Acorah Software Products - Accounts Production 16.0.110 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 10546007 Mr D M Skiba Mr D Briggs iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10546007 2022-12-31 10546007 2023-12-31 10546007 2023-01-01 2023-12-31 10546007 frs-core:CurrentFinancialInstruments 2023-12-31 10546007 frs-core:Non-currentFinancialInstruments 2023-12-31 10546007 frs-core:BetweenOneFiveYears 2023-12-31 10546007 frs-core:ComputerEquipment 2023-12-31 10546007 frs-core:ComputerEquipment 2023-01-01 2023-12-31 10546007 frs-core:ComputerEquipment 2022-12-31 10546007 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 10546007 frs-core:FurnitureFittings 2023-12-31 10546007 frs-core:FurnitureFittings 2023-01-01 2023-12-31 10546007 frs-core:FurnitureFittings 2022-12-31 10546007 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-12-31 10546007 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10546007 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2022-12-31 10546007 frs-core:OtherResidualIntangibleAssets 2023-12-31 10546007 frs-core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 10546007 frs-core:OtherResidualIntangibleAssets 2022-12-31 10546007 frs-core:PlantMachinery 2023-12-31 10546007 frs-core:PlantMachinery 2023-01-01 2023-12-31 10546007 frs-core:PlantMachinery 2022-12-31 10546007 frs-core:WithinOneYear 2023-12-31 10546007 frs-core:ShareCapital 2023-12-31 10546007 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 10546007 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10546007 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 10546007 frs-bus:SmallEntities 2023-01-01 2023-12-31 10546007 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 10546007 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 10546007 frs-core:CostValuation 2022-12-31 10546007 frs-core:CostValuation 2023-12-31 10546007 frs-core:ProvisionsForImpairmentInvestments 2022-12-31 10546007 frs-core:ProvisionsForImpairmentInvestments 2023-12-31 10546007 frs-bus:Director1 2023-01-01 2023-12-31 10546007 frs-bus:Director1 2022-12-31 10546007 frs-bus:Director1 2023-12-31 10546007 frs-bus:Director2 2023-01-01 2023-12-31 10546007 frs-bus:Director2 2022-12-31 10546007 frs-bus:Director2 2023-12-31 10546007 frs-countries:EnglandWales 2023-01-01 2023-12-31 10546007 2021-12-31 10546007 2022-12-31 10546007 2022-01-01 2022-12-31 10546007 frs-core:CurrentFinancialInstruments 2022-12-31 10546007 frs-core:Non-currentFinancialInstruments 2022-12-31 10546007 frs-core:BetweenOneFiveYears 2022-12-31 10546007 frs-core:WithinOneYear 2022-12-31 10546007 frs-core:ShareCapital 2022-12-31 10546007 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 10546007
Motorfinity Group Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Future Cloud Accounting Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10546007
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 33,072 17,470
Tangible Assets 5 300,064 334,686
Investments 6 1 1
333,137 352,157
CURRENT ASSETS
Stocks 7 413 12,537
Debtors 8 1,236,530 817,358
Cash at bank and in hand 634,303 202,355
1,871,246 1,032,250
Creditors: Amounts Falling Due Within One Year 9 (1,263,934 ) (431,965 )
NET CURRENT ASSETS (LIABILITIES) 607,312 600,285
TOTAL ASSETS LESS CURRENT LIABILITIES 940,449 952,442
Creditors: Amounts Falling Due After More Than One Year 10 (292,709 ) -
PROVISIONS FOR LIABILITIES
Deferred Taxation (24,906 ) (27,443 )
NET ASSETS 622,834 924,999
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 622,734 924,899
SHAREHOLDERS' FUNDS 622,834 924,999
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 D Briggs
Director
25/10/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Motorfinity Group Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10546007 . The registered office is Unit 3 Northgate Terrace, Northern Road, Newark, Nottinghamshire, NG24 2EU.
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 - Other Intangible
Other intangible assets are included at cost less accumulated amortisation. Amortisation has been provided at a rate of 10-20% on a straight line basis.
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:
Freehold 10% straight line basis
Plant & Machinery 25% straight line basis
Fixtures & Fittings 10-25% straight line basis
Computer Equipment 25% straight line basis
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.
...CONTINUED
Page 3
Page 4
2.6. Taxation - continued
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.
2.7. 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.
2.8. Investments
Investments in shares are included at fair value.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 44 (2022: 32)
44 32
4. Intangible Assets
Other
£
Cost
As at 1 January 2023 22,240
Additions 24,364
As at 31 December 2023 46,604
Amortisation
As at 1 January 2023 4,770
Provided during the period 8,762
As at 31 December 2023 13,532
Net Book Value
As at 31 December 2023 33,072
As at 1 January 2023 17,470
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 257,159 3,707 52,615 93,000 406,481
Additions - - 6,961 15,865 22,826
As at 31 December 2023 257,159 3,707 59,576 108,865 429,307
Depreciation
As at 1 January 2023 24,109 1,319 17,192 29,175 71,795
Provided during the period 25,716 460 6,709 24,563 57,448
As at 31 December 2023 49,825 1,779 23,901 53,738 129,243
...CONTINUED
Page 4
Page 5
Net Book Value
As at 31 December 2023 207,334 1,928 35,675 55,127 300,064
As at 1 January 2023 233,050 2,388 35,423 63,825 334,686
6. Investments
Other
£
Cost
As at 1 January 2023 1
As at 31 December 2023 1
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 1
As at 1 January 2023 1
7. Stocks
2023 2022
£ £
Stock 413 12,537
8. Debtors
2023 2022
£ £
Due within one year
Trade debtors 128,162 217,143
Prepayments and accrued income 75,459 49,877
Other debtors 1,032,909 550,338
1,236,530 817,358
9. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 1,020,919 163,500
Bank loans and overdrafts 57,290 -
Other creditors 21,571 16,591
Taxation and social security 164,154 251,874
1,263,934 431,965
10. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 292,709 -
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Page 6
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
12. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 56,857 64,057
Later than one year and not later than five years 90,616 147,473
147,473 211,530
13. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr Dean Skiba (236 ) 49,407 - - 49,171
Mr Daniel Briggs 83,205 174,202 - - 257,407
It is company policy to charge interest on all overdrawn loan accounts at the HMRC official rate of interest for any balances over £10,000. An amount of £4,466 (2022: £568) has been paid in respect of this.
Page 6