Acorah Software Products - Accounts Production 14.6.300 false true 31 July 2023 1 August 2022 false 1 August 2023 31 July 2024 31 July 2024 8609068 Ms Bettina Skogland-Kirk Mr G Knowles Ms Bettina Skogland-Kirk iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 8609068 2023-07-31 8609068 2024-07-31 8609068 2023-08-01 2024-07-31 8609068 frs-core:CurrentFinancialInstruments 2024-07-31 8609068 frs-core:InvestmentPropertyIncludedWithinPPE 2024-07-31 8609068 frs-core:InvestmentPropertyIncludedWithinPPE 2023-07-31 8609068 frs-core:PlantMachinery 2024-07-31 8609068 frs-core:PlantMachinery 2023-08-01 2024-07-31 8609068 frs-core:PlantMachinery 2023-07-31 8609068 frs-core:RevaluationReserve 2023-07-31 8609068 frs-core:RevaluationReserve 2024-07-31 8609068 frs-core:ShareCapital 2024-07-31 8609068 frs-core:RetainedEarningsAccumulatedLosses 2024-07-31 8609068 frs-bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 8609068 frs-bus:FilletedAccounts 2023-08-01 2024-07-31 8609068 frs-bus:SmallEntities 2023-08-01 2024-07-31 8609068 frs-bus:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 8609068 frs-bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 8609068 frs-bus:Director1 2023-08-01 2024-07-31 8609068 frs-bus:Director2 2023-08-01 2024-07-31 8609068 frs-bus:CompanySecretary1 2023-08-01 2024-07-31 8609068 frs-countries:EnglandWales 2023-08-01 2024-07-31 8609068 2022-07-31 8609068 2023-07-31 8609068 2022-08-01 2023-07-31 8609068 frs-core:CurrentFinancialInstruments 2023-07-31 8609068 frs-core:RevaluationReserve 2023-07-31 8609068 frs-core:ShareCapital 2023-07-31 8609068 frs-core:RetainedEarningsAccumulatedLosses 2023-07-31
Registered number: 8609068
GB Products Limited
Financial Statements
For The Year Ended 31 July 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 8609068
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 862,230 862,230
862,230 862,230
CURRENT ASSETS
Debtors 5 - 50,000
Cash at bank and in hand 184,069 70,484
184,069 120,484
Creditors: Amounts Falling Due Within One Year 6 (893,856 ) (868,861 )
NET CURRENT ASSETS (LIABILITIES) (709,787 ) (748,377 )
TOTAL ASSETS LESS CURRENT LIABILITIES 152,443 113,853
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,704 ) (2,704 )
NET ASSETS 149,739 111,149
CAPITAL AND RESERVES
Called up share capital 7 200 200
Revaluation reserve 8 23,248 23,248
Profit and Loss Account 126,291 87,701
SHAREHOLDERS' FUNDS 149,739 111,149
Page 1
Page 2
For the year ending 31 July 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 G Knowles
Director
17/10/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
GB Products Limited is a private company, limited by shares, incorporated in England & Wales, registered number 8609068 . The registered office is 23 North End Parade, North End Road, London, W14 0SJ.
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. Turnover
Rental Income
Rental income from investment property leased out under operating leases is recognised in the profit and loss account on a straight-line basis over the term of the lease. Rent incentives granted by the Company to its tenants are recognised as an integral part of the total rental income. The rent incentives are included in investment property.
Incentives to enter into rental agreements are spread evenly over the rental term, even if the payments are not made on such a basis. The rental term is the non-cancellable period of the rental agreement, together with any further term for which the tenant has the option to continue the rental agreement, when, at the inception of the rental agreement it is reasonably certain that the tenant will exercise this option.
Premiums received to terminate rental agreement are recognised in the profit and loss account when they arise.
2.3. 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:
Plant & Machinery 25% straight line
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.
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. 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 year was: 2 (2023: 2)
2 2
Page 3
Page 4
4. Tangible Assets
Investment Properties Plant & Machinery Total
£ £ £
Cost
As at 1 August 2023 862,230 5,589 867,819
As at 31 July 2024 862,230 5,589 867,819
Depreciation
As at 1 August 2023 - 5,589 5,589
As at 31 July 2024 - 5,589 5,589
Net Book Value
As at 31 July 2024 862,230 - 862,230
As at 1 August 2023 862,230 - 862,230
5. Debtors
2024 2023
£ £
Due within one year
Other debtors - 50,000
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 12,213 9,738
VAT 543 4
Other creditors 814,600 793,119
Accruals and deferred income 1,000 1,000
Directors' loan accounts 65,500 65,000
893,856 868,861
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 200 200
8. Reserves
Revaluation Reserve
£
As at 1 August 2023 23,248
As at 31 July 2024 23,248
Page 4