Acorah Software Products - Accounts Production 16.1.300 false true 31 May 2023 1 June 2022 false 1 June 2023 31 May 2024 31 May 2024 02940486 Mrs Amanda Farwell Mr Mark Farwell Mr Matthew Farwell Mr Martin Farwell Mrs Amanda Farwell iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 02940486 2023-05-31 02940486 2024-05-31 02940486 2023-06-01 2024-05-31 02940486 frs-core:CurrentFinancialInstruments 2024-05-31 02940486 frs-core:Non-currentFinancialInstruments 2024-05-31 02940486 frs-core:ComputerEquipment 2024-05-31 02940486 frs-core:ComputerEquipment 2023-06-01 2024-05-31 02940486 frs-core:ComputerEquipment 2023-05-31 02940486 frs-core:FurnitureFittings 2024-05-31 02940486 frs-core:FurnitureFittings 2023-06-01 2024-05-31 02940486 frs-core:FurnitureFittings 2023-05-31 02940486 frs-core:NetGoodwill 2024-05-31 02940486 frs-core:NetGoodwill 2023-06-01 2024-05-31 02940486 frs-core:NetGoodwill 2023-05-31 02940486 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-05-31 02940486 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 02940486 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-05-31 02940486 frs-core:PlantMachinery 2024-05-31 02940486 frs-core:PlantMachinery 2023-06-01 2024-05-31 02940486 frs-core:PlantMachinery 2023-05-31 02940486 frs-core:ShareCapital 2024-05-31 02940486 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 02940486 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 02940486 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 02940486 frs-bus:SmallEntities 2023-06-01 2024-05-31 02940486 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 02940486 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 02940486 frs-bus:OrdinaryShareClass2 2023-06-01 2024-05-31 02940486 frs-bus:OrdinaryShareClass2 2024-05-31 02940486 frs-bus:OrdinaryShareClass3 2023-06-01 2024-05-31 02940486 frs-bus:OrdinaryShareClass3 2024-05-31 02940486 frs-bus:OrdinaryShareClass4 2023-06-01 2024-05-31 02940486 frs-bus:OrdinaryShareClass4 2024-05-31 02940486 frs-bus:Director1 2023-06-01 2024-05-31 02940486 frs-bus:Director2 2023-06-01 2024-05-31 02940486 frs-bus:Director3 2023-06-01 2024-05-31 02940486 frs-bus:Director4 2023-06-01 2024-05-31 02940486 frs-bus:CompanySecretary1 2023-06-01 2024-05-31 02940486 frs-core:CurrentFinancialInstruments 4 2024-05-31 02940486 frs-countries:EnglandWales 2023-06-01 2024-05-31 02940486 2022-05-31 02940486 2023-05-31 02940486 2022-06-01 2023-05-31 02940486 frs-core:CurrentFinancialInstruments 2023-05-31 02940486 frs-core:Non-currentFinancialInstruments 2023-05-31 02940486 frs-core:ShareCapital 2023-05-31 02940486 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31 02940486 frs-bus:OrdinaryShareClass2 2022-06-01 2023-05-31 02940486 frs-bus:OrdinaryShareClass3 2022-06-01 2023-05-31 02940486 frs-bus:OrdinaryShareClass4 2022-06-01 2023-05-31 02940486 frs-core:CurrentFinancialInstruments 1 2023-05-31 02940486 frs-core:CurrentFinancialInstruments 4 2023-05-31
Registered number: 02940486
Mark Farwell Plant Hire Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Advoco (SW) Ltd
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 02940486
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 123,231 139,481
Tangible Assets 5 5,370,946 5,458,405
5,494,177 5,597,886
CURRENT ASSETS
Debtors 6 1,105,722 1,396,542
Cash at bank and in hand 3,092,345 2,149,976
4,198,067 3,546,518
Creditors: Amounts Falling Due Within One Year 7 (1,207,625 ) (917,180 )
NET CURRENT ASSETS (LIABILITIES) 2,990,442 2,629,338
TOTAL ASSETS LESS CURRENT LIABILITIES 8,484,619 8,227,224
Creditors: Amounts Falling Due After More Than One Year 8 (1,500,000 ) (1,056,000 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (840,150 ) (871,949 )
NET ASSETS 6,144,469 6,299,275
CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Profit and Loss Account 6,143,469 6,298,275
SHAREHOLDERS' FUNDS 6,144,469 6,299,275
Page 1
Page 2
For the year ending 31 May 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 Mark Farwell
Director
25 February 2025
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
Mark Farwell Plant Hire Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02940486 . The registered office is 14a Albany Road, Weymouth, Dorset, DT4 9TH.
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, being the amount paid in connection with the acquisition of a business in 1994, is being amortised
evenly over its estimated useful life of twenty 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:
Freehold Other
Plant & Machinery 20% on reducing balance
Fixtures & Fittings 15% on reducing balance
Computer Equipment at varying rates on cost
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 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.
Deferred tax
...CONTINUED
Page 3
Page 4
2.5. Taxation - continued
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance
sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws
that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of
the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they
will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 39 (2023: 44)
39 44
4. Intangible Assets
Goodwill
£
Cost
As at 1 June 2023 339,000
As at 31 May 2024 339,000
Amortisation
As at 1 June 2023 199,519
Provided during the period 16,250
As at 31 May 2024 215,769
Net Book Value
As at 31 May 2024 123,231
As at 1 June 2023 139,481
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 June 2023 2,066,823 7,200,413 20,675 38,259 9,326,170
Additions 8,853 685,065 - 5,000 698,918
Disposals - (284,054 ) - - (284,054 )
As at 31 May 2024 2,075,676 7,601,424 20,675 43,259 9,741,034
Depreciation
As at 1 June 2023 - 3,830,483 19,375 17,907 3,867,765
Provided during the period 618 702,625 195 1,627 705,065
Disposals - (202,742 ) - - (202,742 )
As at 31 May 2024 618 4,330,366 19,570 19,534 4,370,088
Net Book Value
As at 31 May 2024 2,075,058 3,271,058 1,105 23,725 5,370,946
As at 1 June 2023 2,066,823 3,369,930 1,300 20,352 5,458,405
Page 4
Page 5
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 461,774 771,331
Prepayments and accrued income 143,115 124,378
Other debtors 500,833 500,833
1,105,722 1,396,542
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 516,912 600,973
Corporation tax liability 63,187 -
Social security and other tax 28,384 31,192
VAT 189,283 92,870
Other creditors 332,090 157,139
Wages creditor - 19,093
Pension creditor 5,743 6,471
Accrued expenses 7,015 6,570
Directors' loan accounts 65,011 2,872
1,207,625 917,180
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other creditors 1,500,000 1,056,000
1,500,000 1,056,000
9. Share Capital
2024 2023
Allotted, called up but not fully paid £ £
750 ordinary A shares of £ 1.00 each 750 750
200 ordinary B shares of £ 1.00 each 200 200
50 ordinary C shares of £ 1.00 each 50 50
1,000 1,000
Page 5