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Registered number: 07044233
Green Valley Industrial Supplies Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Steve Pye & Co.
Chartered Certified Accountants
3 North Lynn Bus. Village
Bergen Way, North Lynn Industrial Estate
King's Lynn
Norfolk
PE30 2JG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 07044233
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 216 39
Tangible Assets 5 175,579 202,858
175,795 202,897
CURRENT ASSETS
Stocks 6 301,470 297,104
Debtors 7 362,373 536,319
Cash at bank and in hand 133,621 159,098
797,464 992,521
Creditors: Amounts Falling Due Within One Year 8 (290,997 ) (414,833 )
NET CURRENT ASSETS (LIABILITIES) 506,467 577,688
TOTAL ASSETS LESS CURRENT LIABILITIES 682,262 780,585
Creditors: Amounts Falling Due After More Than One Year 9 (11,667 ) (21,667 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (6,540 ) (21,491 )
NET ASSETS 664,055 737,427
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 663,955 737,327
SHAREHOLDERS' FUNDS 664,055 737,427
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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 member has 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 Simon Webster
Director
28 October 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
Green Valley Industrial Supplies Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07044233 . The registered office is Unit 3, North Lynn Business Village, Bergen Way, King's Lynn, Norfolk, PE30 2JG.  
The presentation currency of the financial statements is the Pound Sterling (£).
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. Significant judgements and estimations
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets.
2.3. 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.
2.4. 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 has been fully amortised to profit and loss account over its estimated economic life of 10 years.
2.5. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are patents. They are amortised to profit and loss account over their estimated economic life of 5 years.
2.6. 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 16.67% straight line
Plant & Machinery 25% reducing balance
Motor Vehicles 10% and 25% reducing balance
Computer Equipment 33% reducing balance
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.
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2.8. Financial Instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.
a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.
b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.
c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
d) Trade and other creditors
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.9. 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.
2.10. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
2.11. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees during the year was: 10 (2023: 9)
10 9
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4. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 April 2023 100,000 8,405 108,405
Additions - 270 270
As at 31 March 2024 100,000 8,675 108,675
Amortisation
As at 1 April 2023 100,000 8,366 108,366
Provided during the period - 93 93
As at 31 March 2024 100,000 8,459 108,459
Net Book Value
As at 31 March 2024 - 216 216
As at 1 April 2023 - 39 39
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 - 100,996 149,836 14,872 265,704
Additions 2,881 7,964 - 4,113 14,958
Disposals - (5,114 ) - (4,097 ) (9,211 )
As at 31 March 2024 2,881 103,846 149,836 14,888 271,451
Depreciation
As at 1 April 2023 - 28,318 23,900 10,628 62,846
Provided during the period 480 19,653 17,129 2,666 39,928
Disposals - (3,084 ) - (3,818 ) (6,902 )
As at 31 March 2024 480 44,887 41,029 9,476 95,872
Net Book Value
As at 31 March 2024 2,401 58,959 108,807 5,412 175,579
As at 1 April 2023 - 72,678 125,936 4,244 202,858
6. Stocks
2024 2023
£ £
Stock 301,470 297,104
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7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 290,855 468,723
Other debtors 71,518 67,596
362,373 536,319
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 235,746 338,707
Bank loans and overdrafts 10,833 10,000
Amounts owed to participating interests 4,990 -
Other creditors 10,505 9,674
Taxation and social security 28,923 56,452
290,997 414,833
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 11,667 21,667
10. Secured Creditors
On 13 February 2018 a fixed charge was created securing a loan owed to Barclays Bank Plc over all company properties and undertakings.
On 26 March 2013, a fixed and floating charge was created securing a loan owed to Barclays Bank Plc over all company properties and undertakings.
Of the creditors the following amounts are secured.
2024 2023
£ £
Bank loans and overdrafts 22,500 31,667
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
12. 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 Simon Webster 34,684 65,657 35,000 - 65,341
13. Uninsured Risk
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Some insurance cover has been withdrawn by the Insurers and, as at the reporting date, the company has been unable to obtain replacement cover. Therefore the company carries an element of uninsured risk. Every effort is being made to find suitable insurance cover.
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