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Registered number: 00384680
John Mosgrove Limited
Unaudited Financial Statements
For The Year Ended 30 January 2024
Beach Accountants Limited
Chartered Certified Accountants
10 Blue Sky Way
Monkton Business Park South
Hebburn
South Tyneside
NE31 2EQ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 00384680
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 400 -
Investment Properties 5 417,500 835,000
417,900 835,000
CURRENT ASSETS
Debtors 6 534,937 1,109,247
Cash at bank and in hand 600,180 846,032
1,135,117 1,955,279
Creditors: Amounts Falling Due Within One Year 7 (208,497 ) (127,102 )
NET CURRENT ASSETS (LIABILITIES) 926,620 1,828,177
TOTAL ASSETS LESS CURRENT LIABILITIES 1,344,520 2,663,177
PROVISIONS FOR LIABILITIES
Other Provisions 9 - (41,328 )
Deferred Taxation 8 (73,738 ) (147,476 )
NET ASSETS 1,270,782 2,474,373
CAPITAL AND RESERVES
Called up share capital 10 15,000 15,000
Revaluation reserve 221,214 442,427
Capital redemption reserve 15,350 15,350
Profit and Loss Account 1,019,218 2,001,596
SHAREHOLDERS' FUNDS 1,270,782 2,474,373
Page 1
Page 2
For the year ending 30 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
Mrs Penelope Mosgrove
Director
31/07/2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
John Mosgrove Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00384680 . The registered office is 51 Kinnerton Street, Belgravia, London, SW1X 8ED.
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. 
The functional currency of John Mosgrove Limited is Pounds Sterling.
2.2. Turnover
Turnover is the amount derived from the collection of rents and falls within the Company's ordinary activities. Revenue is recognised in the period in which the rents are receivable. All revenue arises in the United Kingdom. Rental income from properties is credited to the Profit and Loss Account on a straight line basis over the lease term. Where payments are received from tenants in advance of services provided, the amounts recorded as deferred income and included as part of creditors due within one year.
2.3. Tangible Fixed Assets and Depreciation
Tangible assets are initially recognised at cost, which includes the purchase price and any directly attributable expenditure. After the initial recognition tangible assets are carried at revalued amounts using the fair value at the date of revaluation.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
No depreciation is provided on heritable property as it is the policy of the company to maintain the property in such condition that their value taken as a whole is not impaired with the passage of time. Consequently, any element of depreciation would, in the opinion of the directors, be immaterial.
Computer Equipment 33.33% 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. Financial Instruments
Financial assets and liabilities are only offset in the statement of financial position when. and only when there exists a legally enforceable right to set off the recognise amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through the Profit and Loss Account, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled. b) the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset. or c) the Company. despite having retained some, but not all. significant risks and rewards of ownership. has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
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2.6. Taxation
Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
2.7. Pensions
The company operates a defined contribution pension scheme. The pension costs represent the contributions payable to the pension scheme in respect of the accounting period.
2.8. Leases
The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.
2.9. Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
2.10. Financial assets
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
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2.11. Registrar Filing Requirements
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Computer Equipment
£
Cost or Valuation
As at 31 January 2023 -
Additions 400
As at 30 January 2024 400
Net Book Value
As at 30 January 2024 400
As at 31 January 2023 -
5. Investment Property
2024
£
Fair Value
As at 31 January 2023 835,000
Disposals (417,500 )
As at 30 January 2024 417,500
Revaluation of tangible assets
Land & Property includes Heritage properties.
The company's external valuer (Geroge F White LLP Chartered Surveyor) carried out a full valuation of the properties in November 2020. The valuations were based on commercial markets. In the opinion of the directors the valuation performed in November 2020 reflects the market value as at the year end.
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6. Debtors
2024 2023
£ £
Due within one year
Other debtors 267,749 331,102
Directors' loan accounts 266,988 778,145
Amounts owed by parent 200 -
534,937 1,109,247
The Directors' loan included above bears no interest and are repayable on demand. 
In addition, included above is a loan due from Bell & Boston Holdings Limited for £200, which is repayable on demand and bears no interest.
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 400 3,247
Corporation tax 14,846 120,259
Other creditors 190,839 -
Accruals and deferred income 2,412 3,596
208,497 127,102
In addition, included in other creditors is a loan, which is repayable on demand and bears no interest.
8. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Revaluation of property, plant and equipment 73,738 147,476
9. Provisions for Liabilities
Deferred Tax Other Provisions Total
£ £ £
As at 31 January 2023 147,476 41,328 188,804
Reversals (73,738 ) (41,328 ) (115,066)
Balance at 30 January 2024 73,738 - 73,738
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 15,000 15,000
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11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 31 January 2023 Amounts advanced Amounts repaid Amounts written off As at 30 January 2024
£ £ £ £ £
Mrs Penelope Mosgrove - 718 - - 718
Mr John Mosgrove 201,853 64,417 - - 266,270
Mr Peter Mosgrove 576,292 - (576,292 ) - -
The above loan is unsecured, repayable on demand and bears interest no interest.
12. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 1,291,182 -
On 22 May 2023 the Directors approved a distribution in specie to the parent, Mosgrove Holdings Limited.
13. Ultimate Controlling Party
During the year there was a change in ultimate controlling party. This was in accordance with a demerger agreement, dated on 22 May 2023, where the shareholding of John Mosgrove Limited transferred  ownership of 100% of the issued share capital in the company.
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