Acorah Software Products - Accounts Production 16.0.110 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 11166250 Mr Aaron Clarke iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11166250 2023-03-31 11166250 2024-03-31 11166250 2023-04-01 2024-03-31 11166250 frs-core:CurrentFinancialInstruments 2024-03-31 11166250 frs-core:Non-currentFinancialInstruments 2024-03-31 11166250 frs-core:RevaluationReserve 2023-03-31 11166250 frs-core:RevaluationReserve 2024-03-31 11166250 frs-core:ShareCapital 2024-03-31 11166250 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 11166250 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 11166250 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 11166250 frs-bus:SmallEntities 2023-04-01 2024-03-31 11166250 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 11166250 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 11166250 frs-bus:Director1 2023-04-01 2024-03-31 11166250 frs-countries:EnglandWales 2023-04-01 2024-03-31 11166250 2022-03-31 11166250 2023-03-31 11166250 2022-04-01 2023-03-31 11166250 frs-core:CurrentFinancialInstruments 2023-03-31 11166250 frs-core:Non-currentFinancialInstruments 2023-03-31 11166250 frs-core:RevaluationReserve 2023-03-31 11166250 frs-core:ShareCapital 2023-03-31 11166250 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 11166250
Property Wise Assets Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
SAS Accounting Services Ltd
The Colchester Centre
Hawkins Road
Colchester
CO2 8JX
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—4
Page 1
Statement of Financial Position
Registered number: 11166250
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 379,543 379,543
379,543 379,543
CURRENT ASSETS
Debtors 5 18,517 18,517
Cash at bank and in hand 6,326 5,830
24,843 24,347
Creditors: Amounts Falling Due Within One Year 6 (8,575 ) (9,966 )
NET CURRENT ASSETS (LIABILITIES) 16,268 14,381
TOTAL ASSETS LESS CURRENT LIABILITIES 395,811 393,924
Creditors: Amounts Falling Due After More Than One Year 7 (413,040 ) (413,265 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (4,435 ) (4,435 )
NET LIABILITIES (21,664 ) (23,776 )
CAPITAL AND RESERVES
Called up share capital 8 1 1
Revaluation reserve 9 36,654 36,654
Income Statement (58,319 ) (60,431 )
SHAREHOLDERS' FUNDS (21,664) (23,776)
Page 1
Page 2
For the year ending 31 March 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 Income Statement.
On behalf of the board
Mr Aaron Clarke
Director
3rd December 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Property Wise Assets Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11166250 . The registered office is Middleborough House, 16 Middleborough, Colchester, Essex, CO1 1QT.
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:
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 income statement.
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 April 2023 and 31 March 2024 379,543
5. Debtors
2024 2023
£ £
Due within one year
Amounts owed by other participating interests 18,517 18,517
Page 3
Page 4
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 7,375 8,766
Accruals and deferred income 1,200 1,200
8,575 9,966
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 370,234 368,904
Other creditors 40,291 40,291
Directors loan account 2,515 4,070
413,040 413,265
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
9. Reserves
Revaluation Reserve
£
As at 1 April 2023 36,654
As at 31 March 2024 36,654
Page 4