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Registered number: 09308041
New Farm Fuels Limited
Unaudited Financial Statements
For The Year Ended 30 November 2024
Gregory Priestley & Stewart
Chartered Accountants
Alexandra House
123 Priestsic Road
Sutton In Ashfield
Nottinghamshire
NG17 4EA
Contents
Page
Company Information 1
Statement of Financial Position 2—3
Notes to the Financial Statements 4—7
Page 1
Company Information
Directors Mrs Dawn Joyce
Mr Shaun Joyce
Company Number 09308041
Registered Office Alexandra House
123 Priestsic Road
Sutton In Ashfield
Nottinghamshire
NG17 4EA
Accountants Gregory Priestley & Stewart
Chartered Accountants
Alexandra House
123 Priestsic Road
Sutton In Ashfield
Nottinghamshire
NG17 4EA
Page 1
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Statement of Financial Position
Registered number: 09308041
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 2,000
Tangible Assets 5 249,914 180,888
249,914 182,888
CURRENT ASSETS
Stocks 6 64,951 70,772
Debtors 7 46,845 43,863
Cash at bank and in hand 62,275 67,430
174,071 182,065
Creditors: Amounts Falling Due Within One Year 8 (189,700 ) (197,086 )
NET CURRENT ASSETS (LIABILITIES) (15,629 ) (15,021 )
TOTAL ASSETS LESS CURRENT LIABILITIES 234,285 167,867
Creditors: Amounts Falling Due After More Than One Year 9 (85,235 ) (62,532 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (11,828 ) (20,306 )
NET ASSETS 137,222 85,029
CAPITAL AND RESERVES
Called up share capital 11 100 100
Income Statement 137,122 84,929
SHAREHOLDERS' FUNDS 137,222 85,029
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For the year ending 30 November 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 Income Statement.
On behalf of the board
Mr Shaun Joyce
Director
17/02/2025
The notes on pages 4 to 7 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
New Farm Fuels Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09308041 . The registered office is Alexandra House, 123 Priestsic Road, Sutton In Ashfield, Nottinghamshire, NG17 4EA.
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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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
Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation 
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows: 
Goodwill - 10% straight line 
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Leasehold 5% straight line
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
2.5. Leasing and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method.Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability. 
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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 instruments 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.
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
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. 
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises. 
2.10. Debtors and creditors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2023: 7)
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4. Intangible Assets
Goodwill
£
Cost
As at 1 December 2023 20,000
As at 30 November 2024 20,000
Amortisation
As at 1 December 2023 18,000
Provided during the period 2,000
As at 30 November 2024 20,000
Net Book Value
As at 30 November 2024 -
As at 1 December 2023 2,000
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 December 2023 106,633 87,695 75,478 6,545 276,351
Additions 42,667 26,484 44,030 - 113,181
As at 30 November 2024 149,300 114,179 119,508 6,545 389,532
Depreciation
As at 1 December 2023 6,970 63,134 24,288 1,071 95,463
Provided during the period 6,221 12,761 23,805 1,368 44,155
As at 30 November 2024 13,191 75,895 48,093 2,439 139,618
Net Book Value
As at 30 November 2024 136,109 38,284 71,415 4,106 249,914
As at 1 December 2023 99,663 24,561 51,190 5,474 180,888
6. Stocks
2024 2023
£ £
Stock 64,951 70,772
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 8,279 5,915
Other debtors 38,566 37,948
46,845 43,863
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 33,816 17,339
Trade creditors 112,850 130,433
Bank loans and overdrafts 20,451 16,134
Other creditors 3,177 20,911
Taxation and social security 19,406 12,269
189,700 197,086
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 29,577 13,055
Bank loans 55,658 49,477
85,235 62,532
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 33,816 17,339
Later than one year and not later than five years 29,577 13,055
63,393 30,394
63,393 30,394
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
12. Directors Advances, Credits and Guarantees
At the balance sheet date, the directors were owed £121 (2023: £17,883) by the company.
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