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Registered number: 10693583
Lakeland Fleet Management Limited
Unaudited Financial Statements
For The Year Ended 31 March 2025
MoynanSmith
Chartered Accountants & Tax Advisers
Unit 4 Clifford Court
Cooper Way
Carlisle
Cumbria
CA3 0JG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10693583
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 461,715 20,203
461,715 20,203
CURRENT ASSETS
Debtors 6 322,229 209,923
Cash at bank and in hand 200,038 173,494
522,267 383,417
Creditors: Amounts Falling Due Within One Year 7 (264,990 ) (164,273 )
NET CURRENT ASSETS (LIABILITIES) 257,277 219,144
TOTAL ASSETS LESS CURRENT LIABILITIES 718,992 239,347
Creditors: Amounts Falling Due After More Than One Year 8 (310,333 ) (38,470 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (81,527 ) (5,051 )
NET ASSETS 327,132 195,826
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 327,032 195,726
SHAREHOLDERS' FUNDS 327,132 195,826
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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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Michael Seggie
Director
25 June 2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Lakeland Fleet Management Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10693583 . The registered office is Unit 4 Clifford Court, Cooper Way, Carlisle, Cumbria, CA3 0JG.
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. It has now been fully amortised to profit and loss account over its estimated economic life.
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 15% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 3 years straight line
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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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.
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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are 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: 2 (2024: 2)
2 2
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2024 11,000
As at 31 March 2025 11,000
Amortisation
As at 1 April 2024 11,000
As at 31 March 2025 11,000
Net Book Value
As at 31 March 2025 -
As at 1 April 2024 -
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5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2024 - 17,840 8,725 10,834 37,399
Additions 1,250 480,749 1,078 4,093 487,170
As at 31 March 2025 1,250 498,589 9,803 14,927 524,569
Depreciation
As at 1 April 2024 - 4,088 3,927 9,181 17,196
Provided during the period 172 42,390 1,291 1,805 45,658
As at 31 March 2025 172 46,478 5,218 10,986 62,854
Net Book Value
As at 31 March 2025 1,078 452,111 4,585 3,941 461,715
As at 1 April 2024 - 13,752 4,798 1,653 20,203
6. Debtors
2025 2024
£ £
Due within one year
Trade debtors 60,411 60,852
Other debtors 261,818 149,071
322,229 209,923
7. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 139,963 3,568
Trade creditors 693 3,508
Bank loans and overdrafts 5,312 5,312
Other creditors 92,842 112,036
Taxation and social security 26,180 39,849
264,990 164,273
8. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 288,163 11,001
Bank loans 22,170 27,469
310,333 38,470
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9. Secured Creditors
Of the creditors the following amounts are secured.
Finance lease and hire purchase contracts are secured against the assets to which they relate.
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 428,126 14,569
10. Obligations Under Finance Leases and Hire Purchase
2025 2024
£ £
The future minimum finance lease payments are as follows:
Not later than one year 139,963 3,568
Later than one year and not later than five years 288,163 11,001
428,126 14,569
428,126 14,569
11. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 100 100
12. Capital Commitments
The total of future minimum lease payments under non-cancellable operating leases are £23,301, which relate to vehicle leases.
13. 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
£ £ £ £ £
Mr Michael Seggie 23,365 - (23,365 ) - -
The above loan is unsecured, repayable on demand and interest has been charged at the official rate.
14. Transition to FRS 102
This is the first year the company has prepared accounts under FRS 102. As a result of this transition the previous period has been restated to account for the deferred taxation provision required which has resulted in brought forward reserves reducing by £5,051.
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