Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 08210234 Mr James Hadley Mr Peter Hadley iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08210234 2022-12-31 08210234 2023-12-31 08210234 2023-01-01 2023-12-31 08210234 frs-core:CurrentFinancialInstruments 2023-12-31 08210234 frs-core:Non-currentFinancialInstruments 2023-12-31 08210234 frs-core:BetweenOneFiveYears 2023-12-31 08210234 frs-core:ComputerEquipment 2023-12-31 08210234 frs-core:ComputerEquipment 2023-01-01 2023-12-31 08210234 frs-core:ComputerEquipment 2022-12-31 08210234 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 08210234 frs-core:NetGoodwill 2023-12-31 08210234 frs-core:NetGoodwill 2023-01-01 2023-12-31 08210234 frs-core:NetGoodwill 2022-12-31 08210234 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-12-31 08210234 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 08210234 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2022-12-31 08210234 frs-core:MotorVehicles 2023-12-31 08210234 frs-core:MotorVehicles 2023-01-01 2023-12-31 08210234 frs-core:MotorVehicles 2022-12-31 08210234 frs-core:OtherResidualIntangibleAssets 2023-12-31 08210234 frs-core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 08210234 frs-core:OtherResidualIntangibleAssets 2022-12-31 08210234 frs-core:PlantMachinery 2023-12-31 08210234 frs-core:PlantMachinery 2023-01-01 2023-12-31 08210234 frs-core:PlantMachinery 2022-12-31 08210234 frs-core:WithinOneYear 2023-12-31 08210234 frs-core:ShareCapital 2023-12-31 08210234 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 08210234 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08210234 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 08210234 frs-bus:SmallEntities 2023-01-01 2023-12-31 08210234 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 08210234 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 08210234 frs-core:CostValuation 2022-12-31 08210234 frs-core:DisposalsRepaymentsInvestments 2023-12-31 08210234 frs-core:CostValuation 2023-12-31 08210234 frs-core:ProvisionsForImpairmentInvestments 2022-12-31 08210234 frs-core:ProvisionsForImpairmentInvestments 2023-12-31 08210234 frs-bus:Director1 2023-01-01 2023-12-31 08210234 frs-bus:Director2 2023-01-01 2023-12-31 08210234 frs-countries:EnglandWales 2023-01-01 2023-12-31 08210234 2021-12-31 08210234 2022-12-31 08210234 2022-01-01 2022-12-31 08210234 frs-core:CurrentFinancialInstruments 2022-12-31 08210234 frs-core:Non-currentFinancialInstruments 2022-12-31 08210234 frs-core:BetweenOneFiveYears 2022-12-31 08210234 frs-core:WithinOneYear 2022-12-31 08210234 frs-core:ShareCapital 2022-12-31 08210234 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 08210234
Hadley Engineering Group Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 08210234
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 21,888 -
Tangible Assets 5 413,559 424,939
Investments 6 600 601
436,047 425,540
CURRENT ASSETS
Stocks 7 502,354 392,881
Debtors 8 600,684 696,506
Cash at bank and in hand 46,934 66,728
1,149,972 1,156,115
Creditors: Amounts Falling Due Within One Year 9 (1,024,562 ) (1,016,269 )
NET CURRENT ASSETS (LIABILITIES) 125,410 139,846
TOTAL ASSETS LESS CURRENT LIABILITIES 561,457 565,386
Creditors: Amounts Falling Due After More Than One Year 10 (182,258 ) (185,146 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (47,918 ) (49,994 )
NET ASSETS 331,281 330,246
CAPITAL AND RESERVES
Called up share capital 12 200 200
Profit and Loss Account 331,081 330,046
SHAREHOLDERS' FUNDS 331,281 330,246
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
Mr James Hadley
Director
16/09/2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Hadley Engineering Group Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08210234 . The registered office is 1a Parkwood Close, Broadley Industrial Park, Plymouth, PL6 7SG.
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 profit and loss account over its estimated economic life of 5 years.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets represent the purchased development costs of an MRP system.  It is amortised to profit and loss account over its estimated economic life of 10 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:
Leasehold 5 years straight line
Plant & Machinery 15% reducing balance
Motor Vehicles 25% reducing balance
Computer Equipment 33% straight line
2.6. Leasing and Hire Purchase Contracts
Assets obtained under 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 acquired under 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 the lessor are charged to profit and loss account as incurred.
2.7. 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.
Page 3
Page 4
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 year 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 asset reflects 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: 25 (2022: 23)
25 23
4. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 January 2023 322,322 - 322,322
Additions - 24,320 24,320
As at 31 December 2023 322,322 24,320 346,642
Amortisation
As at 1 January 2023 322,322 - 322,322
Provided during the period - 2,432 2,432
As at 31 December 2023 322,322 2,432 324,754
Net Book Value
As at 31 December 2023 - 21,888 21,888
As at 1 January 2023 - - -
Page 4
Page 5
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 4,050 697,506 88,617 19,892 810,065
Additions - 69,972 22,116 1,811 93,899
Disposals - (49,600 ) - - (49,600 )
As at 31 December 2023 4,050 717,878 110,733 21,703 854,364
Depreciation
As at 1 January 2023 1,800 321,368 46,629 15,329 385,126
Provided during the period 450 63,786 16,026 4,142 84,404
Disposals - (28,725 ) - - (28,725 )
As at 31 December 2023 2,250 356,429 62,655 19,471 440,805
Net Book Value
As at 31 December 2023 1,800 361,449 48,078 2,232 413,559
As at 1 January 2023 2,250 376,138 41,988 4,563 424,939
6. Investments
Other
£
Cost
As at 1 January 2023 601
Disposals (1 )
As at 31 December 2023 600
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 600
As at 1 January 2023 601
7. Stocks
2023 2022
£ £
Stock 502,354 392,881
Page 5
Page 6
8. Debtors
2023 2022
£ £
Due within one year
Trade debtors 590,774 634,259
Amounts owed by group undertakings - 6,131
Other debtors 9,910 56,116
600,684 696,506
9. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 53,547 60,948
Trade creditors 527,618 527,012
Bank loans and overdrafts 43,627 32,607
Other creditors 254,647 261,125
Taxation and social security 145,123 134,577
1,024,562 1,016,269
10. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 124,394 132,116
Bank loans 57,864 53,030
182,258 185,146
11. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 53,547 60,948
Later than one year and not later than five years 124,394 132,116
177,941 193,064
177,941 193,064
12. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 200 200
Page 6
Page 7
13. Related Party Transactions
Summary of transactions with related parties:
Hadley & Hipkiss Ltd
Amount owed by the related party as at 31 December 2023: £0 (31 December 2022: £6,131).  The balance is repayable on demand.  Hadley & Hipkiss Ltd is a 50% subsidiary of Hadley Engineering Group Ltd.
HL Fabrications Ltd
Amount owed by the related party as at 31 December 2023: £1,999 (31 December 2022: £42,500).  The balance is repayable on demand.  The director, James Hadley, is a shareholder of HL Fabrications Ltd.
Page 7