAREHOLDERS' FUNDS 187,645 137,136
Page 1
Page 2
For the year ending 30 November 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 Mark Tempest
Director
12/04/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Mark Tempest Autocentre Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03879049 . The registered office is Riverside House, 14 Prospect Place, Welwyn, Herts, AL6 9EN.
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 25
Motor Vehicles 25
Fixtures & Fittings 25
2.4. 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.
2.5. 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 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 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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2022: 6)
6 6
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 December 2022 13,212 30,559 14,009 57,780
As at 30 November 2023 13,212 30,559 14,009 57,780
Depreciation
As at 1 December 2022 12,162 7,341 13,885 33,388
Provided during the period 262 5,805 30 6,097
As at 30 November 2023 12,424 13,146 13,915 39,485
Net Book Value
As at 30 November 2023 788 17,413 94 18,295
As at 1 December 2022 1,050 23,218 124 24,392
5. Stocks
2023 2022
£ £
Materials 17,051 12,639
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 300 44
Prepayments and accrued income 2,292 -
Other debtors - 17,945
2,592 17,989
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 28,157 19,821
Corporation tax 712 -
Other taxes and social security 3,900 1,736
VAT 19,627 16,479
Other creditors 1,738 1,058
Accruals and deferred income 1,100 1,100
Director's loan account 336 69
55,570 40,263
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8. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Other timing differences 3,476 4,634
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2,000 2,000
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