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Registered number: 08089406
AS Property Developers Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—8
Page 1
Company Information
Directors Mr A J Shafron
Mrs S Shafron
Company Number 08089406
Registered Office 2nd Floor Butler House
177-178 Tottenham Court Road
London
W1T 7AF
Accountants Jones & Partners Limited
2nd Floor, Butler House
177-178 Tottenham Court Road
London
W1T 7AF
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Balance Sheet
Registered number: 08089406
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 59,418 2,131
Investments 5 2,253,336 2,035,137
2,312,754 2,037,268
CURRENT ASSETS
Debtors 6 1,668,763 1,490,780
Cash at bank and in hand 850,217 699,268
2,518,980 2,190,048
Creditors: Amounts Falling Due Within One Year 7 (124,227 ) (1,150,611 )
NET CURRENT ASSETS (LIABILITIES) 2,394,753 1,039,437
TOTAL ASSETS LESS CURRENT LIABILITIES 4,707,507 3,076,705
PROVISIONS FOR LIABILITIES
Deferred Taxation (575,324 ) (508,751 )
NET ASSETS 4,132,183 2,567,954
CAPITAL AND RESERVES
Called up share capital 8 100 100
Fair value reserve 12 1,419,922 1,256,254
Profit and Loss Account 2,712,161 1,311,600
SHAREHOLDERS' FUNDS 4,132,183 2,567,954
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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 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.
The financial statements were approved by the board of directors on 11 February 2025 and were signed on its behalf by:
Mr A J Shafron
Director
11 February 2025
The notes on pages 4 to 8 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
AS Property Developers Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08089406 . The registered office is 2nd Floor Butler House, 177-178 Tottenham Court Road, London, W1T 7AF.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.
The following principal accounting policies have been applied:
2.2. Going Concern Disclosure
The directors have identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate.
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 10%
Fixtures & Fittings 10%
Computer Equipment 10%
2.4. Leasing and Hire Purchase Contracts
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
2.5. Financial Instruments
The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument.
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.
The company’s policies for its major classes of financial assets and financial liabilities are set out below.
Financial assets
Basic financial assets, including other debtors, bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, 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 for a similar debt instrument.
Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Impairment of financial assets
...CONTINUED
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2.5. Financial Instruments - continued
Financial assets 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, an impairment loss is recognised in the profit and loss account.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the 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.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Offsetting of financial assets and financial liabilities
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 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. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.8. Interest income
Interest income is recognised in profit or loss using the effective interest method.
2.9. Valuation of investments
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
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2.10. Associates and joint ventures
Associates and Joint Ventures are held at cost less impairment.
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 bamounts of cash with insignificant risk of change in value.
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
3. Average Number of Employees
Average number of employees, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 June 2023 - 2,249 3,038 5,287
Additions 57,500 - - 57,500
As at 31 May 2024 57,500 2,249 3,038 62,787
Depreciation
As at 1 June 2023 - 868 2,288 3,156
Provided during the period - 138 75 213
As at 31 May 2024 - 1,006 2,363 3,369
Net Book Value
As at 31 May 2024 57,500 1,243 675 59,418
As at 1 June 2023 - 1,381 750 2,131
5. Investments
Unlisted
£
Cost
As at 1 June 2023 2,035,137
Disposals (25 )
Fair value adjustments 218,224
As at 31 May 2024 2,253,336
Provision
As at 1 June 2023 -
As at 31 May 2024 -
Net Book Value
As at 31 May 2024 2,253,336
As at 1 June 2023 2,035,137
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Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
6. Debtors
2024 2023
£ £
Due within one year
Other debtors 759,315 696,823
Prepayment 500 -
Corporation tax recoverable assets - 6,977
Amounts owed by joint-ventures 908,948 786,980
1,668,763 1,490,780
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors - 1
Other creditors 1,040 90
Accruals and deferred income 6,687 2,520
Directors' loan accounts 116,500 73,000
Amounts owed to joint ventures - 1,075,000
124,227 1,150,611
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Contingent Liabilities
As at 8 July 2019, Arbuthnot Latham & Co., Limited holds a charge over the shares and securities of One Hoe Street Limited in respect of loans within this associate company.
As at 25 June 2020, Investec Bank PLC holds a fixed charge over the shares and subordinated debt in Chigwell Real Estate Limited in respect of loans within this associate company.
As at 30 June 2022, Investec Bank PLC holds a fixed charge over the shares and subordinated debt in Hornsey Grenville Limited in respect of loans within this associate company.
10. Other Commitments
At 31 May 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods.
2024 2023
£ £
Not later than one year 2,389 7,167
Later than one year and not later than five years - 2,389
2,389 9,556
11. Pension Commitments
The pension cost charge represents contributions payable by the company to the fund and amounted to £12,000 (2023: £12,000).
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12. Reserves
Fair Value Reserve
£
As at 1 June 2023 1,256,254
Movements in fair value reserve 163,668
As at 31 May 2024 1,419,922
13. Related Party Transactions
As at the year end the directors were owed £116,500 (2023: £73,000) by the company. This is unsecured and does not carry any interest.
Debtors include £908,948 (2023: £923,980) owed by entities with directors in common.
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