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 SC125163 Mr ISLAM RAZA Mr Omar Balal Raza iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC125163 2023-05-31 SC125163 2024-05-31 SC125163 2023-06-01 2024-05-31 SC125163 frs-core:CurrentFinancialInstruments 2024-05-31 SC125163 frs-core:Non-currentFinancialInstruments 2024-05-31 SC125163 frs-core:ComputerEquipment 2024-05-31 SC125163 frs-core:ComputerEquipment 2023-06-01 2024-05-31 SC125163 frs-core:ComputerEquipment 2023-05-31 SC125163 frs-core:FurnitureFittings 2024-05-31 SC125163 frs-core:FurnitureFittings 2023-06-01 2024-05-31 SC125163 frs-core:FurnitureFittings 2023-05-31 SC125163 frs-core:InvestmentPropertyIncludedWithinPPE 2024-05-31 SC125163 frs-core:InvestmentPropertyIncludedWithinPPE 2023-06-01 2024-05-31 SC125163 frs-core:InvestmentPropertyIncludedWithinPPE 2023-05-31 SC125163 frs-core:PlantMachinery 2024-05-31 SC125163 frs-core:PlantMachinery 2023-06-01 2024-05-31 SC125163 frs-core:PlantMachinery 2023-05-31 SC125163 frs-core:RevaluationReserve 2023-05-31 SC125163 frs-core:RevaluationReserve 2024-05-31 SC125163 frs-core:ShareCapital 2024-05-31 SC125163 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 SC125163 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC125163 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 SC125163 frs-bus:SmallEntities 2023-06-01 2024-05-31 SC125163 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 SC125163 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 SC125163 frs-bus:Director1 2023-06-01 2024-05-31 SC125163 frs-bus:Director2 2023-06-01 2024-05-31 SC125163 frs-core:CurrentFinancialInstruments 1 2024-05-31 SC125163 frs-core:CurrentFinancialInstruments 2 2024-05-31 SC125163 frs-countries:Scotland 2023-06-01 2024-05-31 SC125163 2022-05-31 SC125163 2023-05-31 SC125163 2022-06-01 2023-05-31 SC125163 frs-core:CurrentFinancialInstruments 2023-05-31 SC125163 frs-core:Non-currentFinancialInstruments 2023-05-31 SC125163 frs-core:RevaluationReserve 2023-05-31 SC125163 frs-core:ShareCapital 2023-05-31 SC125163 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31 SC125163 frs-core:CurrentFinancialInstruments 1 2023-05-31 SC125163 frs-core:CurrentFinancialInstruments 2 2023-05-31
Registered number: SC125163
PRIMESPOT ESTATES LIMITED
Financial Statements
For The Year Ended 31 May 2024
Khokhar McAdam Ltd
Chartered Accountants
1 Eagle Street
Glasgow
G4 9XA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: SC125163
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,837,415 1,902,636
1,837,415 1,902,636
CURRENT ASSETS
Debtors 5 4,643 2,643
Cash at bank and in hand 23,029 13,161
27,672 15,804
Creditors: Amounts Falling Due Within One Year 6 (33,390 ) (80,689 )
NET CURRENT ASSETS (LIABILITIES) (5,718 ) (64,885 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,831,697 1,837,751
Creditors: Amounts Falling Due After More Than One Year 7 (9,358 ) (18,867 )
NET ASSETS 1,822,339 1,818,884
CAPITAL AND RESERVES
Called up share capital 8 3 3
Revaluation reserve 9 487,437 487,437
Profit and Loss Account 1,334,899 1,331,444
SHAREHOLDERS' FUNDS 1,822,339 1,818,884
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 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 Omar Balal Raza
Director
8 April 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
PRIMESPOT ESTATES LIMITED Registered number SC125163 is a limited by shares company incorporated in Scotland. The Registered Office is First Floor Right, 5 Douglas Street, Dunfermline, KY12 7EB.
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. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. 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%
Fixtures & Fittings 15%
Computer Equipment 33%
2.3. Investment Properties
Investment properties shall not be subject to periodic charges for depreciation except for properties held on lease, which shall be depreciated at least over the period when the unexpired term is 20 years or less.
Investment properties shall be included in the balance sheet at their market value.
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.
Page 3
Page 4
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: 4 (2023: 4)
4 4
4. Tangible Assets
Investment Properties Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 June 2023 1,874,404 - 85,326 6,148 1,965,878
Additions - 736 2,792 100 3,628
Disposals (64,000 ) - - - (64,000 )
As at 31 May 2024 1,810,404 736 88,118 6,248 1,905,506
Depreciation
As at 1 June 2023 - - 57,178 6,064 63,242
Provided during the period - 147 4,641 61 4,849
As at 31 May 2024 - 147 61,819 6,125 68,091
Net Book Value
As at 31 May 2024 1,810,404 589 26,299 123 1,837,415
As at 1 June 2023 1,874,404 - 28,148 84 1,902,636
5. Debtors
2024 2023
£ £
Due within one year
Other debtors (2) 4,643 2,643
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1 1
Bank loans and overdrafts 10,639 11,133
Corporation tax 15,534 16,025
Other taxes and social security 2,089 5,807
Net wages - 2,532
...CONTINUED
Page 4
Page 5
Other creditors 2,521 2,521
Other creditors (1) 2,325 2,325
Directors' loan accounts 281 40,345
33,390 80,689
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 9,358 18,867
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 3 3
9. Reserves
Revaluation Reserve
£
As at 1 June 2023 487,437
As at 31 May 2024 487,437
Page 5