Acorah Software Products - Accounts Production 16.1.300 false true 31 May 2023 1 June 2022 false 1 June 2023 31 May 2024 31 May 2024 13419412 Simon James Napper Laura Kathryn Napper iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 13419412 2023-05-31 13419412 2024-05-31 13419412 2023-06-01 2024-05-31 13419412 frs-core:CurrentFinancialInstruments 2024-05-31 13419412 frs-core:Non-currentFinancialInstruments 2024-05-31 13419412 frs-core:ComputerEquipment 2024-05-31 13419412 frs-core:ComputerEquipment 2023-06-01 2024-05-31 13419412 frs-core:ComputerEquipment 2023-05-31 13419412 frs-core:FurnitureFittings 2024-05-31 13419412 frs-core:FurnitureFittings 2023-06-01 2024-05-31 13419412 frs-core:FurnitureFittings 2023-05-31 13419412 frs-core:InvestmentPropertyIncludedWithinPPE 2024-05-31 13419412 frs-core:InvestmentPropertyIncludedWithinPPE 2023-06-01 2024-05-31 13419412 frs-core:InvestmentPropertyIncludedWithinPPE 2023-05-31 13419412 frs-core:PlantMachinery 2024-05-31 13419412 frs-core:PlantMachinery 2023-06-01 2024-05-31 13419412 frs-core:PlantMachinery 2023-05-31 13419412 frs-core:ShareCapital 2024-05-31 13419412 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 13419412 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 13419412 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 13419412 frs-bus:SmallEntities 2023-06-01 2024-05-31 13419412 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 13419412 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 13419412 frs-bus:Director1 2023-06-01 2024-05-31 13419412 frs-bus:Director2 2023-06-01 2024-05-31 13419412 frs-countries:EnglandWales 2023-06-01 2024-05-31 13419412 2022-05-31 13419412 2023-05-31 13419412 2022-06-01 2023-05-31 13419412 frs-core:CurrentFinancialInstruments 2023-05-31 13419412 frs-core:Non-currentFinancialInstruments 2023-05-31 13419412 frs-core:ShareCapital 2023-05-31 13419412 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31
Registered number: 13419412
Snaps Holiday Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 13419412
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 1,627,625 1,091,642
1,627,625 1,091,642
CURRENT ASSETS
Stocks 4 503,120 -
Debtors 5 24,174 32,201
Cash at bank and in hand 2,993 8,466
530,287 40,667
Creditors: Amounts Falling Due Within One Year 6 (1,175,810 ) (556,919 )
NET CURRENT ASSETS (LIABILITIES) (645,523 ) (516,252 )
TOTAL ASSETS LESS CURRENT LIABILITIES 982,102 575,390
Creditors: Amounts Falling Due After More Than One Year 7 (915,800 ) (550,800 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (58,279 ) (32,468 )
NET ASSETS/(LIABILITIES) 8,023 (7,878 )
CAPITAL AND RESERVES
Called up share capital 9 300 300
Profit and Loss Account 7,723 (8,178 )
SHAREHOLDERS' FUNDS 8,023 (7,878)
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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.
On behalf of the board
Simon James Napper
Director
4 September 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. 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.
1.2. Turnover
Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty. The following criteria must also be met before revenue is recognised:
Income from investment properties
Rental income from investment properties leased out under an operating lease is recognised in the income statement on a straight-line basis over the term of the lease. Lease incentives granted are recognised as an integral part of the total rental income over the life of the lease.
Service charge income is recognised as revenue in the period to which it relates.
1.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. No depreciation is provided in the year of acquisition. 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:
Plant & Machinery 10% reducing balance
Furniture, fixtures and equipment 10% reducing balance
Computer Equipment 10% reducing balance
1.4. Investment Properties
Investment properties, including freehold and long leasehold properties, are those which are held either to earn rental income or for capital appreciation or both. Investment properties include property that is being constructed or developed for future use as an investment property.
Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure.
Investment properties whose fair value can be measured reliably are measured at fair value, based on the market valuations.
Any surplus or deficit on revaluation is recognised in the income statement as a fair value gains and losses.
1.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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1.6. 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. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2 (2023: 2)
2 2
3. Tangible Assets
Investment Properties Plant & Machinery Furniture, fixtures and equipment Computer Equipment Total
£ £ £ £ £
Cost or Valuation
As at 1 June 2023 1,058,883 2,529 30,253 1,824 1,093,489
Additions 393,867 115 3,027 - 397,009
Revaluation 142,250 - - - 142,250
As at 31 May 2024 1,595,000 2,644 33,280 1,824 1,632,748
Depreciation
As at 1 June 2023 - 165 1,604 78 1,847
Provided during the period - 236 2,865 175 3,276
As at 31 May 2024 - 401 4,469 253 5,123
Net Book Value
As at 31 May 2024 1,595,000 2,243 28,811 1,571 1,627,625
As at 1 June 2023 1,058,883 2,364 28,649 1,746 1,091,642
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The investment properties are valued, at balance sheet date, by directors of the company based on the assessment of available market information and property condition. The directors believe that their valuation would not be materially different from the professional valuation.
4. Stocks
2024 2023
£ £
Stock - Properties under development 503,120 -
5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 21,873 27,128
VAT 2,301 5,073
24,174 32,201
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 557,300 66,800
Accruals and deferred income 52,497 2,007
Directors' loan accounts 566,013 488,112
1,175,810 556,919
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 915,800 550,800
915,800 550,800
8. Secured Creditors
Of the creditors the following amounts are secured.
2024 2023
£ £
Bank loans and overdrafts 1,136,300 617,600
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 300 300
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10. Related Party Transactions
Included in creditors due within one year is an amount of £566,013 (2023: £488,112) owed to its directors. The amount is interest-free and repayable on demand.
11. General Information
Snaps Holiday Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13419412 . The registered office is Flat D, Erlanger House, 296 Queens Rd, London, SE14 5JN.
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