Acorah Software Products - Accounts Production 16.2.800 false true 31 July 2023 1 August 2022 false 1 August 2023 31 July 2024 31 July 2024 11480948 Mrs N Li iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11480948 2023-07-31 11480948 2024-07-31 11480948 2023-08-01 2024-07-31 11480948 frs-core:CurrentFinancialInstruments 2024-07-31 11480948 frs-core:Non-currentFinancialInstruments 2024-07-31 11480948 frs-core:FurnitureFittings 2024-07-31 11480948 frs-core:FurnitureFittings 2023-08-01 2024-07-31 11480948 frs-core:FurnitureFittings 2023-07-31 11480948 frs-core:InvestmentPropertyIncludedWithinPPE 2024-07-31 11480948 frs-core:InvestmentPropertyIncludedWithinPPE 2023-08-01 2024-07-31 11480948 frs-core:InvestmentPropertyIncludedWithinPPE 2023-07-31 11480948 frs-core:ShareCapital 2024-07-31 11480948 frs-core:RetainedEarningsAccumulatedLosses 2024-07-31 11480948 frs-bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 11480948 frs-bus:FilletedAccounts 2023-08-01 2024-07-31 11480948 frs-bus:SmallEntities 2023-08-01 2024-07-31 11480948 frs-bus:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 11480948 frs-bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 11480948 frs-bus:Director1 2023-08-01 2024-07-31 11480948 frs-countries:EnglandWales 2023-08-01 2024-07-31 11480948 2022-07-31 11480948 2023-07-31 11480948 2022-08-01 2023-07-31 11480948 frs-core:CurrentFinancialInstruments 2023-07-31 11480948 frs-core:Non-currentFinancialInstruments 2023-07-31 11480948 frs-core:ShareCapital 2023-07-31 11480948 frs-core:RetainedEarningsAccumulatedLosses 2023-07-31
Registered number: 11480948
N&L INVESTMENT LIMITED
Unaudited Financial Statements
For The Year Ended 31 July 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11480948
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,050,000 1,012,885
1,050,000 1,012,885
CURRENT ASSETS
Debtors 5 10,023 10,023
Cash at bank and in hand 5,181 7,347
15,204 17,370
Creditors: Amounts Falling Due Within One Year 6 (24,130 ) (33,493 )
NET CURRENT ASSETS (LIABILITIES) (8,926 ) (16,123 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,041,074 996,762
Creditors: Amounts Falling Due After More Than One Year 7 (829,125 ) (829,125 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (35,602 ) (25,948 )
NET ASSETS 176,347 141,689
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account 176,345 141,687
SHAREHOLDERS' FUNDS 176,347 141,689
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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 Profit and Loss Account.
On behalf of the board
Mrs N Li
Director
16 April 2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
N&L INVESTMENT LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 11480948 . The registered office is Office 303b 10 Courtenay Road , East Lane Business Park, Wembley, HA9 7ND.
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
The turnover shown in the profit and loss account represents amounts invoiced during the year exclusive of Value Added Tax.
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:
Fixtures & Fittings 20% Straight line
2.4. Investment Properties
All investment properties are propeties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost.
Subsequent to initial recognition:
1) Invesment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Changes in fair value are recognised in the profit and loss account.
2) No depreciation is provided for.
Invesmtent properties fair value is determined by the director based on his understanding of property market conditions and the specific properties concerned. Any gain or loss arising from a change in fair value is recognised in the profit and loss account.
2.5. Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. 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 instruments
Other debtors
Other debtors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate for a similar debt instrument.
Other creditors
Other creditors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate for a similar debt instrument.
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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 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.
2.7. Acquisitions and disposals of properties
Acquisitions and disposals are considered to have taken place at the date of legal completion and are included in the financial statements accordingly.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Tangible Assets
Investment Properties Fixtures & Fittings Total
£ £ £
Cost or Valuation
As at 1 August 2023 1,011,381 11,272 1,022,653
Revaluation 38,619 - 38,619
As at 31 July 2024 1,050,000 11,272 1,061,272
Depreciation
As at 1 August 2023 - 9,768 9,768
Provided during the period - 1,504 1,504
As at 31 July 2024 - 11,272 11,272
Net Book Value
As at 31 July 2024 1,050,000 - 1,050,000
As at 1 August 2023 1,011,381 1,504 1,012,885
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Cost or valuation as at 31 July 2024 represented by:
Investment Properties Fixtures & Fittings Total
£ £ £
At cost - 11,272 11,272
At valuation 1,050,000 - 1,050,000
1,050,000 11,272 1,061,272
The company's investment properties are included in the Financial Statements at Director's valuation.
The company's residential properties valued using a sales valuation approach, derived from recent comparable transactions in the market, adjusted by applying discounts to reflect status of occupation and condition.
The historical cost of investment properties is £907,592.
5. Debtors
2024 2023
£ £
Due within one year
Other debtors 10,023 10,023
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 1,919 230
Other creditors 15,580 26,823
Accruals and deferred income 6,631 6,440
24,130 33,493
In other creditors, amounts aggregating £7,790 (2023: £15,114) is the balance due to the director of this company. The loans are interest free and repayable on demand.
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 829,125 829,125
The bank loans are secured by a fixed charge over the investment property of the company with a book value of £1,050,000.
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
9. Accounting estimates and judgements
1) Property valuations
The valuation of the company's property portfolio is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions.
Therefore the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions.
2) Other debtors
...CONTINUED
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Management uses details of the age of trade debtors and the status of any disputes together with external evidence of the credit status of the counterparty in making judgements concerning any need to impair the carrying values.
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