Acorah Software Products - Accounts Production 15.0.400 false true 31 December 2022 1 January 2022 false 26 July 2024 1 January 2023 31 December 2023 31 December 2023 03669207 Mr Tanveir Hussain Mr Shahzad Akhtar Mr Allah Hussain Mr Khadim Hussain false iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 03669207 2022-12-31 03669207 2023-12-31 03669207 2023-01-01 2023-12-31 03669207 frs-core:CurrentFinancialInstruments 2023-12-31 03669207 frs-core:Non-currentFinancialInstruments 2023-12-31 03669207 frs-core:ComputerEquipment 2023-12-31 03669207 frs-core:ComputerEquipment 2023-01-01 2023-12-31 03669207 frs-core:ComputerEquipment 2022-12-31 03669207 frs-core:FurnitureFittings 2023-12-31 03669207 frs-core:FurnitureFittings 2023-01-01 2023-12-31 03669207 frs-core:FurnitureFittings 2022-12-31 03669207 frs-core:NetGoodwill 2023-12-31 03669207 frs-core:NetGoodwill 2023-01-01 2023-12-31 03669207 frs-core:NetGoodwill 2022-12-31 03669207 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-12-31 03669207 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03669207 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2022-12-31 03669207 frs-core:MotorVehicles 2023-12-31 03669207 frs-core:MotorVehicles 2023-01-01 2023-12-31 03669207 frs-core:MotorVehicles 2022-12-31 03669207 frs-core:PlantMachinery 2023-12-31 03669207 frs-core:PlantMachinery 2023-01-01 2023-12-31 03669207 frs-core:PlantMachinery 2022-12-31 03669207 frs-core:ShareCapital 2023-12-31 03669207 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 03669207 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03669207 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 03669207 frs-bus:SmallEntities 2023-01-01 2023-12-31 03669207 frs-bus:Audited 2023-01-01 2023-12-31 03669207 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03669207 1 2023-01-01 2023-12-31 03669207 frs-bus:Director1 2023-01-01 2023-12-31 03669207 frs-bus:Director2 2023-01-01 2023-12-31 03669207 frs-bus:Director3 2023-01-01 2023-12-31 03669207 frs-bus:Director4 2023-01-01 2023-12-31 03669207 frs-countries:EnglandWales 2023-01-01 2023-12-31 03669207 2021-12-31 03669207 2022-12-31 03669207 2022-01-01 2022-12-31 03669207 frs-core:CurrentFinancialInstruments 2022-12-31 03669207 frs-core:Non-currentFinancialInstruments 2022-12-31 03669207 frs-core:ShareCapital 2022-12-31 03669207 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 03669207
KTA Group Ltd.
Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 03669207
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 15,150 23,550
Tangible Assets 5 1,192,989 1,195,844
Investment Properties 6 1,200,000 1,200,000
2,408,139 2,419,394
CURRENT ASSETS
Stocks 7 1,914,428 1,576,337
Debtors 8 268,338 218,503
Cash at bank and in hand 784,839 881,469
2,967,605 2,676,309
Creditors: Amounts Falling Due Within One Year 9 (2,639,555 ) (2,417,906 )
NET CURRENT ASSETS (LIABILITIES) 328,050 258,403
TOTAL ASSETS LESS CURRENT LIABILITIES 2,736,189 2,677,797
Creditors: Amounts Falling Due After More Than One Year 10 (265,837 ) (307,233 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (123,097 ) (123,097 )
NET ASSETS 2,347,255 2,247,467
CAPITAL AND RESERVES
Called up share capital 11 700,000 700,000
Profit and Loss Account 1,647,255 1,547,467
SHAREHOLDERS' FUNDS 2,347,255 2,247,467
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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 Tanveir Hussain
Director
26th July 2024
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
KTA Group Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 03669207 . The registered office is Worleys Garage, Hamilton Road, High Wycombe, Buckinghamshire, HP13 5PA.
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 7 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:
Freehold Nil
Plant & Machinery 20% reducing balance
Motor Vehicles 25% on cost
Fixtures & Fittings 15% reducing balance
Computer Equipment 15% reducing balance
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
Consideration has been given by the directors as to the fair value of the investment property. In determining the fair value they have used representation from professional valuation experts and have considered the open market value of the property based upon their knowledge of the local market. 
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2.6. 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.
The company holds consignment stock vehicles which are regarded as being effectively under the control of the company and are included within stock on the balance sheet as the company has the significant risks and rewards of ownership even though the legal title has not yet passed. Legal title does not pass to the company until the earlier of the company holding the vehicle for a specified period, adopting the vehicle by using it as a demonstrator vehicle, or selling the vehicle to a third party. The corresponding liability is included in trade creditors.
Used vehicle stock is purchased from auctions, other trade sources and private individuals. Used vehicle stock is a depreciating stock item and devalues monthly, making the estimated stock value uncertain. Senior management review values of stock on an annual basis against trade valuation publications. Any possible over valuations are corrected by reducing the stock value through the profit and loss account in the accounting period the over valuation is identified.
The carrying value of used vehicle stock at the end of the period was £1,151,879 (2022: £981,906).
2.7. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 42 (2022: 40)
42 40
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2023 130,000
As at 31 December 2023 130,000
Amortisation
As at 1 January 2023 106,450
Provided during the period 8,400
As at 31 December 2023 114,850
...CONTINUED
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Net Book Value
As at 31 December 2023 15,150
As at 1 January 2023 23,550
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 January 2023 1,131,659 229,427 22,087 141,738
Additions - 7,890 - 2,404
As at 31 December 2023 1,131,659 237,317 22,087 144,142
Depreciation
As at 1 January 2023 - 197,761 22,086 109,283
Provided during the period - 7,911 - 5,229
As at 31 December 2023 - 205,672 22,086 114,512
Net Book Value
As at 31 December 2023 1,131,659 31,645 1 29,630
As at 1 January 2023 1,131,659 31,666 1 32,455
Computer Equipment Total
£ £
Cost
As at 1 January 2023 31,471 1,556,382
Additions - 10,294
As at 31 December 2023 31,471 1,566,676
Depreciation
As at 1 January 2023 31,408 360,538
Provided during the period 9 13,149
As at 31 December 2023 31,417 373,687
Net Book Value
As at 31 December 2023 54 1,192,989
As at 1 January 2023 63 1,195,844
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6. Investment Property
2023
£
Fair Value
As at 1 January 2023 and 31 December 2023 1,200,000
Investment property comprises Doves Volvo Dealership, Keepers Corner, Burstow, Nr Crawley. The fair value of the investment property has been arrived at on the basis of a valuation carried out on 1 September 2015 by GE Commercial Property Consultants, Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
2023 2022
£ £
Cost 525,120 525,120
7. Stocks
2023 2022
£ £
Stock 1,914,428 1,576,337
8. Debtors
2023 2022
£ £
Due within one year
Trade debtors 221,490 33,949
Prepayments and accrued income 6,436 9,819
Other debtors 40,412 174,735
268,338 218,503
9. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 1,907,894 1,344,685
Bank loans and overdrafts 55,108 55,108
Corporation tax 32,680 24,927
Other taxes and social security 75,525 282,926
VAT 61,786 64,610
Other creditors 392,181 486,181
Accruals and deferred income 114,381 158,469
Directors' loan accounts - 1,000
2,639,555 2,417,906
Vehicle funding creditors totalling £1,690,341 (2022: £1,129,396) are included within trade creditors and in addition to being secured directly against the asset are secured by legal charge over the freehold properties of the company as well as by a fixed charge over all present and future assets of the company.
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10. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 265,837 307,233
Included within 'Creditors: amounts falling due after one year'  is an amount of £86,800 (2021: £110,513) in respect of liabilities payable by instalments which fall due for payment after more than five years from the reporting date.
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 700,000 700,000
12. Reserves
The profit and loss reserve represents cumulative profits or losses, including unrealised profit on the remeasurement of investment properties totalling £674,880 (2022: £674,880).
13. Post Balance Sheet Events
The directors have entered negotiations to separate part of the business into a separate entity, and these negotiations are still ongoing at the date of the approval of these accounts.
14. FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
15. Parent Undertaking and Controlling Party
In the opinion of the directors there is no ultimate controlling party.
16. Audit Information
The auditors report on the account of KTA Group Ltd. for the year ended 31 December 2023 was qualified
The basis of qualification in the auditor's report was as follows:
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 14 to the financial statements and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.
The company's Investment Property has been included at a fair value of £1,200,000 based on a valuation carried out in 2015, whereas current rental yields suggest that the fair value of the property may be approximately £80,000 higher, and the company's Freehold Property is shown at historical cost of £1,131,659 whereas a valuation of the properties in May 2001 showed a valuation of £1,900,000. The accounts do not include any adjustments to reflect these increases in value.
The matters required to report by exception are stated below:
The auditor's report was signed by Jeremy Boyden BA (Hons) FCA (Senior Statutory Auditor) for and on behalf of Pocknells Audit Limited , Statutory Auditor
Pocknells Audit Limited
Henry Brake House
46 Hullbridge Road
South Woodham Ferrers
Essex
CM3 5NG
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