Acorah Software Products - Accounts Production 14.5.601 false true 31 August 2022 1 September 2021 false 1 September 2022 31 August 2023 31 August 2023 09193210 Mr D W Marsh Mrs V J Jenkins Mr R Marsh iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09193210 2022-08-31 09193210 2023-08-31 09193210 2022-09-01 2023-08-31 09193210 frs-core:CurrentFinancialInstruments 2023-08-31 09193210 frs-core:Non-currentFinancialInstruments 2023-08-31 09193210 frs-core:PlantMachinery 2023-08-31 09193210 frs-core:PlantMachinery 2022-09-01 2023-08-31 09193210 frs-core:PlantMachinery 2022-08-31 09193210 frs-core:SharePremium 2023-08-31 09193210 frs-core:ShareCapital 2023-08-31 09193210 frs-core:RetainedEarningsAccumulatedLosses 2023-08-31 09193210 frs-bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 09193210 frs-bus:FilletedAccounts 2022-09-01 2023-08-31 09193210 frs-bus:SmallEntities 2022-09-01 2023-08-31 09193210 frs-bus:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 09193210 frs-bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 09193210 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-08-31 09193210 frs-bus:Director1 2022-09-01 2023-08-31 09193210 frs-bus:Director2 2022-09-01 2023-08-31 09193210 frs-bus:Director3 2022-09-01 2023-08-31 09193210 frs-core:CurrentFinancialInstruments 1 2023-08-31 09193210 frs-countries:EnglandWales 2022-09-01 2023-08-31 09193210 2021-08-31 09193210 2022-08-31 09193210 2021-09-01 2022-08-31 09193210 frs-core:CurrentFinancialInstruments 2022-08-31 09193210 frs-core:Non-currentFinancialInstruments 2022-08-31 09193210 frs-core:SharePremium 2022-08-31 09193210 frs-core:ShareCapital 2022-08-31 09193210 frs-core:RetainedEarningsAccumulatedLosses 2022-08-31 09193210 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2022-08-31 09193210 frs-core:CurrentFinancialInstruments 1 2022-08-31 09193210 frs-core:CurrentFinancialInstruments 2 2022-08-31 09193210 frs-core:CurrentFinancialInstruments 3 2022-08-31
Registered number: 09193210
Vira Developments Limited
Financial Statements
For The Year Ended 31 August 2023
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09193210
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 10,968 14,624
Investment Properties 5 9,050,000 5,261,043
9,060,968 5,275,667
CURRENT ASSETS
Stocks 6 215,690 -
Debtors 7 54,838 265,467
Cash at bank and in hand 122,180 329,904
392,708 595,371
Creditors: Amounts Falling Due Within One Year 8 (79,192 ) (90,311 )
NET CURRENT ASSETS (LIABILITIES) 313,516 505,060
TOTAL ASSETS LESS CURRENT LIABILITIES 9,374,484 5,780,727
Creditors: Amounts Falling Due After More Than One Year 9 (60,788 ) (86,761 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (846,026 ) (3,364 )
NET ASSETS 8,467,670 5,690,602
CAPITAL AND RESERVES
Called up share capital 10 200 200
Share premium account 4,813,000 4,813,000
Fair Value Reserve 11 2,670,747 -
Profit and Loss Account 983,723 877,402
SHAREHOLDERS' FUNDS 8,467,670 5,690,602
Page 1
Page 2
For the year ending 31 August 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.
On behalf of the board
Mr D W Marsh
Director
Mrs V J Jenkins
Director
Mr R Marsh
Director
16/04/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Vira Developments Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09193210 . The registered office is 81 High Street, Cosham, Hampshire, PO6 3BL.
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.
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 £1. The financial statements have been prepared under the historical cost convention and have been modified to include the revaluation of freehold properties at fair value.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover includes revenue earned from the rendering of services.
Rendering of services 
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. Turnover represents the value of property development, property management and rent receivable invoiced by the company. The company is not registered for value added tax.
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:
Plant & Machinery 25% RB
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.
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
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 or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 3)
3 3
4. Tangible Assets
Plant & Machinery
£
Cost or Valuation
As at 1 September 2022 25,999
As at 31 August 2023 25,999
Depreciation
As at 1 September 2022 11,375
Provided during the period 3,656
As at 31 August 2023 15,031
Net Book Value
As at 31 August 2023 10,968
As at 1 September 2022 14,624
5. Investment Property
2023
£
Fair Value
As at 1 September 2022 5,261,043
Additions 274,816
Revaluations 3,514,141
As at 31 August 2023 9,050,000
6. Stocks
2023 2022
£ £
Stock 215,690 -
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 900 -
Prepayments and accrued income 7,553 -
Other debtors - Loans to associated company 46,385 45,421
Other debtors - Loans to non associated company - 40,000
Deposit held on account by solicitors - 180,046
54,838 265,467
Included within other debtors is a loan of £46,385 which has been made to a company that the director, Mr D W Marsh, holds shares in and is a Person of Significant Control.
Page 4
Page 5
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Bank loans and overdrafts 10,646 34,650
Corporation tax 45,941 46,383
Other creditors 4,140 4,140
Accruals and deferred income 5,160 4,200
Directors' loan accounts 13,305 938
79,192 90,311
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 60,788 86,761
60,788 86,761
The above loan is payable monthly by instalment. Interest is calculated quarterly and added to the outstanding balance. The loan will still be payable more than 5 years after the balance sheet date. The bank loan has been secured by way of a fixed and floating charge over the asset known as 1 Salisbury Road.
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 200 200
11. Reserves
Fair Value Reserve
£
Movements in fair value reserve 2,670,747
As at 31 August 2023 2,670,747
Page 5