Acorah Software Products - Accounts Production 15.0.600 false true true 30 November 2022 1 December 2021 false 1 December 2022 30 November 2023 30 November 2023 07438983 Mr Kirtey Patel iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07438983 2022-11-30 07438983 2023-11-30 07438983 2022-12-01 2023-11-30 07438983 frs-core:CurrentFinancialInstruments 2023-11-30 07438983 frs-core:Non-currentFinancialInstruments 2023-11-30 07438983 frs-core:ComputerEquipment 2023-11-30 07438983 frs-core:ComputerEquipment 2022-12-01 2023-11-30 07438983 frs-core:ComputerEquipment 2022-11-30 07438983 frs-core:FurnitureFittings 2023-11-30 07438983 frs-core:FurnitureFittings 2022-12-01 2023-11-30 07438983 frs-core:FurnitureFittings 2022-11-30 07438983 frs-core:NetGoodwill 2023-11-30 07438983 frs-core:NetGoodwill 2022-12-01 2023-11-30 07438983 frs-core:NetGoodwill 2022-11-30 07438983 frs-core:MotorVehicles 2023-11-30 07438983 frs-core:MotorVehicles 2022-12-01 2023-11-30 07438983 frs-core:MotorVehicles 2022-11-30 07438983 frs-core:PlantMachinery 2023-11-30 07438983 frs-core:PlantMachinery 2022-12-01 2023-11-30 07438983 frs-core:PlantMachinery 2022-11-30 07438983 frs-core:ShareCapital 2023-11-30 07438983 frs-core:RetainedEarningsAccumulatedLosses 2023-11-30 07438983 frs-bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 07438983 frs-bus:FilletedAccounts 2022-12-01 2023-11-30 07438983 frs-bus:SmallEntities 2022-12-01 2023-11-30 07438983 frs-bus:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 07438983 frs-bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 07438983 frs-bus:Director1 2022-12-01 2023-11-30 07438983 frs-countries:EnglandWales 2022-12-01 2023-11-30 07438983 2021-11-30 07438983 2022-11-30 07438983 2021-12-01 2022-11-30 07438983 frs-core:CurrentFinancialInstruments 2022-11-30 07438983 frs-core:Non-currentFinancialInstruments 2022-11-30 07438983 frs-core:ShareCapital 2022-11-30 07438983 frs-core:RetainedEarningsAccumulatedLosses 2022-11-30
Registered number: 07438983
Martins Greengrocers & Florist Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07438983
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 10,830 13,034
10,830 13,034
CURRENT ASSETS
Stocks 6 2,750 2,450
Debtors 7 1,056 9,742
Cash at bank and in hand 10,163 26,894
13,969 39,086
Creditors: Amounts Falling Due Within One Year 8 (11,331 ) (24,329 )
NET CURRENT ASSETS (LIABILITIES) 2,638 14,757
TOTAL ASSETS LESS CURRENT LIABILITIES 13,468 27,791
Creditors: Amounts Falling Due After More Than One Year 9 (48,072 ) (57,922 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,058 ) (2,439 )
NET LIABILITIES (36,662 ) (32,570 )
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account (36,663 ) (32,571 )
SHAREHOLDERS' FUNDS (36,662) (32,570)
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.
The financial statements were approved by the board of directors on 31 August 2024 and were signed on its behalf by:
Mr Kirtey Patel
Director
31/08/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Martins Greengrocers & Florist Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07438983 . The registered office is 12 Hallmark Trading Centre, Fourth Way, Wembley, Middlesex, HA9 0LB.
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
The directors have continued to adopt going concern basis despite negative reserves as the director undertakes to supply funds to allow the company to meet its debts as they fall due for at least the next 12 months.
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 - 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 .... 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 20% Reducing balance
Motor Vehicles 15% Reducing balance
Fixtures & Fittings 15% Reducing balance
Computer Equipment 33.33% on cost
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. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
Page 3
Page 4
2.8. Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2.9. 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.
2.10. Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock of fixed assets.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
Page 4
Page 5
4. Intangible Assets
Goodwill
£
Cost
As at 1 December 2022 58,174
As at 30 November 2023 58,174
Amortisation
As at 1 December 2022 58,174
As at 30 November 2023 58,174
Net Book Value
As at 30 November 2023 -
As at 1 December 2022 -
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 December 2022 5,912 11,000 4,153 833 21,898
As at 30 November 2023 5,912 11,000 4,153 833 21,898
Depreciation
As at 1 December 2022 2,898 3,152 2,097 717 8,864
Provided during the period 603 1,177 309 115 2,204
As at 30 November 2023 3,501 4,329 2,406 832 11,068
Net Book Value
As at 30 November 2023 2,411 6,671 1,747 1 10,830
As at 1 December 2022 3,014 7,848 2,056 116 13,034
6. Stocks
2023 2022
£ £
Stock 2,750 2,450
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 121 1,152
Other debtors 935 8,590
1,056 9,742
Page 5
Page 6
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 2,869 2,047
Bank loans and overdrafts 5,215 5,195
Other creditors 2,695 16,432
Taxation and social security 552 655
11,331 24,329
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 48,072 57,922
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
Page 6