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Registered number: 12156715
Dsg Property Freehold Ltd
Unaudited Financial Statements
For The Year Ended 31 August 2024
Kent Coast Accounts Ltd
AAT Licenced Accountants
Marlowe Innovation Centre
Marlowe Way
Ramsgate
Kent
CT12 6FA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12156715
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 1,100,000 1,100,000
1,100,000 1,100,000
CURRENT ASSETS
Debtors 5 61,907 2,600
Cash at bank and in hand 10,849 5,492
72,756 8,092
Creditors: Amounts Falling Due Within One Year 6 (85,345 ) (48,947 )
NET CURRENT ASSETS (LIABILITIES) (12,589 ) (40,855 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,087,411 1,059,145
Creditors: Amounts Falling Due After More Than One Year 7 (730,322 ) (792,736 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (42,068 ) (42,068 )
NET ASSETS 315,021 224,341
CAPITAL AND RESERVES
Called up share capital 8 100 100
Revaluation reserve 9 126,205 126,205
Profit and Loss Account 188,716 98,036
SHAREHOLDERS' FUNDS 315,021 224,341
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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 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 Dayne Gooding
Director
6th May 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
Dsg Property Freehold Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12156715 . The registered office is 146 Northdown Road, Cliftonville, Margate, Kent, CT9 2QN.
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 received or receivable, excluding VAT and other sales-related taxes.
Rental Income
Rental income arising from investment properties is recognised on a straight-line basis over the period to which it relates, in accordance with the terms of the lease. Rental income is included within turnover in the period it is earned.
2.3. Investment Properties
All investment properties are measured at fair value, as determined annually by the directors based on current market rents and yields for comparable properties, adjusted as necessary for differences in location, condition, or other relevant factors. No depreciation is charged on investment properties.
Changes in fair value are recognised in the profit and loss account in accordance with Section 16 of FRS 102. The cumulative revaluation surplus is transferred to a separate non-distributable reserve, which is ring-fenced and not available for distribution.
Deferred Taxation
Deferred taxation is recognised at each valuation date in accordance with Section 29 of FRS 102. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the company expects to recover or settle the carrying amount of its assets and liabilities at the end of the reporting period.
2.4. 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. 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. This is generally for accelerated capital allowances.
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Investment Property
2024
£
Fair Value
As at 1 September 2023 and 31 August 2024 1,100,000
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5. Debtors
2024 2023
£ £
Due within one year
Other debtors 765 2,600
Due after more than one year
Other debtors 61,142 -
61,907 2,600
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 33,813 41,256
Other creditors 475 744
Taxation and social security 51,057 6,947
85,345 48,947
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 556,242 579,798
Other creditors 174,080 212,938
730,322 792,736
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2024 2023
£ £
Bank loans 432,449 462,049
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Reserves
Revaluation Reserve
£
As at 1 September 2023 126,205
As at 31 August 2024 126,205
Non-distributable reserves arise from the surplus on the revaluation of investment properties, in accordance with Section 16 of FRS 102. These reserves are not available for distribution and are therefore ring-fenced. In line with Section 29 of FRS 102, a deferred tax liability is recognised on the revaluation surplus. Appropriate disclosures are made in the notes to the financial statements regarding the revaluation and associated deferred tax.
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10. Related Party Transactions
The company has entered into the following transactions with entities under the common control of the sole director and shareholder:
• DSG Property Management Ltd:
At 31 August 2024, a loan of £61,142 was outstanding and receivable from DSG Property Management Ltd (2023: the company owed DSG Property Management Ltd £38,860). The balance is interest-free, unsecured, and repayable on demand. There is no formal repayment agreement in place.
• Prospects Assured (UK) Ltd:
At both 31 August 2024 and 31 August 2023, the company owed £174,080 to Prospects Assured (UK) Ltd. This loan is also interest-free, unsecured, and repayable on demand, with no formal repayment terms.
All transactions were carried out on a non-commercial basis and not at arm’s length. No provisions for doubtful debts have been made in relation to these balances.
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