Acorah Software Products - Accounts Production 16.0.110 false true 28 February 2023 1 March 2022 false 1 March 2023 28 February 2024 28 February 2024 06813010 Mr Stuart Beech Mr Tony Burder iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 06813010 2023-02-28 06813010 2024-02-28 06813010 2023-03-01 2024-02-28 06813010 frs-core:CurrentFinancialInstruments 2024-02-28 06813010 frs-core:Non-currentFinancialInstruments 2024-02-28 06813010 frs-core:BetweenOneFiveYears 2024-02-28 06813010 frs-core:ComputerEquipment 2024-02-28 06813010 frs-core:ComputerEquipment 2023-03-01 2024-02-28 06813010 frs-core:ComputerEquipment 2023-02-28 06813010 frs-core:FurnitureFittings 2024-02-28 06813010 frs-core:FurnitureFittings 2023-03-01 2024-02-28 06813010 frs-core:FurnitureFittings 2023-02-28 06813010 frs-core:MotorVehicles 2024-02-28 06813010 frs-core:MotorVehicles 2023-03-01 2024-02-28 06813010 frs-core:MotorVehicles 2023-02-28 06813010 frs-core:PlantMachinery 2024-02-28 06813010 frs-core:PlantMachinery 2023-03-01 2024-02-28 06813010 frs-core:PlantMachinery 2023-02-28 06813010 frs-core:WithinOneYear 2024-02-28 06813010 frs-core:ShareCapital 2024-02-28 06813010 frs-core:RetainedEarningsAccumulatedLosses 2024-02-28 06813010 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-28 06813010 frs-bus:FilletedAccounts 2023-03-01 2024-02-28 06813010 frs-bus:SmallEntities 2023-03-01 2024-02-28 06813010 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-28 06813010 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-28 06813010 frs-bus:Director1 2023-03-01 2024-02-28 06813010 frs-bus:Director2 2023-03-01 2024-02-28 06813010 frs-core:CurrentFinancialInstruments 1 2024-02-28 06813010 frs-countries:EnglandWales 2023-03-01 2024-02-28 06813010 2022-02-28 06813010 2023-02-28 06813010 2022-03-01 2023-02-28 06813010 frs-core:CurrentFinancialInstruments 2023-02-28 06813010 frs-core:Non-currentFinancialInstruments 2023-02-28 06813010 frs-core:BetweenOneFiveYears 2023-02-28 06813010 frs-core:WithinOneYear 2023-02-28 06813010 frs-core:ShareCapital 2023-02-28 06813010 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28 06813010 frs-core:CurrentFinancialInstruments 1 2023-02-28
Registered number: 06813010
The Veg Factor Limited
Unaudited Financial Statements
For The Year Ended 28 February 2024
Lyfe Accountants Limited
Pera Business Park
Nottingham Road
Melton Mowbray
LE13 0PB
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06813010
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 190,159 202,814
190,159 202,814
CURRENT ASSETS
Stocks 5 181,629 188,243
Debtors 6 404,771 414,038
Cash at bank and in hand 33,062 42,875
619,462 645,156
Creditors: Amounts Falling Due Within One Year 7 (298,506 ) (345,987 )
NET CURRENT ASSETS (LIABILITIES) 320,956 299,169
TOTAL ASSETS LESS CURRENT LIABILITIES 511,115 501,983
Creditors: Amounts Falling Due After More Than One Year 8 (53,922 ) (97,388 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (24,933 ) (24,933 )
NET ASSETS 432,260 379,662
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 432,160 379,562
SHAREHOLDERS' FUNDS 432,260 379,662
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 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 Stuart Beech
Director
26/11/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
The Veg Factor Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06813010 . The registered office is Unit 26, Hayhill Road Industrial Estate, Barrow upon Soar, Leicestershire, LE12 8LD.
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. 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 reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
Computer Equipment 33% on reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and 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.
2.5. 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
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 27 26
27 26
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4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 March 2023 64,728 295,626 4,206 33,762 398,322
Additions - - 7,451 4,796 12,247
As at 28 February 2024 64,728 295,626 11,657 38,558 410,569
Depreciation
As at 1 March 2023 32,878 148,675 3,205 10,750 195,508
Provided during the period 193 24,630 43 36 24,902
As at 28 February 2024 33,071 173,305 3,248 10,786 220,410
Net Book Value
As at 28 February 2024 31,657 122,321 8,409 27,772 190,159
As at 1 March 2023 31,850 146,951 1,001 23,012 202,814
5. Stocks
2024 2023
£ £
Stock 181,629 188,243
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 367,271 405,572
Prepayments and accrued income 5,988 4,673
VAT 31,512 3,793
404,771 414,038
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 44,661 45,661
Trade creditors 57,078 154,882
Bank loans and overdrafts 23,463 34,167
Corporation tax 104,840 41,086
Other taxes and social security 19,982 9,320
Pensions payable (203 ) 6,070
Accruals and deferred income 47,760 53,387
Directors' loan accounts 925 1,414
298,506 345,987
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 53,922 97,388
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 44,661 45,661
Later than one year and not later than five years 53,922 97,388
98,583 143,049
98,583 143,049
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5