Acorah Software Products - Accounts Production 15.0.600 false true 31 January 2023 1 February 2022 false 1 February 2023 31 January 2024 31 January 2024 13110724 Mr Yiu-Tung Poon Mr Jianqiang Li Mr Tony Francis O'Shea-Poon iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 13110724 2023-01-31 13110724 2024-01-31 13110724 2023-02-01 2024-01-31 13110724 frs-core:CurrentFinancialInstruments 2024-01-31 13110724 frs-core:Non-currentFinancialInstruments 2024-01-31 13110724 frs-core:FurnitureFittings 2024-01-31 13110724 frs-core:FurnitureFittings 2023-02-01 2024-01-31 13110724 frs-core:FurnitureFittings 2023-01-31 13110724 frs-core:InvestmentPropertyIncludedWithinPPE 2024-01-31 13110724 frs-core:InvestmentPropertyIncludedWithinPPE 2023-02-01 2024-01-31 13110724 frs-core:InvestmentPropertyIncludedWithinPPE 2023-01-31 13110724 frs-core:ShareCapital 2024-01-31 13110724 frs-core:RetainedEarningsAccumulatedLosses 2024-01-31 13110724 frs-bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 13110724 frs-bus:FilletedAccounts 2023-02-01 2024-01-31 13110724 frs-bus:SmallEntities 2023-02-01 2024-01-31 13110724 frs-bus:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 13110724 frs-bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 13110724 frs-bus:Director1 2023-02-01 2024-01-31 13110724 frs-bus:Director2 2023-02-01 2024-01-31 13110724 frs-bus:Director3 2023-02-01 2024-01-31 13110724 frs-countries:EnglandWales 2023-02-01 2024-01-31 13110724 2022-01-31 13110724 2023-01-31 13110724 2022-02-01 2023-01-31 13110724 frs-core:CurrentFinancialInstruments 2023-01-31 13110724 frs-core:Non-currentFinancialInstruments 2023-01-31 13110724 frs-core:ShareCapital 2023-01-31 13110724 frs-core:RetainedEarningsAccumulatedLosses 2023-01-31
Registered number: 13110724
PROLYST PARTNERS LTD
Unaudited Financial Statements
For The Year Ended 31 January 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13110724
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 354,104 355,062
354,104 355,062
CURRENT ASSETS
Debtors 5 - 17,496
Cash at bank and in hand 5,538 3,875
5,538 21,371
Creditors: Amounts Falling Due Within One Year 6 (116,662 ) (166,066 )
NET CURRENT ASSETS (LIABILITIES) (111,124 ) (144,695 )
TOTAL ASSETS LESS CURRENT LIABILITIES 242,980 210,367
Creditors: Amounts Falling Due After More Than One Year 7 (227,813 ) (230,206 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (3,684 ) -
NET ASSETS/(LIABILITIES) 11,483 (19,839 )
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 11,383 (19,939 )
SHAREHOLDERS' FUNDS 11,483 (19,839)
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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 Yiu-Tung Poon
Director
28 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
PROLYST PARTNERS LTD is a private company, limited by shares, incorporated in England & Wales, registered number 13110724 . The registered office is Office 303B, 10 Courtenay Road East Lane Business Park, Wembley , HA9 7ND.
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. 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 20%
2.3. 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.
2.4. Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial instruments
Other debtors
Other debtors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate for a similar debt instrument.
Trade and other creditors
Trade and other creditors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate for a similar debt instrument.
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.
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2.6. Acquisitions and disposals of properties
Acquisitions and disposals are considered to have taken place at the date of legal completion and are included in the financial statements accordingly.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Tangible Assets
Investment Properties Fixtures & Fittings Total
£ £ £
Cost or Valuation
As at 1 February 2023 351,228 4,792 356,020
Disposals (14,737 ) - (14,737 )
Revaluation 14,737 - 14,737
As at 31 January 2024 351,228 4,792 356,020
Depreciation
As at 1 February 2023 - 958 958
Provided during the period - 958 958
As at 31 January 2024 - 1,916 1,916
Net Book Value
As at 31 January 2024 351,228 2,876 354,104
As at 1 February 2023 351,228 3,834 355,062
Cost or valuation as at 31 January 2024 represented by:
Investment Properties Fixtures & Fittings Total
£ £ £
At cost - 4,792 4,792
At valuation 351,228 - 351,228
351,228 4,792 356,020
The company's investment property is included in the Financial Statements at Directors' valuation.
The company's residential property valued using a sales valuation approach, derived from recent comparable transactions in the market, adjusted by applying discounts to reflect status of occupation and condition.
The historical cost of investment properties is £336,490.
5. Debtors
2024 2023
£ £
Due within one year
Other debtors - 17,496
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6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other loans 1,241 -
Corporation tax 527 -
Other creditors 114,094 164,466
Accruals and deferred income 800 1,600
116,662 166,066
Other creditors include amounts aggregating £36,328 (2023: £42,271) due to Mr Tony Francis O'Shea-Poon, £36,328 (2023: £59,465) due to Mr Yiu-Tung Poon, £31,259 (2023: £60,970) due to Mr Jianqiang Li. They are the directors of the company. The loans are interest free and repayable on demand.
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 227,813 227,813
Other loans - 2,393
227,813 230,206
The Bank loan is secured by a fixed charge over the investment property of the company with a book value of £351,228 (2023: £351,228).
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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