Acorah Software Products - Accounts Production 15.0.600 false true true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 11837846 Mr Steven Watkins iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11837846 2022-12-31 11837846 2023-12-31 11837846 2023-01-01 2023-12-31 11837846 frs-core:CurrentFinancialInstruments 2023-12-31 11837846 frs-core:CopyrightsPatentsTrademarksServiceOperatingRights 2023-12-31 11837846 frs-core:CopyrightsPatentsTrademarksServiceOperatingRights 2023-01-01 2023-12-31 11837846 frs-core:CopyrightsPatentsTrademarksServiceOperatingRights 2022-12-31 11837846 frs-core:ShareCapital 2023-12-31 11837846 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 11837846 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11837846 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 11837846 frs-bus:SmallEntities 2023-01-01 2023-12-31 11837846 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 11837846 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 11837846 frs-bus:Director1 2023-01-01 2023-12-31 11837846 frs-countries:EnglandWales 2023-01-01 2023-12-31 11837846 2021-12-31 11837846 2022-12-31 11837846 2022-01-01 2022-12-31 11837846 frs-core:CurrentFinancialInstruments 2022-12-31 11837846 frs-core:ShareCapital 2022-12-31 11837846 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 11837846
SAET Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 11837846
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 36,167 55,894
Investment Properties 5 611,842 353,907
648,009 409,801
CURRENT ASSETS
Cash at bank and in hand 28,947 11,094
28,947 11,094
Creditors: Amounts Falling Due Within One Year 6 (717,441 ) (447,088 )
NET CURRENT ASSETS (LIABILITIES) (688,494 ) (435,994 )
TOTAL ASSETS LESS CURRENT LIABILITIES (40,485 ) (26,193 )
NET LIABILITIES (40,485 ) (26,193 )
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account (40,585 ) (26,293 )
SHAREHOLDERS' FUNDS (40,485) (26,193)
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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 Profit and Loss Account.
On behalf of the board
Mr Steven Watkins
Director
18 September 2024
The notes on pages 3 to 4 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
SAET Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11837846 . The registered office is Unit 3, Vista Place, Coy Pond Business Park, Ingworth Road, Poole, Dorset, BH12 1JY.
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 directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern and have agreed to support the company for a further 12 months following approval of the accounts.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover is represented by revenue earned from the rental of investment property.
2.4. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets relate to a Risk and Control Business Model and associated tools. It is amortised to the profit and loss account over its estimated economic life of 3 years.
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. Financial Instruments
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses
for bad and doubtful debts. Loans and other financial assets are initially measured at transaction price including any
transaction costs and subsequently measured at amortised cost determined using the effective interest method, less
any impairment losses for bad and doubtful debts.
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial
liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at
amortised cost determined using the effective interest method.
2.7. 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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
4. Intangible Assets
Intellectual Property
£
Cost
As at 1 January 2023 59,182
As at 31 December 2023 59,182
Amortisation
As at 1 January 2023 3,288
Provided during the period 19,727
As at 31 December 2023 23,015
Net Book Value
As at 31 December 2023 36,167
As at 1 January 2023 55,894
5. Investment Property
2023
£
Fair Value
As at 1 January 2023 353,907
Additions 257,935
As at 31 December 2023 611,842
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2023 2022
£ £
Cost 611,842 353,907
The investment property has been valued at the market value by the directors on 31 December 2023, it's fair value is considered the same as the historical cost of the investment property which is £611,842.
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors - 10,009
Accruals and deferred income 1,550 1,500
Director's loan account 715,891 435,579
717,441 447,088
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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