Acorah Software Products - Accounts Production 16.1.300 false true 30 November 2023 1 April 2023 false 1 December 2023 30 November 2024 30 November 2024 11069626 Mr Carl Homerstone Ms Anna Kirsch true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11069626 2023-11-30 11069626 2024-11-30 11069626 2023-12-01 2024-11-30 11069626 frs-core:CurrentFinancialInstruments 2024-11-30 11069626 frs-core:Non-currentFinancialInstruments 2024-11-30 11069626 frs-core:MotorVehicles 2024-11-30 11069626 frs-core:MotorVehicles 2023-12-01 2024-11-30 11069626 frs-core:MotorVehicles 2023-11-30 11069626 frs-core:ShareCapital 2024-11-30 11069626 frs-core:RetainedEarningsAccumulatedLosses 2024-11-30 11069626 frs-bus:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 11069626 frs-bus:FilletedAccounts 2023-12-01 2024-11-30 11069626 frs-bus:SmallEntities 2023-12-01 2024-11-30 11069626 frs-bus:AuditExempt-NoAccountantsReport 2023-12-01 2024-11-30 11069626 frs-bus:SmallCompaniesRegimeForAccounts 2023-12-01 2024-11-30 11069626 frs-bus:OrdinaryShareClass2 2023-12-01 2024-11-30 11069626 frs-bus:OrdinaryShareClass2 2024-11-30 11069626 frs-bus:OrdinaryShareClass3 2023-12-01 2024-11-30 11069626 frs-bus:OrdinaryShareClass3 2024-11-30 11069626 frs-bus:OrdinaryShareClass4 2023-12-01 2024-11-30 11069626 frs-bus:OrdinaryShareClass4 2024-11-30 11069626 1 2023-12-01 2024-11-30 11069626 frs-core:UnlistedNon-exchangeTraded 2024-11-30 11069626 frs-core:UnlistedNon-exchangeTraded 2023-11-30 11069626 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-11-30 11069626 frs-core:DisposalsRepaymentsInvestments frs-core:UnlistedNon-exchangeTraded 2024-11-30 11069626 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2024-11-30 11069626 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-11-30 11069626 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2024-11-30 11069626 frs-bus:Director1 2023-12-01 2024-11-30 11069626 frs-bus:Director2 2023-12-01 2024-11-30 11069626 frs-core:CurrentFinancialInstruments 1 2024-11-30 11069626 frs-countries:EnglandWales 2023-12-01 2024-11-30 11069626 2023-03-31 11069626 2023-11-30 11069626 2023-04-01 2023-11-30 11069626 frs-core:CurrentFinancialInstruments 2023-11-30 11069626 frs-core:Non-currentFinancialInstruments 2023-11-30 11069626 frs-core:ShareCapital 2023-11-30 11069626 frs-core:RetainedEarningsAccumulatedLosses 2023-11-30 11069626 frs-bus:OrdinaryShareClass2 2023-04-01 2023-11-30 11069626 frs-bus:OrdinaryShareClass3 2023-04-01 2023-11-30 11069626 frs-bus:OrdinaryShareClass4 2023-04-01 2023-11-30 11069626 frs-core:CurrentFinancialInstruments 1 2023-11-30
Registered number: 11069626
Ua Asset Management 2 Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2024
Poolemead Accountants (Winchester) Ltd
Chartered Accountants & Business Advisors
Tremain House 8 Maple Drive
Kings Worthy
Winchester
Hampshire
SO23 7NG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 11069626
30 November 2024 30 November 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 4,315 14,666
Investments 5 - 1
4,315 14,667
CURRENT ASSETS
Stocks 6 16,677,937 14,088,699
Debtors 7 3,688,587 3,195,628
Cash at bank and in hand 846,464 447,237
21,212,988 17,731,564
Creditors: Amounts Falling Due Within One Year 8 (13,770,921 ) (12,354,743 )
NET CURRENT ASSETS (LIABILITIES) 7,442,067 5,376,821
TOTAL ASSETS LESS CURRENT LIABILITIES 7,446,382 5,391,488
Creditors: Amounts Falling Due After More Than One Year 9 (2,023,056 ) -
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,079 ) (3,667 )
NET ASSETS 5,422,247 5,387,821
CAPITAL AND RESERVES
Called up share capital 10 200 200
Profit and Loss Account 5,422,047 5,387,621
SHAREHOLDERS' FUNDS 5,422,247 5,387,821
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For the year ending 30 November 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
Mr Carl Homerstone
Director
05/02/2025
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Ua Asset Management 2 Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11069626 . The registered office is Suite 126, 19-21 Crawford Street, London, W1H 1PJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The financial accounts are prepared in £sterling, which is the functional currency of the company. Monetary amounts in these financial statements have been rounded to the nearest £.
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.
Rendering of services
Revenue from contracts for the provision of profesional services is recognised by reference to to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable that they will be recovered.
Revenue from rental leases is recognised over the length of the lease period.
Revenue from the sale of property is recognised on legal completion.
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:
Motor Vehicles 25% straight line
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 reporting date, an assessment is made for impairment. Any excess of the carrying amount of stockand work in progress over its estimamted selling price less costs to coplete and sell, is recognised as an impairment loss in profit and loss account. Reversals of impairment are also recognised ithe profit and loss account.
2.5. Financial Instruments
The company has elected to apply the provisions of Section 11, 'Basic Financial Instruments',and Section 12, 'Other Financial Instruments Issues', of FRS102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to setle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at at amortised cost using the effective interest rate method unless the the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
...CONTINUED
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2.5. Financial Instruments - continued
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangment constitutes a financing transaction, where the debt is is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been incurred in the normal course of business from suppliers. Amounts payable are classified as current liabilities as if payment is due within one year or less. If not they are presented as non-current liabilities.. Trade creditors are recognised at transaction price and subsequently measured at amortised cost using the effective interest rate method.
Equity instruments
Equity instruments issued by the company are recorded at the amount of the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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 year 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 asset reflects 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. Leases
Rental income from leases is recognised on a straight line basis over the term of the lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the term of the lease.
2.8. Interest on loans
Interest charged on loans for specific projects are expensed in the year in which they are incurred.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
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4. Tangible Assets
Motor Vehicles
£
Cost
As at 1 December 2023 41,405
As at 30 November 2024 41,405
Depreciation
As at 1 December 2023 26,739
Provided during the period 10,351
As at 30 November 2024 37,090
Net Book Value
As at 30 November 2024 4,315
As at 1 December 2023 14,666
5. Investments
Unlisted
£
Cost
As at 1 December 2023 1
Disposals (1 )
As at 30 November 2024 -
Provision
As at 1 December 2023 -
As at 30 November 2024 -
Net Book Value
As at 30 November 2024 -
As at 1 December 2023 1
The investment which is stated at cost comprises 50% of the issued ordinary share capital of Vale Road Capital Ltd, a company incorporated in England and Wales.The investment was sold in the course of the year for £1. A loan to Vale Road Capital Ltd of £502,500, has been repaid in full.
6. Stocks
30 November 2024 30 November 2023
£ £
Stock 16,677,937 14,088,699
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7. Debtors
30 November 2024 30 November 2023
£ £
Due within one year
Trade debtors 73,764 (4,506 )
Other debtors 721,708 115,985
VAT 321,074 -
Amounts owed by associates 2,572,041 3,084,149
3,688,587 3,195,628
8. Creditors: Amounts Falling Due Within One Year
30 November 2024 30 November 2023
£ £
Trade creditors 737,577 (400 )
Corporation tax 12,661 -
VAT - 8,083
Other creditors 4,144,735 4,100,567
Other loans 8,200,000 6,600,000
Accruals and deferred income 675,948 1,646,493
13,770,921 12,354,743
Loans and overdrafts
£4M of the loans are secured by fixed charges over the assets included in work in progress.(2023: £4.0M)
The loans are repayable on demand and interest is charged at the rate of 4.25% per annum above Bank of England base rate on £4.0M of the loans advanced.
9. Creditors: Amounts Falling Due After More Than One Year
30 November 2024 30 November 2023
£ £
Bank loans 2,023,056 -
In the course of the year the company negotiated a loan facility of £3M, secured by a first charge on a property owned by the company at an interest rate of 5.25% above Bank Base Rate. The loan will be repaid in full from the sale proceeds of the development. At the balance sheet date £2,023,056 was outstanding.
10. Share Capital
30 November 2024 30 November 2023
Allotted, called up and fully paid £ £
100 Ordinary A shares of £ 1.000 each 100 100
50 Ordinary B shares of £ 1.000 each 50 50
50 Ordinary C shares of £ 1.000 each 50 50
200 200
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11. Related Party Transactions
At the period end borrowings totalling £12,200,000 (2023: £10,600,000) were due to companies connected by virtue of of common control. 
Included in the loans above,at the period end loans totalling £4,000,000 (2023: £4,000,000) were due to companies connected by virtue of common control, interest being accrued at 4.25% per annum above the Bank of England base rate on these loans. Total interest in the period totalled £620,911 (2023: £280,887).
12. Ultimate Controlling Party
The company is under the control of C Homerstone.
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