Acorah Software Products - Accounts Production 15.0.600 false true 28 February 2023 1 March 2022 false 1 March 2023 31 March 2024 31 March 2024 12471766 Duong Nguyen director true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12471766 2023-02-28 12471766 2024-03-31 12471766 2023-03-01 2024-03-31 12471766 frs-core:CurrentFinancialInstruments 2024-03-31 12471766 frs-core:Non-currentFinancialInstruments 2024-03-31 12471766 frs-core:FurnitureFittings 2024-03-31 12471766 frs-core:FurnitureFittings 2023-03-01 2024-03-31 12471766 frs-core:FurnitureFittings 2023-02-28 12471766 frs-core:InvestmentPropertyIncludedWithinPPE 2024-03-31 12471766 frs-core:InvestmentPropertyIncludedWithinPPE 2023-02-28 12471766 frs-core:ShareCapital 2024-03-31 12471766 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 12471766 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-03-31 12471766 frs-bus:FilletedAccounts 2023-03-01 2024-03-31 12471766 frs-bus:SmallEntities 2023-03-01 2024-03-31 12471766 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-03-31 12471766 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-03-31 12471766 1 2023-03-01 2024-03-31 12471766 frs-bus:Director1 2023-03-01 2024-03-31 12471766 frs-countries:EnglandWales 2023-03-01 2024-03-31 12471766 2022-02-28 12471766 2023-02-28 12471766 2022-03-01 2023-02-28 12471766 frs-core:CurrentFinancialInstruments 2023-02-28 12471766 frs-core:Non-currentFinancialInstruments 2023-02-28 12471766 frs-core:ShareCapital 2023-02-28 12471766 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28
Registered number: 12471766
Duong Estate Limited
Unaudited Financial Statements
For the Period 1 March 2023 to 31 March 2024
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12471766
31 March 2024 28 February 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 785,425 853,583
785,425 853,583
CURRENT ASSETS
Debtors 4 3,072 4,165
Cash at bank and in hand 10,225 17,649
13,297 21,814
Creditors: Amounts Falling Due Within One Year 5 (270,037 ) (288,507 )
NET CURRENT ASSETS (LIABILITIES) (256,740 ) (266,693 )
TOTAL ASSETS LESS CURRENT LIABILITIES 528,685 586,890
Creditors: Amounts Falling Due After More Than One Year 6 (578,990 ) (578,990 )
NET (LIABILITIES)/ASSETS (50,305 ) 7,900
CAPITAL AND RESERVES
Called up share capital 7 1 1
Profit and Loss Account (50,306 ) 7,899
SHAREHOLDERS' FUNDS (50,305) 7,900
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For the period ending 31 March 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 her 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
Duong Nguyen
Director
15/10/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. 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.
1.2. 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.
1.3. 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:
Fixtures & Fittings 25% on Reducing Balance Method
1.4. 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.
1.5. 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. 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.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 1 (2023: 1)
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3. Tangible Assets
Investment Properties Fixtures & Fittings Total
£ £ £
Cost or Valuation
As at 1 March 2023 853,000 778 853,778
Revaluation (68,000) - (68,000 )
As at 31 March 2024 785,000 778 785,778
Depreciation
As at 1 March 2023 - 195 195
Provided during the period - 158 158
As at 31 March 2024 - 353 353
Net Book Value
As at 31 March 2024 785,000 425 785,425
As at 1 March 2023 853,000 583 853,583
The investment properties are valued, at balance sheet date, by directors of the company based on the assessment of available market information and property condition. The directors believe that their valuation would not be materially different from the professional valuation.
4. Debtors
31 March 2024 28 February 2023
£ £
Due within one year
Prepayments and accrued income 354 1,015
Other debtors 2,718 3,150
3,072 4,165
5. Creditors: Amounts Falling Due Within One Year
31 March 2024 28 February 2023
£ £
Corporation tax 2,457 1,653
Other taxes and social security 738 -
Accruals and deferred income - 750
Director's loan account 266,842 286,104
270,037 288,507
6. Creditors: Amounts Falling Due After More Than One Year
31 March 2024 28 February 2023
£ £
Bank loans 578,990 578,990
578,990 578,990
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7. Share Capital
31 March 2024 28 February 2023
£ £
Allotted, Called up and fully paid 1 1
8. Related Party Transactions
Included in creditors due within one year is an amount of £266,842 (2023: £286,104) owed to its directors. The amount is interest free and repayable on demand.
9. Ultimate Controlling Party
The company's ultimate controlling party is director by virtue of his ownership of 100% of the issued share capital in the company.
10. General Information
Duong Estate Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12471766 . The registered office is 84 Mary Rose Square, London, United Kingdom, SE16 7EL.
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