Acorah Software Products - Accounts Production 15.0.400 false true 28 February 2023 1 March 2022 false 1 March 2023 29 February 2024 29 February 2024 05052595 Mrs Pamela Falco Ms Jane Falco Mr John Falco Mrs Pamela Falco iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05052595 2023-02-28 05052595 2024-02-29 05052595 2023-03-01 2024-02-29 05052595 frs-core:CurrentFinancialInstruments 2024-02-29 05052595 frs-core:Non-currentFinancialInstruments 2024-02-29 05052595 frs-core:ComputerEquipment 2024-02-29 05052595 frs-core:ComputerEquipment 2023-03-01 2024-02-29 05052595 frs-core:ComputerEquipment 2023-02-28 05052595 frs-core:FurnitureFittings 2024-02-29 05052595 frs-core:FurnitureFittings 2023-03-01 2024-02-29 05052595 frs-core:FurnitureFittings 2023-02-28 05052595 frs-core:RevaluationReserve 2023-02-28 05052595 frs-core:RevaluationReserve 2024-02-29 05052595 frs-core:ShareCapital 2024-02-29 05052595 frs-core:RetainedEarningsAccumulatedLosses 2024-02-29 05052595 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 05052595 frs-bus:FilletedAccounts 2023-03-01 2024-02-29 05052595 frs-bus:SmallEntities 2023-03-01 2024-02-29 05052595 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 05052595 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 05052595 frs-bus:Director1 2023-03-01 2024-02-29 05052595 frs-bus:Director2 2023-03-01 2024-02-29 05052595 frs-bus:Director3 2023-03-01 2024-02-29 05052595 frs-bus:CompanySecretary1 2023-03-01 2024-02-29 05052595 frs-countries:EnglandWales 2023-03-01 2024-02-29 05052595 2022-02-28 05052595 2023-02-28 05052595 2022-03-01 2023-02-28 05052595 frs-core:CurrentFinancialInstruments 2023-02-28 05052595 frs-core:Non-currentFinancialInstruments 2023-02-28 05052595 frs-core:RevaluationReserve 2023-02-28 05052595 frs-core:ShareCapital 2023-02-28 05052595 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28
Registered number: 05052595
Falco Property Investment Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
Lesstax2pay
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05052595
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 - 2,052
Investment Properties 5 226,372 226,372
226,372 228,424
CURRENT ASSETS
Debtors 6 750,468 752,468
Cash at bank and in hand 6,733 6,733
757,201 759,201
Creditors: Amounts Falling Due Within One Year 7 (87,046 ) (85,925 )
NET CURRENT ASSETS (LIABILITIES) 670,155 673,276
TOTAL ASSETS LESS CURRENT LIABILITIES 896,527 901,700
Creditors: Amounts Falling Due After More Than One Year 8 (672,093 ) (672,093 )
NET ASSETS 224,434 229,607
CAPITAL AND RESERVES
Called up share capital 9 100 100
Revaluation reserve 10 104,138 104,138
Profit and Loss Account 120,196 125,369
SHAREHOLDERS' FUNDS 224,434 229,607
Page 1
Page 2
For the year ending 29 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 Jane Falco
Director
25/11/2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Falco Property Investment Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05052595 . The registered office is The White House, Sewardstone Road, London, E4 7RE.
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:
Fixtures & Fittings 25% Straight Line
Computer Equipment 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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 March 2023 4,980 3,230 8,210
As at 29 February 2024 4,980 3,230 8,210
Depreciation
As at 1 March 2023 3,735 2,423 6,158
Provided during the period 1,245 807 2,052
As at 29 February 2024 4,980 3,230 8,210
Net Book Value
As at 29 February 2024 - - -
As at 1 March 2023 1,245 807 2,052
5. Investment Property
2024
£
Fair Value
As at 1 March 2023 and 29 February 2024 226,372
6. Debtors
2024 2023
£ £
Due within one year
Amounts owed by group undertakings 671,992 671,992
Other debtors 78,476 80,476
750,468 752,468
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 25,222 23,369
Other creditors 13,500 13,500
Taxation and social security 48,324 49,056
87,046 85,925
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 608,363 608,363
Other loans 62,500 62,500
Other creditors 1,230 1,230
672,093 672,093
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Reserves
Revaluation Reserve
£
As at 1 March 2023 104,138
As at 29 February 2024 104,138
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