Acorah Software Products - Accounts Production 15.0.600 false true 30 June 2022 1 July 2021 false 22 August 2024 1 July 2022 30 June 2023 30 June 2023 03495466 Mr S A Lipinski Mr P A Thrower iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 03495466 2022-06-30 03495466 2023-06-30 03495466 2022-07-01 2023-06-30 03495466 frs-core:CurrentFinancialInstruments 2023-06-30 03495466 frs-core:Non-currentFinancialInstruments 2023-06-30 03495466 frs-core:BetweenOneFiveYears 2023-06-30 03495466 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-07-01 2023-06-30 03495466 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-06-30 03495466 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2022-07-01 2023-06-30 03495466 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2022-06-30 03495466 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-06-30 03495466 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 03495466 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2022-06-30 03495466 frs-core:MotorVehicles 2023-06-30 03495466 frs-core:MotorVehicles 2022-07-01 2023-06-30 03495466 frs-core:MotorVehicles 2022-06-30 03495466 frs-core:OtherResidualIntangibleAssets 2023-06-30 03495466 frs-core:OtherResidualIntangibleAssets 2022-07-01 2023-06-30 03495466 frs-core:OtherResidualIntangibleAssets 2022-06-30 03495466 frs-core:PlantMachinery 2023-06-30 03495466 frs-core:PlantMachinery 2022-07-01 2023-06-30 03495466 frs-core:PlantMachinery 2022-06-30 03495466 frs-core:WithinOneYear 2023-06-30 03495466 frs-core:RevaluationReserve 2022-06-30 03495466 frs-core:RevaluationReserve 2023-06-30 03495466 frs-core:ShareCapital 2023-06-30 03495466 frs-core:RetainedEarningsAccumulatedLosses 2023-06-30 03495466 frs-bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 03495466 frs-bus:FilletedAccounts 2022-07-01 2023-06-30 03495466 frs-bus:SmallEntities 2022-07-01 2023-06-30 03495466 frs-bus:Audited 2022-07-01 2023-06-30 03495466 frs-bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 03495466 frs-core:CostValuation 2022-06-30 03495466 frs-core:AdditionsToInvestments 2023-06-30 03495466 frs-core:CostValuation 2023-06-30 03495466 frs-core:ProvisionsForImpairmentInvestments 2022-06-30 03495466 frs-core:ProvisionsForImpairmentInvestments 2023-06-30 03495466 frs-bus:Director1 2022-07-01 2023-06-30 03495466 frs-bus:Director1 2022-06-30 03495466 frs-bus:Director1 2023-06-30 03495466 frs-bus:CompanySecretary1 2022-07-01 2023-06-30 03495466 frs-countries:EnglandWales 2022-07-01 2023-06-30 03495466 2021-06-30 03495466 2022-06-30 03495466 2021-07-01 2022-06-30 03495466 frs-core:CurrentFinancialInstruments 2022-06-30 03495466 frs-core:Non-currentFinancialInstruments 2022-06-30 03495466 frs-core:BetweenOneFiveYears 2022-06-30 03495466 frs-core:WithinOneYear 2022-06-30 03495466 frs-core:RevaluationReserve 2022-06-30 03495466 frs-core:ShareCapital 2022-06-30 03495466 frs-core:RetainedEarningsAccumulatedLosses 2022-06-30
Registered number: 03495466
Megaclose Limited
Financial Statements
For The Year Ended 30 June 2023
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 03495466
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 19,488 -
Tangible Assets 5 164,331 157,911
Investment Properties 6 39,215,174 39,215,174
Investments 7 102 2
39,399,095 39,373,087
CURRENT ASSETS
Stocks 8 1,000 21,022
Debtors 9 17,019,228 17,119,279
Cash at bank and in hand 28,377 55,629
17,048,605 17,195,930
Creditors: Amounts Falling Due Within One Year 10 (1,671,209 ) (1,998,960 )
NET CURRENT ASSETS (LIABILITIES) 15,377,396 15,196,970
TOTAL ASSETS LESS CURRENT LIABILITIES 54,776,491 54,570,057
Creditors: Amounts Falling Due After More Than One Year 11 (32,049,364 ) (32,029,197 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (4,463,346 ) (4,551,022 )
NET ASSETS 18,263,781 17,989,838
CAPITAL AND RESERVES
Called up share capital 13 50,000 50,000
Revaluation reserve 16 16,903,989 16,903,989
Profit and Loss Account 1,309,792 1,035,849
SHAREHOLDERS' FUNDS 18,263,781 17,989,838
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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 S A Lipinski
Director
22 August 2024
The notes on pages 3 to 7 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Megaclose Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03495466 . The registered office is 120 North Sherwood Street, Nottingham, Notts, NG1 4EF.
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 - Other Intangible
Other intangible assets are website costs. They are 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 10% Straight Line
Leasehold 10% Straight Line
Plant & Machinery 20% Straight Line
Motor Vehicles 25% Reducing Balance
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.
2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.8. 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. 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. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 18 (2022: 22)
18 22
4. Intangible Assets
Other
£
Cost
As at 1 July 2022 -
Additions 20,160
As at 30 June 2023 20,160
Amortisation
As at 1 July 2022 -
Provided during the period 672
As at 30 June 2023 672
Net Book Value
As at 30 June 2023 19,488
As at 1 July 2022 -
5. Tangible Assets
Land & Property
Freehold Leasehold Plant & Machinery Motor Vehicles Total
£ £ £ £ £
Cost
As at 1 July 2022 13,922 134,008 775,094 - 923,024
Additions - - 35,007 69,540 104,547
Disposals (13,922 ) - (31,350 ) - (45,272 )
As at 30 June 2023 - 134,008 778,751 69,540 982,299
Depreciation
As at 1 July 2022 13,181 128,168 623,764 - 765,113
Provided during the period - 6,351 62,177 17,385 85,913
Disposals (13,181 ) - (19,877 ) - (33,058 )
As at 30 June 2023 - 134,519 666,064 17,385 817,968
...CONTINUED
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Net Book Value
As at 30 June 2023 - (511 ) 112,687 52,155 164,331
As at 1 July 2022 741 5,840 151,330 - 157,911
6. Investment Property
2023
£
Fair Value
As at 1 July 2022 and 30 June 2023 39,215,174
At 30 June 2023, the director calcualted the investment property valuations based on projected rental yield updated to the balance sheet date. These valuations have resulted in no change in the valuation giving a total revalued cost carried forward of £39,215,174. The historical cost of investment properties is £16,665,766 (2022 - £16,665,766).
7. Investments
Subsidiaries
£
Cost
As at 1 July 2022 2
Additions 100
As at 30 June 2023 102
Provision
As at 1 July 2022 -
As at 30 June 2023 -
Net Book Value
As at 30 June 2023 102
As at 1 July 2022 2
8. Stocks
2023 2022
£ £
Stock 1,000 21,022
9. Debtors
2023 2022
£ £
Due within one year
Trade debtors 27,414 2,165
Prepayments and accrued income 290,298 281,424
Other debtors 14,905,495 14,498,915
Director's loan account 1,095,510 1,641,045
Amounts owed by group undertakings 700,511 695,730
17,019,228 17,119,279
Included within other debtors is £11,062,769 (2022 - £11,062,769) due from a related party in relation to the re-financing loan.
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10. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 13,208 -
Trade creditors 98,694 678,925
Bank loans and overdrafts 16,663 70,212
Corporation tax 377,576 348,966
Other taxes and social security 241,318 321,229
Other creditors 218,398 81,985
Accruals and deferred income 705,352 497,643
1,671,209 1,998,960
11. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 32,849 -
Bank loans 32,016,515 32,029,197
32,049,364 32,029,197
Included in bank loans is £32,000,000 secured by a first legal mortgage over the company's investment properties. The full £32,000,000 loan is due for repayment in one instalment by 30 July 2026. Interest charges of £1,030,953 were paid during the year. The interest rate is deemed to be the aggregate of 4% + the Cost of Funds, the Cost of Funds being the GBP mid-market swap rate relating to sterling denominated interest rate swaps.
In addition, there is a debenture including a fixed and floating charge over all the assets of the company and a debenture including a floating charge over all properties owned by the company.
12. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 13,208 -
Later than one year and not later than five years 32,849 -
46,057 -
46,057 -
13. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 50,000 50,000
14. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 58,304 -
Later than one year and not later than five years 204,933 -
263,237 -
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15. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 July 2022 Amounts advanced Amounts repaid Amounts written off As at 30 June 2023
£ £ £ £ £
Mr Shahar Lipinski 1,641,045 - 545,535 - 1,095,510
The above loan is unsecured, interest free and repayable on demand.
16. Reserves
Revaluation Reserve
£
As at 1 July 2022 16,903,989
As at 30 June 2023 16,903,989
17. FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
18. Lessor
At the reporting end date the company had contracted with tenants minimum lease payments of £307,303 (£313,103).
19. Audit Information
The auditors report on the account of Megaclose Limited for the year ended 30 June 2023 was unqualified
The auditor's report was signed by Daniel Johnson FCCA (Senior Statutory Auditor) for and on behalf of Nuvo Audit Limited , Statutory Auditor
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