Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 05557853 Mr Eric Plane Mr Eric Charles Plane true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05557853 2022-12-31 05557853 2023-12-31 05557853 2023-01-01 2023-12-31 05557853 frs-core:CurrentFinancialInstruments 2023-12-31 05557853 frs-core:Non-currentFinancialInstruments 2023-12-31 05557853 frs-core:PlantMachinery 2023-12-31 05557853 frs-core:PlantMachinery 2023-01-01 2023-12-31 05557853 frs-core:PlantMachinery 2022-12-31 05557853 frs-core:CapitalRedemptionReserve 2023-12-31 05557853 frs-core:ShareCapital 2023-12-31 05557853 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 05557853 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05557853 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 05557853 frs-bus:SmallEntities 2023-01-01 2023-12-31 05557853 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 05557853 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05557853 1 2023-01-01 2023-12-31 05557853 frs-core:CostValuation 2022-12-31 05557853 frs-core:CostValuation 2023-12-31 05557853 frs-core:ProvisionsForImpairmentInvestments 2022-12-31 05557853 frs-core:ProvisionsForImpairmentInvestments 2023-12-31 05557853 frs-bus:Director1 2023-01-01 2023-12-31 05557853 frs-countries:EnglandWales 2023-01-01 2023-12-31 05557853 2021-12-31 05557853 2022-12-31 05557853 2022-01-01 2022-12-31 05557853 frs-core:CurrentFinancialInstruments 2022-12-31 05557853 frs-core:Non-currentFinancialInstruments 2022-12-31 05557853 frs-core:CapitalRedemptionReserve 2022-12-31 05557853 frs-core:ShareCapital 2022-12-31 05557853 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 05557853
N7 Properties Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Steve Pye & Co.
Chartered Certified Accountants
Unit 10 Aylsham Business Park
Richard Oakes Road
Aylsham, Norwich
Norfolk
NR11 6FD
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 05557853
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 300 405
Investments 5 51,160 51,160
51,460 51,565
CURRENT ASSETS
Debtors 6 1,433,835 1,517,335
Cash at bank and in hand 3,305 3,725
1,437,140 1,521,060
Creditors: Amounts Falling Due Within One Year 7 (900 ) -
NET CURRENT ASSETS (LIABILITIES) 1,436,240 1,521,060
TOTAL ASSETS LESS CURRENT LIABILITIES 1,487,700 1,572,625
Creditors: Amounts Falling Due After More Than One Year 8 (654,646 ) (758,369 )
NET ASSETS 833,054 814,256
CAPITAL AND RESERVES
Called up share capital 9 75 75
Capital redemption reserve 24 24
Income Statement 832,955 814,157
SHAREHOLDERS' FUNDS 833,054 814,256
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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Income Statement.
On behalf of the board
Mr Eric Plane
Director
13 September 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
N7 Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05557853 . The registered office is Office 25a Ivy Road, Norwich, Norfolk, NR5 8BF.  The presentation currency of the financial statements is the Pound Sterling (£).
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. Significant judgements and estimations
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources.  The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant.  Actual results may differ from these estimates.  The estimates and underliyng assumptions are reviewed on an ongoing basis.  Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of revision and future periods if the revision affects both current and future periods.  The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets.
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 25% RB
2.4. Financial Instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.
a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.
b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.
c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
d) Trade and other creditors
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 January 2023 1,278
Additions 400
As at 31 December 2023 1,678
Depreciation
As at 1 January 2023 873
Provided during the period 505
As at 31 December 2023 1,378
Net Book Value
As at 31 December 2023 300
As at 1 January 2023 405
5. Investments
Subsidiaries
£
Cost
As at 1 January 2023 51,160
As at 31 December 2023 51,160
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 51,160
As at 1 January 2023 51,160
6. Debtors
2023 2022
£ £
Due within one year
Amounts owed by group undertakings 1,433,835 1,517,335
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Accruals and deferred income 900 -
Page 4
Page 5
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 26,883 36,769
Other creditors 40,000 40,000
Directors loan account 587,763 681,600
654,646 758,369
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 75 75
10. Ultimate Controlling Party
The company's ultimate controlling party is Mr Eric Charles Plane by virtue of his ownership of 100% of the issued share capital in the company.
Page 5