Acorah Software Products - Accounts Production 16.2.850 false true 31 July 2023 27 July 2022 false 1 August 2023 31 July 2024 31 July 2024 14260021 Mr Wai Poon Ms Yi Tse iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 14260021 2023-07-31 14260021 2024-07-31 14260021 2023-08-01 2024-07-31 14260021 frs-core:CurrentFinancialInstruments 2024-07-31 14260021 frs-core:Non-currentFinancialInstruments 2024-07-31 14260021 frs-core:InvestmentPropertyIncludedWithinPPE 2024-07-31 14260021 frs-core:InvestmentPropertyIncludedWithinPPE 2023-07-31 14260021 frs-core:ShareCapital 2024-07-31 14260021 frs-core:RetainedEarningsAccumulatedLosses 2024-07-31 14260021 frs-bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 14260021 frs-bus:FilletedAccounts 2023-08-01 2024-07-31 14260021 frs-bus:SmallEntities 2023-08-01 2024-07-31 14260021 frs-bus:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 14260021 frs-bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 14260021 frs-bus:Director1 2023-08-01 2024-07-31 14260021 frs-bus:Director2 2023-08-01 2024-07-31 14260021 frs-core:CurrentFinancialInstruments 1 2024-07-31 14260021 frs-core:Non-currentFinancialInstruments 5 2024-07-31 14260021 frs-countries:EnglandWales 2023-08-01 2024-07-31 14260021 2022-07-26 14260021 2023-07-31 14260021 2022-07-27 2023-07-31 14260021 frs-core:CurrentFinancialInstruments 2023-07-31 14260021 frs-core:Non-currentFinancialInstruments 2023-07-31 14260021 frs-core:ShareCapital 2023-07-31 14260021 frs-core:RetainedEarningsAccumulatedLosses 2023-07-31 14260021 frs-core:CurrentFinancialInstruments 1 2023-07-31 14260021 frs-core:Non-currentFinancialInstruments 5 2023-07-31
Registered number: 14260021
PERFECT GAIN INVESTMENT (UK) LIMITED
Financial Statements
For The Year Ended 31 July 2024
Sloane & Co. LLP
Chartered Certified Accountants & Business Advisors
C/O Sloane & Co, Office 015
30 Great Guildford Street
Borough
London
SE1 0HS
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 14260021
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,479,408 2,479,408
2,479,408 2,479,408
CURRENT ASSETS
Debtors 5 114,924 73,522
Cash at bank and in hand 9,170 78,489
124,094 152,011
Creditors: Amounts Falling Due Within One Year 6 (74,161 ) (46,660 )
NET CURRENT ASSETS (LIABILITIES) 49,933 105,351
TOTAL ASSETS LESS CURRENT LIABILITIES 2,529,341 2,584,759
Creditors: Amounts Falling Due After More Than One Year 7 (2,332,469 ) (2,523,096 )
NET ASSETS 196,872 61,663
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account 196,870 61,661
SHAREHOLDERS' FUNDS 196,872 61,663
Page 1
Page 2
For the year ending 31 July 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 Wai Poon
Director
7 April 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
PERFECT GAIN INVESTMENT (UK) LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 14260021 . The registered office is C/O Sloane & Co, Office 015, 30 Great Guildford Street, Borough, London, SE1 0HS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.
2.2. Turnover
Turnover is recognised at the fair value of the rent received or receivable .
2.3. 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:
2.4. Investment Properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure . Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
2.5. Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally 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.
Basic financial assets
Basic financial assets, which include bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.
Other financial assets
...CONTINUED
Page 3
Page 4
2.5. Financial Instruments - continued
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss , are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
...CONTINUED
Page 4
Page 5
2.5. Financial Instruments - continued
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
2.6. Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally
enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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
As at 1 August 2023 2,479,408
As at 31 July 2024 2,479,408
Net Book Value
As at 31 July 2024 2,479,408
As at 1 August 2023 2,479,408
Page 5
Page 6
5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 647 647
Other debtors - Perfect Success Limited 94,713 72,875
Other debtors - Tideway Rent 19,564 -
114,924 73,522
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 45,070 16,370
VAT 8,784 10,086
Accruals and deferred income 20,307 20,204
74,161 46,660
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Shareholders Loan Account 2,332,469 2,523,096
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
Page 6