Acorah Software Products - Accounts Production 16.3.350 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 05394886 Mr David White Mr Steven White Mr Kevin Lyons iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05394886 2023-03-31 05394886 2024-03-31 05394886 2023-04-01 2024-03-31 05394886 frs-core:CurrentFinancialInstruments 2024-03-31 05394886 frs-core:Non-currentFinancialInstruments 2024-03-31 05394886 frs-core:ComputerEquipment 2024-03-31 05394886 frs-core:ComputerEquipment 2023-04-01 2024-03-31 05394886 frs-core:ComputerEquipment 2023-03-31 05394886 frs-core:FurnitureFittings 2024-03-31 05394886 frs-core:FurnitureFittings 2023-04-01 2024-03-31 05394886 frs-core:FurnitureFittings 2023-03-31 05394886 frs-core:NetGoodwill 2024-03-31 05394886 frs-core:NetGoodwill 2023-04-01 2024-03-31 05394886 frs-core:NetGoodwill 2023-03-31 05394886 frs-core:PlantMachinery 2024-03-31 05394886 frs-core:PlantMachinery 2023-04-01 2024-03-31 05394886 frs-core:PlantMachinery 2023-03-31 05394886 frs-core:ShareCapital 2024-03-31 05394886 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 05394886 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05394886 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 05394886 frs-bus:SmallEntities 2023-04-01 2024-03-31 05394886 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 05394886 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05394886 frs-bus:Director1 2023-04-01 2024-03-31 05394886 frs-bus:Director2 2023-04-01 2024-03-31 05394886 frs-bus:CompanySecretary1 2023-04-01 2024-03-31 05394886 frs-core:CurrentFinancialInstruments 1 2024-03-31 05394886 frs-core:CurrentFinancialInstruments 2 2024-03-31 05394886 frs-core:Non-currentFinancialInstruments 2 2024-03-31 05394886 frs-countries:EnglandWales 2023-04-01 2024-03-31 05394886 2022-03-31 05394886 2023-03-31 05394886 2022-04-01 2023-03-31 05394886 frs-core:CurrentFinancialInstruments 2023-03-31 05394886 frs-core:Non-currentFinancialInstruments 2023-03-31 05394886 frs-core:ShareCapital 2023-03-31 05394886 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31 05394886 frs-core:CurrentFinancialInstruments 1 2023-03-31 05394886 frs-core:CurrentFinancialInstruments 2 2023-03-31 05394886 frs-core:Non-currentFinancialInstruments 2 2023-03-31
Registered number: 05394886
Foleys Garage Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
MKL Accountants Limited
Chartered Certified Accountants
Herston Cross House
230 High Street
Swanage
Dorset
BH19 2PQ
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 05394886
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 141,999 141,999
Tangible Assets 5 19,995 18,953
Investment Properties 6 6,617 6,617
168,611 167,569
CURRENT ASSETS
Stocks 7 128,066 197,756
Debtors 8 30,287 56,094
Cash at bank and in hand 262,953 210,685
421,306 464,535
Creditors: Amounts Falling Due Within One Year 9 (191,429 ) (253,454 )
NET CURRENT ASSETS (LIABILITIES) 229,877 211,081
TOTAL ASSETS LESS CURRENT LIABILITIES 398,488 378,650
Creditors: Amounts Falling Due After More Than One Year 10 - (7,292 )
NET ASSETS 398,488 371,358
CAPITAL AND RESERVES
Called up share capital 11 200 150
Profit and Loss Account 398,288 371,208
SHAREHOLDERS' FUNDS 398,488 371,358
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 David White
Director
16/05/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Foleys Garage Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 05394886 . The registered office is Herston Cross House, 230 High Street, Swanage, Dorset, BH19 2PQ.
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. The directors are of the opinion that the market value of the goodwill exceeds the cost and therefore no amortisation is provided.
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 25% Reducing balance method
Fixtures & Fittings 25% Reducing balance method
Computer Equipment 25% Reducing balance method
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
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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. 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 year 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 asset reflects 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 15 (2023: 15)
15 15
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 141,999
As at 31 March 2024 141,999
Net Book Value
As at 31 March 2024 141,999
As at 1 April 2023 141,999
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5. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 32,373 4,951 5,130 42,454
Additions 6,885 - 823 7,708
As at 31 March 2024 39,258 4,951 5,953 50,162
Depreciation
As at 1 April 2023 17,362 2,845 3,294 23,501
Provided during the period 5,474 527 665 6,666
As at 31 March 2024 22,836 3,372 3,959 30,167
Net Book Value
As at 31 March 2024 16,422 1,579 1,994 19,995
As at 1 April 2023 15,011 2,106 1,836 18,953
6. Investment Property
2024
£
Fair Value
As at 1 April 2023 and 31 March 2024 6,617
7. Stocks
2024 2023
£ £
Stock 128,066 197,756
8. Debtors
2024 2023
£ £
Due within one year
Trade debtors 26,852 52,418
Prepayments and accrued income 3,435 3,372
VAT - 304
30,287 56,094
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9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 62,595 132,434
Corporation tax 30,272 44,144
Other taxes and social security 4,821 3,555
VAT 14,807 -
Other creditors 890 1,030
Pension contributions 1,127 873
Credit card account 1,886 1,097
Directors' loan accounts 75,031 70,321
191,429 253,454
10. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Loan St Albans - 7,292
- 7,292
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 200 150
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