Acorah Software Products - Accounts Production 15.0.600 false true 28 February 2023 1 March 2022 false 1 March 2023 29 February 2024 29 February 2024 12458565 Anouar Adham Bassel Hanbali Khawzan Capital Limited true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12458565 2023-02-28 12458565 2024-02-29 12458565 2023-03-01 2024-02-29 12458565 frs-core:CurrentFinancialInstruments 2024-02-29 12458565 frs-core:InvestmentPropertyIncludedWithinPPE 2024-02-29 12458565 frs-core:InvestmentPropertyIncludedWithinPPE 2023-02-28 12458565 frs-core:ShareCapital 2024-02-29 12458565 frs-core:RetainedEarningsAccumulatedLosses 2024-02-29 12458565 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 12458565 frs-bus:FilletedAccounts 2023-03-01 2024-02-29 12458565 frs-bus:SmallEntities 2023-03-01 2024-02-29 12458565 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 12458565 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 12458565 1 2023-03-01 2024-02-29 12458565 frs-core:UnlistedNon-exchangeTraded 2024-02-29 12458565 frs-core:UnlistedNon-exchangeTraded 2023-02-28 12458565 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-02-28 12458565 frs-core:AdditionsToInvestments frs-core:UnlistedNon-exchangeTraded 2024-02-29 12458565 frs-core:DisposalsRepaymentsInvestments frs-core:UnlistedNon-exchangeTraded 2024-02-29 12458565 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2024-02-29 12458565 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-02-28 12458565 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2024-02-29 12458565 frs-bus:Director1 2023-03-01 2024-02-29 12458565 frs-bus:Director2 2023-03-01 2024-02-29 12458565 frs-countries:EnglandWales 2023-03-01 2024-02-29 12458565 2022-02-28 12458565 2023-02-28 12458565 2022-03-01 2023-02-28 12458565 frs-core:CurrentFinancialInstruments 2023-02-28 12458565 frs-core:ShareCapital 2023-02-28 12458565 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28
Registered number: 12458565
Mercycircles SPV 10 Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 12458565
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 250,162 239,401
Investments 5 - 13,383
250,162 252,784
CURRENT ASSETS
Debtors 6 6,168 9,043
6,168 9,043
Creditors: Amounts Falling Due Within One Year 7 (2,287 ) (2,325 )
NET CURRENT ASSETS (LIABILITIES) 3,881 6,718
TOTAL ASSETS LESS CURRENT LIABILITIES 254,043 259,502
PROVISIONS FOR LIABILITIES
Deferred Taxation (5,793 ) (3,748 )
NET ASSETS 248,250 255,754
CAPITAL AND RESERVES
Called up share capital 8 225,357 225,357
Profit and Loss Account 22,893 30,397
SHAREHOLDERS' FUNDS 248,250 255,754
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
Anouar Adham
Director
27 November 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
Mercycircles SPV 10 Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12458565 . The registered office is 5th Floor, Office 510 Riverbank House, 1 Putney Bridge Approach, London, SW6 3JD.
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
Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty. The following criteria must also be met before revenue is recognised:
Income from investment properties

Rental income from investment properties leased out under an operating lease is recognised in the income statement on a straight-line basis over the term of the lease. Lease incentives granted are recognised as an integral part of the total rental income over the life of the lease.

Service charge income is recognised as revenue in the period to which it relates.

Dividends income

Revenue is recognised when the right to receive payment is established.
2.3. Investment Properties
Investment properties, including freehold and long leasehold properties, are those which are held either to earn rental income or for capital appreciation or both. Investment properties include property that is being constructed or developed for future use as an investment property.
Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure.
Investment properties whose fair value can be measured reliably are measured at fair value, based on the market valuations.
Any surplus or deficit on revaluation is recognised in the income statement as a fair value gains and losses.
2.4. 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.
...CONTINUED
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2.4. Taxation - continued
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.
2.5. Investments
The investment includes investment in shares which are held, either to earn dividend income or for capital appreciation or both. An investment in another entity’s equity shares must be measured at fair value, unless it is an unlisted investment whose fair value cannot be reliably measured. – in which case it is measured at cost less impairment.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Investment Properties
£
Cost or Valuation
As at 1 March 2023 239,401
Revaluation 10,761
As at 29 February 2024 250,162
Net Book Value
As at 29 February 2024 250,162
As at 1 March 2023 239,401
The investment property is valued, at 29 February 2024, by directors of the company based on the assessment of available market information and property condition. The directors believe the their valuation would not be materially different from the professional valuation.
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5. Investments
Unlisted
£
Cost
As at 1 March 2023 13,383
Additions 13,420
Disposals (26,803 )
As at 29 February 2024 -
Provision
As at 1 March 2023 -
As at 29 February 2024 -
Net Book Value
As at 29 February 2024 -
As at 1 March 2023 13,383
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 476 -
Other debtors - 570
Amounts owed by other related parties 5,692 8,473
6,168 9,043
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 1,867 2,325
Accruals and deferred income 420 -
2,287 2,325
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 225,357 225,357
9. Related Party Transactions
Included in debtors due within one year is an amount of £5,692 (2023: £8,473) owed by the companies in which the director has beneficial interest. The amount is interest free and receivable on demand.
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10. Ultimate Controlling Party
The company's ultimate controlling party is Khawzan Capital Limited by virtue of the ownership of 100% of the issued share capital in the company.
Page 6