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Registered number: 10789124
Intent Property Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
TaxGem Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10789124
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 270,000 171,665
270,000 171,665
CURRENT ASSETS
Debtors 5 202 -
Cash at bank and in hand 11,783 11,850
11,985 11,850
Creditors: Amounts Falling Due Within One Year 6 (1,181 ) (1,788 )
NET CURRENT ASSETS (LIABILITIES) 10,804 10,062
TOTAL ASSETS LESS CURRENT LIABILITIES 280,804 181,727
Creditors: Amounts Falling Due After More Than One Year 7 (194,780 ) (194,780 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (24,584 ) -
NET ASSETS/(LIABILITIES) 61,440 (13,053 )
CAPITAL AND RESERVES
Called up share capital 8 100 100
Revaluation reserve 9 73,751 -
Profit and Loss Account (12,411 ) (13,153 )
SHAREHOLDERS' FUNDS 61,440 (13,053)
Page 1
Page 2
For the year ending 30 June 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 her 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
Mrs Marita Ogilvie
Director
22/11/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Intent Property Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10789124 . The registered office is C/O Taxgem Ltd, 67 Hough Lane, Leyland, PR25 2SA.
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:
Freehold Fair Value
2.4. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
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Page 4
4. Tangible Assets
Land & Property
Freehold
£
Cost or Valuation
As at 1 July 2023 171,665
Revaluation 98,335
As at 30 June 2024 270,000
Net Book Value
As at 30 June 2024 270,000
As at 1 July 2023 171,665
5. Debtors
2024 2023
£ £
Due within one year
Other debtors 202 -
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other creditors 1,007 1,788
Taxation and social security 174 -
1,181 1,788
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 159,488 159,488
Other creditors 35,292 35,292
194,780 194,780
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Reserves
Revaluation Reserve
£
Transfer to profit and loss 73,751
As at 30 June 2024 73,751
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Page 5
10. Transition to FRS 102
Transition to FRS 102 (Section 1A) – Revaluation of Property
As part of the transition from FRS 105 (The Financial Reporting Standard applicable to the Micro-Entities Regime) to FRS 102 (The Financial Reporting Standard applicable in the UK and Republic of Ireland) Section 1A, the company has adopted new accounting policies for the measurement and presentation of its financial statements.
The most significant impact of the transition relates to the revaluation of a property to fair value. Under FRS 105, properties were required to be measured at cost less accumulated depreciation and impairment. However, FRS 102 permits properties to be carried at revalued amounts.
The property, previously held at cost, has been revalued to fair value as at the transition date of 30th June 2024
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