Acorah Software Products - Accounts Production 14.5.601 false true 31 January 2023 1 February 2022 false 1 February 2023 31 January 2024 31 January 2024 07492795 Mr Glenn Noakes iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07492795 2023-01-31 07492795 2024-01-31 07492795 2023-02-01 2024-01-31 07492795 frs-core:CurrentFinancialInstruments 2024-01-31 07492795 frs-core:Non-currentFinancialInstruments 2024-01-31 07492795 frs-core:ComputerEquipment 2024-01-31 07492795 frs-core:ComputerEquipment 2023-02-01 2024-01-31 07492795 frs-core:ComputerEquipment 2023-01-31 07492795 frs-core:FurnitureFittings 2024-01-31 07492795 frs-core:FurnitureFittings 2023-02-01 2024-01-31 07492795 frs-core:FurnitureFittings 2023-01-31 07492795 frs-core:MotorVehicles 2023-02-01 2024-01-31 07492795 frs-core:PlantMachinery 2024-01-31 07492795 frs-core:PlantMachinery 2023-02-01 2024-01-31 07492795 frs-core:PlantMachinery 2023-01-31 07492795 frs-core:ShareCapital 2024-01-31 07492795 frs-core:RetainedEarningsAccumulatedLosses 2024-01-31 07492795 frs-bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 07492795 frs-bus:FilletedAccounts 2023-02-01 2024-01-31 07492795 frs-bus:SmallEntities 2023-02-01 2024-01-31 07492795 frs-bus:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 07492795 frs-bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 07492795 frs-bus:Director1 2023-02-01 2024-01-31 07492795 frs-countries:EnglandWales 2023-02-01 2024-01-31 07492795 2022-01-31 07492795 2023-01-31 07492795 2022-02-01 2023-01-31 07492795 frs-core:CurrentFinancialInstruments 2023-01-31 07492795 frs-core:Non-currentFinancialInstruments 2023-01-31 07492795 frs-core:ShareCapital 2023-01-31 07492795 frs-core:RetainedEarningsAccumulatedLosses 2023-01-31
Registered number: 07492795
GN Properties (Midlands) Limited
Financial Statements
For The Year Ended 31 January 2024
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07492795
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 854 1,005
854 1,005
CURRENT ASSETS
Debtors 5 67,838 43,376
Cash at bank and in hand 1,459 1,195
69,297 44,571
Creditors: Amounts Falling Due Within One Year 6 (24,648 ) (7,649 )
NET CURRENT ASSETS (LIABILITIES) 44,649 36,922
TOTAL ASSETS LESS CURRENT LIABILITIES 45,503 37,927
Creditors: Amounts Falling Due After More Than One Year 7 (16,621 ) (19,288 )
NET ASSETS 28,882 18,639
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account 28,881 18,638
SHAREHOLDERS' FUNDS 28,882 18,639
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For the year ending 31 January 2024 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 Glenn Noakes
Director
11 April 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
GN Properties (Midlands) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07492795 . The registered office is 550 Valley Road, Basford, Nottingham, NG5 1JJ.
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 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.
2.3. 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 15% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 15% Reducing Balance
Computer Equipment 15% Reducing Balance
2.4. 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. 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. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 2)
1 2
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4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 February 2023 1,250 1,445 1,442 4,137
As at 31 January 2024 1,250 1,445 1,442 4,137
Depreciation
As at 1 February 2023 1,072 618 1,442 3,132
Provided during the period 27 124 - 151
As at 31 January 2024 1,099 742 1,442 3,283
Net Book Value
As at 31 January 2024 151 703 - 854
As at 1 February 2023 178 827 - 1,005
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 277 -
Other debtors 8,935 2,501
VAT 673 1,987
Director's loan account 57,953 38,888
67,838 43,376
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 2,409 2,409
Corporation tax 10,261 (5,797 )
Other creditors 11,168 10,227
Accruals and deferred income 810 810
24,648 7,649
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 16,621 19,288
16,621 19,288
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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9. Related Party Transactions
At the balance sheet date, the director owed the company £38,888 (2022: £38,888). The amount is unsecured, interest-free, and repayable within 9 months.
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