Acorah Software Products - Accounts Production 15.0.500 false true 31 January 2023 1 February 2022 false 1 February 2023 31 January 2024 31 January 2024 10559236 Mr Bence Kovacs Mr Laszlo Kovacs iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10559236 2023-01-31 10559236 2024-01-31 10559236 2023-02-01 2024-01-31 10559236 frs-core:CurrentFinancialInstruments 2024-01-31 10559236 frs-core:Non-currentFinancialInstruments 2024-01-31 10559236 frs-core:BetweenOneFiveYears 2024-01-31 10559236 frs-core:ComputerEquipment 2024-01-31 10559236 frs-core:ComputerEquipment 2023-02-01 2024-01-31 10559236 frs-core:ComputerEquipment 2023-01-31 10559236 frs-core:FurnitureFittings 2024-01-31 10559236 frs-core:FurnitureFittings 2023-02-01 2024-01-31 10559236 frs-core:FurnitureFittings 2023-01-31 10559236 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-01-31 10559236 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-02-01 2024-01-31 10559236 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-01-31 10559236 frs-core:PlantMachinery 2024-01-31 10559236 frs-core:PlantMachinery 2023-02-01 2024-01-31 10559236 frs-core:PlantMachinery 2023-01-31 10559236 frs-core:WithinOneYear 2024-01-31 10559236 frs-core:ShareCapital 2024-01-31 10559236 frs-core:RetainedEarningsAccumulatedLosses 2024-01-31 10559236 frs-bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 10559236 frs-bus:FilletedAccounts 2023-02-01 2024-01-31 10559236 frs-bus:SmallEntities 2023-02-01 2024-01-31 10559236 frs-bus:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 10559236 frs-bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 10559236 frs-bus:Director1 2023-02-01 2024-01-31 10559236 frs-bus:Director2 2023-02-01 2024-01-31 10559236 frs-countries:EnglandWales 2023-02-01 2024-01-31 10559236 2022-01-31 10559236 2023-01-31 10559236 2022-02-01 2023-01-31 10559236 frs-core:CurrentFinancialInstruments 2023-01-31 10559236 frs-core:Non-currentFinancialInstruments 2023-01-31 10559236 frs-core:BetweenOneFiveYears 2023-01-31 10559236 frs-core:PlantMachinery 2022-02-01 2023-01-31 10559236 frs-core:WithinOneYear 2023-01-31 10559236 frs-core:ShareCapital 2023-01-31 10559236 frs-core:RetainedEarningsAccumulatedLosses 2023-01-31
Registered number: 10559236
Kovacs Construction Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10559236
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 320,270 228,326
320,270 228,326
CURRENT ASSETS
Stocks 5 32,090 48,785
Debtors 6 16,518 16,518
Cash at bank and in hand 16,262 40,991
64,870 106,294
Creditors: Amounts Falling Due Within One Year 7 (149,578 ) (111,135 )
NET CURRENT ASSETS (LIABILITIES) (84,708 ) (4,841 )
TOTAL ASSETS LESS CURRENT LIABILITIES 235,562 223,485
Creditors: Amounts Falling Due After More Than One Year 8 (64,358 ) (98,232 )
NET ASSETS 171,204 125,253
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 171,104 125,153
SHAREHOLDERS' FUNDS 171,204 125,253
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For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 Bence Kovacs
Director
05/08/2024
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
Kovacs Construction Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10559236 . The registered office is 4th Floor, 18 St. Cross Street, London, EC1N 8UN.
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
Sales is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
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:
Leasehold 2% straight line
Plant & Machinery 10% reducing balance
Fixtures & Fittings 10% reducing balance
Computer Equipment 25% reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquiredunder hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with thelessor are charged to profit and loss account as incurred.
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. Financial Instruments
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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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: 6 (2023: 7)
6 7
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 February 2023 123,488 116,708 20,017 12,851 273,064
Additions - 49,545 66,184 2,632 118,361
As at 31 January 2024 123,488 166,253 86,201 15,483 391,425
Depreciation
As at 1 February 2023 2,505 32,230 3,458 6,545 44,738
Provided during the period 2,506 13,402 8,274 2,235 26,417
As at 31 January 2024 5,011 45,632 11,732 8,780 71,155
Net Book Value
As at 31 January 2024 118,477 120,621 74,469 6,703 320,270
As at 1 February 2023 120,983 84,478 16,559 6,306 228,326
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Plant & Machinery 24,252 26,947
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5. Stocks
2024 2023
£ £
Stock 32,090 48,785
6. Debtors
2024 2023
£ £
Due within one year
Other debtors 16,518 16,518
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 6,948 7,604
Bank loans and overdrafts 26,800 26,800
Corporation tax - 1,652
Other taxes and social security 683 702
VAT 2,030 798
Other creditors 112,167 72,629
Accruals and deferred income 950 950
149,578 111,135
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 3,670 10,618
Bank loans 60,688 87,614
64,358 98,232
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 6,948 7,604
Later than one year and not later than five years 3,670 10,618
10,618 18,222
10,618 18,222
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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