Acorah Software Products - Accounts Production 16.3.350 false true 31 December 2023 1 January 2023 false 1 January 2024 31 December 2024 31 December 2024 04829419 Mr Justin Smith Mr Jason Whaley Mr Justin Smith Mr Jason Whaley iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 04829419 2023-12-31 04829419 2024-12-31 04829419 2024-01-01 2024-12-31 04829419 frs-core:CurrentFinancialInstruments 2024-12-31 04829419 frs-core:FurnitureFittings 2024-12-31 04829419 frs-core:FurnitureFittings 2024-01-01 2024-12-31 04829419 frs-core:FurnitureFittings 2023-12-31 04829419 frs-core:MotorVehicles 2024-12-31 04829419 frs-core:MotorVehicles 2024-01-01 2024-12-31 04829419 frs-core:MotorVehicles 2023-12-31 04829419 frs-core:PlantMachinery 2024-12-31 04829419 frs-core:PlantMachinery 2024-01-01 2024-12-31 04829419 frs-core:PlantMachinery 2023-12-31 04829419 frs-core:ShareCapital 2024-12-31 04829419 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 04829419 frs-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 04829419 frs-bus:FilletedAccounts 2024-01-01 2024-12-31 04829419 frs-bus:SmallEntities 2024-01-01 2024-12-31 04829419 frs-bus:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 04829419 frs-bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 04829419 frs-bus:Director1 2024-01-01 2024-12-31 04829419 frs-bus:Director2 2024-01-01 2024-12-31 04829419 frs-bus:CompanySecretary1 2024-01-01 2024-12-31 04829419 frs-bus:CompanySecretary2 2024-01-01 2024-12-31 04829419 frs-core:CurrentFinancialInstruments 1 2024-12-31 04829419 frs-core:CurrentFinancialInstruments 2 2024-12-31 04829419 frs-countries:EnglandWales 2024-01-01 2024-12-31 04829419 2022-12-31 04829419 2023-12-31 04829419 2023-01-01 2023-12-31 04829419 frs-core:CurrentFinancialInstruments 2023-12-31 04829419 frs-core:ShareCapital 2023-12-31 04829419 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 04829419 frs-core:CurrentFinancialInstruments 1 2023-12-31 04829419 frs-core:CurrentFinancialInstruments 2 2023-12-31
Registered number: 04829419
Gear 4 Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
TaxAssist Accountants
Hereward Offices
Cherry Holt Road
Bourne
Lincolnshire
PE10 9LA
Unaudited Financial Statements
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—4
Page 1
Balance Sheet
Registered number: 04829419
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 78,295 89,251
78,295 89,251
CURRENT ASSETS
Stocks 5 2,258,773 2,428,454
Debtors 6 152,047 156,860
Cash at bank and in hand 166,204 125,548
2,577,024 2,710,862
Creditors: Amounts Falling Due Within One Year 7 (1,805,061 ) (1,919,739 )
NET CURRENT ASSETS (LIABILITIES) 771,963 791,123
TOTAL ASSETS LESS CURRENT LIABILITIES 850,258 880,374
NET ASSETS 850,258 880,374
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 850,158 880,274
SHAREHOLDERS' FUNDS 850,258 880,374
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 Justin Smith
Director
Mr Jason Whaley
Director
16 June 2025
The notes on pages 2 to 4 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Gear 4 Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04829419 . The registered office is Scotgate House Halifax Drive Off Whitley Way, Northfields Industrial Estate Market Deeping, Peterborough, Lincolnshire, PE6 8AR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2014.
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. 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 or 20% on cost
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% or 10% reducing balance or 33% on cost
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value. The increase in stock value for 2023 is due to the listing of all vehicle stock held within the business including those paid for in full and those currently being held on a manufacturer funded stocking plans. The increase in stock value is offset against the corresponding liability listed in outstanding creditors. Previous years stock values have only listed those vehicles fully paid for, excluding those held on the manufacturer stocking plan.
2.5. 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.
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Page 3
3. Average Number of Employees
Average number of employees, including directors, during the year was: 23 (2023: 20)
23 20
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 January 2024 112,371 - 169,288 281,659
Additions - 5,560 1,839 7,399
Disposals (665 ) - - (665 )
As at 31 December 2024 111,706 5,560 171,127 288,393
Depreciation
As at 1 January 2024 81,137 - 111,271 192,408
Provided during the period 8,169 927 8,594 17,690
As at 31 December 2024 89,306 927 119,865 210,098
Net Book Value
As at 31 December 2024 22,400 4,633 51,262 78,295
As at 1 January 2024 31,234 - 58,017 89,251
5. Stocks
2024 2023
£ £
Stock 2,258,773 2,428,454
6. Debtors
2024 2023
£ £
Due within one year
Partnership loan 131,291 122,424
Security deposits 4,250 4,250
Other debtors. 16,506 22,651
VAT control account - 7,535
152,047 156,860
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,686,004 1,840,972
Corporation tax 28,217 20,106
PAYE control account 9,656 12,254
VAT control account 40,926 -
Net wages 33,024 35,324
NEST control account 1,757 2,225
Barclaycard 2,969 6,350
Accruals and deferred income 2,508 2,508
1,805,061 1,919,739
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Page 4
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 4