Acorah Software Products - Accounts Production 12.4.002 false J Yu true 1 September 2020 31 August 2021 31 August 2021 SC544058 Ms J Yu iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC544058 2020-08-31 SC544058 2021-08-31 SC544058 2020-09-01 2021-08-31 SC544058 frs-core:CurrentFinancialInstruments 2021-08-31 SC544058 frs-core:CurrentFinancialInstruments 2020-09-01 2021-08-31 SC544058 frs-core:Non-currentFinancialInstruments 2021-08-31 SC544058 frs-core:Non-currentFinancialInstruments 2020-09-01 2021-08-31 SC544058 frs-core:CurrentFinancialInstruments 2020-09-01 2021-08-31 SC544058 frs-core:CurrentFinancialInstruments 2021-08-31 SC544058 frs-core:AfterOneYear 2020-09-01 2021-08-31 SC544058 frs-core:BetweenOneFiveYears 2020-09-01 2021-08-31 SC544058 frs-core:BetweenOneFiveYears 2021-08-31 SC544058 frs-core:ComputerEquipment 2021-08-31 SC544058 frs-core:ComputerEquipment 2020-09-01 2021-08-31 SC544058 frs-core:ComputerEquipment 2020-08-31 SC544058 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SC544058 dpl-frs:CostSales dpl-frs:Item12 2019-08-31 SC544058 dpl-frs:CostSales dpl-frs:Item12 2020-08-31 SC544058 dpl-frs:DistributionCosts dpl-frs:Item12 2019-09-01 2020-08-31 SC544058 dpl-frs:AdministrativeExpenses dpl-frs:Item12 2019-09-01 2020-08-31 SC544058 1 2019-09-01 2020-08-31 SC544058 frs-countries:AlandIslands 2019-09-01 2020-08-31
Registered number: SC544058
GYG PROPERTIES LTD
Unaudited Financial Statements
For The Year Ended 31 August 2021
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: SC544058
2021 2020
Notes £ £ £ £
FIXED ASSETS
Investment Properties 3 152,340 48,290
152,340 48,290
CURRENT ASSETS
Debtors 4 - 694
Cash at bank and in hand 2,369 31,733
2,369 32,427
Creditors: Amounts Falling Due Within One Year 5 (124,566 ) (56,862 )
NET CURRENT ASSETS (LIABILITIES) (122,197 ) (24,435 )
TOTAL ASSETS LESS CURRENT LIABILITIES 30,143 23,855
NET ASSETS 30,143 23,855
CAPITAL AND RESERVES
Called up share capital 6 100 100
Profit and Loss Account 30,043 23,755
SHAREHOLDERS' FUNDS 30,143 23,855
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For the year ending 31 August 2021 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 her 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
Ms J Yu
Director
24 August 2022
The notes on pages 3 to 5 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 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 2006.
1.2. Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year exclusive of Value Added Tax.
1.3. Investment Properties
All investment properties are propeties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost.
Subsequent to initial recognition:
1) Invesment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Changes in fair value are recognised in the profit and loss account.
2) No depreciation is provided for.

The company's commercial invesmtent properties are valued by the director based on her understanding of property market conditions and the specific properties concerned using income capitalisation method, requiring the application of an appropriate market based yield to net operating income.
1.4. Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. 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 instruments

Trade debtors

Trade debtors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate for a similar debt instrument.

Trade creditors and other creditors

Trade creditors and other creditors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate for a similar debt instrument.

1.5. Taxation
Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.

Current tax is expected tax payable or receivable on the taxable income or loss for the year, using rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.


1.6. 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.
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1.7. Acquisitions and disposals of properties
Acquisitions and disposals are considered to have taken place at the date of legal completion and are included in the financial statements accordingly.
1.8. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
2. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2020: NIL)
- -
3. Investment Properties
Freehold properties
£
Cost
As at 1 September 2020 48,290
Additions 104,050
As at 31 August 2021 152,340
Net Book Value
As at 31 August 2021 152,340
As at 1 September 2020 48,290
The analysis of the cost or valuation of the above assets is as follows:
Freehold properties
£
As at 31 August 2021
At cost -
At valuation 152,340
152,340
As at 1 September 2020
At cost -
At valuation 48,290
48,290
The company's investment properties are included in the Financial Statements at Director's valuation.

The company's residential property valued using a sales valuation approach, derived from recent comparable transactions in the market, adjusted by applying discounts to reflect status of occupation and condition.

The company's commercial property valued using the income capitalisation method, requiring the application of an appropriate market based yield to net operating income. Adjustments are made to allow for voids when less than five years are left under the current tenancy and to reflect market rent at the point of lease expiry or rent review.

The historical cost of investment properties are £152,340.

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4. Debtors
2021 2020
£ £
Due within one year
Trade debtors - 694
- 694
5. Creditors: Amounts Falling Due Within One Year
2021 2020
£ £
Trade creditors - 1,823
Corporation tax 1,944 4,179
Other creditors 122,622 50,860
124,566 56,862
Other creditors include amounts aggregating £100,662 (2020: £50,160) due to the director of the company. The loans are interest free and repayable on demand.
6. Share Capital
2021 2020
Allotted, Called up and fully paid 100 100
Value Number 2021 2020
Allotted, called up and fully paid £ £ £
Ordinary Shares 1 100 100 100
7. Ultimate Controlling Party
The company's ultimate controlling party is J Yu by virtue of his ownership of 100% of the issued share capital in the company.
8. Accounting estimates and judgements

1) Property valuations

The valuation of the company's property portfolio is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions. Therefore the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions.

2) Trade debtors

Management uses details of the age of trade debtors and the status of any disputes together with external evidence of the credit status of the counterparty in making judgements concerning any need to impair the carrying values.



9. General Information
GYG PROPERTIES LTD is a private company, limited by shares, incorporated in Åland Islands, registered number SC544058 . The registered office is 21 Honeywell Avenue, Glasgow, G33 6HS.
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