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Registered number: 11494207
Corner Croft Properties Limited
Unaudited Financial Statements
For The Year Ended 31 August 2024
Fox Accountancy Services (Manchester) Ltd
238 Block Lane Chadderton
Oldham
OL9 7QB
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 11494207
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 313,000 295,000
313,000 295,000
CURRENT ASSETS
Debtors 5 2,638 332
Cash at bank and in hand 1,723 10,335
4,361 10,667
Creditors: Amounts Falling Due Within One Year 6 (92,981 ) (87,713 )
NET CURRENT ASSETS (LIABILITIES) (88,620 ) (77,046 )
TOTAL ASSETS LESS CURRENT LIABILITIES 224,380 217,954
Creditors: Amounts Falling Due After More Than One Year 7 (127,945 ) (138,886 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (15,515 ) (12,095 )
NET ASSETS 80,920 66,973
CAPITAL AND RESERVES
Called up share capital 8 2 2
Fair value reserve 9 66,142 51,562
Income Statement 14,776 15,409
SHAREHOLDERS' FUNDS 80,920 66,973
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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 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 Income Statement.
On behalf of the board
Mr Alex Windsor
Director
16/04/2025
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Corner Croft Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11494207
The registered office is Corner Croft Hassall Road, Alsager, Stoke-On-Trent, ST7 2SJ.
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 receivable for the letting of investment property, net of discounts and Value Added Tax. Revenue is recognised in the income statement on a time basis over the period of the lease term.
2.3. Tangible Fixed Assets and Depreciation
Tangible assets are initally recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 
An increase in the carrying amount of an asset, as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in the profit or loss. A decrease in the carrying amount of an asset, as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset, as follows;
Freehold 0% straight line basis
2.4. Investment Properties
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date. Changes in fair value are recognised in the income statement.
2.5. Financial Instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. 
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. 
Debt instruments are subsequently measured at amortised cost. 
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. 
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. 
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not being previously been recognised.
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2.6. 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.7. Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Investment Properties
£
Cost or Valuation
As at 1 September 2023 295,000
Revaluation 18,000
As at 31 August 2024 313,000
Net Book Value
As at 31 August 2024 313,000
As at 1 September 2023 295,000
Investment Property
The investments properties shown above are freehold. The directors revalued the investment properties on 31 August 2024 and the resulting fair value adjustment is included within the total comprehensive income for that period.
If these properties were accounted for on the historic cost basis, then the cost and the net book value at 31 August 2024 would have been £231,343 (2023: £231,343).
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5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 925 332
Other debtors 1,713 -
2,638 332
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 10 -
Bank loans and overdrafts 9,880 10,681
Corporation tax - 69
Other taxes and social security 1 1,000
Accruals and deferred income 7,969 9,783
Directors' loan accounts 75,121 66,180
92,981 87,713
Bank loans of £9,880 (2023: £10,681) are secured by legal charges over the company's investment properties. 
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 127,945 138,886
The bank loans are secured by legal charges on the company's investment properties. 
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2024 2023
£ £
Bank loans 90,750 97,663
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
9. Reserves
Fair Value Reserve
£
As at 1 September 2023 51,562
Movements in fair value reserve 14,580
As at 31 August 2024 66,142
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