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Registered number: 04818748
Mial Coachbuilders Limited
Unaudited Financial Statements
For The Year Ended 31 July 2023
Unaudited Financial Statements
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 04818748
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 5,450 6,626
5,450 6,626
CURRENT ASSETS
Stocks 5 155,746 31,468
Debtors 6 7,291 91,900
Cash at bank and in hand 29,225 181,379
192,262 304,747
Creditors: Amounts Falling Due Within One Year 7 (171,841 ) (221,999 )
NET CURRENT ASSETS (LIABILITIES) 20,421 82,748
TOTAL ASSETS LESS CURRENT LIABILITIES 25,871 89,374
Creditors: Amounts Falling Due After More Than One Year 8 (21,667 ) (31,667 )
NET ASSETS 4,204 57,707
CAPITAL AND RESERVES
Called up share capital 9 100 100
Income Statement 4,104 57,607
SHAREHOLDERS' FUNDS 4,204 57,707
Page 1
Page 2
For the year ending 31 July 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 Income Statement.
On behalf of the board
Mr Mike Smith
Director
29th July 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
Mial Coachbuilders Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04818748 . The registered office is Unit 3, Eastside Garage, Richmond Road, Scotch Corner, Richmond, North Yorkshire, DL10 6NS.
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% Reducing Balance
Motor Vehicles 20% Reducing Balance
Fixtures & Fittings 20% Reducing Balance
Computer Equipment 33% Straight Line
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.
...CONTINUED
Page 3
Page 4
2.5. Taxation - continued
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: 4 (2022: 5)
4 5
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 August 2022 29,468 13,990 - 4,043 47,501
Additions - - 469 - 469
As at 31 July 2023 29,468 13,990 469 4,043 47,970
Depreciation
As at 1 August 2022 25,804 11,643 - 3,428 40,875
Provided during the period 916 469 39 221 1,645
As at 31 July 2023 26,720 12,112 39 3,649 42,520
Net Book Value
As at 31 July 2023 2,748 1,878 430 394 5,450
As at 1 August 2022 3,664 2,347 - 615 6,626
5. Stocks
2023 2022
£ £
Finished goods 155,746 45,000
Work in progress - (13,532 )
155,746 31,468
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 2,022 91,900
Corporation tax recoverable assets 3,617 -
VAT 1,652 -
7,291 91,900
Page 4
Page 5
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 50,698 47,660
Bank loans and overdrafts 10,000 10,000
Corporation tax - 21,785
Other taxes and social security 425 9,684
VAT - 43,179
Net wages 467 716
Other creditors 62 1,565
Accruals and deferred income 688 688
Director's loan account 109,501 86,722
171,841 221,999
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 21,667 31,667
21,667 31,667
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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