Acorah Software Products - Accounts Production 16.3.350 false true 31 July 2023 1 August 2022 false 1 August 2023 31 July 2024 31 July 2024 SC572106 Ms Maxine Vivien Fenton iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC572106 2023-07-31 SC572106 2024-07-31 SC572106 2023-08-01 2024-07-31 SC572106 frs-core:CurrentFinancialInstruments 2024-07-31 SC572106 frs-core:Non-currentFinancialInstruments 2024-07-31 SC572106 frs-core:ComputerEquipment 2024-07-31 SC572106 frs-core:ComputerEquipment 2023-08-01 2024-07-31 SC572106 frs-core:ComputerEquipment 2023-07-31 SC572106 frs-core:FurnitureFittings 2024-07-31 SC572106 frs-core:FurnitureFittings 2023-08-01 2024-07-31 SC572106 frs-core:FurnitureFittings 2023-07-31 SC572106 frs-core:NetGoodwill 2024-07-31 SC572106 frs-core:NetGoodwill 2023-08-01 2024-07-31 SC572106 frs-core:NetGoodwill 2023-07-31 SC572106 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-07-31 SC572106 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 SC572106 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-07-31 SC572106 frs-core:MotorVehicles 2023-08-01 2024-07-31 SC572106 frs-core:ShareCapital 2024-07-31 SC572106 frs-core:RetainedEarningsAccumulatedLosses 2024-07-31 SC572106 frs-bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 SC572106 frs-bus:FilletedAccounts 2023-08-01 2024-07-31 SC572106 frs-bus:SmallEntities 2023-08-01 2024-07-31 SC572106 frs-bus:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 SC572106 frs-bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 SC572106 frs-bus:Director1 2023-08-01 2024-07-31 SC572106 frs-countries:Scotland 2023-08-01 2024-07-31 SC572106 2022-07-31 SC572106 2023-07-31 SC572106 2022-08-01 2023-07-31 SC572106 frs-core:CurrentFinancialInstruments 2023-07-31 SC572106 frs-core:Non-currentFinancialInstruments 2023-07-31 SC572106 frs-core:ShareCapital 2023-07-31 SC572106 frs-core:RetainedEarningsAccumulatedLosses 2023-07-31
Registered number: SC572106
Fentons Property Limited
Unaudited Financial Statements
For The Year Ended 31 July 2024
Precision Accountants and Business Advisors Ltd
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: SC572106
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 181,289 180,845
181,289 180,845
CURRENT ASSETS
Debtors 6 29,514 29,514
Cash at bank and in hand 6,026 2,963
35,540 32,477
Creditors: Amounts Falling Due Within One Year 7 (87,632 ) (88,157 )
NET CURRENT ASSETS (LIABILITIES) (52,092 ) (55,680 )
TOTAL ASSETS LESS CURRENT LIABILITIES 129,197 125,165
Creditors: Amounts Falling Due After More Than One Year 8 (109,627 ) (115,168 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (894 ) (975 )
NET ASSETS 18,676 9,022
CAPITAL AND RESERVES
Called up share capital 10 1 1
Income Statement 18,675 9,021
SHAREHOLDERS' FUNDS 18,676 9,022
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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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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
Ms Maxine Vivien Fenton
Director
25/04/2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Fentons Property Limited is a private company, limited by shares, incorporated in Scotland, registered number SC572106 . The registered office is The Old School, Meikleour, Perth, Perth And Kinross, PH2 6EB.
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. Significant judgements and estimations
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2.3. Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to income statement over its estimated economic life of .... 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:
Freehold N/A
Motor Vehicles 25% Motor Vehicles
Fixtures & Fittings 10% Reducing Balance
Computer Equipment 33.33% Straight Line
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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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Intangible Assets
Goodwill
£
Cost
As at 1 August 2023 8,000
As at 31 July 2024 8,000
Amortisation
As at 1 August 2023 8,000
As at 31 July 2024 8,000
Net Book Value
As at 31 July 2024 -
As at 1 August 2023 -
5. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 August 2023 176,583 4,125 2,089 182,797
Additions - - 1,531 1,531
As at 31 July 2024 176,583 4,125 3,620 184,328
...CONTINUED
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Depreciation
As at 1 August 2023 - 507 1,445 1,952
Provided during the period - 362 725 1,087
As at 31 July 2024 - 869 2,170 3,039
Net Book Value
As at 31 July 2024 176,583 3,256 1,450 181,289
As at 1 August 2023 176,583 3,618 644 180,845
6. Debtors
2024 2023
£ £
Due within one year
Other debtors 29,514 29,514
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 296 -
Bank loans and overdrafts 2,400 2,400
Other creditors 76,279 84,027
Taxation and social security 8,657 1,730
87,632 88,157
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bounceback Loan - Non-Current 4,000 6,400
Aldermore - Mortgage 105,627 108,768
109,627 115,168
9. Deferred Taxation
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.
2024 2023
£ £
Other timing differences 894 975
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10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
11. 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. 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. Amounts 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.
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