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Registered number: 07542899
Gold Medal Fencing Limited
Unaudited Financial Statements
For The Year Ended 28 February 2024
Richardsons
Chartered Accountants
99 London Street
Reading
RG1 4QA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07542899
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 5,953 7,937
5,953 7,937
CURRENT ASSETS
Stocks 5 12,600 15,600
Debtors 6 34,091 13,114
Cash at bank and in hand 2,668 1,603
49,359 30,317
Creditors: Amounts Falling Due Within One Year 7 (45,094 ) (30,055 )
NET CURRENT ASSETS (LIABILITIES) 4,265 262
TOTAL ASSETS LESS CURRENT LIABILITIES 10,218 8,199
Creditors: Amounts Falling Due After More Than One Year 8 - (2,333 )
NET ASSETS 10,218 5,866
CAPITAL AND RESERVES
Called up share capital 9 10 10
Profit and Loss Account 10,208 5,856
SHAREHOLDERS' FUNDS 10,218 5,866
Page 1
Page 2
For the year ending 28 February 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 Robert Hancock
Director
21st October 2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Gold Medal Fencing Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07542899 . The registered office is 99 London Street, Reading, Berkshire, RG1 4QA.
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 taken the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the completion of the contract.
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:
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value. 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
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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:
2024 2023
Office and administration 1 1
Manufacturing 2 1
3 2
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 March 2023 49,767 37,825 87,592
As at 28 February 2024 49,767 37,825 87,592
Depreciation
As at 1 March 2023 45,701 33,954 79,655
Provided during the period 1,016 968 1,984
As at 28 February 2024 46,717 34,922 81,639
Net Book Value
As at 28 February 2024 3,050 2,903 5,953
As at 1 March 2023 4,066 3,871 7,937
5. Stocks
2024 2023
£ £
Work in progress 12,600 15,600
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Page 5
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 25,563 1,020
Corporation tax recoverable assets 3,356 3,356
Director's loan account 5,172 8,738
34,091 13,114
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 15,977 5,252
Corporation tax 18,351 16,116
VAT 9,266 7,187
Accruals and deferred income 1,500 1,500
45,094 30,055
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans - 2,333
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10 10
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