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Registered number: 12337354
Hustler Equipment UK Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Smooth Accounting
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12337354
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 79,488 104,903
79,488 104,903
CURRENT ASSETS
Stocks 5 674,199 1,473,825
Debtors 6 964,555 469,703
Cash at bank and in hand 118,163 191,033
1,756,917 2,134,561
Creditors: Amounts Falling Due Within One Year 7 (2,616,507 ) (2,299,160 )
NET CURRENT ASSETS (LIABILITIES) (859,590 ) (164,599 )
TOTAL ASSETS LESS CURRENT LIABILITIES (780,102 ) (59,696 )
Creditors: Amounts Falling Due After More Than One Year 8 (27,520 ) (50,708 )
NET LIABILITIES (807,622 ) (110,404 )
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account (807,623 ) (110,405 )
SHAREHOLDERS' FUNDS (807,622) (110,404)
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.
On behalf of the board
Mr B Currie
Director
26/12/2024
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
Hustler Equipment UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12337354 . The registered office is C/O Smooth Accounting Limited, Building 1000 Lakeside North Harbour, Western Road, Portsmouth, Hampshire, PO6 3EN.
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
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
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.
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.
2.4. 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 25% reducing balance
Motor Vehicles 25% reducing balance
Computer Equipment 25% reducing balance
2.5. Leasing and Hire Purchase Contracts
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged 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.
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2.7. Financial Instruments
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
2.8. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.9. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 4)
6 4
4. Tangible Assets
Plant & Machinery etc.
£
Cost
As at 1 April 2023 142,236
Additions 1,081
As at 31 March 2024 143,317
Depreciation
As at 1 April 2023 37,333
Provided during the period 26,496
As at 31 March 2024 63,829
...CONTINUED
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Net Book Value
As at 31 March 2024 79,488
As at 1 April 2023 104,903
5. Stocks
2024 2023
£ £
Materials 233,209 640,074
Finished goods 440,990 833,751
674,199 1,473,825
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 105,445 278,983
Other debtors 859,110 190,720
964,555 469,703
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 22,877 28,937
Trade creditors 3,871 45,988
Other creditors 2,560,532 2,188,955
Taxation and social security 29,227 35,280
2,616,507 2,299,160
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 27,520 50,708
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
10. Related Party Transactions
Included in creditors is £2,528,608 (2023: £2,132,724) exchanged from New Zeland Dollar from Hustler Equipment International.
Also included in creditors is a loan of £27,988 (2023:£25,497) from an employee. The loan is unsecured and repaybale on demand with two month's notice provided. Interest is accrued monthly at a rate agreed between the lender and the company. 
Included in debtors is £785,074 (2023: £162,111) exchanged from Euros owed by Hustler Equipment Europe. 
Also included in debtors is £34,674 (2023: Nil) exchanged from Dollars owed by Hustler USA and £14,747 (2023: £ Nil) owed by Hustler Agrivert. 
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