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Registered number: 12142060
Margo Homes Ltd
Unaudited Financial Statements
For The Year Ended 31 August 2023
Optimise Accountants Ltd
ACCA
Office 15 Bramley House 2a
Bramley Road
Long Eaton
Nottinghamshire
NG10 3SX
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 12142060
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,291 415
Investment Properties 5 219,474 219,474
Investments 6 1 1
220,766 219,890
CURRENT ASSETS
Stocks 7 472,822 405,469
Debtors 8 200,202 145,782
Cash at bank and in hand 73,762 193,828
746,786 745,079
Creditors: Amounts Falling Due Within One Year 9 (421,173 ) (439,891 )
NET CURRENT ASSETS (LIABILITIES) 325,613 305,188
TOTAL ASSETS LESS CURRENT LIABILITIES 546,379 525,078
Creditors: Amounts Falling Due After More Than One Year 10 (645,231 ) (518,966 )
NET (LIABILITIES)/ASSETS (98,852 ) 6,112
CAPITAL AND RESERVES
Called up share capital 12 1 1
Profit and Loss Account (98,853 ) 6,111
SHAREHOLDERS' FUNDS (98,852) 6,112
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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 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
Miss Ming Lee
Director
15/04/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Margo Homes Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12142060 . The registered office is 32 Southstand Apartments , Highbury Stadium Square, London, N5 1EY.
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. Going Concern Disclosure
The director has not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. 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.
2.4. 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
Fixtures & Fittings 20% reducing balance
Computer Equipment 20% reducing balance
2.5. Investment Properties
All Investment properties are measured at fair value determined annually and adjusted if necessary for any difference in the nature, location or condition of the specific asset. The fair value of property was obtained from an online property resource company and has not been based on a valuation by an independent valuer with a professional qualification.
2.6. 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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2.7. 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 year 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 asset reflects 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:
2023 2022
Office and administration 1 1
1 1
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 September 2022 460
Additions 1,055
As at 31 August 2023 1,515
Depreciation
As at 1 September 2022 45
Provided during the period 179
As at 31 August 2023 224
Net Book Value
As at 31 August 2023 1,291
As at 1 September 2022 415
5. Investment Property
2023
£
Fair Value
As at 1 September 2022 and 31 August 2023 219,474
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6. Investments
Unlisted
£
Cost
As at 1 September 2022 1
As at 31 August 2023 1
Provision
As at 1 September 2022 -
As at 31 August 2023 -
Net Book Value
As at 31 August 2023 1
As at 1 September 2022 1
Margo Homes Ltd has 1 Ordinary share in Safiri Ltd. Both companies are managed by same director.
7. Stocks
2023 2022
£ £
Stock 472,822 405,469
8. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 1,514 -
Prepaid Interest 52,906 -
Amounts owed by subsidiaries 145,782 145,782
200,202 145,782
9. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors - 5,101
Bank loans and overdrafts 2 -
Corporation tax - 1,360
Director's loan account 421,171 433,430
421,173 439,891
10. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 645,231 518,966
645,231 518,966
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11. Secured Creditors
Of the creditors the following amounts are secured.
2023 2022
£ £
Bank loans and overdrafts 645,231 518,966
12. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
13. Related Party Transactions
At the year end, included within Debtors is an amount of £145,782 owed by Safiri Ltd, a company registered in England & Wales. This amount was advanced in the last year. Safiri Ltd is 100% subsidiary of Margo Homes Ltd. The director Miss Ming Lee is also a director of Safiri Ltd. The amount is loaned interest free and repayable on demand.
14. Ultimate Controlling Party
The company's ultimate controlling party is Miss Ming Lee by virtue of her ownership of 100% of the issued share capital in the company.
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