Acorah Software Products - Accounts Production 16.4.675 false true 31 October 2023 1 November 2022 false 1 November 2023 31 October 2024 31 October 2024 06983551 Mr Stuart Dunford Mr Gary Dunford iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 06983551 2023-10-31 06983551 2024-10-31 06983551 2023-11-01 2024-10-31 06983551 frs-core:CurrentFinancialInstruments 2024-10-31 06983551 frs-core:ComputerEquipment 2023-11-01 2024-10-31 06983551 frs-core:FurnitureFittings 2023-11-01 2024-10-31 06983551 frs-core:MotorVehicles 2023-11-01 2024-10-31 06983551 frs-core:PlantMachinery 2024-10-31 06983551 frs-core:PlantMachinery 2023-11-01 2024-10-31 06983551 frs-core:PlantMachinery 2023-10-31 06983551 frs-core:ShareCapital 2024-10-31 06983551 frs-core:RetainedEarningsAccumulatedLosses 2024-10-31 06983551 frs-bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 06983551 frs-bus:FilletedAccounts 2023-11-01 2024-10-31 06983551 frs-bus:SmallEntities 2023-11-01 2024-10-31 06983551 frs-bus:AuditExempt-NoAccountantsReport 2023-11-01 2024-10-31 06983551 frs-bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 06983551 frs-bus:Director1 2023-11-01 2024-10-31 06983551 frs-bus:Director2 2023-11-01 2024-10-31 06983551 frs-countries:EnglandWales 2023-11-01 2024-10-31 06983551 2022-10-31 06983551 2023-10-31 06983551 2022-11-01 2023-10-31 06983551 frs-core:CurrentFinancialInstruments 2023-10-31 06983551 frs-core:ShareCapital 2023-10-31 06983551 frs-core:RetainedEarningsAccumulatedLosses 2023-10-31
Registered number: 06983551
Keydrive Motor Services Limited
Unaudited Financial Statements
For The Year Ended 31 October 2024
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—5
Page 1
Balance Sheet
Registered number: 06983551
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 375,942 436,814
375,942 436,814
CURRENT ASSETS
Stocks 5 8,507 8,507
Debtors 6 6,546 3,670
Cash at bank and in hand 178,215 178,830
193,268 191,007
Creditors: Amounts Falling Due Within One Year 7 (104,434 ) (124,228 )
NET CURRENT ASSETS (LIABILITIES) 88,834 66,779
TOTAL ASSETS LESS CURRENT LIABILITIES 464,776 503,593
PROVISIONS FOR LIABILITIES
Deferred Taxation (94,422 ) (109,204 )
NET ASSETS 370,354 394,389
CAPITAL AND RESERVES
Called up share capital 8 4 4
Profit and Loss Account 370,350 394,385
SHAREHOLDERS' FUNDS 370,354 394,389
For the year ending 31 October 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.
The financial statements were approved by the board of directors on 18 July 2025 and were signed on its behalf by:
Mr Stuart Dunford
Director
18/07/2025
The notes on pages 2 to 5 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Keydrive Motor Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06983551 . The registered office is Unit 7 Vulcan House, Restmor Way, Wallington, SM6 7AH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
2.2. Significant judgements and estimations
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be 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 in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2.3. Turnover
Turnover is recognised at the fair value of the consideration received or receivable for cleaning services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue is from vehicle repairs and vehicle rental. Any revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant & Machinery 25% straight line
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% straight line
Computer Equipment 25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
2.5. Leasing and Hire Purchase Contracts
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Page 2
Page 3
2.6. Stocks and Work in Progress
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
2.7. Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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.
Financial assets classified as receivable within one year are not amortised.
Classification of 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 deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2.8. Foreign Currencies
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Page 3
Page 4
2.9. Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit asreported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same
tax authority.
2.10. Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2.11. Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2023: 8)
8 8
4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 November 2023 721,615
Additions 44,974
Disposals (48,776 )
As at 31 October 2024 717,813
Depreciation
As at 1 November 2023 284,801
Provided during the period 92,005
Disposals (34,935 )
As at 31 October 2024 341,871
...CONTINUED
Page 4
Page 5
Net Book Value
As at 31 October 2024 375,942
As at 1 November 2023 436,814
5. Stocks
2024 2023
£ £
Stock 8,507 8,507
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 5,223 3,670
Other debtors 1,323 -
6,546 3,670
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 19,229 21,676
Other creditors 15,658 75,385
Taxation and social security 69,547 27,167
104,434 124,228
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 4 4
Page 5