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Registered number: 13578867
INCEPTION 108 LTD
Unaudited Financial Statements
For The Year Ended 31 August 2024
LABAIT PROFESSIONALS LIMITED
Institute of Financial Accountants
Unit 1
17 Castle Street
Chester
England
CH1 2DS
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Company Information
Directors Ms HANQI ZHOU
Ms JIAXIU QIN
Company Number 13578867
Registered Office Unit1 17 Castle Street
Chester
CH1 2DS
Accountants LABAIT PROFESSIONALS LIMITED
Institute of Financial Accountants
Unit 1
17 Castle Street
Chester
England
CH1 2DS
Page 1
Page 2
Balance Sheet
Registered number: 13578867
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 111,727 1,380
Investment Properties 5 28,582,768 18,084,634
28,694,495 18,086,014
CURRENT ASSETS
Debtors 6 1,174,109 2,870,066
Cash at bank and in hand 639,448 416,427
1,813,557 3,286,493
Creditors: Amounts Falling Due Within One Year 7 (10,283,004 ) (396,577 )
NET CURRENT ASSETS (LIABILITIES) (8,469,447 ) 2,889,916
TOTAL ASSETS LESS CURRENT LIABILITIES 20,225,048 20,975,930
Creditors: Amounts Falling Due After More Than One Year 8 (21,894,980 ) (21,024,616 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (139,185 ) (46,160 )
NET LIABILITIES (1,809,117 ) (94,846 )
CAPITAL AND RESERVES
Called up share capital 10 10,000 10,000
Revaluation reserve 11 (2,257,623 ) (136,988 )
Profit and Loss Account 438,506 32,142
SHAREHOLDERS' FUNDS (1,809,117) (94,846)
Page 2
Page 3
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
Ms HANQI ZHOU
Director
27/05/2025
The notes on pages 4 to 7 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
INCEPTION 108 LTD is a private company, limited by shares, incorporated in England & Wales, registered number 13578867 . The registered office is Unit1 17 Castle Street, Chester, CH1 2DS.
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, 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. 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:
Plant & Machinery 25% Straight Line
Fixtures & Fittings 25% Straight Line
Computer Equipment 25% Straight Line
2.4. 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.
2.5. Financial Instruments
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 liability are offset, with the net amounts present in the financial statements, when there is a legal 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 balance, and 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 evidence a residual interest in the assets of the company after deducting all of its liabilities. 
Basic financial liabilities 
...CONTINUED
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2.5. Financial Instruments - continued
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 constitute 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 instrument 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. 
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7. 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: 1 (2023: 1)
1 1
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost or Valuation
As at 1 September 2023 1,840 - - 1,840
Additions 5,478 111,078 1,193 117,749
As at 31 August 2024 7,318 111,078 1,193 119,589
Depreciation
As at 1 September 2023 460 - - 460
Provided during the period 688 6,565 149 7,402
As at 31 August 2024 1,148 6,565 149 7,862
...CONTINUED
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Page 6
Net Book Value
As at 31 August 2024 6,170 104,513 1,044 111,727
As at 1 September 2023 1,380 - - 1,380
5. Investment Property
2024
£
Fair Value
As at 1 September 2023 18,084,634
Additions 12,618,768
Fair value adjustments (2,120,634 )
As at 31 August 2024 28,582,768
The investment properties are carried at fair value determined annually and derived from Zoopla and Savills. No depreciation is provided for. Changes in fair value are recognised in the other comprehensive income account.
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 1,300
Prepayments and accrued income 143,390 18,819
Other debtors 601,771 2,823,919
Deferred tax current asset - 26,028
745,161 2,870,066
Due after more than one year
Deferred tax current asset 428,948 -
1,174,109 2,870,066
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 200,984 199,999
Corporation tax 2,544 1,542
Other creditors 557,256 184,762
Accruals and deferred income 43,513 10,274
Directors' loan accounts 9,478,707 -
10,283,004 396,577
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 6,693,686 6,985,722
Other loans 15,201,294 12,801,294
Other creditors - 1,237,600
21,894,980 21,024,616
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9. Deferred Taxation
Labait has reminded INCEPTION 108 LTD that withholding tax relief needs to be applied for before it takes effect, or that paying the withholding tax and then applying for relief can reclaim the withholding tax paid. INCEPTION 108 LTD has not applied for relief and has not paid the withholding tax to HMRC as required, so INCEPTION 108 LTD has been accounting for the withholding tax due. 
The opening amount of withholding tax due is £46,160.11, £93,024.54 is accrued this current year , and the accumulated withholding tax due at the end of the period is £139,184.65.
2024 2023
£ £
Other timing differences 139,185 46,160
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10,000 10,000
11. Reserves
Revaluation Reserve
£
As at 1 September 2023 (136,988 )
Net investment property revaluation reserve (2,120,635 )
As at 31 August 2024 (2,257,623 )
12. Related Party Transactions
At the start of the accounting year, the opening balance of the directors' loans owned by the company was £1,237,599.66. The company has borrowed £12,801,294.00 from Life Balance Limited at an interest rate of 3.3% per year at the end of the accounting year.
During the year, £292,695.16 was paid to the director Ms JIAXIU QIN.The company also borrowed £8,533,802.57 from the director Ms JIAXIU QIN. The company has borrowed £2,400,000.00 from Life Balance Limited at an interest rate of 3.3% per year at the end of the accounting year, interest on this loan amounted to £465,122.70, all of which was unpaid. Life Balance Limited is a Hong Kong company owned 100% by the company's shareholder, Ms JIAXIU QIN.
At the end of the accounting year, the closing balance of directors' loans owned by the company is £9,478,707.07, the closing balance of the loan principal from Life Balance Limited owned by the company is £15,201,294.00.
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