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Registered number: 10674187
N. L. SERVICES GARAGE LTD
Unaudited Financial Statements
For The Year Ended 31 March 2025
JENNIFER M RICHARDSON LIMITED
32 Station Road
Rainham
Gillingham
Kent
ME8 7PH
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10674187
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 29,830 36,325
29,830 36,325
CURRENT ASSETS
Debtors 5 3,717 3,583
Cash at bank and in hand 216,146 196,848
219,863 200,431
Creditors: Amounts Falling Due Within One Year 6 (44,054 ) (50,833 )
NET CURRENT ASSETS (LIABILITIES) 175,809 149,598
TOTAL ASSETS LESS CURRENT LIABILITIES 205,639 185,923
PROVISIONS FOR LIABILITIES
Deferred Taxation 7 (6,500 ) (3,900 )
NET ASSETS 199,139 182,023
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 199,039 181,923
SHAREHOLDERS' FUNDS 199,139 182,023
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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 Nathaniel Lilley
Director
06/06/2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. 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.
1.2. 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.
1.3. 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 20% of the reducing balance
Motor Vehicles 20% of the reducing balance
Fixtures & Fittings 20% of the reducing balance
Computer Equipment 20% of the reducing balance
1.4. 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 the profit and loss account as incurred.
1.5. 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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1.6. 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.
1.7. 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.
1.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2. Average Number of Employees
Average number of employees, including directors, during the year was:
2025 2024
Office and administration 1 1
Manufacturing 3 3
4 4
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3. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2024 26,475 25,583 11,331 600 63,989
Additions 1,125 - - - 1,125
As at 31 March 2025 27,600 25,583 11,331 600 65,114
Depreciation
As at 1 April 2024 11,445 10,792 5,138 289 27,664
Provided during the period 3,265 2,958 1,191 206 7,620
As at 31 March 2025 14,710 13,750 6,329 495 35,284
Net Book Value
As at 31 March 2025 12,890 11,833 5,002 105 29,830
As at 1 April 2024 15,030 14,791 6,193 311 36,325
5. Debtors
2025 2024
£ £
Due within one year
Trade debtors 844 1,161
Other debtors 2,873 2,422
3,717 3,583
6. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 8,372 14,319
Corporation tax 18,431 19,398
Other taxes and social security 2,640 2,565
VAT 10,528 9,843
Other creditors 4,083 4,708
44,054 50,833
7. Deferred Taxation
The provision for deferred tax is made up as follows:
2025 2024
£ £
Other timing differences 6,500 3,900
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8. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 April 2024 3,900 3,900
Additions 2,600 2,600
Balance at 31 March 2025 6,500 6,500
9. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 100 100
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