Acorah Software Products - Accounts Production 15.0.600 false true false 27 January 2023 31 January 2024 31 January 2024 14622586 Mr A Ingram Mr A Schuring iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 14622586 2023-01-26 14622586 2024-01-31 14622586 2023-01-27 2024-01-31 14622586 frs-core:Non-currentFinancialInstruments 2024-01-31 14622586 frs-core:ShareCapital 2024-01-31 14622586 frs-core:RetainedEarningsAccumulatedLosses 2024-01-31 14622586 frs-bus:PrivateLimitedCompanyLtd 2023-01-27 2024-01-31 14622586 frs-bus:FilletedAccounts 2023-01-27 2024-01-31 14622586 frs-bus:SmallEntities 2023-01-27 2024-01-31 14622586 frs-bus:AuditExempt-NoAccountantsReport 2023-01-27 2024-01-31 14622586 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-27 2024-01-31 14622586 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2024-01-31 14622586 frs-bus:Director1 2023-01-27 2024-01-31 14622586 frs-bus:Director1 2023-01-26 14622586 frs-bus:Director1 2024-01-31 14622586 frs-bus:Director2 2023-01-27 2024-01-31 14622586 frs-bus:Director2 2023-01-26 14622586 frs-bus:Director2 2024-01-31 14622586 frs-countries:EnglandWales 2023-01-27 2024-01-31
Registered number: 14622586
Solent Properties (Southern) Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 14622586
2024
Notes £ £
FIXED ASSETS
Investment Properties 4 300,000
300,000
CURRENT ASSETS
Debtors 5 2
Cash at bank and in hand 700
702
Creditors: Amounts Falling Due Within One Year 6 (115,325 )
NET CURRENT ASSETS (LIABILITIES) (114,623 )
TOTAL ASSETS LESS CURRENT LIABILITIES 185,377
Creditors: Amounts Falling Due After More Than One Year 7 (197,843 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (591 )
NET LIABILITIES (13,057 )
CAPITAL AND RESERVES
Called up share capital 9 2
Fair Value Reserve 11 2,059
Profit and Loss Account (15,118 )
SHAREHOLDERS' FUNDS (13,057)
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 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 A Ingram
Director
4 October 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Solent Properties (Southern) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 14622586 . The registered office is 51 Upmill Close, West End, Southampton, Hampshire, SO30 3HT.
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. 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.
2.3. Financial Instruments
The company only enters into basic financial instruments transactions 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, loans to or from related parties and investments in non-puttable ordinary shares.
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 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.
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.
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
2.4. 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: NIL
-
4. Investment Property
2024
£
Fair Value
As at 27 January 2023 -
Additions 297,350
Revaluations 2,650
As at 31 January 2024 300,000
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024
£
Cost 297,350
The investment property was valued on an open market basis on 31 January 2024 by the director, Mr A Ingram.
5. Debtors
2024
£
Due within one year
Other debtors 2
2
6. Creditors: Amounts Falling Due Within One Year
2024
£
Other creditors 115,325
115,325
7. Creditors: Amounts Falling Due After More Than One Year
2024
£
Other creditors 197,843
197,843
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2024
£
Other Creditors 181,213
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8. Secured Creditors
Of the creditors the following amounts are secured.
Nottingham Building Society has a fixed charge and negative pledge over the freehold property known as 61 Torridge Gardens, West End, Southampton, SO18 3NF. Please refer to Companies House for full details.
2024
£
Other Creditors 201,480
9. Share Capital
2024
£
Allotted, Called up and fully paid 2
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 27 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 January 2024
£ £ £ £ £
Mr Ashley Ingram - 1 - - 1
Mr Andrew Schuring - 1 - - 1
The above loans are unsecured, interest free and repayable on demand.
11. Reserves
Fair Value Reserve
£
Movements in fair value reserve 2,059
As at 31 January 2024 2,059
12. Related Party Transactions
Included withing creditors: amounts falling due within one year is a loan owed to Solent Drylining Ltd totalling £110,608 a company in which the directors are also directors and shareholders.
The above loan is unsecured, interest free and repayable on demand.
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