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Registered number: 07917135
Redhill Vehicle Body Repairs Limited
Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—8
Page 1
Balance Sheet
Registered number: 07917135
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 62,433 45,530
62,433 45,530
CURRENT ASSETS
Stocks 6 7,110 16,665
Debtors 7 103,515 57,314
Cash at bank and in hand 181,727 105,579
292,352 179,558
Creditors: Amounts Falling Due Within One Year 8 (224,091 ) (191,192 )
NET CURRENT ASSETS (LIABILITIES) 68,261 (11,634 )
TOTAL ASSETS LESS CURRENT LIABILITIES 130,694 33,896
Creditors: Amounts Falling Due After More Than One Year 9 (9,606 ) (19,731 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 11 (15,608 ) (11,212 )
NET ASSETS 105,480 2,953
CAPITAL AND RESERVES
Called up share capital 12 100 100
Profit and Loss Account 105,380 2,853
SHAREHOLDERS' FUNDS 105,480 2,953
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For the year ending 31 December 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 A Melnick
Director
Mr W Esnard
Director
16 April 2025
The notes on pages 3 to 8 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Redhill Vehicle Body Repairs Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07917135 . The registered office is 17 Holmethorpe Avenue, Redhill, Surrey, RH1 2NB.
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.
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 assets consists of Fix Auto UK franchise fee. It is amortised to profit and loss account over its estimated economic life of 10 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 25% Straight line
Computer Equipment 25% Straight line
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.
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2.6. Financial Instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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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 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 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.
2.8. 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: 14 (2023: 12)
14 12
4. Intangible Assets
Other
£
Cost
As at 1 January 2024 15,000
As at 31 December 2024 15,000
Amortisation
As at 1 January 2024 15,000
As at 31 December 2024 15,000
Net Book Value
As at 31 December 2024 -
As at 1 January 2024 -
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5. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 January 2024 89,679 11,832 101,511
Additions 19,269 6,317 25,586
As at 31 December 2024 108,948 18,149 127,097
Depreciation
As at 1 January 2024 47,396 8,585 55,981
Provided during the period 7,227 1,456 8,683
As at 31 December 2024 54,623 10,041 64,664
Net Book Value
As at 31 December 2024 54,325 8,108 62,433
As at 1 January 2024 42,283 3,247 45,530
6. Stocks
2024 2023
£ £
Stock 7,110 16,665
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 70,706 48,918
Other debtors 24,413 -
95,119 48,918
Due after more than one year
Other debtors 8,396 8,396
103,515 57,314
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 120,178 111,224
Bank loans and overdrafts 9,801 9,801
Other creditors 42,164 21,591
Taxation and social security 51,948 48,576
224,091 191,192
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 9,606 19,731
10. Loans
An analysis of the maturity of loans is given below:
2024 2023
£ £
Amounts falling due within one year or on demand:
Bank loans 9,801 9,801
2024 2023
£ £
Amounts falling due between one and five years:
Bank loans 9,606 19,731
11. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 15,608 11,212
12. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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13. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 114,134 103,686
Later than one year and not later than five years 119,792 206,846
233,926 310,532
14. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £51,028 (2023 - £10,836).
At the balance sheet date contributions of £NIL were due to the fund.
15. Directors Advances, Credits and Guarantees
Included in other creditors due within one year are loans from the directors, Mr W Esnard amounting to £255 (2023 - £10,000) and Mr A Melnick amounting to £255 (2023 - £7,367).
16. Controlling Parties
The company's ultimate controlling party is Mr W Esnard and Mr A Melnick by virtue of their interest in the share capital of the company.
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