Acorah Software Products - Accounts Production 16.1.300 false true true false 11 May 2023 31 May 2024 31 May 2024 14862633 Mr M J Zullo Ms W J Holmes Mr N M Challice iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 14862633 2023-05-10 14862633 2024-05-31 14862633 2023-05-11 2024-05-31 14862633 frs-core:CurrentFinancialInstruments 2024-05-31 14862633 frs-core:ShareCapital 2024-05-31 14862633 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 14862633 frs-bus:PrivateLimitedCompanyLtd 2023-05-11 2024-05-31 14862633 frs-bus:FilletedAccounts 2023-05-11 2024-05-31 14862633 frs-bus:SmallEntities 2023-05-11 2024-05-31 14862633 frs-bus:AuditExempt-NoAccountantsReport 2023-05-11 2024-05-31 14862633 frs-bus:SmallCompaniesRegimeForAccounts 2023-05-11 2024-05-31 14862633 frs-bus:Director1 2023-05-11 2024-05-31 14862633 frs-bus:Director2 2023-05-11 2024-05-31 14862633 frs-bus:Director3 2023-05-11 2024-05-31 14862633 frs-countries:EnglandWales 2023-05-11 2024-05-31
Registered number: 14862633
Pop Lifestyle Homes Limited
Unaudited Financial Statements
For the Period 11 May 2023 to 31 May 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 14862633
31 May 2024
Notes £ £
FIXED ASSETS
Investment Properties 4 1,300,591
1,300,591
CURRENT ASSETS
Debtors 5 8,287
Cash at bank and in hand 4,877
13,164
Creditors: Amounts Falling Due Within One Year 6 (1,345,928 )
NET CURRENT ASSETS (LIABILITIES) (1,332,764 )
TOTAL ASSETS LESS CURRENT LIABILITIES (32,173 )
NET LIABILITIES (32,173 )
CAPITAL AND RESERVES
Called up share capital 7 3
Profit and Loss Account (32,176 )
SHAREHOLDERS' FUNDS (32,173)
Page 1
Page 2
For the period 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 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 M J Zullo
Director
11/02/2025
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Pop Lifestyle Homes Limited is a private company, limited by shares, incorporated in England & Wales, registered number 14862633 . The registered office is c/o Office 44, A30 Business Centre, Okehampton, Devon, EX20 1BG.
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
At the balance sheet date, the company had net liabilities.  It is currently able to meet its liabilities as they fall due, with support from the directors, and therefore the accounts are produced on a going concern basis.
2.3. Investment Properties
All investment properties are carried at fair value determined annually. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account. More information is given in note 4.
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 period, 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 during the period was: NIL
-
Page 3
Page 4
4. Investment Property
31 May 2024
£
Fair Value
As at 11 May 2023 -
Additions 1,300,591
As at 31 May 2024 1,300,591
The investment properties represent properties originally purchased for development - included within the additions figure above are the costs of purchase, acquisition, and refurbishment.  Shortly after the year end, the directors took the decision to rent the properties on short-term leases and therefore the properties have been reclassified from 'stock assets' to investment properties. The properties are included at cost which at the balance sheet date is also their fair value.
5. Debtors
31 May 2024
£
Due within one year
Other debtors 8,287
6. Creditors: Amounts Falling Due Within One Year
31 May 2024
£
Trade creditors 198
Other loans 644,414
Other creditors 701,316
1,345,928
Other loans represents bridging finance obtained to assist in the purchase of one of the properties - per the agreement, the loan is repayable on demand but usually at the earliest of 12 months or on sale/refinance of the property.  Accordingly, the loan is shown as a current liability. The loan is secured - security is given via a charge over the underlying asset as well as via director personal guarantees.
Included within other creditors is a total amount of £251,116 which represents intercompany loans - these loans are provided by two separate companies owned by two of the directors.  Also included within other creditors is a director's loan of £449,000.  No interest has yet accrued on any of the loans included in other creditors.  All are repayable upon demand, but the directors have confirmed that they will not withdraw their financial support to the detriment of the company or its other creditors.
7. Share Capital
31 May 2024
£
Allotted, Called up and fully paid 3
Page 4