Acorah Software Products - Accounts Production 16.1.300 false true true false 1 December 2023 31 December 2024 31 December 2024 15321119 Dr Andreas Loizides M.N.C. Management Ltd iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 15321119 2023-11-30 15321119 2024-12-31 15321119 2023-12-01 2024-12-31 15321119 frs-core:CurrentFinancialInstruments 2024-12-31 15321119 frs-core:Non-currentFinancialInstruments 2024-12-31 15321119 frs-core:ShareCapital 2024-12-31 15321119 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 15321119 frs-bus:PrivateLimitedCompanyLtd 2023-12-01 2024-12-31 15321119 frs-bus:FilletedAccounts 2023-12-01 2024-12-31 15321119 frs-bus:SmallEntities 2023-12-01 2024-12-31 15321119 frs-bus:AuditExempt-NoAccountantsReport 2023-12-01 2024-12-31 15321119 frs-bus:SmallCompaniesRegimeForAccounts 2023-12-01 2024-12-31 15321119 frs-bus:Director1 2023-12-01 2024-12-31 15321119 frs-bus:CompanySecretary1 2023-12-01 2024-12-31 15321119 frs-countries:EnglandWales 2023-12-01 2024-12-31
Registered number: 15321119
Springcom Ltd
Unaudited Financial Statements
For the Period 1 December 2023 to 31 December 2024
Mouktaris & Co Ltd
Chartered Accountants & Registered Auditors
156a Burnt Oak Broadway
Edgware
Middlesex
HA8 0AX
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 15321119
31 December 2024
Notes £ £
FIXED ASSETS
Investment Properties 4 4,842,999
4,842,999
CURRENT ASSETS
Debtors 5 18,320
Cash at bank and in hand 134,108
152,428
Creditors: Amounts Falling Due Within One Year 6 (20,332 )
NET CURRENT ASSETS (LIABILITIES) 132,096
TOTAL ASSETS LESS CURRENT LIABILITIES 4,975,095
Creditors: Amounts Falling Due After More Than One Year 7 (5,053,457 )
NET LIABILITIES (78,362 )
CAPITAL AND RESERVES
Called up share capital 8 100
Income Statement (78,462 )
SHAREHOLDERS' FUNDS (78,362)
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For the period ending 31 December 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 his 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 Income Statement.
On behalf of the board
Dr Andreas Loizides
Director
13 February 2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Springcom Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 15321119 . The registered office is 156a Burnt Oak Broadway, Edgware, Middlesex, HA8 0AX.
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 statements are prepared in sterling, which is the functional currency of the entity.
2.2. Going Concern Disclosure
The company has net liabilities of £78,362 as at 31 December 2024. The company has recognised net current assets of £132,096. The directors confirm that they are satisfied that the company has adequate resources to meet its liabilities for at least 12 months from the date of signing the financial statements, having:
  • forecast cash flows for the company for at least 12 months from the date of signing the financial statements
  • considered the recoverability and liquidity of the company's fixed assets
  • considered the fact that the parent company is willing and able to provide short-term liquidity to the company
As a result, the directors continue to adopt the going concern basis in preparing the financial statements.
2.3. 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 rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances. 
Rendering of services
Rental income from investment properties is recognised on an accruals basis in accordance with the terms of the lease agreements. Rental income is recognised on a straight-line basis over the lease term unless another systematic basis better reflects the economic substance of the arrangement.
Service charge income and other recoverable expenses are recognised as revenue when earned and in accordance with the lease terms. Where the company acts as a principal in providing services, service charge income is recognised gross. Where the company acts as an agent, only the management fee retained is recognised as income.
Lease incentives, such as rent-free periods, are recognised on a straight-line basis over the lease term, resulting in an adjustment to rental income recognised in each period. Lease surrender premiums are recognised as income when the right to receive payment is established.
2.4. Investment Properties
Investment property comprises non-owner occupied buildings held to earn rentals and for capital appreciation.
All investment properties are carried at fair value. The fair value of the company's investment properties is determined annually at the reporting date. In determining the valuations, current market conditions and recent sales transactions of similar properties are referred to. In estimating the fair value of the properties, the highest and best use of the property is their current use. Investment property is not depreciated. Changes in fair value are recognised in the income statement.
Investment property is derecognised when disposed of, or when no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property is recognised in income statement in the period in which the property is derecognised.
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2.5. Taxation
There is no corporation tax liability as the company incurred taxable losses.
Tax 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.
2.6. Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and where material are subsequently measured at amortised cost using the effective interest method, less any impairment.
2.7. Basic financial liabilities
Basic financial liabilities, including trade and other payables and loans from company undertakings that are classified as debt are initially measured 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 the market rate of interest.
2.8. Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid investmens with original maturities of three months or less.
3. Average Number of Employees
Average number of employees, including directors, during the period was: 1
1
4. Investment Property
31 December 2024
£
Fair Value
As at 1 December 2023 -
Additions 4,842,999
As at 31 December 2024 4,842,999
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
31 December 2024
£
Cost 4,842,999
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5. Debtors
31 December 2024
£
Due within one year
Trade debtors 5,105
Prepayments and accrued income 10,590
Other debtors 2,625
18,320
6. Creditors: Amounts Falling Due Within One Year
31 December 2024
£
Trade creditors 76
VAT 1,325
Accruals and deferred income 18,931
20,332
7. Creditors: Amounts Falling Due After More Than One Year
31 December 2024
£
Amounts owed to parent undertaking 5,053,457
8. Share Capital
31 December 2024
£
Allotted, Called up and fully paid 100
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