Acorah Software Products - Accounts Production 14.5.601 false true 30 September 2022 1 October 2021 false 1 October 2022 30 September 2023 30 September 2023 10389765 Mr P Gillies Mrs S Gillies iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10389765 2022-09-30 10389765 2023-09-30 10389765 2022-10-01 2023-09-30 10389765 frs-core:CurrentFinancialInstruments 2023-09-30 10389765 frs-core:Non-currentFinancialInstruments 2023-09-30 10389765 frs-core:InvestmentPropertyIncludedWithinPPE 2023-09-30 10389765 frs-core:InvestmentPropertyIncludedWithinPPE 2022-09-30 10389765 frs-core:ShareCapital 2023-09-30 10389765 frs-core:RetainedEarningsAccumulatedLosses 2023-09-30 10389765 frs-bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 10389765 frs-bus:FilletedAccounts 2022-10-01 2023-09-30 10389765 frs-bus:SmallEntities 2022-10-01 2023-09-30 10389765 frs-bus:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 10389765 frs-bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 10389765 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2022-10-01 2023-09-30 10389765 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2022-09-30 10389765 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-09-30 10389765 frs-bus:Director1 2022-10-01 2023-09-30 10389765 frs-bus:Director2 2022-10-01 2023-09-30 10389765 frs-countries:EnglandWales 2022-10-01 2023-09-30 10389765 2021-09-30 10389765 2022-09-30 10389765 2021-10-01 2022-09-30 10389765 frs-core:CurrentFinancialInstruments 2022-09-30 10389765 frs-core:Non-currentFinancialInstruments 2022-09-30 10389765 frs-core:ShareCapital 2022-09-30 10389765 frs-core:RetainedEarningsAccumulatedLosses 2022-09-30 10389765 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2022-09-30
Registered number: 10389765
G1-Property Ltd
Unaudited Financial Statements
For The Year Ended 30 September 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10389765
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 990,000 1,150,000
990,000 1,150,000
CURRENT ASSETS
Debtors 5 20,601 9,964
Cash at bank and in hand 16,349 16,063
36,950 26,027
Creditors: Amounts Falling Due Within One Year 6 (246,845 ) (258,267 )
NET CURRENT ASSETS (LIABILITIES) (209,895 ) (232,240 )
TOTAL ASSETS LESS CURRENT LIABILITIES 780,105 917,760
Creditors: Amounts Falling Due After More Than One Year 7 (251,454 ) (272,457 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (56,721 ) (96,721 )
NET ASSETS 471,930 548,582
CAPITAL AND RESERVES
Called up share capital 9 1 1
Fair Value Reserve 10 283,126 403,126
Profit and Loss Account 188,803 145,455
SHAREHOLDERS' FUNDS 471,930 548,582
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.
On behalf of the board
Mr P Gillies
Director
18 April 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
G1-Property Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10389765 . The registered office is 1 Endle Street, Southampton, Hampshire, SO14 5FZ.
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 shown in the profit and loss account represents rent receivable during the period.

2.3. 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.
2.4. Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to or from related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset’s carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.5. 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.
...CONTINUED
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2.5. Taxation - continued
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: 1 (2022: NIL)
1 -
4. Tangible Assets
Investment Properties
£
Cost or Valuation
As at 1 October 2022 1,150,000
Revaluation (160,000)
As at 30 September 2023 990,000
Net Book Value
As at 30 September 2023 990,000
As at 1 October 2022 1,150,000
Cost or valuation as at 30 September 2023 represented by:
Investment Properties
£
At cost 650,153
At valuation 339,847
990,000
The investment property was valued on an open market basis on 30 September 2023 by the director.
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit and loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors - 516
Prepayments and accrued income 975 898
Other debtors 19,626 8,550
20,601 9,964
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6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Bank loans and overdrafts 22,379 23,842
Other creditors 203,708 216,798
Taxation and social security 20,758 17,627
246,845 258,267
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 251,454 272,457
251,454 272,457
8. Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured.
Barclays Bank PLC has two charges, being:-
Contains fixed charge.
Contains floating charge.
Floating charge covers all the property or undertaking of the company.
Contains negative pledge
The freehold property known as or being 1 Endle street, Southampton comprised under title number HP650580. Contains negative pledge.
Please refer to Companies House website for more details relating to these charges.
2023 2022
£ £
Bank loans and overdrafts 263,862 282,701
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
10. Reserves
Fair Value Reserve
£
As at 1 October 2022 403,126
Transfer to profit and loss (120,000 )
As at 30 September 2023 283,126
11. Related Party Transactions
Included within other debtors due within one year is an amount of £18,044 (2022 - £6,968) due from Headphone Revolution Ltd, a company in which the director is also a director and the majority shareholder. The loan is interest free and repayable on demand.
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