Acorah Software Products - Accounts Production 14.6.300 false true 28 February 2023 1 March 2022 false 1 March 2023 28 February 2024 28 February 2024 11850228 Mr Armando Zuccali true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11850228 2023-02-28 11850228 2024-02-28 11850228 2023-03-01 2024-02-28 11850228 frs-core:CurrentFinancialInstruments 2024-02-28 11850228 frs-core:ComputerEquipment 2024-02-28 11850228 frs-core:ComputerEquipment 2023-03-01 2024-02-28 11850228 frs-core:ComputerEquipment 2023-02-28 11850228 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-02-28 11850228 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-03-01 2024-02-28 11850228 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-02-28 11850228 frs-core:MotorVehicles 2024-02-28 11850228 frs-core:MotorVehicles 2023-03-01 2024-02-28 11850228 frs-core:MotorVehicles 2023-02-28 11850228 frs-core:PlantMachinery 2024-02-28 11850228 frs-core:PlantMachinery 2023-03-01 2024-02-28 11850228 frs-core:PlantMachinery 2023-02-28 11850228 frs-core:OtherReservesSubtotal 2024-02-28 11850228 frs-core:RevaluationReserve 2023-03-01 2024-02-28 11850228 frs-core:RevaluationReserve 2024-02-28 11850228 frs-core:ShareCapital 2024-02-28 11850228 frs-core:RetainedEarningsAccumulatedLosses 2024-02-28 11850228 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-28 11850228 frs-bus:FilletedAccounts 2023-03-01 2024-02-28 11850228 frs-bus:SmallEntities 2023-03-01 2024-02-28 11850228 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-28 11850228 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-28 11850228 1 2023-03-01 2024-02-28 11850228 frs-core:UnlistedNon-exchangeTraded 2024-02-28 11850228 frs-core:UnlistedNon-exchangeTraded 2023-02-28 11850228 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-02-28 11850228 frs-core:DisposalsRepaymentsInvestments frs-core:UnlistedNon-exchangeTraded 2024-02-28 11850228 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2024-02-28 11850228 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-02-28 11850228 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2024-02-28 11850228 frs-bus:Director1 2023-03-01 2024-02-28 11850228 frs-bus:Director1 2023-02-28 11850228 frs-bus:Director1 2024-02-28 11850228 frs-core:CurrentFinancialInstruments 1 2024-02-28 11850228 frs-core:CurrentFinancialInstruments 3 2024-02-28 11850228 frs-core:CurrentFinancialInstruments 4 2024-02-28 11850228 frs-core:CurrentFinancialInstruments 5 2024-02-28 11850228 frs-core:CurrentFinancialInstruments 7 2024-02-28 11850228 frs-countries:EnglandWales 2023-03-01 2024-02-28 11850228 2022-02-28 11850228 2023-02-28 11850228 2022-03-01 2023-02-28 11850228 frs-core:CurrentFinancialInstruments 2023-02-28 11850228 frs-core:OtherReservesSubtotal 2023-02-28 11850228 frs-core:RevaluationReserve 2023-02-28 11850228 frs-core:ShareCapital 2023-02-28 11850228 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28 11850228 frs-core:CurrentFinancialInstruments 1 2023-02-28 11850228 frs-core:CurrentFinancialInstruments 3 2023-02-28 11850228 frs-core:CurrentFinancialInstruments 4 2023-02-28 11850228 frs-core:CurrentFinancialInstruments 5 2023-02-28 11850228 frs-core:CurrentFinancialInstruments 7 2023-02-28 11850228 frs-core:CurrentFinancialInstruments 8 2023-02-28
Registered number: 11850228
Gag London Equity Capital Limited
Unaudited Financial Statements
For The Year Ended 28 February 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11850228
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 155,363 158,187
Investments 5 82,432 91,675
237,795 249,862
CURRENT ASSETS
Debtors 6 260,248 260,683
Investments 7 4,797 4,797
Cash at bank and in hand 1,909 2,990
266,954 268,470
Creditors: Amounts Falling Due Within One Year 8 (259,773 ) (275,481 )
NET CURRENT ASSETS (LIABILITIES) 7,181 (7,011 )
TOTAL ASSETS LESS CURRENT LIABILITIES 244,976 242,851
NET ASSETS 244,976 242,851
CAPITAL AND RESERVES
Called up share capital 9 209,346 209,346
Revaluation reserve 11 (124 ) -
Other reserves 542 542
Profit and Loss Account 35,212 32,963
SHAREHOLDERS' FUNDS 244,976 242,851
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 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 Armando Zuccali
Director
19/11/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Gag London Equity Capital Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11850228 . The registered office is 22 Eastcheap, 2nd Floor, London, EC3M 1EU.
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:
Freehold 0%
Plant & Machinery 25% SLM
Motor Vehicles 25% SLM
Office Equipment 25% SLM
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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 year 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 asset reflects 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: 2 (2023: 2)
2 2
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Office Equipment Total
£ £ £ £ £
Cost
As at 1 March 2023 156,794 10,476 2,467 4,619 174,356
Additions 1,347 1,933 - - 3,280
Disposals (1,347 ) (1,933 ) (1,203 ) - (4,483 )
As at 28 February 2024 156,794 10,476 1,264 4,619 173,153
Depreciation
As at 1 March 2023 2,929 10,034 - 3,206 16,169
Provided during the period - 270 150 1,201 1,621
As at 28 February 2024 2,929 10,304 150 4,407 17,790
Net Book Value
As at 28 February 2024 153,865 172 1,114 212 155,363
As at 1 March 2023 153,865 442 2,467 1,413 158,187
5. Investments
Unlisted
£
Cost
As at 1 March 2023 91,675
Disposals (9,243 )
As at 28 February 2024 82,432
Provision
As at 1 March 2023 -
As at 28 February 2024 -
Net Book Value
As at 28 February 2024 82,432
As at 1 March 2023 91,675
Investment in Retail Srl £17096.21
Interface Power Srl £6085.1
Investment in Hub Art Ex Ltd £5800
Investment in INTERFACE BV £4573.65
Interface FM SEE £1320
Interface FM Germany Gmbh £12208.12
Interface FM Italia Srl £4713.74
Interface FM UK Ltd £4840
Interface FM France Sarl £4903.27
Interface Facility Management SL £5029.73
Mc Vector Limited £3500
immob Rosy Srl £8619.44
Art Patrons £2000
Interface FM Europe £1742.31
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Page 5
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 63,291 80,115
Prepayments and accrued income 2,583 4,547
Other Debtor 2,906 -
Loan to Interface FM 1,363 1,700
Loan to MC Vector 2,770 9,456
Interface power Loan 37,985 -
Loan from Retail Investment Subsidiary 71,141 71,141
Loan to ITA - 3,500
Loan to IFM Iberica 11,331 9,800
Money to be received from Immobialiare Rosy Srl 66,878 66,878
Amount paid behalf of Gag london - 13,546
260,248 260,683
7. Current Asset Investments
2024 2023
£ £
Short term deposits 4,797 4,797
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 87,019 35,310
Bank loans and overdrafts 6,313 9,137
Corporation tax 1,018 1,898
Other taxes and social security 754 179
VAT 2,616 4,159
Net wages 7,500 9,691
Investment payble 9,031 44,315
Other creditors 300 300
PAYE 13,710 8,537
Clients Deposit 10,287 14,069
Share holder Loan 12,995 13,329
Accruals and deferred income 5,280 1,677
Director's loan account 54,774 84,704
Payable to Mr Zuccali 48,176 48,176
259,773 275,481
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 209,346 209,346
Page 5
Page 6
10. 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 Armando Zuccali 84,704 - 29,930 - 54,774
The above loan is unsecured, interest free and repayable on demand.
11. Reserves
Revaluation Reserve
£
Surplus on revaluation (124 )
As at 28 February 2024 (124 )
12. Related Party Transactions
Balances and transactions between the Company and its branch have been eliminated on consolidation and are not disclosed in this note.
13. Ultimate Controlling Party
The company's ultimate controlling party is Armando Zuccali by virtue of his ownership of more than 50% but less than 75% & Greta Zuccali by virtue of his ownership of more than 25% but less than 50% of the issued share capital in the company.
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