Acorah Software Products - Accounts Production 15.0.500 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 01405661 T R Arnold N R Dyson N R Dyson iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 01405661 2022-12-31 01405661 2023-12-31 01405661 2023-01-01 2023-12-31 01405661 frs-core:CurrentFinancialInstruments 2023-12-31 01405661 frs-core:Non-currentFinancialInstruments 2023-12-31 01405661 frs-core:FurnitureFittings 2023-12-31 01405661 frs-core:FurnitureFittings 2023-01-01 2023-12-31 01405661 frs-core:FurnitureFittings 2022-12-31 01405661 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-12-31 01405661 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01405661 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2022-12-31 01405661 frs-core:RevaluationReserve 2022-12-31 01405661 frs-core:RevaluationReserve 2023-12-31 01405661 frs-core:ShareCapital 2023-12-31 01405661 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 01405661 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01405661 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 01405661 frs-bus:SmallEntities 2023-01-01 2023-12-31 01405661 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 01405661 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 01405661 frs-bus:Director1 2023-01-01 2023-12-31 01405661 frs-bus:Director2 2023-01-01 2023-12-31 01405661 frs-bus:CompanySecretary1 2023-01-01 2023-12-31 01405661 frs-countries:EnglandWales 2023-01-01 2023-12-31 01405661 2021-12-31 01405661 2022-12-31 01405661 2022-01-01 2022-12-31 01405661 frs-core:CurrentFinancialInstruments 2022-12-31 01405661 frs-core:Non-currentFinancialInstruments 2022-12-31 01405661 frs-core:RevaluationReserve 2022-12-31 01405661 frs-core:ShareCapital 2022-12-31 01405661 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 01405661
Montwhelan Limited
Financial Statements
For The Year Ended 31 December 2023
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 01405661
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 76,537 76,744
Investment Properties 5 1,997,248 1,997,248
2,073,785 2,073,992
CURRENT ASSETS
Debtors 6 22,563 33,220
Cash at bank and in hand 59,710 34,293
82,273 67,513
Creditors: Amounts Falling Due Within One Year 7 (349,191 ) (356,468 )
NET CURRENT ASSETS (LIABILITIES) (266,918 ) (288,955 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,806,867 1,785,037
Creditors: Amounts Falling Due After More Than One Year 8 (450,000 ) (450,000 )
NET ASSETS 1,356,867 1,335,037
CAPITAL AND RESERVES
Called up share capital 9 225,102 225,102
Revaluation reserve 10 222,168 222,168
Profit and Loss Account 909,597 887,767
SHAREHOLDERS' FUNDS 1,356,867 1,335,037
Page 1
Page 2
For the year ending 31 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
T R Arnold
Director
29/07/2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Montwhelan Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01405661 . The registered office is c/o Brays, Riverview Court, Castle Gate, Wetherby, LS22 6LE.
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 None
Furniture, Fittings and Equipment 25% reducing balance
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 profit and loss account.
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 3)
3 3
Page 3
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4. Tangible Assets
Land & Property
Freehold Furniture, Fittings and Equipment Total
£ £ £
Cost
As at 1 January 2023 75,916 2,167 78,083
As at 31 December 2023 75,916 2,167 78,083
Depreciation
As at 1 January 2023 - 1,339 1,339
Provided during the period - 207 207
As at 31 December 2023 - 1,546 1,546
Net Book Value
As at 31 December 2023 75,916 621 76,537
As at 1 January 2023 75,916 828 76,744
The Company's freehold land and buildings were revalued on 14 October 1993, and in November 1998, by one of the directors who is a Chartered Surveyor, on an open market value basis. When measured on an historical basis the carrying amount would be £75,916 (2022 - £75,916).
5. Investment Property
2023
£
Fair Value
As at 1 January 2023 and 31 December 2023 1,997,248
During 2019, property previously classified as Land and Buildings was reclassified as investment property. Long held stocks have now also been transferred to investment property upon commencement of lease agreements for all properties within the specific development. The directors have considered the fair value for all investment properties internally, a fair value is £2,480,704 (2022 - £2,480,704). The investment properties will be revalued with gains or losses through the profit and loss when the valuations are undertaken by an independent external valuer.
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 13,759 25,706
Other debtors 8,804 7,514
22,563 33,220
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 378 1,583
Other creditors 290,238 297,756
Taxation and social security 58,575 57,129
349,191 356,468
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8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Redeemable preference shares 450,000 450,000
450,000 450,000
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 225,102 225,102
10. Reserves
Revaluation Reserve
£
As at 1 January 2023 222,168
As at 31 December 2023 222,168
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