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 10702466 Mr Adam Cottrell Mr Robert Cottrell Mrs Julie Cottrell iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10702466 2023-03-31 10702466 2024-03-31 10702466 2023-04-01 2024-03-31 10702466 frs-core:CurrentFinancialInstruments 2024-03-31 10702466 frs-core:Non-currentFinancialInstruments 2024-03-31 10702466 frs-core:ComputerEquipment 2024-03-31 10702466 frs-core:ComputerEquipment 2023-04-01 2024-03-31 10702466 frs-core:ComputerEquipment 2023-03-31 10702466 frs-core:NetGoodwill 2024-03-31 10702466 frs-core:NetGoodwill 2023-04-01 2024-03-31 10702466 frs-core:NetGoodwill 2023-03-31 10702466 frs-core:ShareCapital 2024-03-31 10702466 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 10702466 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10702466 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 10702466 frs-bus:SmallEntities 2023-04-01 2024-03-31 10702466 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 10702466 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 10702466 frs-bus:Director1 2023-04-01 2024-03-31 10702466 frs-bus:Director1 2023-03-31 10702466 frs-bus:Director1 2024-03-31 10702466 frs-bus:Director2 2023-04-01 2024-03-31 10702466 frs-bus:Director3 2023-04-01 2024-03-31 10702466 frs-core:CurrentFinancialInstruments 1 2024-03-31 10702466 frs-countries:EnglandWales 2023-04-01 2024-03-31 10702466 2022-03-31 10702466 2023-03-31 10702466 2022-04-01 2023-03-31 10702466 frs-core:CurrentFinancialInstruments 2023-03-31 10702466 frs-core:Non-currentFinancialInstruments 2023-03-31 10702466 frs-core:ShareCapital 2023-03-31 10702466 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31 10702466 frs-core:CurrentFinancialInstruments 1 2023-03-31
Registered number: 10702466
Colne Valley Motor Parts Limited
Financial Statements
For The Year Ended 31 March 2024
Trevelyan & Company Ltd
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10702466
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 15,000 20,000
Tangible Assets 5 104 208
15,104 20,208
CURRENT ASSETS
Stocks 6 20,000 20,000
Debtors 7 10,570 7,773
Cash at bank and in hand 26,097 16,762
56,667 44,535
Creditors: Amounts Falling Due Within One Year 8 (31,981 ) (23,295 )
NET CURRENT ASSETS (LIABILITIES) 24,686 21,240
TOTAL ASSETS LESS CURRENT LIABILITIES 39,790 41,448
Creditors: Amounts Falling Due After More Than One Year 9 (38,732 ) (41,054 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (20 ) (40 )
NET ASSETS 1,038 354
CAPITAL AND RESERVES
Called up share capital 10 300 300
Profit and Loss Account 738 54
SHAREHOLDERS' FUNDS 1,038 354
Page 1
Page 2
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 Profit and Loss Account.
On behalf of the board
Mr Adam Cottrell
Director
19/09/2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Colne Valley Motor Parts Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10702466 . The registered office is 1 Highfield, Slaithwaite, Huddersfield, West Yorkshire, HD7 5UT.
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.
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 10 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:
Computer Equipment 25% 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.
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: 4)
4 4
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4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 50,000
As at 31 March 2024 50,000
Amortisation
As at 1 April 2023 30,000
Provided during the period 5,000
As at 31 March 2024 35,000
Net Book Value
As at 31 March 2024 15,000
As at 1 April 2023 20,000
5. Tangible Assets
Computer Equipment
£
Cost
As at 1 April 2023 1,370
As at 31 March 2024 1,370
Depreciation
As at 1 April 2023 1,162
Provided during the period 104
As at 31 March 2024 1,266
Net Book Value
As at 31 March 2024 104
As at 1 April 2023 208
6. Stocks
2024 2023
£ £
Stock 20,000 20,000
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 3,331 3,893
Prepayments and accrued income 120 412
Other debtors 1,166 -
Other taxes and social security - 483
Directors' loan accounts 5,953 2,985
10,570 7,773
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 17,431 10,534
Bank loans and overdrafts 3,381 4,441
Corporation tax 3,223 816
Other taxes and social security 227 -
VAT 2,516 2,935
Net wages 2,493 2,856
Pensions 164 150
Accruals and deferred income 2,546 1,563
31,981 23,295
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 38,732 41,054
38,732 41,054
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 300 300
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Adam Cottrell 2,984 5,953 2,984 - 5,953
The above loan is unsecured and repayable on demand, interest is charged at 2% p.a.
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