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Registered number: 13876377
The Cygnet (Kent) Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2024
Kent Coast Accounts Ltd
AAT Licenced Accountants
39 Brooke Avenue
Margate
Kent
CT9 5NG
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13876377
31 January 2024 31 January 2023
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 734,999 390,836
734,999 390,836
CURRENT ASSETS
Debtors 5 2,568 1,841
Cash at bank and in hand 13,859 11,278
16,427 13,119
Creditors: Amounts Falling Due Within One Year 6 (10,019 ) (7,621 )
NET CURRENT ASSETS (LIABILITIES) 6,408 5,498
TOTAL ASSETS LESS CURRENT LIABILITIES 741,407 396,334
Creditors: Amounts Falling Due After More Than One Year 7 (534,322 ) (386,949 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (69,965 ) -
NET ASSETS 137,120 9,385
CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Revaluation reserve 9 117,895 -
Profit and Loss Account 18,225 8,385
SHAREHOLDERS' FUNDS 137,120 9,385
Page 1
Page 2
For the year ending 31 January 2024 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 Andrew Hunt
Director
24th September 2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
The Cygnet (Kent) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13876377 . The registered office is Flint Cottage, 36 Holly Lane, Margate, Kent, CT9 3ND.
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.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable.
Rental income
Turnover from rental income in relation to the rent charged on investment properties is recognised in the period for which it relates to.
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 with those values held in a separate non-distributable reserve. These reserves are ring-fenced from distribution.
Deferred taxation is recognised at each valuation period based on measurement of deferred tax liabilities and asset reflects 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.
2.5. 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. 
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Investment Property
31 January 2024
£
Fair Value
As at 1 February 2023 390,836
Additions 156,303
Revaluations 187,860
As at 31 January 2024 734,999
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
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Page 4
31 January 2024 31 January 2023
£ £
Cost 547,140 -
5. Debtors
31 January 2024 31 January 2023
£ £
Due within one year
Prepayments and accrued income 2,568 1,841
2,568 1,841
6. Creditors: Amounts Falling Due Within One Year
31 January 2024 31 January 2023
£ £
Bank loans and overdrafts 6,989 5,185
Corporation tax 2,310 2,016
Accruals and deferred income 720 420
10,019 7,621
7. Creditors: Amounts Falling Due After More Than One Year
31 January 2024 31 January 2023
£ £
Bank loans 177,365 117,275
Directors loan account 356,957 269,674
534,322 386,949
Of the creditors falling due after more than one year the following amounts are due after more than five years.
31 January 2024 31 January 2023
£ £
Bank loans - 94,675
8. Share Capital
31 January 2024 31 January 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
Page 4
Page 5
9. Reserves
Revaluation Reserve
£
Net investment property revaluation reserve 117,895
As at 31 January 2024 117,895
Non-distributable reserves relate to the surplus on the revaluation of investment properties under IAS16 of the Financial Reporting Standards 102. These reserves are ring-fenced from distribution.
10. Controlling Party Not Known
The company's controlling party is unknown.
Page 5