Acorah Software Products - Accounts Production 14.5.601 false true 5 April 2022 6 April 2021 false 6 April 2022 5 April 2023 5 April 2023 08147004 Mr Sean Hegarty iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08147004 2022-04-05 08147004 2023-04-05 08147004 2022-04-06 2023-04-05 08147004 frs-core:CurrentFinancialInstruments 2023-04-05 08147004 frs-core:ShareCapital 2023-04-05 08147004 frs-core:RetainedEarningsAccumulatedLosses 2023-04-05 08147004 frs-bus:PrivateLimitedCompanyLtd 2022-04-06 2023-04-05 08147004 frs-bus:FilletedAccounts 2022-04-06 2023-04-05 08147004 frs-bus:SmallEntities 2022-04-06 2023-04-05 08147004 frs-bus:AuditExempt-NoAccountantsReport 2022-04-06 2023-04-05 08147004 frs-bus:SmallCompaniesRegimeForAccounts 2022-04-06 2023-04-05 08147004 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2022-04-06 2023-04-05 08147004 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2022-04-05 08147004 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-04-05 08147004 frs-bus:Director1 2022-04-06 2023-04-05 08147004 frs-countries:EnglandWales 2022-04-06 2023-04-05 08147004 2021-04-05 08147004 2022-04-05 08147004 2021-04-06 2022-04-05 08147004 frs-core:CurrentFinancialInstruments 2022-04-05 08147004 frs-core:ShareCapital 2022-04-05 08147004 frs-core:RetainedEarningsAccumulatedLosses 2022-04-05 08147004 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2022-04-05
Registered number: 08147004
Sean Hegarty Properties Limited
Unaudited Financial Statements
For The Year Ended 5 April 2023
GMS FC Limited
1 London Road
Ipswich
Suffolk
IP1 2HA
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 08147004
2023 2022
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 1,071,050 1,023,515
1,071,050 1,023,515
CURRENT ASSETS
Debtors 5 43,251 33,646
Cash at bank and in hand 30,456 25,297
73,707 58,943
Creditors: Amounts Falling Due Within One Year 6 (802,606 ) (802,604 )
NET CURRENT ASSETS (LIABILITIES) (728,899 ) (743,661 )
TOTAL ASSETS LESS CURRENT LIABILITIES 342,151 279,854
PROVISIONS FOR LIABILITIES
Deferred Taxation (51,793 ) (42,761 )
NET ASSETS 290,358 237,093
CAPITAL AND RESERVES
Called up share capital 7 100 100
Fair Value Reserve 8 220,802 182,299
Profit and Loss Account 69,456 54,694
SHAREHOLDERS' FUNDS 290,358 237,093
Page 1
Page 2
For the year ending 5 April 2023 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 Sean Hegarty
Director
28th March 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Sean Hegarty Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08147004 . The registered office is 1 London Road, Ipswich, IP1 2HA.
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. 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.
2.3. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2022: NIL)
- -
4. Investment Property
2023
£
Fair Value
As at 6 April 2022 1,023,515
Revaluations 47,535
As at 5 April 2023 1,071,050
Page 3
Page 4
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 14,850 16,200
Amounts owed by group undertakings 28,401 17,446
43,251 33,646
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Corporation tax 2,705 2,705
Accruals and deferred income 1 (1 )
Amounts owed to parent undertaking 799,900 799,900
802,606 802,604
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
8. Reserves
Fair Value Reserve
£
As at 6 April 2022 182,299
Transfer to profit and loss 38,503
As at 5 April 2023 220,802
Page 4