Acorah Software Products - Accounts Production 14.6.300 false true 31 October 2022 1 November 2021 false 1 November 2022 31 October 2023 31 October 2023 11621928 Mr Ahmed Hussain Mr Harjhot Thind iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11621928 2022-10-31 11621928 2023-10-31 11621928 2022-11-01 2023-10-31 11621928 frs-core:CurrentFinancialInstruments 2023-10-31 11621928 frs-core:Non-currentFinancialInstruments 2023-10-31 11621928 frs-core:RevaluationReserve 2022-11-01 2023-10-31 11621928 frs-core:RevaluationReserve 2022-10-31 11621928 frs-core:RevaluationReserve 2023-10-31 11621928 frs-core:ShareCapital 2023-10-31 11621928 frs-core:RetainedEarningsAccumulatedLosses 2023-10-31 11621928 frs-bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 11621928 frs-bus:FilletedAccounts 2022-11-01 2023-10-31 11621928 frs-bus:SmallEntities 2022-11-01 2023-10-31 11621928 frs-bus:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 11621928 frs-bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 11621928 frs-bus:Director1 2022-11-01 2023-10-31 11621928 frs-bus:Director2 2022-11-01 2023-10-31 11621928 frs-countries:EnglandWales 2022-11-01 2023-10-31 11621928 2021-10-31 11621928 2022-10-31 11621928 2021-11-01 2022-10-31 11621928 frs-core:CurrentFinancialInstruments 2022-10-31 11621928 frs-core:Non-currentFinancialInstruments 2022-10-31 11621928 frs-core:RevaluationReserve 2022-10-31 11621928 frs-core:ShareCapital 2022-10-31 11621928 frs-core:RetainedEarningsAccumulatedLosses 2022-10-31
Registered number: 11621928
Wealth In Property Ltd
Unaudited ABRIDGED Financial Statements
For The Year Ended 31 October 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 11621928
2023 2022
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 3,383,438 2,665,000
3,383,438 2,665,000
CURRENT ASSETS
Debtors 5 1,882 1,500
Cash at bank and in hand 39,699 845
41,581 2,345
Creditors: Amounts Falling Due Within One Year 6 (64,176 ) (131,490 )
NET CURRENT ASSETS (LIABILITIES) (22,595 ) (129,145 )
TOTAL ASSETS LESS CURRENT LIABILITIES 3,360,843 2,535,855
Creditors: Amounts Falling Due After More Than One Year 7 (2,597,656 ) (2,240,977 )
NET ASSETS 763,187 294,878
CAPITAL AND RESERVES
Called up share capital 8 2 2
Revaluation reserve 9 940,787 366,731
Profit and Loss Account (177,602 ) (71,855 )
SHAREHOLDERS' FUNDS 763,187 294,878
Page 1
Page 2
For the year ending 31 October 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 Ahmed Hussain
Director
29/07/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Wealth In Property Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11621928 . The registered office is 288a Hamstead Road, Handsworth, Birmingham, B20 2RB.
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.
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. 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. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Investment Property
2023
£
Fair Value
As at 1 November 2022 2,665,000
Additions 38,878
Revaluations 679,560
As at 31 October 2023 3,383,438
5. Debtors
2023 2022
£ £
Due within one year
Other debtors 1,882 1,500
Page 3
Page 4
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Other creditors 63,238 130,752
Taxation and social security 938 738
64,176 131,490
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Other creditors 2,597,656 2,240,977
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
9. Reserves
Revaluation Reserve
£
As at 1 November 2022 366,731
Surplus on revaluation 574,056
As at 31 October 2023 940,787
Page 4