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Registered number: 07198684
Jensen International Automotive Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
mca business ltd
4 - 6 The Wharf Centre
Wharf Street
Warwick
Warwickshire
CV34 5LB
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07198684
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 246,049
Tangible Assets 5 104,227 187,298
104,227 433,347
CURRENT ASSETS
Stocks 6 182,000 423,061
Debtors 7 99,206 151,950
Cash at bank and in hand 40,096 97,830
321,302 672,841
Creditors: Amounts Falling Due Within One Year 8 (122,993 ) (235,232 )
NET CURRENT ASSETS (LIABILITIES) 198,309 437,609
TOTAL ASSETS LESS CURRENT LIABILITIES 302,536 870,956
Creditors: Amounts Falling Due After More Than One Year 9 (2,452,819 ) (2,451,927 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (17,040 ) (17,040 )
NET LIABILITIES (2,167,323 ) (1,598,011 )
CAPITAL AND RESERVES
Called up share capital 10 2,127,915 1,578,915
Share premium account 319,223 319,223
Revaluation reserve 11 33,313 102,313
Profit and Loss Account (4,647,774 ) (3,598,462 )
SHAREHOLDERS' FUNDS (2,167,323) (1,598,011)
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For the year ending 31 March 2024 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 David Duerden
Director
26/07/2024
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
Jensen International Automotive Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07198684 . The registered office is 146 Freston Road, London, W10 6TR.
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. Going Concern Disclosure
In determining whether the company’s financial statements can be prepared on a going concern basis the directors have considered all the factors likely to affect its future development, performance and its financial position. The directors have approved a budget for the company for 2023, funding which has been agreed. Existing loan facilities are provided by a shareholder and the lender has confirmed that they will not request repayment of the loans within 12 months from the date of signing and that they will fund any shortfall in operating cash flow. The company is in a net current liability position but after making enquires, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the company’s financial statements.
2.3. 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.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
The intangible assets are amortised to profit and loss account over its estimated economic life of 5 years.
2.5. 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 3 years straight line
Fixtures & Fittings 3 years straight line
Computer Equipment 3 years straight line
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.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.8. 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: 12 (2023: 15)
12 15
4. Intangible Assets
Other
£
Cost
As at 1 April 2023 510,364
As at 31 March 2024 510,364
Amortisation
As at 1 April 2023 264,315
Provided during the period 246,049
As at 31 March 2024 510,364
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost or Valuation
As at 1 April 2023 142,346 168,000 58,221 6,229 374,796
Revaluation - (69,000 ) - - (69,000 )
As at 31 March 2024 142,346 99,000 58,221 6,229 305,796
Depreciation
As at 1 April 2023 129,540 - 52,442 5,516 187,498
Provided during the period 7,852 - 5,637 582 14,071
As at 31 March 2024 137,392 - 58,079 6,098 201,569
...CONTINUED
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Page 5
Net Book Value
As at 31 March 2024 4,954 99,000 142 131 104,227
As at 1 April 2023 12,806 168,000 5,779 713 187,298
6. Stocks
2024 2023
£ £
Stock 182,000 423,061
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 10,272 73,201
Other debtors 88,934 78,749
99,206 151,950
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 43,541 32,019
Other creditors 54,380 201,654
Taxation and social security 25,072 1,559
122,993 235,232
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other creditors 2,452,819 2,451,927
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2,127,915 1,578,915
11. Reserves
Revaluation Reserve
£
As at 1 April 2023 102,313
Deficit on revaluation (69,000)
As at 31 March 2024 33,313
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