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Registered number: 05743845
County Vegetables Limited
Unaudited Financial Statements
For The Year Ended 31 March 2025
Steve Pye & Co.
Chartered Certified Accountants
3 North Lynn Bus. Village
Bergen Way, North Lynn Industrial Estate
King's Lynn
Norfolk
PE30 2JG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05743845
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 62,068 69,332
62,068 69,332
CURRENT ASSETS
Debtors 5 25,837 427,033
Cash at bank and in hand 173,670 36,244
199,507 463,277
Creditors: Amounts Falling Due Within One Year 6 (153,786 ) (406,171 )
NET CURRENT ASSETS (LIABILITIES) 45,721 57,106
TOTAL ASSETS LESS CURRENT LIABILITIES 107,789 126,438
Creditors: Amounts Falling Due After More Than One Year 7 (23,489 ) (113,588 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (10,482 ) (11,392 )
NET ASSETS 73,818 1,458
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 73,718 1,358
SHAREHOLDERS' FUNDS 73,818 1,458
Page 1
Page 2
For the year ending 31 March 2025 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 A J Terry
Director
3 June 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
County Vegetables Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05743845 . The registered office is Unit 3, North Lynn Business Village Bergen Way, North Lynn Industrial Estate, King's Lynn, PE30 2JG.  The presentation currency of the financial statements is the Pound Sterling (£).
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. Significant judgements and estimations
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources.  The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.  The estimates and underlying assumptions are reviewed on an ongoing basis.  Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of revision and future periods if the revision affects both current and future periods.  The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets.
2.3. 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.
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:
Property Improvements 0%
Plant & Machinery 15% on reducing balance
Motor Vehicles 15% on reducing balance
2.5. Financial Instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.
a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.
b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.
c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
d) Trade and other creditors
...CONTINUED
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2.5. Financial Instruments - continued
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2024: 3)
3 3
4. Tangible Assets
Land & Property
Property Improvements Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 April 2024 19,800 14,778 50,000 84,578
Additions - 305 - 305
Disposals - (208 ) - (208 )
As at 31 March 2025 19,800 14,875 50,000 84,675
Depreciation
As at 1 April 2024 - 7,746 7,500 15,246
Provided during the period - 1,084 6,375 7,459
Disposals - (98 ) - (98 )
As at 31 March 2025 - 8,732 13,875 22,607
Net Book Value
As at 31 March 2025 19,800 6,143 36,125 62,068
As at 1 April 2024 19,800 7,032 42,500 69,332
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5. Debtors
2025 2024
£ £
Due within one year
Trade debtors - 344,341
Other debtors 25,837 82,692
25,837 427,033
6. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 2,298 2,116
Trade creditors 7,821 283,933
Bank loans and overdrafts 87,204 92,764
Other creditors 2,755 2,508
Taxation and social security 53,708 24,850
153,786 406,171
7. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 23,489 26,384
Bank loans - 87,204
23,489 113,588
8. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 100 100
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2024 Amounts advanced Amounts repaid Amounts written off As at 31 March 2025
£ £ £ £ £
Mrs Tracy Terry 29,643 - 29,643 - -
Mr Andrew Terry 29,643 - 29,643 - -
The above loan is unsecured and repayable on demand.
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