Acorah Software Products - Accounts Production 15.0.400 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 09353119 Mrs Meena Devlukia Mr Prabodh Devlukia Mr Prabodh Devlukia iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09353119 2023-03-31 09353119 2024-03-31 09353119 2023-04-01 2024-03-31 09353119 frs-core:CurrentFinancialInstruments 2024-03-31 09353119 frs-core:Non-currentFinancialInstruments 2024-03-31 09353119 frs-core:NetGoodwill 2024-03-31 09353119 frs-core:NetGoodwill 2023-04-01 2024-03-31 09353119 frs-core:NetGoodwill 2023-03-31 09353119 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-03-31 09353119 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09353119 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-03-31 09353119 frs-core:MotorVehicles 2024-03-31 09353119 frs-core:MotorVehicles 2023-04-01 2024-03-31 09353119 frs-core:MotorVehicles 2023-03-31 09353119 frs-core:PlantMachinery 2024-03-31 09353119 frs-core:PlantMachinery 2023-04-01 2024-03-31 09353119 frs-core:PlantMachinery 2023-03-31 09353119 frs-core:ShareCapital 2024-03-31 09353119 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 09353119 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09353119 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 09353119 frs-bus:SmallEntities 2023-04-01 2024-03-31 09353119 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 09353119 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09353119 frs-bus:Director1 2023-04-01 2024-03-31 09353119 frs-bus:Director2 2023-04-01 2024-03-31 09353119 frs-bus:CompanySecretary1 2023-04-01 2024-03-31 09353119 frs-countries:EnglandWales 2023-04-01 2024-03-31 09353119 2022-03-31 09353119 2023-03-31 09353119 2022-04-01 2023-03-31 09353119 frs-core:CurrentFinancialInstruments 2023-03-31 09353119 frs-core:Non-currentFinancialInstruments 2023-03-31 09353119 frs-core:ShareCapital 2023-03-31 09353119 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 09353119
Devlukia Properties Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
GLX Accounting Limited
Chartered Accountants
69-75 Thorpe Road
Norwich
NR1 1UA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 09353119
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 2,660,000 2,992,500
Tangible Assets 5 202,570 18,424,941
Investment Properties 6 19,238,384 -
22,100,954 21,417,441
CURRENT ASSETS
Debtors 7 51,683 2,196
Cash at bank and in hand 1,615,907 670,030
1,667,590 672,226
Creditors: Amounts Falling Due Within One Year 8 (435,315 ) (230,027 )
NET CURRENT ASSETS (LIABILITIES) 1,232,275 442,199
TOTAL ASSETS LESS CURRENT LIABILITIES 23,333,229 21,859,640
Creditors: Amounts Falling Due After More Than One Year 9 (12,016,427 ) (11,973,050 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (12,323 ) (12,323 )
NET ASSETS 11,304,479 9,874,267
CAPITAL AND RESERVES
Called up share capital 10 10,219,272 10,219,272
Profit and Loss Account 1,085,207 (345,005 )
SHAREHOLDERS' FUNDS 11,304,479 9,874,267
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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 Prabodh Devlukia
Director
20th August 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
Devlukia Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09353119 . The registered office is 192 Norwich Road, Norwich, NR5 0EX.
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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. 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% straight line
Plant & Machinery 10% straight line
Motor Vehicles 20% straight line
During the year, 'Freehold Land and Buildings' have been reclassified as 'Investment Properties' as it is deemed by the directors that this is a more suitable description for the assets and represents a more appropriate classification to show a true and fair position. A transfer between asset classes has therefore occurred in the year.
As a result, all prior depreciation charged has been unwound in the profit and loss. The assets going forward will be considered under 'Investment Properties' and will follow the accounting treatment as per the note below. 
2.5. 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.
Please see the note above where a transfer of asset class has taken place. during the year. The directors have considered a revaluation of assets, of which the properties remain at their historic cost valuation. The directors have not had any formal valuations and have assessed the property valuations themselves.
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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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 3,325,000
As at 31 March 2024 3,325,000
Amortisation
As at 1 April 2023 332,500
Provided during the period 332,500
As at 31 March 2024 665,000
Net Book Value
As at 31 March 2024 2,660,000
As at 1 April 2023 2,992,500
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 April 2023 19,238,383 422,638 55,680 19,716,701
Transfers (19,238,383 ) - - (19,238,383 )
As at 31 March 2024 - 422,638 55,680 478,318
...CONTINUED
Page 4
Page 5
Depreciation
As at 1 April 2023 1,069,412 210,148 12,200 1,291,760
Provided during the period - 42,264 11,136 53,400
Transfers (1,069,412 ) - - (1,069,412 )
As at 31 March 2024 - 252,412 23,336 275,748
Net Book Value
As at 31 March 2024 - 170,226 32,344 202,570
As at 1 April 2023 18,168,971 212,490 43,480 18,424,941
Please see note in 'Accounting Policies' regarding a transfer of asset class.
6. Investment Property
2024
£
Fair Value
As at 1 April 2023 -
Transfers 19,238,384
As at 31 March 2024 19,238,384
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 51,683 2,196
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 41,348 50,534
Bank loans and overdrafts 136 -
Corporation tax 245,216 80,596
Other taxes and social security 553 -
VAT 8,936 6,687
Other creditors 135,626 88,710
Accruals and deferred income 3,500 3,500
435,315 230,027
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 4,551,049 4,551,049
Directors loan account 25,966 3,325
Amounts owed to related parties 7,439,412 7,418,676
12,016,427 11,973,050
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10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10,219,272 10,219,272
Page 6