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Registered number: 14722074
Ashley 4x4 Limited
Unaudited Financial Statements
For the Period 10 March 2023 to 31 March 2024
Richards Associates Limited
North Lodge
Hawkesyard
Rugeley
Staffordshire
WS15 1PS
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 14722074
31 March 2024
Notes £ £
FIXED ASSETS
Intangible Assets 4 6,000
6,000
CURRENT ASSETS
Stocks 5 1,000
Debtors 6 7,224
Cash at bank and in hand 28,153
36,377
Creditors: Amounts Falling Due Within One Year 7 (27,138 )
NET CURRENT ASSETS (LIABILITIES) 9,239
TOTAL ASSETS LESS CURRENT LIABILITIES 15,239
NET ASSETS 15,239
CAPITAL AND RESERVES
Called up share capital 8 100
Profit and Loss Account 15,139
SHAREHOLDERS' FUNDS 15,239
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For the period 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 A Counsell
Director
5 June 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Ashley 4x4 Limited is a private company, limited by shares, incorporated in England & Wales, registered number 14722074 . The registered office is Unit 1 Tixall Heath Farm, Brancote, Staffordshire, ST18 0XX.
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. Going Concern Disclosure
At the time of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
The directors continue to adopt the going concern basis of accounting in preparing financial statements.
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.
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.
2.4. 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 is amortised to profit and loss account over its estimated economic life of .... years.
2.5. Leasing and Hire Purchase Contracts
Rentals paid under operating leases are changed to profit or loss on a straight line basis over the period of the lease.
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.
2.7. Financial Instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.
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2.8. 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.
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.
2.9. 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, including directors, during the period was: 4
4
4. Intangible Assets
Goodwill
£
Cost
As at 10 March 2023 6,000
As at 31 March 2024 6,000
Net Book Value
As at 31 March 2024 6,000
As at 10 March 2023 6,000
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5. Stocks
31 March 2024
£
Stock 1,000
6. Debtors
31 March 2024
£
Due within one year
Trade debtors 2,262
Prepayments and accrued income 4,962
7,224
7. Creditors: Amounts Falling Due Within One Year
31 March 2024
£
Trade creditors 50
Corporation tax 7,891
Other taxes and social security 1,839
VAT 8,239
Pension creditor 72
Accruals and deferred income 700
Directors' loan accounts 8,347
27,138
8. Share Capital
31 March 2024
£
Allotted, Called up and fully paid 100
9. Ultimate Controlling Party
The company's ultimate controlling party is Mr A Counsell by virtue of his ownership of the majority of the issued share capital in the company.
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