Acorah Software Products - Accounts Production 16.0.110 false true 28 February 2023 1 March 2022 false 1 March 2023 28 February 2024 28 February 2024 12474807 Ms H Yiu Mr H Chan true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12474807 2023-02-28 12474807 2024-02-28 12474807 2023-03-01 2024-02-28 12474807 frs-core:CurrentFinancialInstruments 2024-02-28 12474807 frs-core:ComputerEquipment 2024-02-28 12474807 frs-core:ComputerEquipment 2023-03-01 2024-02-28 12474807 frs-core:ComputerEquipment 2023-02-28 12474807 frs-core:InvestmentPropertyIncludedWithinPPE 2024-02-28 12474807 frs-core:InvestmentPropertyIncludedWithinPPE 2023-03-01 2024-02-28 12474807 frs-core:InvestmentPropertyIncludedWithinPPE 2023-02-28 12474807 frs-core:PlantMachinery 2024-02-28 12474807 frs-core:PlantMachinery 2023-03-01 2024-02-28 12474807 frs-core:PlantMachinery 2023-02-28 12474807 frs-core:ShareCapital 2024-02-28 12474807 frs-core:RetainedEarningsAccumulatedLosses 2024-02-28 12474807 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-28 12474807 frs-bus:FilletedAccounts 2023-03-01 2024-02-28 12474807 frs-bus:SmallEntities 2023-03-01 2024-02-28 12474807 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-28 12474807 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-28 12474807 1 2023-03-01 2024-02-28 12474807 frs-bus:Director1 2023-03-01 2024-02-28 12474807 frs-bus:Director2 2023-03-01 2024-02-28 12474807 frs-bus:Director2 2023-02-28 12474807 frs-bus:Director2 2024-02-28 12474807 frs-core:CurrentFinancialInstruments 1 2024-02-28 12474807 frs-countries:EnglandWales 2023-03-01 2024-02-28 12474807 2022-02-28 12474807 2023-02-28 12474807 2022-03-01 2023-02-28 12474807 frs-core:CurrentFinancialInstruments 2023-02-28 12474807 frs-core:ShareCapital 2023-02-28 12474807 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28 12474807 frs-core:CurrentFinancialInstruments 1 2023-02-28
Registered number: 12474807
New Providence Holdings Limited
Unaudited Financial Statements
For The Year Ended 28 February 2024
Modus Accountants Ltd
Unit 1c Church Green
Witney
OX28 4YR
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12474807
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 851,017 870,245
851,017 870,245
CURRENT ASSETS
Debtors 5 1,521 1,489
1,521 1,489
Creditors: Amounts Falling Due Within One Year 6 (841,998 ) (871,087 )
NET CURRENT ASSETS (LIABILITIES) (840,477 ) (869,598 )
TOTAL ASSETS LESS CURRENT LIABILITIES 10,540 647
NET ASSETS 10,540 647
CAPITAL AND RESERVES
Called up share capital 7 2 2
Profit and Loss Account 10,538 645
SHAREHOLDERS' FUNDS 10,540 647
Page 1
Page 2
For the year ending 28 February 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
Ms H Yiu
Director
5 November 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
New Providence Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12474807 . The registered office is Unit 1c Eagle Industrial Estate, Church Green, Witney, OX28 4YR.
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
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.
Sale of goods
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.
Rendering of services
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.
2.3. 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 33% Straight Line
Computer Equipment 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. Depreciation has been provided at 2% on a straight line basis. 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.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Tangible Assets
Investment Properties Plant & Machinery Computer Equipment Total
£ £ £ £
Cost
As at 1 March 2023 915,251 1,898 1,381 918,530
Additions - - 239 239
As at 28 February 2024 915,251 1,898 1,620 918,769
Depreciation
As at 1 March 2023 46,903 626 756 48,285
Provided during the period 18,305 627 535 19,467
As at 28 February 2024 65,208 1,253 1,291 67,752
Net Book Value
As at 28 February 2024 850,043 645 329 851,017
As at 1 March 2023 868,348 1,272 625 870,245
5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 183 151
Other debtors 1,338 1,338
1,521 1,489
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 7,508 7,163
Deferred Income 1,345 3,089
Other creditors (1) 1,338 1,338
Directors' loan accounts 831,807 859,497
841,998 871,087
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
Page 4
Page 5
8. Directors Advances, Credits and Guarantees
Included within Creditors are the following loans to directors:
As at 1 March 2023 Amounts advanced Amounts repaid Amounts written off As at 28 February 2024
£ £ £ £ £
Mr Ho Leung Chan 859,497 - - - 831,807
As at the year end, the company owed the directors, Mr Ho Leung CHAN & Ms Hellen Hoi Lun YIU, £831,807 by way of directors loan.
The above loan is unsecured, interest free and repayable on demand.
9. Ultimate Controlling Party
The company's ultimate controlling party is Mr Ho Leung CHAN & Ms Hellen Hoi Lun YIU by virtue of their ownership of 100% of the issued share capital in the company.
Page 5