Acorah Software Products - Accounts Production 16.2.850 false true 31 August 2023 1 September 2022 false 1 September 2023 31 August 2024 31 August 2024 03257465 Mr David Harris Mr David Harris Mrs Pamela Harris Mr David Harris iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 03257465 2023-08-31 03257465 2024-08-31 03257465 2023-09-01 2024-08-31 03257465 frs-core:CurrentFinancialInstruments 2024-08-31 03257465 frs-core:Non-currentFinancialInstruments 2024-08-31 03257465 frs-core:RevaluationReserve 2023-08-31 03257465 frs-core:RevaluationReserve 2024-08-31 03257465 frs-core:ShareCapital 2024-08-31 03257465 frs-core:RetainedEarningsAccumulatedLosses 2024-08-31 03257465 frs-bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 03257465 frs-bus:FilletedAccounts 2023-09-01 2024-08-31 03257465 frs-bus:SmallEntities 2023-09-01 2024-08-31 03257465 frs-bus:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 03257465 frs-bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 03257465 frs-bus:Director1 2023-09-01 2024-08-31 03257465 frs-bus:Director2 2023-09-01 2024-08-31 03257465 frs-bus:Director3 2023-09-01 2024-08-31 03257465 frs-bus:CompanySecretary1 2023-09-01 2024-08-31 03257465 frs-countries:EnglandWales 2023-09-01 2024-08-31 03257465 2022-08-31 03257465 2023-08-31 03257465 2022-09-01 2023-08-31 03257465 frs-core:CurrentFinancialInstruments 2023-08-31 03257465 frs-core:Non-currentFinancialInstruments 2023-08-31 03257465 frs-core:RevaluationReserve 2023-08-31 03257465 frs-core:ShareCapital 2023-08-31 03257465 frs-core:RetainedEarningsAccumulatedLosses 2023-08-31
Registered number: 03257465
Movemind Limited
Unaudited Financial Statements
For The Year Ended 31 August 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03257465
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Investment Properties 5 980,000 980,000
980,000 980,000
CURRENT ASSETS
Debtors 6 23,761 773,931
Cash at bank and in hand 6,786 3,511
30,547 777,442
Creditors: Amounts Falling Due Within One Year 7 (19,663 ) (17,007 )
NET CURRENT ASSETS (LIABILITIES) 10,884 760,435
TOTAL ASSETS LESS CURRENT LIABILITIES 990,884 1,740,435
Creditors: Amounts Falling Due After More Than One Year 8 (741,328 ) (744,129 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (217,151 ) (217,151 )
NET ASSETS 32,405 779,155
CAPITAL AND RESERVES
Called up share capital 11 2 2
Revaluation reserve 12 699,049 699,049
Profit and Loss Account (666,646 ) 80,104
SHAREHOLDERS' FUNDS 32,405 779,155
Page 1
Page 2
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 Profit and Loss Account.
On behalf of the board
Mr David Harris
Director
06/05/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Movemind Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03257465 . The registered office is Woodlands End, St Marks Road, Tunbridge Wells, Kent, TN2 5LU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
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 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
Page 3
Page 4
4. Prior Period Adjustment
For the year ended , 31st August 2024 the company has transitioned from the Financial Reporting Standard applicable to the Micro-entities Regime (FRS 105) to FRS 102 Section 1A: The Financial Reporting Standard applicable in the UK and Republic of Ireland. This change in framework has been applied retrospectively from the 1 September 2022, and the comparative figures for the year ended 31st August 2023 have been restated where necessary.
FRS 102 Section 1A provides a more comprehensive accounting and disclosure framework than FRS 105, and permits the use of fair value accounting for certain assets, including investment property.
Impact of Transition
Under FRS 105, investment property was held at historical cost less depreciation and impairment. On transition to FRS 102 Section 1A, investment property is measured at fair value, with changes in fair value recognised in profit or loss.
As a result of this change in accounting policy, the company has recognised a fair value gain of £916,200 on its investment property as at 1 September 2022, which has been credited to retained earnings on transition. The carrying value of the investment property increased from £39,875 to £980,000 as at the date of transition. Deferred tax of £217,151 has been recognised in accordance with FRS102 1A on transition also. This adjustment has no impact on cash flows but affects reported profit and net assets.
5. Investment Property
2024
£
Fair Value
As at 1 September 2023 and 31 August 2024 980,000
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
as restated
£ £
Cost 63,800 63,800
Accumulated depreciation and impairment 25,839 24,882
Carrying amount 37,961 38,918
Investment property comprises freehold buildings. An independent valuation has not been carried out on the current or previous year but the fair value of the property has been determined by the directors. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties. 
6. Debtors
2024 2023
as restated
£ £
Due within one year
Trade debtors 8,000 -
Other debtors 15,761 773,931
23,761 773,931
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Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
as restated
£ £
Trade creditors 1,320 -
Bank loans and overdrafts 2,800 2,800
Other creditors 12,267 5,262
Taxation and social security 3,276 8,945
19,663 17,007
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
as restated
£ £
Bank loans 741,328 744,129
9. Secured Creditors
The mortgage included within Creditors: amounts falling due after more than one year is secured by a fixed charge held over the investment property held by the company within fixed assets. 
10. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
as restated
£ £
Other timing differences 217,151 217,151
11. Share Capital
2024 2023
as restated
£ £
Allotted, Called up and fully paid 2 2
12. Reserves
Revaluation Reserve
£
As at 1 September 2023 699,049
As at 31 August 2024 699,049
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