Acorah Software Products - Accounts Production 15.0.600 false true true 31 July 2022 1 August 2021 false 1 August 2022 31 December 2023 31 December 2023 10259433 Mr A Bygrave Mr L Pok Yen iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10259433 2022-07-31 10259433 2023-12-31 10259433 2022-08-01 2023-12-31 10259433 frs-core:CurrentFinancialInstruments 2023-12-31 10259433 frs-core:Non-currentFinancialInstruments 2023-12-31 10259433 frs-core:InvestmentPropertyIncludedWithinPPE 2023-12-31 10259433 frs-core:InvestmentPropertyIncludedWithinPPE 2022-07-31 10259433 frs-core:ShareCapital 2023-12-31 10259433 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 10259433 frs-bus:PrivateLimitedCompanyLtd 2022-08-01 2023-12-31 10259433 frs-bus:FilletedAccounts 2022-08-01 2023-12-31 10259433 frs-bus:SmallEntities 2022-08-01 2023-12-31 10259433 frs-bus:AuditExempt-NoAccountantsReport 2022-08-01 2023-12-31 10259433 frs-bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-12-31 10259433 frs-core:CostValuation 2022-07-31 10259433 frs-core:AdditionsToInvestments 2023-12-31 10259433 frs-core:CostValuation 2023-12-31 10259433 frs-core:ProvisionsForImpairmentInvestments 2022-07-31 10259433 frs-core:ProvisionsForImpairmentInvestments 2023-12-31 10259433 frs-bus:Director1 2022-08-01 2023-12-31 10259433 frs-bus:Director2 2022-08-01 2023-12-31 10259433 frs-countries:EnglandWales 2022-08-01 2023-12-31 10259433 2021-07-31 10259433 2022-07-31 10259433 2021-08-01 2022-07-31 10259433 frs-core:CurrentFinancialInstruments 2022-07-31 10259433 frs-core:Non-currentFinancialInstruments 2022-07-31 10259433 frs-core:ShareCapital 2022-07-31 10259433 frs-core:RetainedEarningsAccumulatedLosses 2022-07-31
Registered number: 10259433
UD (Staines Road) Ltd
Financial Statements
For the Period 1 August 2022 to 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 10259433
31 December 2023 31 July 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 250,000 -
Investments 5 100 -
250,100 -
CURRENT ASSETS
Stocks - 304,612
Debtors 6 20,361,288 20,082,562
Cash at bank and in hand 1,076 37,742
20,362,364 20,424,916
Creditors: Amounts Falling Due Within One Year 7 (1,015,892 ) (632,076 )
NET CURRENT ASSETS (LIABILITIES) 19,346,472 19,792,840
TOTAL ASSETS LESS CURRENT LIABILITIES 19,596,572 19,792,840
Creditors: Amounts Falling Due After More Than One Year 8 (20,131,577 ) (20,165,542 )
NET LIABILITIES (535,005 ) (372,702 )
CAPITAL AND RESERVES
Called up share capital 10 10 10
Profit and Loss Account (535,015 ) (372,712 )
SHAREHOLDERS' FUNDS (535,005) (372,702)
Page 1
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For the period 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 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 Bygrave
Director
17/10/2024
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
UD (Staines Road) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10259433 . The registered office is 14a Meadway Court, Rutherford Close, Stevenage, Hertfordshire, SG1 2EF.
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. Going Concern Disclosure
The financial statements have been prepared on a going concern basis. The company has a deficit on shareholders' funds and relies upon the support of the directors, which has been confirmed for a period of at least twelve months from the approval of the financial statements.
2.3. 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. 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. 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.
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. Deferred tax is provided on the gain at the rate expected to apply when the property is sold. A transfer is made from retained earnings to a non-distributable fair value reserve equivalent to the unrealised gain on investment property.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. 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.
3. Average Number of Employees
Average number of employees, including directors, during the period was: 2 (2022: 2)
2 2
4. Tangible Assets
Investment Properties
£
Cost or Valuation
As at 1 August 2022 -
Additions 250,000
As at 31 December 2023 250,000
Net Book Value
As at 31 December 2023 250,000
As at 1 August 2022 -
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Cost or valuation as at 31 December 2023 represented by:
Investment Properties
£
At valuation 250,000
250,000
The investment property was valued by the directors at £250,000 on an open market basis at 31 December 2023 and they consider the value to be the same as the valuation of the property when transferred from stock.
5. Investments
Subsidiaries
£
Cost
As at 1 August 2022 -
Additions 100
As at 31 December 2023 100
Provision
As at 1 August 2022 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 100
As at 1 August 2022 -
6. Debtors
31 December 2023 31 July 2022
£ £
Due within one year
Trade debtors - 483,920
Amounts owed by group undertakings 9,810,077 8,567,803
Other debtors 194,211 73,839
10,004,288 9,125,562
Due after more than one year
Amounts owed by group undertakings 10,357,000 10,957,000
20,361,288 20,082,562
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Included within amounts owed by group undertakings due within one year and after more than one year is a loan of £10,957,000 (2022 - £11,357,000) to OP Hounslow Ltd, a subsidiary company. Interest is being charged on this loan at a rate of 4% per annum.
7. Creditors: Amounts Falling Due Within One Year
31 December 2023 31 July 2022
£ £
Trade creditors 17,587 62,158
Bank loans and overdrafts 600,000 456,769
Other creditors 363,223 -
Taxation and social security 35,082 113,149
1,015,892 632,076
8. Creditors: Amounts Falling Due After More Than One Year
31 December 2023 31 July 2022
£ £
Bank loans 10,357,000 10,938,814
Amounts owed to group undertakings 1,038,073 1,038,073
Other creditors 8,736,504 8,188,655
20,131,577 20,165,542
Bank loans outstanding at 31 December 2023 include amounts due after more than five years of £10,357,000 (2022 – £10,357,000).
9. Secured Creditors
Of the creditors the following amounts are secured by way of a charge against an investment property in OP Hounslow Ltd, a subsidiary company.
31 December 2023 31 July 2022
£ £
Bank loans and overdrafts 10,957,000 11,395,583
10. Share Capital
31 December 2023 31 July 2022
£ £
Allotted, Called up and fully paid 10 10
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11. Related Party Transactions
Other creditors due after one year includes £1,538,122 (2022 - £1,444,171) owed to Odyssey Partners Global Ltd, a company in which Mr Andrew Bygrave is a director.
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