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Registered number: 01550325
Cityprofit Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Martin Nye Limited
Chartered Certified Accountants
186 High Street
Winslow
Buckinghamshire
MK18 3DQ
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 01550325
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 25,000 25,000
Tangible Assets 5 193,333 193,333
218,333 218,333
CURRENT ASSETS
Debtors 6 803 145
Cash at bank and in hand 8,010 5,215
8,813 5,360
Creditors: Amounts Falling Due Within One Year 7 (85,334 ) (85,247 )
NET CURRENT ASSETS (LIABILITIES) (76,521 ) (79,887 )
TOTAL ASSETS LESS CURRENT LIABILITIES 141,812 138,446
Creditors: Amounts Falling Due After More Than One Year 8 (70,539 ) (70,539 )
NET ASSETS 71,273 67,907
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 71,173 67,807
SHAREHOLDERS' FUNDS 71,273 67,907
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For the year ending 30 April 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
Miss Marie Miller
Director
13th December 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
Cityprofit Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01550325 . The registered office is 186 High Street, Winslow, Buckinghamshire, MK18 3DQ. The presentation currency is £ Sterling rounded to the nearest £1.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets, 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.
These financial statements for the period ended 30th April 2024 are the first financial statements that comply with FRS 102 section 1A Small Entities. The date of transition is 1st May 2022. The transition to FRS 102 Section 1A Small Entities has resulted in a change in accounting policy to that used previously. The nature of this change and its impact on opening equity and profit for the comparative period is explained in the notes.
2.2. 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.
2.3. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 2)
3 2
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4. Intangible Assets
Other
£
Cost or Valuation
As at 1 May 2023 25,000
As at 30 April 2024 25,000
Net Book Value
As at 30 April 2024 25,000
As at 1 May 2023 25,000
Intangible assets are in respect of a covenant on land, the original cost of the asset is not known, the asset was valued as at 30th May 2023 by Fisher German LLP Chartered Surveyors, this valuation is the valuation as at 30th April 2024 and the deemed valuation on transition to FRS 102 section 1A Small Entities as at 1st May 2022, the revaluation was transferred to the profit and loss account on the date of transition. The asset has been included in the financial statements as an intangible asset, the directors consider the inclusion of this asset as necessary to give a true and fair view.
5. Tangible Assets
Investment Properties
£
Cost or Valuation
As at 1 May 2023 193,333
As at 30 April 2024 193,333
Net Book Value
As at 30 April 2024 193,333
As at 1 May 2023 193,333
Investment properties were valued as at 30th May 2023 by three independent estate agents with the average being taken as the Fair value. This valuation is the valuation as at 30th April 2024 and the deemed valuation on transition to FRS 102 section 1A Small Entities as at 1st May 2022, the revaluation was transferred to the profit and loss account on the date of transition.
Cost or valuation as at 30 April 2024 represented by:
Investment Properties
£
At valuation 193,333
193,333
If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:
Investment Properties
£
Cost 205,451
Accumulated depreciation and impairment 926
Carrying amount 204,525
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6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 803 145
803 145
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Accruals and deferred income 1,821 1,734
Directors' loan accounts 83,513 83,513
85,334 85,247
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Directors loan account 70,539 70,539
70,539 70,539
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Reserves
The Profit and Loss account includes the revaluation of investment properties to their fair value. On transition to FRS 102 Section 1A Small Entities, an adjustment was made to the historical cost of the investment properties to reduce their value by £12,118.
The profit and Loss account includes £25,000 in respect of the revaluation of intangible assets to the fair value, this revaluation is non-distributable as it is unrealised.
11. Transition to FRS 102
These financial statements for the period ended 30th April 2024 are the first financial statements that comply with FRS 102 section 1A Small Entities. The date of transition is 1st May 2022. The transition to FRS 102 Section 1A Small Entities has resulted in a change in accounting policy to that used previously. The nature of this change and its impact on opening equity and profit for the comparative period is explained below.
Reconciliation of Equity as at 1st May 2022
Retained profit as previously stated £51,006, add reversal of historic depreciation £828, reduction in fair value of investment properties £12,118, increase due to revaluation of intangible assets £25,000, amended retained profit £64,716.
Reconciliation of Equity as at 30th April 2023
...CONTINUED
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11. Transition to FRS 102 - continued
Retained profit as previously stated £54,048, add reversal of depreciation charged in the year to 30th April 2023 £49, add reversal of historic depreciation £828, reduction in fair value of investment properties £12,118, increase due to revaluation of intangible assets £25,000 amended retained profit £67,807.
Reconciliation of Profit and Loss as at 30th April 2023
Profit as previously stated £3,042, add reversal of depreciation year ended 30th April 2023 £49, amended profit £3,091.
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