Acorah Software Products - Accounts Production 16.1.300 false true 31 May 2023 1 June 2022 false 1 June 2023 31 May 2024 31 May 2024 10747501 Mr John Goodwin false iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10747501 frs-core:Non-currentFinancialInstruments frs-core:MoreThanFiveYears 2024-05-31 10747501 2023-05-31 10747501 2024-05-31 10747501 2023-06-01 2024-05-31 10747501 frs-core:CurrentFinancialInstruments 2024-05-31 10747501 frs-core:Non-currentFinancialInstruments 2024-05-31 10747501 frs-core:ComputerEquipment 2024-05-31 10747501 frs-core:ComputerEquipment 2023-06-01 2024-05-31 10747501 frs-core:ComputerEquipment 2023-05-31 10747501 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-05-31 10747501 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 10747501 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-05-31 10747501 frs-core:MotorVehicles 2024-05-31 10747501 frs-core:MotorVehicles 2023-06-01 2024-05-31 10747501 frs-core:MotorVehicles 2023-05-31 10747501 frs-core:ShareCapital 2024-05-31 10747501 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 10747501 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 10747501 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 10747501 frs-bus:SmallEntities 2023-06-01 2024-05-31 10747501 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 10747501 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 10747501 1 2023-06-01 2024-05-31 10747501 frs-bus:Director1 2023-06-01 2024-05-31 10747501 frs-countries:EnglandWales 2023-06-01 2024-05-31 10747501 frs-core:Non-currentFinancialInstruments frs-core:MoreThanFiveYears 2023-05-31 10747501 2022-05-31 10747501 2023-05-31 10747501 2022-06-01 2023-05-31 10747501 frs-core:CurrentFinancialInstruments 2023-05-31 10747501 frs-core:Non-currentFinancialInstruments 2023-05-31 10747501 frs-core:ShareCapital 2023-05-31 10747501 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31
Registered number: 10747501
JC Parks & Developments Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10747501
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,140,722 2,152,287
2,140,722 2,152,287
CURRENT ASSETS
Stocks 5 30,500 30,000
Debtors 6 6,842 5,023
Cash at bank and in hand 31,928 56,469
69,270 91,492
Creditors: Amounts Falling Due Within One Year 7 (280,736 ) (258,163 )
NET CURRENT ASSETS (LIABILITIES) (211,466 ) (166,671 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,929,256 1,985,616
Creditors: Amounts Falling Due After More Than One Year 8 (1,370,160 ) (1,458,289 )
NET ASSETS 559,096 527,327
CAPITAL AND RESERVES
Called up share capital 9 4 4
Profit and Loss Account 559,092 527,323
SHAREHOLDERS' FUNDS 559,096 527,327
Page 1
Page 2
For the year ending 31 May 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 John Goodwin
Director
03/02/2025
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
JC Parks & Developments Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10747501 . The registered office is 17 Cotswold Court Park, Gloucester Road, Staverton, Cheltenham, GL51 0TF.
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.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
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.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the profit or loss during the period in which they are incurred
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 Not depreciated
Motor Vehicles 25% Straight line
Computer Equipment 25% Straight line
The assets’ residuals values, useful lives and depreciation methods are reviewed, and adjusted prospectively if
appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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2.5. Financial Instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out right short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument an subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, impairment loss is recognised in the Profit and Loss and Statement of Retained Earnings.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an assets carrying amount and the present value of estimated cash flows discounted at the assets original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.7. Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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2.8. Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing. 
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
2.9. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
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
Freehold Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 June 2023 2,114,816 45,298 961 2,161,075
As at 31 May 2024 2,114,816 45,298 961 2,161,075
Depreciation
As at 1 June 2023 - 8,493 295 8,788
Provided during the period - 11,325 240 11,565
As at 31 May 2024 - 19,818 535 20,353
Net Book Value
As at 31 May 2024 2,114,816 25,480 426 2,140,722
As at 1 June 2023 2,114,816 36,805 666 2,152,287
5. Stocks
2024 2023
£ £
Stock 30,500 30,000
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 774 567
Deferred tax current asset 5,978 3,881
VAT 90 575
6,842 5,023
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 546 173
Bank loans and overdrafts 96,235 83,934
Other loans 50,070 50,070
Corporation tax 38,057 44,851
Other creditors 37,822 34,605
Accruals and deferred income 3,690 3,690
Director's loan account 54,316 40,840
280,736 258,163
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 1,370,160 1,458,289
Loans and borrowings:
Bank loan 1 of £455,269 (2023: £483,865) bears interest at a rate of 2.6% above base rate and is repayable in instalments until maturity in May 2034. The bank loan is secured by D F Light.
Bank loan 2 of £548,105 (2023: £575,243) bears interest at a rate of 2.6% above base rate and is repayable in instalments until maturity in June 2036. The bank loan is secured by fixed and floating charges over certain of the company's assets.
Bank loan 3 of £463,020 (2023: £483,115) bears interest at a rate of 3.4% above base rate and is repayable in instalments until maturity in June 2036. The bank loan is secured by fixed and floating charges over certain of the company's assets.
Other loan is £50,070 (2023: £50,070) is due to D F Light, this is interest free, unsecured and has no fixed terms for repayment.
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2024 2023
£ £
Bank loans 903,181 1,052,748
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 4 4
10. Related Party Transactions
At 31st May 2024, the company has amounts due to the director of £53,939 (2023: £40,841). The amounts are interest free, unsecured and have no fixed term for repayment. The amounts are included within creditors: amounts falling due within one year.
During the period the company has incurred rent of £17,000 (2023: £17,000) on land occuiped by the company under a lease with the director of the company, Mr J Goodwin.
11. Controlling Party
The company's controlling party is J Goodwin by virtue of his 75% ownership of the issued share capital in the company.
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