Acorah Software Products - Accounts Production 16.1.300 false true 31 July 2023 1 August 2022 false 1 August 2023 31 July 2024 31 July 2024 01365243 Mr Philip Fernie Mr Gary Fernie iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 01365243 2023-07-31 01365243 2024-07-31 01365243 2023-08-01 2024-07-31 01365243 frs-core:CurrentFinancialInstruments 2024-07-31 01365243 frs-core:FurnitureFittings 2024-07-31 01365243 frs-core:FurnitureFittings 2023-08-01 2024-07-31 01365243 frs-core:FurnitureFittings 2023-07-31 01365243 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-07-31 01365243 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 01365243 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-07-31 01365243 frs-core:MotorVehicles 2024-07-31 01365243 frs-core:MotorVehicles 2023-08-01 2024-07-31 01365243 frs-core:MotorVehicles 2023-07-31 01365243 frs-core:PlantMachinery 2024-07-31 01365243 frs-core:PlantMachinery 2023-08-01 2024-07-31 01365243 frs-core:PlantMachinery 2023-07-31 01365243 frs-core:ShareCapital 2024-07-31 01365243 frs-core:RetainedEarningsAccumulatedLosses 2024-07-31 01365243 frs-bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 01365243 frs-bus:FilletedAccounts 2023-08-01 2024-07-31 01365243 frs-bus:SmallEntities 2023-08-01 2024-07-31 01365243 frs-bus:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 01365243 frs-bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 01365243 frs-bus:Director1 2023-08-01 2024-07-31 01365243 frs-bus:Director2 2023-08-01 2024-07-31 01365243 frs-countries:EnglandWales 2023-08-01 2024-07-31 01365243 2022-07-31 01365243 2023-07-31 01365243 2022-08-01 2023-07-31 01365243 frs-core:CurrentFinancialInstruments 2023-07-31 01365243 frs-core:ShareCapital 2023-07-31 01365243 frs-core:RetainedEarningsAccumulatedLosses 2023-07-31
Registered number: 01365243
Fernie (Asphalters) Limited
Unaudited Financial Statements
For The Year Ended 31 July 2024
Balme Kitchen & Pearce
25 Lemon Street
Truro
Cornwall
TR1 2LS
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 01365243
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 655,412 650,540
655,412 650,540
CURRENT ASSETS
Stocks 5 36,178 45,667
Debtors 6 202,716 221,109
Cash at bank and in hand 410,913 329,991
649,807 596,767
Creditors: Amounts Falling Due Within One Year 7 (70,422 ) (45,593 )
NET CURRENT ASSETS (LIABILITIES) 579,385 551,174
TOTAL ASSETS LESS CURRENT LIABILITIES 1,234,797 1,201,714
PROVISIONS FOR LIABILITIES
Deferred Taxation (6,716 ) (5,790 )
NET ASSETS 1,228,081 1,195,924
CAPITAL AND RESERVES
Called up share capital 8 200 200
Profit and Loss Account 1,227,881 1,195,724
SHAREHOLDERS' FUNDS 1,228,081 1,195,924
Page 1
Page 2
For the year ending 31 July 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 Philip Fernie
Director
19 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
Fernie (Asphalters) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01365243 . The registered office is 25 Lemon Street, Truro, Cornwall, TR1 2LS.
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. 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 Not provided
Plant & Machinery 15% Straight Line
Motor Vehicles 20% Straight Line
Fixtures & Fittings 15% Reducing Balance
2.4. 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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2.5. 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are 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: 6 (2023: 8)
6 8
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 August 2023 620,067 13,655 87,815 30,608 752,145
Additions - - 27,662 - 27,662
Disposals - - (37,325 ) - (37,325 )
As at 31 July 2024 620,067 13,655 78,152 30,608 742,482
Depreciation
As at 1 August 2023 - 11,539 69,286 20,780 101,605
Provided during the period - 454 8,732 1,474 10,660
Disposals - - (25,195 ) - (25,195 )
As at 31 July 2024 - 11,993 52,823 22,254 87,070
...CONTINUED
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Net Book Value
As at 31 July 2024 620,067 1,662 25,329 8,354 655,412
As at 1 August 2023 620,067 2,116 18,529 9,828 650,540
5. Stocks
2024 2023
£ £
Stock 36,178 45,667
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 24,153 33,988
Other debtors 178,563 187,121
202,716 221,109
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 47 2,317
Other creditors 24,027 17,969
Taxation and social security 46,348 25,307
70,422 45,593
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 200 200
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