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Registered number: 06101982
Harleston Engineering Ltd
Unaudited Financial Statements
For The Year Ended 29 February 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 06101982
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 9,450 12,600
Tangible Assets 5 24,524 39,275
33,974 51,875
CURRENT ASSETS
Stocks 6 136,000 89,449
Debtors 7 108,169 146,559
Cash at bank and in hand 39,727 54,632
283,896 290,640
Creditors: Amounts Falling Due Within One Year 8 (93,627 ) (118,138 )
NET CURRENT ASSETS (LIABILITIES) 190,269 172,502
TOTAL ASSETS LESS CURRENT LIABILITIES 224,243 224,377
Creditors: Amounts Falling Due After More Than One Year 9 (17,989 ) (30,129 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (6,131 ) (9,819 )
NET ASSETS 200,123 184,429
CAPITAL AND RESERVES
Called up share capital 11 100 2
Profit and Loss Account 200,023 184,427
SHAREHOLDERS' FUNDS 200,123 184,429
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Page 2
For the year ending 29 February 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 D Snowling
Director
Mr P Snowling
Director
21 November 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
Harleston Engineering Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06101982 . The registered office is Unit 1c, Ellough Industrial Estate, Beccles, Suffolk, NR34 7TD.
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 - 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.
2.4. 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:
Plant & Machinery 15% on cost
Motor Vehicles 20% on cost
Fixtures & Fittings 15% on cost
Computer Equipment 25% on cost
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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.
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2.7. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2023: 12)
12 12
4. Intangible Assets
Goodwill
£
Cost
As at 1 March 2023 63,000
As at 29 February 2024 63,000
Amortisation
As at 1 March 2023 50,400
Provided during the period 3,150
As at 29 February 2024 53,550
Net Book Value
As at 29 February 2024 9,450
As at 1 March 2023 12,600
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 March 2023 79,004 124,273 14,139 10,371 227,787
Additions - - - 2,482 2,482
As at 29 February 2024 79,004 124,273 14,139 12,853 230,269
...CONTINUED
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Page 5
Depreciation
As at 1 March 2023 72,775 92,476 13,757 9,504 188,512
Provided during the period 1,637 14,369 267 960 17,233
As at 29 February 2024 74,412 106,845 14,024 10,464 205,745
Net Book Value
As at 29 February 2024 4,592 17,428 115 2,389 24,524
As at 1 March 2023 6,229 31,797 382 867 39,275
6. Stocks
2024 2023
£ £
Stock 50,000 7,200
Work in progress 86,000 82,249
136,000 89,449
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 98,614 138,792
Prepayments and accrued income 9,555 7,767
108,169 146,559
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 3,191 2,989
Trade creditors 19,897 27,288
Bank loans and overdrafts 8,900 9,800
Corporation tax 19,703 15,880
Other taxes and social security 2,944 9,666
VAT 15,955 22,875
Other creditors 4,951 3,443
Directors' loan accounts 18,086 26,197
93,627 118,138
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 275 3,465
Bank loans 17,714 26,664
17,989 30,129
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10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 3,191 2,989
Later than one year and not later than five years 275 3,465
3,466 6,454
3,466 6,454
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 2
12. Capital Commitments
2024 2023
£ £
At the end of the period 23,016 -
At the end of the period, the company had capital commitments contracted for but not provided in these financial statements
This relates to a vehicle on contract hire, on which 52 installments remain at the year end.
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