Acorah Software Products - Accounts Production 15.0.600 false true 30 June 2023 1 July 2022 false 1 July 2023 30 June 2024 30 June 2024 SC734674 Mr Paul Traynor iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC734674 2023-06-30 SC734674 2024-06-30 SC734674 2023-07-01 2024-06-30 SC734674 frs-core:CurrentFinancialInstruments 2024-06-30 SC734674 frs-core:Non-currentFinancialInstruments 2024-06-30 SC734674 frs-core:ShareCapital 2024-06-30 SC734674 frs-core:RetainedEarningsAccumulatedLosses 2024-06-30 SC734674 frs-bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 SC734674 frs-bus:FilletedAccounts 2023-07-01 2024-06-30 SC734674 frs-bus:SmallEntities 2023-07-01 2024-06-30 SC734674 frs-bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 SC734674 frs-bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 SC734674 frs-core:DeferredTaxation 2023-07-01 2024-06-30 SC734674 frs-core:DeferredTaxation 2024-06-30 SC734674 frs-bus:Director1 2023-07-01 2024-06-30 SC734674 frs-core:CurrentFinancialInstruments 1 2024-06-30 SC734674 frs-countries:Scotland 2023-07-01 2024-06-30 SC734674 2022-06-30 SC734674 2023-06-30 SC734674 2022-07-01 2023-06-30 SC734674 frs-core:CurrentFinancialInstruments 2023-06-30 SC734674 frs-core:Non-currentFinancialInstruments 2023-06-30 SC734674 frs-core:ShareCapital 2023-06-30 SC734674 frs-core:RetainedEarningsAccumulatedLosses 2023-06-30 SC734674 frs-core:CurrentFinancialInstruments 1 2023-06-30
Registered number: SC734674
Gracie Property Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: SC734674
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 1,224,099 406,704
1,224,099 406,704
CURRENT ASSETS
Debtors 5 17,111 -
Cash at bank and in hand 4,314 710
21,425 710
Creditors: Amounts Falling Due Within One Year 6 (367,783 ) (120,634 )
NET CURRENT ASSETS (LIABILITIES) (346,358 ) (119,924 )
TOTAL ASSETS LESS CURRENT LIABILITIES 877,741 286,780
Creditors: Amounts Falling Due After More Than One Year 7 (810,628 ) (289,738 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (25,802 ) -
NET ASSETS/(LIABILITIES) 41,311 (2,958 )
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account 41,310 (2,959 )
SHAREHOLDERS' FUNDS 41,311 (2,958)
Page 1
Page 2
For the year ending 30 June 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 his 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 Paul Traynor
Director
06/11/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Gracie Property Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC734674 . The registered office is 118 Motherwell Street, Airdrie, Lanarkshire, ML6 7EJ.
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 financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence in the forseeable future. The validity of this assumption depends on the continued support of the director and finance providers for the forthcoming year.
Current liabilities include loans due to the director and related parties, these are repayable on demand. Neither the director nor the related party will demand repayment of the loan due where this would impair the ability of the company to trade.
The director believes that it is appropriate for the going concern basis to be used.
2.2. Turnover
Turnover consists of rental income which is recognised on a straight-line basis over the lease term.
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
The company only has basic financial instruments.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Investment Property
2024
£
Fair Value
As at 1 July 2023 406,704
Additions 717,845
Revaluations 99,550
As at 30 June 2024 1,224,099
Investment properties were valued on an open market basis on 30 June 2024 by the director.
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost 1,120,890 403,045
5. Debtors
2024 2023
£ £
Due within one year
Other debtors 4,845 -
Intercompany debtors 208 -
5,053 -
Due after more than one year
Deferred tax current asset 12,058 -
17,111 -
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other creditors 6,650 -
Intercompany creditors 188,550 -
Accruals and deferred income 2,741 1,360
Director's loan account 169,842 119,274
367,783 120,634
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 810,628 289,738
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Page 5
8. Secured Creditors
Of the creditors the following amounts are secured.
Aldermore Bank PLC  holds standard security over the property at 42 Millar Street, Strathaven  in respect of the mortgage provided.
Aldermore Bank PLC  holds standard security over the property at 29 Bankhead Place, Airdrie  in respect of the mortgage provided.
Paratus AMC Ltd  holds standard securities over the properties at 82 Woodhall Place, Coatbridge and 49A Todshill Street, Strathaven in respect of the mortgages provided.
The Mortgage Lender Limited  holds standard security over the property at 45 Clyde Street, Coatbridge  in respect of the mortgage provided.
IBDT Property Ltd  holds standard securities over the properties at 12 Dunvegan Avenue, Coatbridge and 39 Bruce Street, Airdrie in respect of the mortgages provided.
2024 2023
£ £
Bank loans and overdrafts 810,628 289,738
9. Provisions for Liabilities
Deferred Tax Total
£ £
Additions 25,802 25,802
Balance at 30 June 2024 25,802 25,802
The deferred tax provision relates to changes in fair value of investment property.
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
11. Related Party Transactions
During the year the company borrowed sums from Tech Spectrum Ltd, a company under common control, totalling £188,550. The amount outstanding at the year-end was £188,550 (2023: £nil)
During the year the company loaned sums to Gracie Property Letting Ltd, a company under common control, totalling £208. The amount outstanding at the year-end was £208 (2023: £nil)
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