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Registered number: 03254614
Hillfoot Developments Limited
Unaudited ABRIDGED Financial Statements
For The Year Ended 30 September 2023
R J Morran & Co
4 Rosemont Road
Liverpool
L17 6BZ
Unaudited Financial Statements
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—5
Page 1
Abridged Balance Sheet
Registered number: 03254614
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 88,250 3,964
Investment Properties 5 9,396,750 8,450,000
9,485,000 8,453,964
CURRENT ASSETS
Stocks - 708,668
Debtors 12,650 10,558
Cash at bank and in hand 529,845 629,790
542,495 1,349,016
Creditors: Amounts Falling Due Within One Year (91,755 ) (130,397 )
NET CURRENT ASSETS (LIABILITIES) 450,740 1,218,619
TOTAL ASSETS LESS CURRENT LIABILITIES 9,935,740 9,672,583
Creditors: Amounts Falling Due After More Than One Year (398,033 ) (383,000 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,139,967 ) (1,098,602 )
NET ASSETS 8,397,740 8,190,981
CAPITAL AND RESERVES
Called up share capital 7 2,028 2,024
Fair Value Reserve 8 3,417,465 3,291,840
Profit and Loss Account 4,978,247 4,897,117
SHAREHOLDERS' FUNDS 8,397,740 8,190,981
Page 1
Page 2
For the year ending 30 September 2023 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.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 30 September 2023 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr John Coxon
Director
3 April 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. General Information
Hillfoot Developments Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03254614 . The registered office is 85 Heath Road, Calderstone Grange, Liverpool, L19 4AB.
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. Turnover includes revenue earned from the rental of properties and from the sale of properties which were classified as properties held for resale.
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:
Freehold No depreciation provided on land
Fixtures & Fittings 20% per annum reducing balance basis
Computer Equipment 25% per annum reducing balance basis
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account and then transferred to fair value reserves.
2.5. 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.
2.6. Taxation
Corporation 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.
...CONTINUED
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2.6. Taxation - continued
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 or deferred tax for the year is recognised in profit or loss.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 3)
3 3
4. Tangible Assets
Total
£
Cost or Valuation
As at 1 October 2022 8,562
Additions 81,049
Revaluation 4,089
As at 30 September 2023 93,700
Depreciation
As at 1 October 2022 4,598
Provided during the period 852
As at 30 September 2023 5,450
Net Book Value
As at 30 September 2023 88,250
As at 1 October 2022 3,964
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Page 5
5. Investment Property
2023
£
Fair Value
As at 1 October 2022 8,450,000
Additions 784,661
Fair value adjustments 162,089
As at 30 September 2023 9,396,750
6. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 October 2022 1,098,602 1,098,602
Origination and reversal of timing differences 41,365 41,365
Balance at 30 September 2023 1,139,967 1,139,967
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2,028 2,024
8. Reserves
Fair Value Reserve
£
As at 1 October 2022 3,291,840
Transfer to profit and loss 125,625
As at 30 September 2023 3,417,465
Fair value reserves relate to the fair value adjustments on the investment properties net of the associated deferred taxation. These reserves are not distributable.
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