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 02997007 Mr Charles Pierpoint Mrs Patricia Lee iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 02997007 2023-03-31 02997007 2024-03-31 02997007 2023-04-01 2024-03-31 02997007 frs-core:CurrentFinancialInstruments 2024-03-31 02997007 frs-core:Non-currentFinancialInstruments 2024-03-31 02997007 frs-core:FurnitureFittings 2024-03-31 02997007 frs-core:FurnitureFittings 2023-04-01 2024-03-31 02997007 frs-core:FurnitureFittings 2023-03-31 02997007 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-03-31 02997007 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 02997007 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-03-31 02997007 frs-core:MotorVehicles 2024-03-31 02997007 frs-core:MotorVehicles 2023-04-01 2024-03-31 02997007 frs-core:MotorVehicles 2023-03-31 02997007 frs-core:PlantMachinery 2024-03-31 02997007 frs-core:PlantMachinery 2023-04-01 2024-03-31 02997007 frs-core:PlantMachinery 2023-03-31 02997007 frs-core:ShareCapital 2024-03-31 02997007 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 02997007 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02997007 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 02997007 frs-bus:SmallEntities 2023-04-01 2024-03-31 02997007 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 02997007 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 02997007 frs-bus:Director1 2023-04-01 2024-03-31 02997007 frs-bus:CompanySecretary1 2023-04-01 2024-03-31 02997007 frs-core:CurrentFinancialInstruments 1 2024-03-31 02997007 frs-core:CurrentFinancialInstruments 2 2024-03-31 02997007 frs-countries:EnglandWales 2023-04-01 2024-03-31 02997007 2022-03-31 02997007 2023-03-31 02997007 2022-04-01 2023-03-31 02997007 frs-core:CurrentFinancialInstruments 2023-03-31 02997007 frs-core:Non-currentFinancialInstruments 2023-03-31 02997007 frs-core:ShareCapital 2023-03-31 02997007 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31 02997007 frs-core:CurrentFinancialInstruments 1 2023-03-31 02997007 frs-core:CurrentFinancialInstruments 2 2023-03-31
Registered number: 02997007
Transit Retail Services Limited
Financial Statements
For The Year Ended 31 March 2024
TaxAssist Accountants
Myriad House
114 St Mary's Road
Market Harborough
Leicestershire
LE16 7DX
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02997007
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 132,433 177,041
132,433 177,041
CURRENT ASSETS
Stocks 5 30,095 60,000
Debtors 6 374,732 452,812
Cash at bank and in hand 28,923 42,292
433,750 555,104
Creditors: Amounts Falling Due Within One Year 7 (177,435 ) (296,123 )
NET CURRENT ASSETS (LIABILITIES) 256,315 258,981
TOTAL ASSETS LESS CURRENT LIABILITIES 388,748 436,022
Creditors: Amounts Falling Due After More Than One Year 8 (97,987 ) (114,058 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (24,046 ) (32,450 )
NET ASSETS 266,715 289,514
CAPITAL AND RESERVES
Called up share capital 9 30,000 30,000
Profit and Loss Account 236,715 259,514
SHAREHOLDERS' FUNDS 266,715 289,514
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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 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.
On behalf of the board
Mr Charles Pierpoint
Director
03/09/2024
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
Transit Retail Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02997007 . The registered office is Manor Farm, Wibtoft Lutterworth, Leicestershire, LE17 5BB.
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:
Leasehold 33% SLM
Plant & Machinery 20% RBM
Motor Vehicles 25% RBM
Fixtures & Fittings 20% RBM
2.4. 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.
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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. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7. 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: 9 (2023: 9)
9 9
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4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 April 2023 82,712 110,010 239,784 48,455 480,961
Additions - 180 - - 180
As at 31 March 2024 82,712 110,190 239,784 48,455 481,141
Depreciation
As at 1 April 2023 82,712 62,022 121,340 37,846 303,920
Provided during the period - 12,345 29,709 2,734 44,788
As at 31 March 2024 82,712 74,367 151,049 40,580 348,708
Net Book Value
As at 31 March 2024 - 35,823 88,735 7,875 132,433
As at 1 April 2023 - 47,988 118,444 10,609 177,041
5. Stocks
2024 2023
£ £
Stock 30,095 60,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 20,024 103,507
Other debtors 348,331 349,305
Other taxes and social security 6,377 -
374,732 452,812
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 19,145 20,979
Trade creditors 80,655 139,795
Bank loans and overdrafts 15,526 56,865
Corporation tax (12,280 ) (4,502 )
Other taxes and social security - 808
VAT 9,064 35,816
Net wages 6,251 -
Other creditors (2,193 ) 1,296
Pension payable 4,930 -
Other creditors - adjustment 8,345 -
Accruals and deferred income 2,748 5,480
Director's loan account 45,244 39,586
177,435 296,123
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 51,333 61,957
Bank loans 46,654 52,101
97,987 114,058
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 30,000 30,000
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