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Registered number: 08053412
Ideal Letting Homes Ltd
ABRIDGED Financial Statements
For The Year Ended 30 November 2023
JR Accounts
Chartered Certified Accountants
164-166 High Road
Ilford
Essex
IG1 1LL
Financial Statements
Contents
Page
Company Information 1
Abridged Balance Sheet 2—3
Notes to the Abridged Financial Statements 4—6
Page 1
Company Information
Director Mrs Shahnilah Razaq
Company Number 08053412
Registered Office 164 166 High Road
Ilford
Essex
IG1 1LL
Accountants JR Accounts
Chartered Certified Accountants
164-166 High Road
Ilford
Essex
IG1 1LL
Page 1
Page 2
Abridged Balance Sheet
Registered number: 08053412
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 3,132 3,914
3,132 3,914
CURRENT ASSETS
Debtors 1,335 167
Investments 25,000 25,000
Cash at bank and in hand 416,774 428,879
443,109 454,046
Creditors: Amounts Falling Due Within One Year (427,353 ) (421,910 )
NET CURRENT ASSETS (LIABILITIES) 15,756 32,136
TOTAL ASSETS LESS CURRENT LIABILITIES 18,888 36,050
Creditors: Amounts Falling Due After More Than One Year (25,833 ) (35,833 )
NET (LIABILITIES)/ASSETS (6,945 ) 217
CAPITAL AND RESERVES
Called up share capital 4 100 100
Profit and Loss Account (7,045 ) 117
SHAREHOLDERS' FUNDS (6,945) 217
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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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 30 November 2023 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mrs Shahnilah Razaq
Director
22 August 2024
The notes on pages 4 to 6 form part of these financial statements.
Page 3
Page 4
Notes to the Abridged Financial Statements
1. Accounting Policies
1.1. 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.
1.2. 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.
1.3. 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:
Fixtures & Fittings 20% on reducing balance
Computer Equipment 20% on reducing balance
1.4. 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 year 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 asset reflects 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.
...CONTINUED
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1.4. Taxation - continued
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. Average Number of Employees
Average number of employees, including the director, during the year was: 5 (2022: 4)
5 4
3. Tangible Assets
Total
£
Cost
As at 1 December 2022 7,819
As at 30 November 2023 7,819
Depreciation
As at 1 December 2022 3,905
Provided during the period 782
As at 30 November 2023 4,687
Net Book Value
As at 30 November 2023 3,132
As at 1 December 2022 3,914
4. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
5. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 December 2022 Amounts advanced Amounts repaid Amounts written off As at 30 November 2023
£ £ £ £ £
Mrs Shahnilah Razaq - 1,335 - - -
The above loan is unsecured, interest free and repayable on demand.
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6. Dividends
2023 2022
£ £
On equity shares:
Interim dividend paid - 14,200
- 14,200
Page 6