Acorah Software Products - Accounts Production 14.6.300 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 12937683 Mr Gareth Macken Mrs Irsida Dhimarko Gareth Macken true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12937683 2022-12-31 12937683 2023-12-31 12937683 2023-01-01 2023-12-31 12937683 frs-core:CurrentFinancialInstruments 2023-12-31 12937683 frs-core:Non-currentFinancialInstruments 2023-12-31 12937683 frs-core:ComputerEquipment 2023-12-31 12937683 frs-core:ComputerEquipment 2023-01-01 2023-12-31 12937683 frs-core:ComputerEquipment 2022-12-31 12937683 frs-core:FurnitureFittings 2023-12-31 12937683 frs-core:FurnitureFittings 2023-01-01 2023-12-31 12937683 frs-core:FurnitureFittings 2022-12-31 12937683 frs-core:InvestmentPropertyIncludedWithinPPE 2023-12-31 12937683 frs-core:InvestmentPropertyIncludedWithinPPE 2022-12-31 12937683 frs-core:PlantMachinery 2023-12-31 12937683 frs-core:PlantMachinery 2023-01-01 2023-12-31 12937683 frs-core:PlantMachinery 2022-12-31 12937683 frs-core:ShareCapital 2023-12-31 12937683 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 12937683 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12937683 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 12937683 frs-bus:SmallEntities 2023-01-01 2023-12-31 12937683 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 12937683 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 12937683 1 2023-01-01 2023-12-31 12937683 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-01-01 2023-12-31 12937683 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-12-31 12937683 frs-bus:Director1 2023-01-01 2023-12-31 12937683 frs-bus:Director2 2023-01-01 2023-12-31 12937683 frs-core:CurrentFinancialInstruments 1 2023-12-31 12937683 frs-countries:EnglandWales 2023-01-01 2023-12-31 12937683 2021-12-31 12937683 2022-12-31 12937683 2022-01-01 2022-12-31 12937683 frs-core:CurrentFinancialInstruments 2022-12-31 12937683 frs-core:Non-currentFinancialInstruments 2022-12-31 12937683 frs-core:ShareCapital 2022-12-31 12937683 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 12937683 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2022-12-31 12937683 frs-core:CurrentFinancialInstruments 1 2022-12-31
Registered number: 12937683
GIA Property Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Optimise Accountants Ltd
Office 15 Bramley House 2a
Bramley Road
Long Eaton
Nottinghamshire
NG10 3SX
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12937683
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,814,454 1,324,199
1,814,454 1,324,199
CURRENT ASSETS
Debtors 5 - 27,455
Cash at bank and in hand 18,212 61,779
18,212 89,234
Creditors: Amounts Falling Due Within One Year 6 (519,613 ) (615,809 )
NET CURRENT ASSETS (LIABILITIES) (501,401 ) (526,575 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,313,053 797,624
Creditors: Amounts Falling Due After More Than One Year 7 (730,857 ) (763,365 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (92,590 ) -
NET ASSETS 489,606 34,259
CAPITAL AND RESERVES
Called up share capital 9 201 201
Fair Value Reserve 10 394,726 -
Profit and Loss Account 94,679 34,058
SHAREHOLDERS' FUNDS 489,606 34,259
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
Mr Gareth Macken
Director
29/08/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
GIA Property Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12937683 . The registered office is 7 Coral Row, London, SW11 3UF.
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:
Plant & Machinery 20% reducing balance
Fixtures & Fittings Not depreciated
Computer Equipment 20% 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. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Tangible Assets
Investment Properties Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost or Valuation
As at 1 January 2023 1,312,684 527 10,068 1,560 1,324,839
Additions - - 3,147 203 3,350
Revaluation 487,316 - - - 487,316
As at 31 December 2023 1,800,000 527 13,215 1,763 1,815,505
Depreciation
As at 1 January 2023 - 167 - 473 640
Provided during the period - 71 120 220 411
As at 31 December 2023 - 238 120 693 1,051
Net Book Value
As at 31 December 2023 1,800,000 289 13,095 1,070 1,814,454
As at 1 January 2023 1,312,684 360 10,068 1,087 1,324,199
5. Debtors
2023 2022
£ £
Due within one year
Other debtors - 27,455
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors - (1 )
Other creditors 2,036 7,058
Other creditors (1) 1 -
Directors' loan accounts 517,576 608,752
519,613 615,809
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 730,857 763,365
8. Secured Creditors
Of the creditors the following amounts are secured.
2023 2022
£ £
Bank loans and overdrafts 730,857 -
Page 4
Page 5
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 201 201
10. Reserves
Fair Value Reserve
£
Transfer to profit and loss 394,726
As at 31 December 2023 394,726
11. Ultimate Controlling Party
The company's ultimate controlling party is Gareth Macken by virtue of his ownership of 95% of the issued share capital in the company.
Page 5