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Registered number: 04467680
23 Mount Street Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Goldwyns London LLP
Contents
Page
Statement of Financial Position 1
Notes to the Financial Statements 2—4
Page 1
Statement of Financial Position
Registered number: 04467680
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 685 747
685 747
CURRENT ASSETS
Debtors 5 116,755 96,914
116,755 96,914
Creditors: Amounts Falling Due Within One Year 6 (88,760 ) (73,392 )
NET CURRENT ASSETS (LIABILITIES) 27,995 23,522
TOTAL ASSETS LESS CURRENT LIABILITIES 28,680 24,269
NET ASSETS 28,680 24,269
CAPITAL AND RESERVES
Called up share capital 7 2 2
Income Statement 28,678 24,267
SHAREHOLDERS' FUNDS 28,680 24,269
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 B Soleimani
Director
24/12/2024
The notes on pages 2 to 4 form part of these financial statements.
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Page 2
Notes to the Financial Statements
1. General Information
23 Mount Street Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04467680 . The registered office is C/O Goldwyns London LLP, No.1 Royal Exchange, London, EC3V 3DG.
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. Going Concern Disclosure
The directors of the company consider that the company has adequate means of meeting its financial obligations and is well positioned to manage its business risks for at least twelve months from the date of issue of the financial statements. Accordingly, it continues to adopt the going concern basis in the preparation of the financial statements.
2.3. 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.
Rendering of services
Turnover represents service charges and ground rent receivable by the Company in respect of each flat. The company acts as principal in the management of 23 Mount Street Ltd, W1K 2RP. Accordingly all relevant service charges transactions are recorded in the profit and loss account.
2.4. Tangible Fixed Assets and Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short Leasehold - Remaining useful life is 12 years.
Leasehold over the period of 32.5 years
2.5. Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
2.6. 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.
2.7. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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Page 3
2.8. Critical Accounting Judgements And Key Sources of Estimation Uncertainty
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual outcomes may differ from these estimates.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the year in which the estimates are revised.
The key areas of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Land & Property
Leasehold
£
Cost
As at 1 April 2023 2,000
As at 31 March 2024 2,000
Depreciation
As at 1 April 2023 1,253
Provided during the period 62
As at 31 March 2024 1,315
Net Book Value
As at 31 March 2024 685
As at 1 April 2023 747
5. Debtors
2024 2023
£ £
Due within one year
Other debtors - 2
Leaseholders account 102,469 58,858
Amount held by agent 14,286 38,054
116,755 96,914
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other Creditors and Accruals 45,653 23,422
Sinking Fund 31,000 43,000
Deferred income 6,970 6,970
Director's loan account 5,137 -
88,760 73,392
Page 3
Page 4
7. Share Capital
2024 2023
Allotted, called up and fully paid £ £
2 Ordinary Shares of £ 1.00 each 2 2
Page 4