Acorah Software Products - Accounts Production 16.2.850 false true true 31 August 2023 1 September 2022 false 1 September 2023 31 August 2024 31 August 2024 02255095 Mr Daniel Thompson Mrs Heidi Hoggart iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 02255095 2023-08-31 02255095 2024-08-31 02255095 2023-09-01 2024-08-31 02255095 frs-core:CurrentFinancialInstruments 2024-08-31 02255095 frs-core:Non-currentFinancialInstruments 2024-08-31 02255095 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-09-01 2024-08-31 02255095 frs-core:FurnitureFittings 2024-08-31 02255095 frs-core:FurnitureFittings 2023-09-01 2024-08-31 02255095 frs-core:FurnitureFittings 2023-08-31 02255095 frs-core:MotorVehicles 2024-08-31 02255095 frs-core:MotorVehicles 2023-09-01 2024-08-31 02255095 frs-core:MotorVehicles 2023-08-31 02255095 frs-core:OtherResidualIntangibleAssets 2024-08-31 02255095 frs-core:OtherResidualIntangibleAssets 2023-09-01 2024-08-31 02255095 frs-core:OtherResidualIntangibleAssets 2023-08-31 02255095 frs-core:ShareCapital 2024-08-31 02255095 frs-core:RetainedEarningsAccumulatedLosses 2024-08-31 02255095 frs-bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 02255095 frs-bus:FilletedAccounts 2023-09-01 2024-08-31 02255095 frs-bus:SmallEntities 2023-09-01 2024-08-31 02255095 frs-bus:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 02255095 frs-bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 02255095 frs-bus:OrdinaryShareClass1 2023-09-01 2024-08-31 02255095 frs-bus:OrdinaryShareClass1 2024-08-31 02255095 frs-bus:OrdinaryShareClass3 2023-09-01 2024-08-31 02255095 frs-bus:OrdinaryShareClass3 2024-08-31 02255095 frs-core:ListedExchangeTraded 2024-08-31 02255095 frs-core:ListedExchangeTraded 2023-08-31 02255095 frs-core:CostValuation frs-core:ListedExchangeTraded 2023-08-31 02255095 frs-core:RevaluationsIncreaseDecreaseInInvestments frs-core:ListedExchangeTraded 2024-08-31 02255095 frs-core:CostValuation frs-core:ListedExchangeTraded 2024-08-31 02255095 frs-core:ProvisionsForImpairmentInvestments frs-core:ListedExchangeTraded 2023-08-31 02255095 frs-core:ProvisionsForImpairmentInvestments frs-core:ListedExchangeTraded 2024-08-31 02255095 frs-bus:Director1 2023-09-01 2024-08-31 02255095 frs-bus:Director1 2023-08-31 02255095 frs-bus:Director1 2024-08-31 02255095 frs-bus:CompanySecretary1 2023-09-01 2024-08-31 02255095 frs-core:CurrentFinancialInstruments 1 2024-08-31 02255095 frs-countries:EnglandWales 2023-09-01 2024-08-31 02255095 2022-08-31 02255095 2023-08-31 02255095 2022-09-01 2023-08-31 02255095 frs-core:CurrentFinancialInstruments 2023-08-31 02255095 frs-core:Non-currentFinancialInstruments 2023-08-31 02255095 frs-core:ShareCapital 2023-08-31 02255095 frs-core:RetainedEarningsAccumulatedLosses 2023-08-31 02255095 frs-bus:OrdinaryShareClass1 2022-09-01 2023-08-31 02255095 frs-bus:OrdinaryShareClass3 2022-09-01 2023-08-31 02255095 frs-core:CurrentFinancialInstruments 1 2023-08-31
Registered number: 02255095
Towngate Developments Limited
Unaudited Financial Statements
For The Year Ended 31 August 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02255095
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 330 660
Tangible Assets 5 21,471 28,289
Investments 6 7,856 150,000
29,657 178,949
CURRENT ASSETS
Stocks 7 1,792,918 1,616,440
Debtors 8 6,386 126,083
Cash at bank and in hand 8,004 243,963
1,807,308 1,986,486
Creditors: Amounts Falling Due Within One Year 9 (47,527 ) (119,921 )
NET CURRENT ASSETS (LIABILITIES) 1,759,781 1,866,565
TOTAL ASSETS LESS CURRENT LIABILITIES 1,789,438 2,045,514
Creditors: Amounts Falling Due After More Than One Year 10 (2,045,871 ) (1,787,496 )
NET (LIABILITIES)/ASSETS (256,433 ) 258,018
CAPITAL AND RESERVES
Called up share capital 12 12 12
Profit and Loss Account (256,445 ) 258,006
SHAREHOLDERS' FUNDS (256,433) 258,018
Page 1
Page 2
For the year ending 31 August 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 Daniel Thompson
Director
30/04/2025
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
Towngate Developments Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02255095 . The registered office is Flat 5 Redcot Mews, Redcot Gardens, Stamford, Lincolnshire, PE9 1DE.
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. Going Concern Disclosure
The directors have identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate.
2.3. 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.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are website costs. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.5. 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:
Motor Vehicles 25% reducing balance
Fixtures & Fittings 20% reducing balance
2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.7. 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.
Page 3
Page 4
2.8. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Intangible Assets
Other
£
Cost
As at 1 September 2023 1,650
As at 31 August 2024 1,650
Amortisation
As at 1 September 2023 990
Provided during the period 330
As at 31 August 2024 1,320
Net Book Value
As at 31 August 2024 330
As at 1 September 2023 660
5. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 September 2023 53,871 18,466 72,337
As at 31 August 2024 53,871 18,466 72,337
...CONTINUED
Page 4
Page 5
Depreciation
As at 1 September 2023 30,673 13,375 44,048
Provided during the period 5,800 1,018 6,818
As at 31 August 2024 36,473 14,393 50,866
Net Book Value
As at 31 August 2024 17,398 4,073 21,471
As at 1 September 2023 23,198 5,091 28,289
6. Investments
Listed
£
Cost
As at 1 September 2023 150,000
Revaluations (142,144 )
As at 31 August 2024 7,856
Provision
As at 1 September 2023 -
As at 31 August 2024 -
Net Book Value
As at 31 August 2024 7,856
As at 1 September 2023 150,000
7. Stocks
2024 2023
£ £
Work in progress 1,792,918 1,616,440
8. Debtors
2024 2023
£ £
Due within one year
VAT 1,414 30,566
Other taxes and social security - 2,732
Director's loan account 4,972 142,671
6,386 175,969
Due after more than one year
Amounts owed by group undertakings - (49,886 )
6,386 126,083
Page 5
Page 6
9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 51 54,569
Corporation tax - 3,645
Other taxes and social security 1,117 -
Other creditors - 46,075
Credit Card 45,859 15,632
Accruals and deferred income 500 -
47,527 119,921
10. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 2,045,871 1,787,496
12. Share Capital
2024 2023
Allotted, called up and fully paid £ £
2 Ordinary Shares of £ 1 each 2 2
10 Ordinary B shares of £ 1 each 10 10
12 12
13. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 September 2023 Amounts advanced Amounts repaid Amounts written off As at 31 August 2024
£ £ £ £ £
Mr Daniel Thompson 142,671 - 137,699 - 4,972
The above loan is unsecured, interest free and repayable on demand.
14. Related Party Transactions
The company was under the control of its sole director (from July 2021) to the end of the current year
and by the previous directors in the prior year and current year (up to July 2021).
Page 6