Acorah Software Products - Accounts Production 16.0.110 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 05566515 Mr Dean Bridge Mr Adam Bridge iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05566515 2023-03-31 05566515 2024-03-31 05566515 2023-04-01 2024-03-31 05566515 frs-core:Non-currentFinancialInstruments 2024-03-31 05566515 frs-core:ComputerEquipment 2023-04-01 2024-03-31 05566515 frs-core:FurnitureFittings 2023-04-01 2024-03-31 05566515 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05566515 frs-core:PlantMachinery 2023-04-01 2024-03-31 05566515 frs-core:RevaluationReserve 2023-04-01 2024-03-31 05566515 frs-core:RevaluationReserve 2023-03-31 05566515 frs-core:RevaluationReserve 2024-03-31 05566515 frs-core:SharePremium 2024-03-31 05566515 frs-core:ShareCapital 2024-03-31 05566515 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 05566515 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05566515 frs-bus:AbridgedAccounts 2023-04-01 2024-03-31 05566515 frs-bus:SmallEntities 2023-04-01 2024-03-31 05566515 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 05566515 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05566515 frs-bus:Director1 2023-04-01 2024-03-31 05566515 frs-bus:Director2 2023-04-01 2024-03-31 05566515 frs-countries:EnglandWales 2023-04-01 2024-03-31 05566515 2022-03-31 05566515 2023-03-31 05566515 2022-04-01 2023-03-31 05566515 frs-core:Non-currentFinancialInstruments 2023-03-31 05566515 frs-core:RevaluationReserve 2023-03-31 05566515 frs-core:SharePremium 2023-03-31 05566515 frs-core:ShareCapital 2023-03-31 05566515 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 05566515
Motor Market Ltd
ABRIDGED Financial Statements
For The Year Ended 31 March 2024
Financial Statements
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—5
Page 1
Abridged Balance Sheet
Registered number: 05566515
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 767,895 587,995
767,895 587,995
CURRENT ASSETS
Stocks 608,012 719,695
Debtors 5 376,225 581,447
Cash at bank and in hand 15,926 90,358
1,000,163 1,391,500
Creditors: Amounts Falling Due Within One Year (956,566 ) (1,030,391 )
NET CURRENT ASSETS (LIABILITIES) 43,597 361,109
TOTAL ASSETS LESS CURRENT LIABILITIES 811,492 949,104
Creditors: Amounts Falling Due After More Than One Year (100,989 ) (286,673 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (88,312 ) (53,732 )
NET ASSETS 622,191 608,699
CAPITAL AND RESERVES
Called up share capital 7 2 2
Share premium account 110,000 110,000
Revaluation reserve 8 292,995 166,585
Profit and Loss Account 219,194 332,112
SHAREHOLDERS' FUNDS 622,191 608,699
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.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 March 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr Dean Bridge
Director
Mr Adam Bridge
Director
29/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. General Information
Motor Market Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 05566515 . The registered office is 27a Newtown Lane, Cradley Heath, West Midlands, B64 5EB.
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 received 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:
Freehold 5%
Plant & Machinery 25%
Fixtures & Fittings 25%
Computer Equipment 25%
Land is not depreciated and has been revalued to market value.
2.4. 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.
2.5. 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.
...CONTINUED
Page 3
Page 4
2.5. 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 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: 13 (2023: 13)
13 13
4. Tangible Assets
Total
£
Cost or Valuation
As at 1 April 2023 674,321
Additions 1,845
Revaluation 185,000
As at 31 March 2024 861,166
Depreciation
As at 1 April 2023 86,326
Provided during the period 6,945
As at 31 March 2024 93,271
Net Book Value
As at 31 March 2024 767,895
As at 1 April 2023 587,995
5. Debtors
2024 2023
as restated
£ £
Due after more than one year
Hire Purchase Loans (due in more than one year) 96,970 241,860
96,970 241,860
6. Secured Creditors
Of the creditors the following amounts are secured.
2024 2023
as restated
£ £
Bank loans and overdrafts 833,736 968,352
7. Share Capital
2024 2023
as restated
£ £
Allotted, Called up and fully paid 2 2
Page 4
Page 5
8. Reserves
Revaluation Reserve
£
As at 1 April 2023 166,585
Transfer to profit and loss 126,410
As at 31 March 2024 292,995
Page 5