Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2021 false 1 January 2023 31 December 2023 31 December 2023 10246842 A R Buttle R A Buttle iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10246842 2022-12-31 10246842 2023-12-31 10246842 2023-01-01 2023-12-31 10246842 frs-core:CurrentFinancialInstruments 2023-12-31 10246842 frs-core:ComputerEquipment 2023-12-31 10246842 frs-core:ComputerEquipment 2023-01-01 2023-12-31 10246842 frs-core:ComputerEquipment 2022-12-31 10246842 frs-core:FurnitureFittings 2023-12-31 10246842 frs-core:FurnitureFittings 2023-01-01 2023-12-31 10246842 frs-core:FurnitureFittings 2022-12-31 10246842 frs-core:MotorVehicles 2023-12-31 10246842 frs-core:MotorVehicles 2023-01-01 2023-12-31 10246842 frs-core:MotorVehicles 2022-12-31 10246842 frs-core:PlantMachinery 2023-12-31 10246842 frs-core:PlantMachinery 2023-01-01 2023-12-31 10246842 frs-core:PlantMachinery 2022-12-31 10246842 frs-core:ShareCapital 2023-12-31 10246842 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 10246842 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10246842 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 10246842 frs-bus:SmallEntities 2023-01-01 2023-12-31 10246842 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 10246842 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 10246842 frs-bus:Director1 2023-01-01 2023-12-31 10246842 frs-bus:Director2 2023-01-01 2023-12-31 10246842 frs-countries:EnglandWales 2023-01-01 2023-12-31 10246842 2020-12-31 10246842 2022-12-31 10246842 2021-01-01 2022-12-31 10246842 frs-core:CurrentFinancialInstruments 2022-12-31 10246842 frs-core:ShareCapital 2022-12-31 10246842 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 10246842
Refine Metals (Autocore) Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10246842
31 December 2023 31 December 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 33,267 39,709
33,267 39,709
CURRENT ASSETS
Stocks 5 66,996 251,395
Debtors 6 226,610 272,004
Cash at bank and in hand 9,111 14,058
302,717 537,457
Creditors: Amounts Falling Due Within One Year 7 (116,730 ) (185,918 )
NET CURRENT ASSETS (LIABILITIES) 185,987 351,539
TOTAL ASSETS LESS CURRENT LIABILITIES 219,254 391,248
NET ASSETS 219,254 391,248
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 219,154 391,148
SHAREHOLDERS' FUNDS 219,254 391,248
Page 1
Page 2
For the year ending 31 December 2023 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
A R Buttle
Director
12 September 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Refine Metals (Autocore) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10246842 . The registered office is Oakwood House Guildford Road, Bucks Green, Horsham, West Sussex, RH12 3JJ.
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 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment Straight line over three years
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.
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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 4)
3 4
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 37,795 45,773 110 7,911 91,589
Additions - 5,000 - - 5,000
As at 31 December 2023 37,795 50,773 110 7,911 96,589
Depreciation
As at 1 January 2023 14,091 30,153 93 7,543 51,880
Provided during the period 5,926 5,155 4 357 11,442
As at 31 December 2023 20,017 35,308 97 7,900 63,322
Net Book Value
As at 31 December 2023 17,778 15,465 13 11 33,267
As at 1 January 2023 23,704 15,620 17 368 39,709
5. Stocks
31 December 2023 31 December 2022
£ £
Stock 66,996 251,395
6. Debtors
31 December 2023 31 December 2022
£ £
Due within one year
Trade debtors 1,832 14,225
Other debtors 224,778 257,779
226,610 272,004
7. Creditors: Amounts Falling Due Within One Year
31 December 2023 31 December 2022
£ £
Trade creditors 381 13,090
Bank loans and overdrafts 132 15,071
Other creditors 110,132 155,590
Taxation and social security 6,085 2,167
116,730 185,918
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8. Share Capital
31 December 2023 31 December 2022
£ £
Allotted, Called up and fully paid 100 100
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