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Registered number: 03527120
Trent Hire and Sales Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 03527120
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 505,723 472,082
505,723 472,082
CURRENT ASSETS
Stocks 6 18,240 17,985
Debtors 7 567,823 526,209
Cash at bank and in hand 38,981 16,811
625,044 561,005
Creditors: Amounts Falling Due Within One Year 8 (285,850 ) (177,923 )
NET CURRENT ASSETS (LIABILITIES) 339,194 383,082
TOTAL ASSETS LESS CURRENT LIABILITIES 844,917 855,164
Creditors: Amounts Falling Due After More Than One Year 9 (20,783 ) (56,298 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (96,087 ) (87,492 )
NET ASSETS 728,047 711,374
CAPITAL AND RESERVES
Called up share capital 11 90 90
Profit and Loss Account 727,957 711,284
SHAREHOLDERS' FUNDS 728,047 711,374
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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 Profit and Loss Account.
On behalf of the board
Mr Tyrone Vernon
Director
16/08/2024
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
Trent Hire and Sales Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03527120 . The registered office is Unit 7 London Road Business Park, Retford, Nottinghamshire, DN22 6HG.
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 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:
Leasehold 2% straight line
Plant & Machinery 15% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% reducing balance
Computer Equipment 15% reducing balance
2.5. 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.
2.6. 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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2.7. 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 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: 10 (2023: 10)
10 10
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 700,000
As at 31 March 2024 700,000
Amortisation
As at 1 April 2023 700,000
As at 31 March 2024 700,000
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 April 2023 17,235 671,739 81,555 45,541 816,070
Additions - 121,867 - 520 122,387
Disposals - (12,850 ) - - (12,850 )
As at 31 March 2024 17,235 780,756 81,555 46,061 925,607
Depreciation
As at 1 April 2023 5,638 253,740 58,588 26,022 343,988
...CONTINUED
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Page 5
Provided during the period 1,289 75,098 5,742 2,953 85,082
Disposals - (9,186 ) - - (9,186 )
As at 31 March 2024 6,927 319,652 64,330 28,975 419,884
Net Book Value
As at 31 March 2024 10,308 461,104 17,225 17,086 505,723
As at 1 April 2023 11,597 417,999 22,967 19,519 472,082
6. Stocks
2024 2023
£ £
Stock 18,240 17,985
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 71,550 120,749
Other debtors 496,273 405,460
567,823 526,209
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 25,515 45,085
Trade creditors 72,220 60,052
Bank loans and overdrafts 10,000 10,000
Other creditors 156,807 56,743
Taxation and social security 21,308 6,043
285,850 177,923
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 8,283 33,798
Bank loans 12,500 22,500
20,783 56,298
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 25,515 45,085
Later than one year and not later than five years 8,283 33,798
33,798 78,883
33,798 78,883
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11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 90 90
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