Acorah Software Products - Accounts Production 16.1.300 false true 31 October 2023 1 November 2022 false 1 November 2023 31 October 2024 31 October 2024 07406688 Mr Robert Lanaway Mrs Rosemary Lanaway Mrs Sarah Lanaway iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07406688 2023-10-31 07406688 2024-10-31 07406688 2023-11-01 2024-10-31 07406688 frs-core:CurrentFinancialInstruments 2024-10-31 07406688 frs-core:ComputerEquipment 2024-10-31 07406688 frs-core:ComputerEquipment 2023-11-01 2024-10-31 07406688 frs-core:ComputerEquipment 2023-10-31 07406688 frs-core:NetGoodwill 2024-10-31 07406688 frs-core:NetGoodwill 2023-11-01 2024-10-31 07406688 frs-core:NetGoodwill 2023-10-31 07406688 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-10-31 07406688 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 07406688 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-10-31 07406688 frs-core:MotorVehicles 2024-10-31 07406688 frs-core:MotorVehicles 2023-11-01 2024-10-31 07406688 frs-core:MotorVehicles 2023-10-31 07406688 frs-core:PlantMachinery 2024-10-31 07406688 frs-core:PlantMachinery 2023-11-01 2024-10-31 07406688 frs-core:PlantMachinery 2023-10-31 07406688 frs-core:ShareCapital 2024-10-31 07406688 frs-core:RetainedEarningsAccumulatedLosses 2024-10-31 07406688 frs-bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 07406688 frs-bus:FilletedAccounts 2023-11-01 2024-10-31 07406688 frs-bus:SmallEntities 2023-11-01 2024-10-31 07406688 frs-bus:AuditExempt-NoAccountantsReport 2023-11-01 2024-10-31 07406688 frs-bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 07406688 frs-bus:Director1 2023-11-01 2024-10-31 07406688 frs-bus:Director2 2023-11-01 2024-10-31 07406688 frs-bus:CompanySecretary1 2023-11-01 2024-10-31 07406688 frs-countries:EnglandWales 2023-11-01 2024-10-31 07406688 2022-10-31 07406688 2023-10-31 07406688 2022-11-01 2023-10-31 07406688 frs-core:CurrentFinancialInstruments 2023-10-31 07406688 frs-core:ShareCapital 2023-10-31 07406688 frs-core:RetainedEarningsAccumulatedLosses 2023-10-31
Registered number: 07406688
Classic Car Trim Products Ltd
Financial Statements
For The Year Ended 31 October 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07406688
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 27,000 31,500
Tangible Assets 5 218,126 206,517
245,126 238,017
CURRENT ASSETS
Stocks 6 188,000 189,500
Debtors 7 55,827 59,620
Cash at bank and in hand 56,432 82,948
300,259 332,068
Creditors: Amounts Falling Due Within One Year 8 (43,086 ) (75,653 )
NET CURRENT ASSETS (LIABILITIES) 257,173 256,415
TOTAL ASSETS LESS CURRENT LIABILITIES 502,299 494,432
NET ASSETS 502,299 494,432
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 502,297 494,430
SHAREHOLDERS' FUNDS 502,299 494,432
Page 1
Page 2
For the year ending 31 October 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 Robert Lanaway
Director
5th March 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
Classic Car Trim Products Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07406688 . The registered office is Coldnorthcott, St Teath, Bodmin, Cornwall, PL30 3LL.
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 is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... 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 No Depreciation
Plant & Machinery 15% Reducing balance
Motor Vehicles 25% Reducing balance
Computer Equipment 15% Reducing balance
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
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.
...CONTINUED
Page 3
Page 4
2.6. Taxation - continued
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: 11 (2023: 12)
11 12
4. Intangible Assets
Goodwill
£
Cost
As at 1 November 2023 90,000
As at 31 October 2024 90,000
Amortisation
As at 1 November 2023 58,500
Provided during the period 4,500
As at 31 October 2024 63,000
Net Book Value
As at 31 October 2024 27,000
As at 1 November 2023 31,500
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 November 2023 156,710 117,138 26,970 1,684 302,502
Additions - 25,000 - - 25,000
Disposals - (5,249 ) - - (5,249 )
As at 31 October 2024 156,710 136,889 26,970 1,684 322,253
Depreciation
As at 1 November 2023 - 83,105 11,799 1,081 95,985
Provided during the period - 8,740 3,793 91 12,624
Disposals - (4,482 ) - - (4,482 )
As at 31 October 2024 - 87,363 15,592 1,172 104,127
Net Book Value
As at 31 October 2024 156,710 49,526 11,378 512 218,126
As at 1 November 2023 156,710 34,033 15,171 603 206,517
Page 4
Page 5
6. Stocks
2024 2023
£ £
Stock 188,000 189,500
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 53,058 55,869
Prepayments and accrued income 2,769 3,751
55,827 59,620
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 7,265 19,973
Corporation tax 6,511 8,559
VAT 13,370 11,939
Other creditors 1,255 17,721
Accruals and deferred income 10,558 3,230
Directors' loan accounts 4,127 14,231
43,086 75,653
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
Page 5