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Registered number: 08973437
F & R Light Park Homes Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08973437
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 5,059,345 5,003,822
5,059,345 5,003,822
CURRENT ASSETS
Stocks 5 97,500 112,260
Debtors 6 55,000 56,270
Cash at bank and in hand 763,929 422,584
916,429 591,114
Creditors: Amounts Falling Due Within One Year 7 (486,954 ) (449,344 )
NET CURRENT ASSETS (LIABILITIES) 429,475 141,770
TOTAL ASSETS LESS CURRENT LIABILITIES 5,488,820 5,145,592
Creditors: Amounts Falling Due After More Than One Year 8 (3,396,648 ) (3,414,349 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (6,048 ) (6,073 )
NET ASSETS 2,086,124 1,725,170
CAPITAL AND RESERVES
Called up share capital 10 2 2
Profit and Loss Account 2,086,122 1,725,168
SHAREHOLDERS' FUNDS 2,086,124 1,725,170
Page 1
Page 2
For the year ending 30 June 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 Frank Light
Director
03/02/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
F & R Light Park Homes Limited is a private company, limited by shares, incorporated in England & Wales,
registered number 08973437
The registered office is The Grange, Gloucester Road, Staverton, Cheltenham, GL51 0TF.
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.
2.2. 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. 
2.3. Tangible Fixed Assets and Depreciation
Tangible assets under the cost model are stated at historical cost less accumulated depreciation and any
accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the profit or loss during the period in which they are incurred.
Depreciation
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis:
Freehold Not depreciated
Plant & Machinery 25% Straight line
Motor Vehicles 25% Straight line
Fixtures & Fittings 25% Straight line
Computer Equipment 25% Straight line
2.4. Stocks and Work in Progress
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
2.5. Financial Instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out right short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are 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, impairment loss is recognised in the Profit and Loss Account.
...CONTINUED
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2.5. Financial Instruments - continued
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an assets carrying amount and the present value of estimated cash flows discounted at the assets original effective interest rate. If a 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.
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
The tax expense for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account and Statement of Retained Earnings, 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 income tax charge is calculated on the basis that tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have been originated but not reversed by the Balance sheet date, expect 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, where 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 balance sheet date.
2.7. Debtors and Creditors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured
initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the
effective interest method, less any impairment.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest rate method.
2.8. Finance costs
Finance costs are charged to the Profit and loss account and statement of retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
2.9. Cash and cash equivalents
Cash is represented by cash 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 amounts of cash with insignificant risk of change in value.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
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4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 July 2023 4,901,532 34,448 91,410 3,264 5,030,654
Additions - - 94,440 - 94,440
Disposals - - (30,285 ) - (30,285 )
As at 30 June 2024 4,901,532 34,448 155,565 3,264 5,094,809
Depreciation
As at 1 July 2023 - 24,170 - 2,662 26,832
Provided during the period - 4,403 4,010 219 8,632
As at 30 June 2024 - 28,573 4,010 2,881 35,464
Net Book Value
As at 30 June 2024 4,901,532 5,875 151,555 383 5,059,345
As at 1 July 2023 4,901,532 10,278 91,410 602 5,003,822
5. Stocks
2024 2023
£ £
Stock 97,500 112,260
6. Debtors
2024 2023
£ £
Due within one year
Other debtors 55,000 55,000
VAT - 1,270
55,000 56,270
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 105,949 9,058
Bank loans and overdrafts 152,853 253,195
Other loans 5,000 -
Corporation tax 120,879 103,345
VAT 4,269 -
Other creditors 25,000 33,364
Accruals and deferred income 7,525 7,525
Directors' loan accounts 65,479 42,857
486,954 449,344
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 3,396,648 3,414,349
Creditors: Amounts Falling Due After Five Years
Bank loans totaling £3,549,501 (2023: £3,667,544) bear interest at agreed rates above base rate and are repayable by installments until maturity. The bank loans are secured by fixed and floating charges over certain of the company’s assets.
2024 2023
£ £
Bank loans 2,602,461 2,381,187
9. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 6,048 6,073
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
11. Related Party Transactions
At 30 June 2024, the company has amounts owed to the directors of £65,479 (2023 : £50,721). The amounts are interest free, unsecured and have no fixed term for repayment. The amount is included within creditors : amounts falling due within one year.
During the period the company has incurred rent of £29,000 (2023:£29,000) on land occupied by the company
under a lease with the director of the company, Mr F Light.
12. Controlling Party
The company is controlled by F R R Light and R Light.
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