Acorah Software Products - Accounts Production 16.1.300 false true true false 21 September 2023 30 September 2024 30 September 2024 SC783403 Mrs Gillian Souter Mr Murray Souter iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC783403 2023-09-20 SC783403 2024-09-30 SC783403 2023-09-21 2024-09-30 SC783403 frs-core:CurrentFinancialInstruments 2024-09-30 SC783403 frs-core:Non-currentFinancialInstruments 2024-09-30 SC783403 frs-core:RevaluationReserve 2023-09-21 2024-09-30 SC783403 frs-core:RevaluationReserve 2024-09-30 SC783403 frs-core:ShareCapital 2024-09-30 SC783403 frs-core:RetainedEarningsAccumulatedLosses 2024-09-30 SC783403 frs-bus:PrivateLimitedCompanyLtd 2023-09-21 2024-09-30 SC783403 frs-bus:FilletedAccounts 2023-09-21 2024-09-30 SC783403 frs-bus:SmallEntities 2023-09-21 2024-09-30 SC783403 frs-bus:AuditExempt-NoAccountantsReport 2023-09-21 2024-09-30 SC783403 frs-bus:SmallCompaniesRegimeForAccounts 2023-09-21 2024-09-30 SC783403 frs-bus:Director1 2023-09-21 2024-09-30 SC783403 frs-bus:Director2 2023-09-21 2024-09-30 SC783403 frs-countries:Scotland 2023-09-21 2024-09-30
Registered number: SC783403
Souter Property Management Ltd
Unaudited Financial Statements
For the Period 21 September 2023 to 30 September 2024
NSB Chartered Certified Accountants
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Company Information
Directors Mrs Gillian Souter
Mr Murray Souter
Company Number SC783403
Registered Office 33 Overhaven
Limekilns
Dunfermline
KY11 3JH
Accountants NSB Chartered Certified Accountants
39 Hunter Grove
Bathgate
West Lothian
EH48 1NN
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Balance Sheet
Registered number: SC783403
30 September 2024
Notes £ £
FIXED ASSETS
Investment Properties 4 178,000
178,000
CURRENT ASSETS
Debtors 5 4,667
Cash at bank and in hand 740
5,407
Creditors: Amounts Falling Due Within One Year 6 (95,510 )
NET CURRENT ASSETS (LIABILITIES) (90,103 )
TOTAL ASSETS LESS CURRENT LIABILITIES 87,897
Creditors: Amounts Falling Due After More Than One Year 7 (107,798 )
NET LIABILITIES (19,901 )
CAPITAL AND RESERVES
Called up share capital 8 2
Revaluation reserve 9 4,907
Profit and Loss Account (24,810 )
SHAREHOLDERS' FUNDS (19,901)
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For the period ending 30 September 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 Murray Souter
Director
18 February 2025
The notes on pages 4 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Souter Property Management Ltd is a private Company, limited by shares, incorporated in Scotland: registration number SC783403 . The registered office address is 33 Overhaven, Limekilns, Dunfermline, KY11 3JH.
The financial statements are presented in Sterling which is the functional currency of the Company and rounded to the nearest £.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention unless otherwise specified within these accounting policies 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 following principal accounting policies have been applied:
2.2. Going Concern Disclosure
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered a period of 12 months from the date of approval of the financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3. Significant judgements and estimations
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affect is only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2.4. Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
  • the Company has transferred the significant risks and rewards of ownership to the buyer;
  • the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
  • the amount of turnover can be measured reliably;
  • it is probable that the Company will receive the consideration due under the transaction; and
  • the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
  • the amount of turnover can be measured reliably;
  • it is probable that the Company will receive the consideration due under the contract;
  • the stage of completion of the contract at the end of the reporting period can be measured reliably; and
  • the costs incurred and the costs to complete the contract can be measured reliably.
2.5. Investment Properties
Investment property is carried at fair value determined annually by the directors 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. Changes in fair value are recognised in the Statement of comprehensive income.
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2.6. Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 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 are 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 settle 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 amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as 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 acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2.7. Taxation
Current taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred taxation
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
  • the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
  • any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
3. Average Number of Employees
The average number of employees, including directors, during the year was as follows: NIL
-
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4. Investment Property
30 September 2024
£
Fair Value
As at 21 September 2023 -
Additions 171,942
Revaluations 6,058
As at 30 September 2024 178,000
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
30 September 2024
£
Cost 171,942
The fair value of the investment properties has been arrived at on the basis of a valuation carried out as at 30 September 2024 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5. Debtors
30 September 2024
£
Due within one year
Other debtors 4,667
6. Creditors: Amounts Falling Due Within One Year
30 September 2024
£
Bank loans and overdrafts 93,710
Other creditors 1,800
95,510
The bank loans are secured over the assets of the company.
7. Creditors: Amounts Falling Due After More Than One Year
30 September 2024
£
Amounts owed to participating interests 77,800
Other creditors 29,998
107,798
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8. Share Capital
30 September 2024
£
Allotted, Called up and fully paid 2
On 21 September 2023, 2 Ordinary shares were issued, allotted and fully paid at par.
9. Reserves
Revaluation Reserve
£
Transfer to/from profit and loss 4,907
As at 30 September 2024 4,907
Where assets are included at fair value, the unrealised uplift in their fair value is transferred from the profit and loss reserve to the revaluation reserve. Deferred tax movements on these unrealised uplifts are also transferred from the profit and loss reserve to the revaluation reserve.
10. Related Party Transactions
Included within "other loans" is an amount of £77,800 due to Souter Money Management Limited, a company in which the director, Mr Murray Souter, is also a director and shareholder. This loan is interest free with no fixed terms of repayment.
Included within "other creditors" is an amount of £29,998 due to Mr Murray Souter, a director and shareholder. This loan is interest free with no fixed terms of repayment.
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