Acorah Software Products - Accounts Production 15.0.600 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 09497343 Mr G F Hucklesby Mrs J E Hucklesby Mrs J E Hucklesby iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09497343 2023-03-31 09497343 2024-03-31 09497343 2023-04-01 2024-03-31 09497343 frs-core:CurrentFinancialInstruments 2024-03-31 09497343 frs-core:BetweenOneFiveYears 2024-03-31 09497343 frs-core:ComputerEquipment 2024-03-31 09497343 frs-core:ComputerEquipment 2023-04-01 2024-03-31 09497343 frs-core:ComputerEquipment 2023-03-31 09497343 frs-core:NetGoodwill 2024-03-31 09497343 frs-core:NetGoodwill 2023-04-01 2024-03-31 09497343 frs-core:NetGoodwill 2023-03-31 09497343 frs-core:MotorVehicles 2024-03-31 09497343 frs-core:MotorVehicles 2023-04-01 2024-03-31 09497343 frs-core:MotorVehicles 2023-03-31 09497343 frs-core:PlantMachinery 2024-03-31 09497343 frs-core:PlantMachinery 2023-04-01 2024-03-31 09497343 frs-core:PlantMachinery 2023-03-31 09497343 frs-core:WithinOneYear 2024-03-31 09497343 frs-core:ShareCapital 2024-03-31 09497343 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 09497343 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09497343 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 09497343 frs-bus:SmallEntities 2023-04-01 2024-03-31 09497343 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 09497343 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09497343 frs-bus:Director1 2023-04-01 2024-03-31 09497343 frs-bus:Director2 2023-04-01 2024-03-31 09497343 frs-bus:CompanySecretary1 2023-04-01 2024-03-31 09497343 frs-countries:EnglandWales 2023-04-01 2024-03-31 09497343 2022-03-31 09497343 2023-03-31 09497343 2022-04-01 2023-03-31 09497343 frs-core:CurrentFinancialInstruments 2023-03-31 09497343 frs-core:BetweenOneFiveYears 2023-03-31 09497343 frs-core:WithinOneYear 2023-03-31 09497343 frs-core:ShareCapital 2023-03-31 09497343 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 09497343
Paxton Hill Garage Ltd.
Unaudited Financial Statements
For The Year Ended 31 March 2024
Davey Grover Ltd
Chartered Accountants
4 Fenice Court
Phoenix Business Park
St. Neots
Cambridgeshire
PE19 8EP
Unaudited Financial Statements
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 09497343
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 15,000 30,000
Tangible Assets 5 12,433 15,504
27,433 45,504
CURRENT ASSETS
Stocks 6 5,071 3,392
Debtors 7 13,598 13,134
Cash at bank and in hand 196,414 255,083
215,083 271,609
Creditors: Amounts Falling Due Within One Year 8 (106,571 ) (187,271 )
NET CURRENT ASSETS (LIABILITIES) 108,512 84,338
TOTAL ASSETS LESS CURRENT LIABILITIES 135,945 129,842
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,579 ) (2,155 )
NET ASSETS 134,366 127,687
CAPITAL AND RESERVES
Called up share capital 10 100 100
Income Statement 134,266 127,587
SHAREHOLDERS' FUNDS 134,366 127,687
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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 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 Income Statement.
On behalf of the board
Mr G F Hucklesby
Director
Mrs J E Hucklesby
Director
5 September 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Paxton Hill Garage Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 09497343 . The registered office is 4 Fenice Court Phoenix Business Park, Eaton Socon, St. Neots, Cambridgeshire, PE19 8EP.
The presentation currency of the financial statements is the Pound Sterling (£).
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 the income statement over its estimated economic life of ten 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:
Plant & Machinery 25% on reducing balance
Motor Vehicles 25% on reducing balance
Computer Equipment 33% on cost
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.
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2.6. 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: 4 (2023: 3)
4 3
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 150,000
As at 31 March 2024 150,000
Amortisation
As at 1 April 2023 120,000
Provided during the period 15,000
As at 31 March 2024 135,000
Net Book Value
As at 31 March 2024 15,000
As at 1 April 2023 30,000
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5. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 37,255 10,116 1,969 49,340
Additions 314 - 729 1,043
Disposals - (444 ) - (444 )
As at 31 March 2024 37,569 9,672 2,698 49,939
Depreciation
As at 1 April 2023 24,237 7,890 1,709 33,836
Provided during the period 3,288 539 217 4,044
Disposals - (374 ) - (374 )
As at 31 March 2024 27,525 8,055 1,926 37,506
Net Book Value
As at 31 March 2024 10,044 1,617 772 12,433
As at 1 April 2023 13,018 2,226 260 15,504
6. Stocks
2024 2023
£ £
Stock 5,071 3,392
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 10,581 10,402
Other debtors 3,017 2,732
13,598 13,134
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 20,353 16,479
Other creditors 26,704 119,925
Taxation and social security 59,514 50,867
106,571 187,271
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10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 16,500 16,500
Later than one year and not later than five years 33,000 49,500
49,500 66,000
12. Related Party Transactions
During the year to 31 March 2024 the company paid £16,500 (2023 - £16,500) to the directors, Mr and Mrs Hucklesby, for rent.
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