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 11390638 Mr Mark Armstrong iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11390638 2023-05-31 11390638 2024-05-31 11390638 2023-06-01 2024-05-31 11390638 frs-core:CurrentFinancialInstruments 2024-05-31 11390638 frs-core:Non-currentFinancialInstruments 2024-05-31 11390638 frs-core:ShareCapital 2024-05-31 11390638 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 11390638 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 11390638 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 11390638 frs-bus:SmallEntities 2023-06-01 2024-05-31 11390638 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 11390638 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 11390638 frs-bus:Director1 2023-06-01 2024-05-31 11390638 frs-countries:EnglandWales 2023-06-01 2024-05-31 11390638 2022-05-31 11390638 2023-05-31 11390638 2022-06-01 2023-05-31 11390638 frs-core:CurrentFinancialInstruments 2023-05-31 11390638 frs-core:Non-currentFinancialInstruments 2023-05-31 11390638 frs-core:ShareCapital 2023-05-31 11390638 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31
Registered number: 11390638
8MG Property Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 11390638
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 380,000 385,000
380,000 385,000
CURRENT ASSETS
Debtors 5 258 1,124
Cash at bank and in hand 9,895 7,604
10,153 8,728
Creditors: Amounts Falling Due Within One Year 6 (106,609 ) (107,879 )
NET CURRENT ASSETS (LIABILITIES) (96,456 ) (99,151 )
TOTAL ASSETS LESS CURRENT LIABILITIES 283,544 285,849
Creditors: Amounts Falling Due After More Than One Year 7 (254,235 ) (254,235 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (5,243 ) (6,179 )
NET ASSETS 24,066 25,435
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account 24,065 25,434
SHAREHOLDERS' FUNDS 24,066 25,435
Page 1
Page 2
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 Mark Armstrong
Director
25/02/2025
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
8MG Property Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11390638 . The registered office is Thandi Nicholls Ltd Creative Industries Centre, Glaisher Drive, Wolverhampton, WV10 9TG.
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 measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or other similar sales taxes.
2.3. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. The fair value of property was obtained from an online property resource company and has not been based on a valuation by an independent valuer with a professional qualification. Changes in fair value are recognised in the profit and loss account.
2.4. Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
2.5. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 1 1
1 1
4. Investment Property
2024
£
Fair Value
As at 1 June 2023 385,000
Disposals (74 )
Revaluations (4,926)
As at 31 May 2024 380,000
5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 257 273
Other debtors 1 851
258 1,124
Page 3
Page 4
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 849 541
Accruals and deferred income 312 667
Director's loan account 105,448 106,671
106,609 107,879
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 254,235 254,235
8. Secured Creditors
Of the creditors falling due after more than one year the following amount is secured by a fixed charge over the investment properties. The mortgages are interest only with terms of up to 25 years.
2024 2023
£ £
Bank loans and overdrafts 254,235 254,235
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
Page 4