Acorah Software Products - Accounts Production 14.6.300 false true 25 December 2022 26 December 2021 false 26 December 2022 25 December 2023 25 December 2023 08334844 Mr Eric Rudasingwa Rugwe iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08334844 2022-12-25 08334844 2023-12-25 08334844 2022-12-26 2023-12-25 08334844 frs-core:CurrentFinancialInstruments 2023-12-25 08334844 frs-core:Non-currentFinancialInstruments 2023-12-25 08334844 frs-core:ComputerEquipment 2022-12-26 2023-12-25 08334844 frs-core:FurnitureFittings 2023-12-25 08334844 frs-core:FurnitureFittings 2022-12-26 2023-12-25 08334844 frs-core:FurnitureFittings 2022-12-25 08334844 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-12-25 08334844 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2022-12-26 2023-12-25 08334844 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2022-12-25 08334844 frs-core:MotorVehicles 2023-12-25 08334844 frs-core:MotorVehicles 2022-12-26 2023-12-25 08334844 frs-core:MotorVehicles 2022-12-25 08334844 frs-core:OtherResidualIntangibleAssets 2023-12-25 08334844 frs-core:OtherResidualIntangibleAssets 2022-12-26 2023-12-25 08334844 frs-core:OtherResidualIntangibleAssets 2022-12-25 08334844 frs-core:PlantMachinery 2023-12-25 08334844 frs-core:PlantMachinery 2022-12-26 2023-12-25 08334844 frs-core:PlantMachinery 2022-12-25 08334844 frs-core:OtherReservesSubtotal 2023-12-25 08334844 frs-core:ShareCapital 2023-12-25 08334844 frs-core:RetainedEarningsAccumulatedLosses 2023-12-25 08334844 frs-bus:PrivateLimitedCompanyLtd 2022-12-26 2023-12-25 08334844 frs-bus:FilletedAccounts 2022-12-26 2023-12-25 08334844 frs-bus:SmallEntities 2022-12-26 2023-12-25 08334844 frs-bus:AuditExempt-NoAccountantsReport 2022-12-26 2023-12-25 08334844 frs-bus:SmallCompaniesRegimeForAccounts 2022-12-26 2023-12-25 08334844 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-12-25 08334844 frs-core:UnlistedNon-exchangeTraded 2023-12-25 08334844 frs-core:UnlistedNon-exchangeTraded 2022-12-25 08334844 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2022-12-25 08334844 frs-core:DisposalsRepaymentsInvestments frs-core:UnlistedNon-exchangeTraded 2023-12-25 08334844 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-12-25 08334844 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2022-12-25 08334844 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-12-25 08334844 frs-bus:Director1 2022-12-26 2023-12-25 08334844 frs-core:CurrentFinancialInstruments 1 2023-12-25 08334844 frs-countries:EnglandWales 2022-12-26 2023-12-25 08334844 2021-12-25 08334844 2022-12-25 08334844 2021-12-26 2022-12-25 08334844 frs-core:CurrentFinancialInstruments 2022-12-25 08334844 frs-core:Non-currentFinancialInstruments 2022-12-25 08334844 frs-core:OtherReservesSubtotal 2022-12-25 08334844 frs-core:ShareCapital 2022-12-25 08334844 frs-core:RetainedEarningsAccumulatedLosses 2022-12-25 08334844 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2022-12-25 08334844 frs-core:CurrentFinancialInstruments 1 2022-12-25
Registered number: 08334844
PRIORITY INVESTMENT LIMITED
Unaudited Financial Statements
For The Year Ended 25 December 2023
Fidcorp ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08334844
2023 2022
Notes
FIXED ASSETS
Intangible Assets 4 15,618 51,869
Tangible Assets 5 6,947,562 7,117,438
Investments 6 - 1,500
6,963,180 7,170,807
CURRENT ASSETS
Debtors 7 391,764 374,143
Cash at bank and in hand 32,149 46,574
423,913 420,717
Creditors: Amounts Falling Due Within One Year 8 (7,156,137 ) (7,414,809 )
NET CURRENT ASSETS (LIABILITIES) (6,732,224 ) (6,994,092 )
TOTAL ASSETS LESS CURRENT LIABILITIES 230,956 176,715
Creditors: Amounts Falling Due After More Than One Year 9 (87,120 ) (72,982 )
NET ASSETS 143,836 103,733
CAPITAL AND RESERVES
Called up share capital 10 2,001,173 2,001,173
Other reserves 8,965 8,965
Fair Value Reserve 11 (8,766 ) -
Profit and Loss Account (1,857,536 ) (1,906,405 )
SHAREHOLDERS' FUNDS 143,836 103,733
Page 1
Page 2
For the year ending 25 December 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 Eric Rudasingwa Rugwe
Director
08/07/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
PRIORITY INVESTMENT LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 08334844 . The registered office is 101 New Cavendish Street 1st Floor South, London, W1W 6XH.
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:
Freehold 2%
Plant & Machinery 10%
Motor Vehicles Over the lease period
Fixtures & Fittings 20%
Computer Equipment 10%
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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.
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.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 3)
3 3
4. Intangible Assets
Other
Cost
As at 26 December 2022 178,919
As at 25 December 2023 178,919
Amortisation
As at 26 December 2022 127,050
Provided during the period 36,251
As at 25 December 2023 163,301
Net Book Value
As at 25 December 2023 15,618
As at 26 December 2022 51,869
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
Cost
As at 26 December 2022 7,166,390 128,556 95,474 65,436 7,455,856
Disposals (129,000 ) - (40,918 ) - (169,918 )
As at 25 December 2023 7,037,390 128,556 54,556 65,436 7,285,938
Depreciation
As at 26 December 2022 338,418 - - - 338,418
Disposals (42 ) - - - (42 )
As at 25 December 2023 338,376 - - - 338,376
Net Book Value
As at 25 December 2023 6,699,014 128,556 54,556 65,436 6,947,562
As at 26 December 2022 6,827,972 128,556 95,474 65,436 7,117,438
Page 4
Page 5
6. Investments
Unlisted
Cost
As at 26 December 2022 1,500
Disposals (1,500 )
As at 25 December 2023 -
Provision
As at 26 December 2022 -
As at 25 December 2023 -
Net Book Value
As at 25 December 2023 -
As at 26 December 2022 1,500
7. Debtors
2023 2022
Due within one year
Trade debtors 2,000 25,201
Other debtors 385,588 344,800
Other debtors (1) 4,176 4,142
391,764 374,143
8. Creditors: Amounts Falling Due Within One Year
2023 2022
Trade creditors - (2 )
Other taxes and social security 43,991 32,848
Other creditors (1) 96,523 197,801
Amounts owed to group undertakings 7,015,623 7,184,162
7,156,137 7,414,809
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
Directors loan account 87,120 72,982
10. Share Capital
2023 2022
Allotted, Called up and fully paid 2,001,173 2,001,173
Page 5
Page 6
11. Reserves
Fair Value Reserve
Movements in fair value reserve (8,766)
As at 25 December 2023 (8,766 )
Page 6