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Registered number: 04890636
FIRST END LTD
Unaudited Financial Statements
For The Year Ended 30 November 2023
Brooks & Partners Accountants Ltd
Unaudited Financial Statements
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—7
Page 1
Statement of Financial Position
Registered number: 04890636
2023 2022
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,155,226 1,683,374
Investments 5 2,313,278 -
4,468,504 1,683,374
CURRENT ASSETS
Debtors 6 29,718 1,524
Investments 7 100,154 -
Cash at bank and in hand 1,435,819 1,773
1,565,691 3,297
Creditors: Amounts Falling Due Within One Year 8 (5,251,363 ) (1,111,700 )
NET CURRENT ASSETS (LIABILITIES) (3,685,672 ) (1,108,403 )
TOTAL ASSETS LESS CURRENT LIABILITIES 782,832 574,971
Creditors: Amounts Falling Due After More Than One Year 9 (453,977 ) (511,886 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 11 (45,045 ) (1,023 )
NET ASSETS 283,810 62,062
CAPITAL AND RESERVES
Called up share capital 12 100 100
Other reserves 135,135 5,383
Income Statement 148,575 56,579
SHAREHOLDERS' FUNDS 283,810 62,062
Page 1
Page 2
For the year ending 30 November 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 Income Statement.
On behalf of the board
A L Bussey
Director
22 February 2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
FIRST END LTD is a private company, limited by shares, incorporated in England & Wales, registered number 04890636 . The registered office is Church House Church Lane, Glaston, Oakham, Rutland, LE15 9BN.
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 rental of property.
Turnover is reduced for customer rebates and other similar allowances.
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:
Freehold no depreciation provided
2.4. 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 income statement.
2.5. Financial Instruments
The company has elected to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.
Basic financial assets and liabilities, including trade, other receivables and payables, cash, bank and loan balances are initially recognised at transaction price.
Such assets and liabilities are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets and liabilities measured at amortised cost are assessed for objective evidence of impairment. 
If an asset or liability is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s or liability’s original effective interest rate.The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment
reversal is recognised in profit or loss.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.
Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
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2.6. 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.
2.7. Current Asset Investments
Investments in equity instruments which are intended to be traded within one year are held as current asset investments. 
Such assets are carried at fair value and the changes in fair value are recognised in profit or loss.
Current asset investments are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled; or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party; or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2022: NIL)
- -
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4. Tangible Assets
Investment Properties
£
Cost or Valuation
As at 1 December 2022 1,683,374
Additions 297,054
Revaluation 174,798
As at 30 November 2023 2,155,226
Net Book Value
As at 30 November 2023 2,155,226
As at 1 December 2022 1,683,374
Cost or valuation as at 30 November 2023 represented by:
Investment Properties
£
At cost 855,226
At valuation 1,300,000
2,155,226
If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:
Investment Properties
£
Cost 1,975,045
5. Investments
Listed
£
Cost
As at 1 December 2022 -
Additions 2,313,278
As at 30 November 2023 2,313,278
...CONTINUED
Page 5
Page 6
Provision
As at 1 December 2022 -
As at 30 November 2023 -
Net Book Value
As at 30 November 2023 2,313,278
As at 1 December 2022 -
6. Debtors
2023 2022
as restated
£ £
Due within one year
Prepayments and accrued income 14,019 1,524
Other debtors 15,699 -
29,718 1,524
7. Current Asset Investments
2023 2022
as restated
£ £
Short term deposits 100,154 -
100,154 -
8. Creditors: Amounts Falling Due Within One Year
2023 2022
as restated
£ £
Trade creditors 8 4,042
Bank loans and overdrafts - 8,064
Corporation tax - 468
Accruals and deferred income 5,189 2,626
Directors' loan accounts 5,246,166 1,096,500
5,251,363 1,111,700
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
as restated
£ £
Bank loans 453,977 511,886
453,977 511,886
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Of the creditors falling due after more than one year the following amounts are due after more than five years.
2023 2022
as restated
£ £
Bank loans 453,977 511,886
10. Secured Creditors
Of the creditors the following amounts are secured.
2023 2022
as restated
£ £
Bank loans and overdrafts 453,977 511,886
11. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
as restated
£ £
Other timing differences 45,045 1,023
12. Share Capital
2023 2022
as restated
£ £
Allotted, Called up and fully paid 100 100
13. Related Party Transactions
At the year end the company owed the directors £5,246,166 (2022: £1,096,500).
This loan is unsecured, interest free and repayable on demand.
During the year the company was invoiced £11,680 (2022: £4,400) for services received from a company under common control.
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