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Registered number: 13771971
Property Carrot Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13771971
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 224,369 224,369
224,369 224,369
CURRENT ASSETS
Debtors 5 3,290 -
Cash at bank and in hand 70,449 2,539
73,739 2,539
Creditors: Amounts Falling Due Within One Year 6 (130,652 ) (54,949 )
NET CURRENT ASSETS (LIABILITIES) (56,913 ) (52,410 )
TOTAL ASSETS LESS CURRENT LIABILITIES 167,456 171,959
Creditors: Amounts Falling Due After More Than One Year 7 (174,141 ) (174,141 )
NET LIABILITIES (6,685 ) (2,182 )
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account (6,687 ) (2,184 )
SHAREHOLDERS' FUNDS (6,685) (2,182)
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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.
On behalf of the board
Ms Amie Brillu-Ogden
Director
26 August 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Property Carrot Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13771971 . The registered office is First Floor Flat, 14 Portland Place, Bath, England, BA1 2RY.
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. Going Concern Disclosure
The director has identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate.
The financial statements have been prepared in accordance with the accounting principles appropriate to a going concern, notwithstanding the company's net current liabilities, which the director believes to be appropriate for the following reasons. The company is dependent for its working capital on funds provided to it by the company's director, Amie  Brillu-Ogden. Amie Brillu-Ogden has provided the company with an undertaking that, for at least 12 months from the date of approval of these financial statements, it will continue to make available such funds as are needed by the company.
This should enable the company to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due for payment. As with any company placing reliance on other entities for financial support, the director acknowledges that there can be no certainty that this support will continue, although, at the date of approval of these financial statements, She has no reason to believe that it will not do so.
Based on this undertaking the director believes that it remains appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.
2.3. 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.
2.4. Investment Properties
All investment properties are propeties which are held either to earn rental income or for capital appreciation or for both.
Investment properties are recognised initially at cost.
Subsequent to initial recognition:
1) Invesment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in fair value are recognised in the profit and loss account in the period they arised; and
2) No depreciation is provided for in respect of investment properties applying the fair value model.
Invesmtent properties fair value is determined by the director based on his understanding of property market conditions and the specific properties concerned. Any gain or loss arising from a change in fair value is recognised in the profit and loss account.
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2.5. Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial instruments
Other creditors
Other creditors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate for a similar debt instrument.
2.6. Acquisitions and disposals of properties
Acquisitions and disposals are considered to have taken place at the date of legal completion and are included in the financial statements accordingly.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2022: NIL)
- -
4. Tangible Assets
Investment Properties
£
Cost
As at 1 December 2022 224,369
As at 30 November 2023 224,369
Net Book Value
As at 30 November 2023 224,369
As at 1 December 2022 224,369
Cost or valuation as at 30 November 2023 represented by:
Investment Properties
£
At cost 224,369
224,369
The company's investment property is included in the Financial Statements at Director's valuation.
The company's residential property was valued using a slaes valuation approach, derived from recent comparable transactions in the market, adjusted by applying discounts to reflect status of occupation and condition.
Historical cost model
The historical cost of investment property at 30 November 2023 is £224,369.
5. Debtors
2023 2022
£ £
Due within one year
Other debtors 3,290 -
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6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Other creditors 117,555 54,949
Accruals and deferred income 13,097 -
130,652 54,949
Other creditors include amounts aggregating £114,446 (2022:£49,861) due to the company director, Amie Brillu-Ogden. The loan is interest free and repayable on demand.
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 174,141 174,141
The Bank loan is secured by a fixed charge over the investment property of the company with a book value of £224,369.
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
9. Accounting estimates and judgements
1) Property valuations
The valuation of the company's property portfolio is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions.
Therefore the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate particularly in periods of difficult market or economic conditions.
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