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 08422594 Mr Mittul Patel true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08422594 2023-05-31 08422594 2024-05-31 08422594 2023-06-01 2024-05-31 08422594 frs-core:CurrentFinancialInstruments 2024-05-31 08422594 frs-core:Non-currentFinancialInstruments 2024-05-31 08422594 frs-core:ComputerEquipment 2024-05-31 08422594 frs-core:ComputerEquipment 2023-06-01 2024-05-31 08422594 frs-core:ComputerEquipment 2023-05-31 08422594 frs-core:FurnitureFittings 2024-05-31 08422594 frs-core:FurnitureFittings 2023-06-01 2024-05-31 08422594 frs-core:FurnitureFittings 2023-05-31 08422594 frs-core:PlantMachinery 2024-05-31 08422594 frs-core:PlantMachinery 2023-06-01 2024-05-31 08422594 frs-core:PlantMachinery 2023-05-31 08422594 frs-core:ShareCapital 2024-05-31 08422594 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 08422594 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 08422594 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 08422594 frs-bus:SmallEntities 2023-06-01 2024-05-31 08422594 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 08422594 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 08422594 1 2023-06-01 2024-05-31 08422594 frs-bus:Director1 2023-06-01 2024-05-31 08422594 frs-countries:EnglandWales 2023-06-01 2024-05-31 08422594 2022-05-31 08422594 2023-05-31 08422594 2022-06-01 2023-05-31 08422594 frs-core:CurrentFinancialInstruments 2023-05-31 08422594 frs-core:Non-currentFinancialInstruments 2023-05-31 08422594 frs-core:ShareCapital 2023-05-31 08422594 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31
Registered number: 08422594
I Properties (UK) Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08422594
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 3,449 4,045
3,449 4,045
CURRENT ASSETS
Debtors 5 95,833 104,635
Cash at bank and in hand 31,653 62,395
127,486 167,030
Creditors: Amounts Falling Due Within One Year 6 (148,831 ) (202,330 )
NET CURRENT ASSETS (LIABILITIES) (21,345 ) (35,300 )
TOTAL ASSETS LESS CURRENT LIABILITIES (17,896 ) (31,255 )
Creditors: Amounts Falling Due After More Than One Year 7 (17,843 ) (21,326 )
NET LIABILITIES (35,739 ) (52,581 )
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account (35,839 ) (52,681 )
SHAREHOLDERS' FUNDS (35,739) (52,581)
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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 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 Profit and Loss Account.
On behalf of the board
Mr Mittul Patel
Director
19/02/2025
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
I Properties (UK) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08422594 . The registered office is 183 Torridon Road, London, SE6 1RG.
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 company has net liabilities of £35,739 (2023: £52,581) at the year end. The directors and shareholders will support the company to run as going concern.
2.2. 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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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:
Plant & Machinery 20% reducing balance
Fixtures & Fittings 20% reducing balance
Computer Equipment 20% reducing balance
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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 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 June 2023 4,951 9,193 2,608 16,752
Additions 266 - - 266
As at 31 May 2024 5,217 9,193 2,608 17,018
Depreciation
As at 1 June 2023 3,749 6,714 2,244 12,707
Provided during the period 293 496 73 862
As at 31 May 2024 4,042 7,210 2,317 13,569
Net Book Value
As at 31 May 2024 1,175 1,983 291 3,449
As at 1 June 2023 1,202 2,479 364 4,045
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5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 3,500 -
Other debtors 92,333 104,635
95,833 104,635
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 3,244 3,743
Other taxes and social security - 59
VAT 5,955 5,684
Other creditors 108,874 148,132
Accruals and deferred income 9,740 17,740
Director's loan account 21,018 26,972
148,831 202,330
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 17,843 21,326
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Ultimate Controlling Party
The company is jointly controlled by Mr Mittul Patel and Crown Property Partners Limited by virtue of its holding of 100% of the issued share capital.
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