Acorah Software Products - Accounts Production 16.1.300 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 NI068728 Mr Trevor McWatters Mrs Elizabeth McDonald Mills Mr Patrick Hurst Mrs Iris McWatters iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure NI068728 2023-03-31 NI068728 2024-03-31 NI068728 2023-04-01 2024-03-31 NI068728 frs-core:CurrentFinancialInstruments 2024-03-31 NI068728 frs-core:Non-currentFinancialInstruments 2024-03-31 NI068728 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-01 2024-03-31 NI068728 frs-core:FurnitureFittings 2024-03-31 NI068728 frs-core:FurnitureFittings 2023-04-01 2024-03-31 NI068728 frs-core:FurnitureFittings 2023-03-31 NI068728 frs-core:NetGoodwill 2024-03-31 NI068728 frs-core:NetGoodwill 2023-04-01 2024-03-31 NI068728 frs-core:NetGoodwill 2023-03-31 NI068728 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-03-31 NI068728 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 NI068728 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-03-31 NI068728 frs-core:MotorVehicles 2024-03-31 NI068728 frs-core:MotorVehicles 2023-04-01 2024-03-31 NI068728 frs-core:MotorVehicles 2023-03-31 NI068728 frs-core:OtherResidualIntangibleAssets 2024-03-31 NI068728 frs-core:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 NI068728 frs-core:OtherResidualIntangibleAssets 2023-03-31 NI068728 frs-core:PlantMachinery 2024-03-31 NI068728 frs-core:PlantMachinery 2023-04-01 2024-03-31 NI068728 frs-core:PlantMachinery 2023-03-31 NI068728 frs-core:ShareCapital 2024-03-31 NI068728 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 NI068728 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI068728 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 NI068728 frs-bus:SmallEntities 2023-04-01 2024-03-31 NI068728 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 NI068728 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI068728 frs-bus:Director1 2023-04-01 2024-03-31 NI068728 frs-bus:Director2 2023-04-01 2024-03-31 NI068728 frs-bus:Director3 2023-04-01 2024-03-31 NI068728 frs-bus:CompanySecretary1 2023-04-01 2024-03-31 NI068728 frs-countries:NorthernIreland 2023-04-01 2024-03-31 NI068728 2022-03-31 NI068728 2023-03-31 NI068728 2022-04-01 2023-03-31 NI068728 frs-core:CurrentFinancialInstruments 2023-03-31 NI068728 frs-core:Non-currentFinancialInstruments 2023-03-31 NI068728 frs-core:ShareCapital 2023-03-31 NI068728 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: NI068728
Hollybrook Sports Cars Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
P J Carvile
Accountant
14 castor Bay Road
Lurgan
Craigavon
Armagh
BT67 9LE
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: NI068728
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 800
Tangible Assets 5 43,729 39,939
43,729 40,739
CURRENT ASSETS
Stocks 6 100,837 75,003
Debtors 7 85,427 124,559
Cash at bank and in hand 2,074 31,961
188,338 231,523
Creditors: Amounts Falling Due Within One Year 8 (184,990 ) (139,133 )
NET CURRENT ASSETS (LIABILITIES) 3,348 92,390
TOTAL ASSETS LESS CURRENT LIABILITIES 47,077 133,129
Creditors: Amounts Falling Due After More Than One Year 9 (204,999 ) (224,447 )
NET LIABILITIES (157,922 ) (91,318 )
CAPITAL AND RESERVES
Called up share capital 10 3,000 3,000
Profit and Loss Account (160,922 ) (94,318 )
SHAREHOLDERS' FUNDS (157,922) (91,318)
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 Trevor McWatters
Director
25/03/2025
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
Hollybrook Sports Cars Ltd is a private company, limited by shares, incorporated in Northern Ireland, registered number NI068728 . The registered office is 21 Aghnadarragh Road, Glenavy, Crumlin, Antrim, BT29 4QQ.
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 - Other Intangible
Other intangible asset is company website. It is amortised over its estimated economic life of 5 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:
Plant & Machinery comprise a hospitality unit with related fixtures and fittings for customer usage.The directors have not depreciated in year of purchase.
Freehold Evenly over 19 years
Plant & Machinery Nil in year of purchase
Motor Vehicles 25% Straight line per annum
Fixtures & Fittings 20% Reducing balance per annum
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 1 1
Sales, marketing and distribution 3 3
4 4
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4. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 April 2023 10,853 1,000 11,853
As at 31 March 2024 10,853 1,000 11,853
Amortisation
As at 1 April 2023 10,851 202 11,053
Provided during the period - 800 800
As at 31 March 2024 10,851 1,002 11,853
Net Book Value
As at 31 March 2024 2 (2 ) -
As at 1 April 2023 2 798 800
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 April 2023 19,000 29,720 2,050 41,994 92,764
Additions - 8,665 - - 8,665
As at 31 March 2024 19,000 38,385 2,050 41,994 101,429
Depreciation
As at 1 April 2023 10,000 - 2,050 40,775 52,825
Provided during the period 999 3,006 - 870 4,875
As at 31 March 2024 10,999 3,006 2,050 41,645 57,700
Net Book Value
As at 31 March 2024 8,001 35,379 - 349 43,729
As at 1 April 2023 9,000 29,720 - 1,219 39,939
6. Stocks
2024 2023
£ £
Finished goods 100,837 75,003
7. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 85,427 124,559
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 98,979 104,130
Bank loans and overdrafts 49,219 23,343
VAT - 2,933
Net wages 3,330 4,427
Other creditors 4,300 4,300
Directors' loan accounts 29,162 -
184,990 139,133
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Accruals and deferred income 204,999 224,447
Creditors due after one year comprise directors loans to company on formation of £147000 and bank loans of £57999.
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 3,000 3,000
11. Going Concern
Whilst the Balance Sheet is in deficit the company relies on the continuing support of its directors.Directors loans of £147000 originating on company formation are included in long term loans and will not be repaid until the company is in a financial position to do so.
The Bank of Ireland has provided an overdraft facility of £50000 which is secured on the assets of the company.
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