Acorah Software Products - Accounts Production 14.6.300 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 02944816 Mr Ebrahim Abbassian Mrs Manigeh Abbassian Mr Ebrahim Abbassian iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 02944816 2023-03-31 02944816 2024-03-31 02944816 2023-04-01 2024-03-31 02944816 frs-core:CurrentFinancialInstruments 2024-03-31 02944816 frs-core:Non-currentFinancialInstruments 2024-03-31 02944816 frs-core:FurnitureFittings 2024-03-31 02944816 frs-core:FurnitureFittings 2023-04-01 2024-03-31 02944816 frs-core:FurnitureFittings 2023-03-31 02944816 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-03-31 02944816 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02944816 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-03-31 02944816 frs-core:MotorVehicles 2024-03-31 02944816 frs-core:MotorVehicles 2023-04-01 2024-03-31 02944816 frs-core:MotorVehicles 2023-03-31 02944816 frs-core:PlantMachinery 2024-03-31 02944816 frs-core:PlantMachinery 2023-04-01 2024-03-31 02944816 frs-core:PlantMachinery 2023-03-31 02944816 frs-core:SharePremium 2024-03-31 02944816 frs-core:ShareCapital 2024-03-31 02944816 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 02944816 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02944816 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 02944816 frs-bus:SmallEntities 2023-04-01 2024-03-31 02944816 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 02944816 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 02944816 frs-bus:Director1 2023-04-01 2024-03-31 02944816 frs-bus:Director2 2023-04-01 2024-03-31 02944816 frs-bus:CompanySecretary1 2023-04-01 2024-03-31 02944816 frs-core:CurrentFinancialInstruments 1 2024-03-31 02944816 frs-core:Non-currentFinancialInstruments 1 2024-03-31 02944816 frs-core:CurrentFinancialInstruments 2 2024-03-31 02944816 frs-core:CurrentFinancialInstruments 3 2024-03-31 02944816 frs-core:CurrentFinancialInstruments 4 2024-03-31 02944816 frs-countries:EnglandWales 2023-04-01 2024-03-31 02944816 2022-03-31 02944816 2023-03-31 02944816 2022-04-01 2023-03-31 02944816 frs-core:CurrentFinancialInstruments 2023-03-31 02944816 frs-core:Non-currentFinancialInstruments 2023-03-31 02944816 frs-core:SharePremium 2023-03-31 02944816 frs-core:ShareCapital 2023-03-31 02944816 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31 02944816 frs-core:CurrentFinancialInstruments 1 2023-03-31 02944816 frs-core:Non-currentFinancialInstruments 1 2023-03-31 02944816 frs-core:CurrentFinancialInstruments 2 2023-03-31 02944816 frs-core:CurrentFinancialInstruments 3 2023-03-31 02944816 frs-core:CurrentFinancialInstruments 4 2023-03-31
Registered number: 02944816
Inspec Services Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Ballards Newman
Chartered Accountants
Apex House
Grand Arcade
North Finchley
London
N12 0EH
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 02944816
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,428,623 1,429,610
Investment Properties 5 14,327,025 14,327,025
15,755,648 15,756,635
CURRENT ASSETS
Debtors 6 297,993 272,681
Cash at bank and in hand 93,047 71,616
391,040 344,297
Creditors: Amounts Falling Due Within One Year 7 (1,346,071 ) (1,413,839 )
NET CURRENT ASSETS (LIABILITIES) (955,031 ) (1,069,542 )
TOTAL ASSETS LESS CURRENT LIABILITIES 14,800,617 14,687,093
Creditors: Amounts Falling Due After More Than One Year 8 (839,407 ) (901,742 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,382 ) (1,382 )
NET ASSETS 13,959,828 13,783,969
CAPITAL AND RESERVES
Called up share capital 9 614,300 614,300
Share premium account 11,481,700 11,481,700
Profit and Loss Account 1,863,828 1,687,969
SHAREHOLDERS' FUNDS 13,959,828 13,783,969
Page 1
Page 2
For the year ending 31 March 2024 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 Ebrahim Abbassian
Director
24 July 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
Inspec Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02944816 . The registered office is 154 Colney Hatch Lane, London, N10 1ER.
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. 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 over the life of asset
Plant & Machinery 10% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 10% on reducing balance
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. 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 as follows: 8 (2023: 7)
8 7
Page 3
Page 4
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 April 2023 1,422,336 6,022 9,600 6,490 1,444,448
Additions - - - 349 349
As at 31 March 2024 1,422,336 6,022 9,600 6,839 1,444,797
Depreciation
As at 1 April 2023 - 4,303 5,550 4,985 14,838
Provided during the period - 172 1,013 151 1,336
As at 31 March 2024 - 4,475 6,563 5,136 16,174
Net Book Value
As at 31 March 2024 1,422,336 1,547 3,037 1,703 1,428,623
As at 1 April 2023 1,422,336 1,719 4,050 1,505 1,429,610
5. Investment Property
2024
£
Fair Value
As at 1 April 2023 and 31 March 2024 14,327,025
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 7,067 3,067
Other debtors 20,000 -
Paramount UK Holdings Ltd 265,000 265,000
Staff loan 4,614 4,614
Other taxes and social security 1,312 -
297,993 272,681
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 3,334 2,834
Bank loans and overdrafts 10,000 10,000
Corporation tax 58,964 47,855
Other taxes and social security - 2,972
Net wages 8,183 -
Other creditors 4,321 4,321
Loan Paramount 39,939 39,939
Loan Scottish Widows 27,251 27,251
Paramount Inspection scheme 101,416 144,197
...CONTINUED
Page 4
Page 5
Paramount inspection 49,800 49,800
Accruals and deferred income 4,416 4,250
Directors' loan accounts 1,038,447 1,080,420
1,346,071 1,413,839
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 11,667 21,667
Long Term loan Paramount 3,259 39,808
Loans Scottish Widows 824,481 840,267
839,407 901,742
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 614,300 614,300
Page 5