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 12798544 Mr John Rooney Mr Matthew Goss Mrs Vicki Bishop Mr Stephen Rooney iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12798544 2023-08-31 12798544 2024-08-31 12798544 2023-09-01 2024-08-31 12798544 frs-core:CurrentFinancialInstruments 2024-08-31 12798544 frs-core:Non-currentFinancialInstruments 2024-08-31 12798544 frs-core:InvestmentPropertyIncludedWithinPPE 2024-08-31 12798544 frs-core:InvestmentPropertyIncludedWithinPPE 2023-08-31 12798544 frs-core:RevaluationReserve 2023-09-01 2024-08-31 12798544 frs-core:RevaluationReserve 2023-08-31 12798544 frs-core:RevaluationReserve 2024-08-31 12798544 frs-core:ShareCapital 2024-08-31 12798544 frs-core:RetainedEarningsAccumulatedLosses 2024-08-31 12798544 frs-bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 12798544 frs-bus:FilletedAccounts 2023-09-01 2024-08-31 12798544 frs-bus:SmallEntities 2023-09-01 2024-08-31 12798544 frs-bus:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 12798544 frs-bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 12798544 frs-bus:Director1 2023-09-01 2024-08-31 12798544 frs-bus:Director2 2023-09-01 2024-08-31 12798544 frs-bus:Director3 2023-09-01 2024-08-31 12798544 frs-bus:Director4 2023-09-01 2024-08-31 12798544 frs-countries:EnglandWales 2023-09-01 2024-08-31 12798544 2022-08-31 12798544 2023-08-31 12798544 2022-09-01 2023-08-31 12798544 frs-core:CurrentFinancialInstruments 2023-08-31 12798544 frs-core:Non-currentFinancialInstruments 2023-08-31 12798544 frs-core:RevaluationReserve 2023-08-31 12798544 frs-core:ShareCapital 2023-08-31 12798544 frs-core:RetainedEarningsAccumulatedLosses 2023-08-31
Registered number: 12798544
Sussex Seagulls 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: 12798544
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 300,000 300,000
300,000 300,000
CURRENT ASSETS
Debtors 5 23,968 17,960
Cash at bank and in hand 4,611 2,227
28,579 20,187
Creditors: Amounts Falling Due Within One Year 6 (4,572 ) (5,027 )
NET CURRENT ASSETS (LIABILITIES) 24,007 15,160
TOTAL ASSETS LESS CURRENT LIABILITIES 324,007 315,160
Creditors: Amounts Falling Due After More Than One Year 7 (269,567 ) (271,067 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (4,477 ) (3,403 )
NET ASSETS 49,963 40,690
CAPITAL AND RESERVES
Called up share capital 9 100 100
Revaluation reserve 10 13,433 14,507
Profit and Loss Account 36,430 26,083
SHAREHOLDERS' FUNDS 49,963 40,690
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 John Rooney
Director
8th May 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
Sussex Seagulls Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12798544 . The registered office is Curzon House, Victoria Avenue, Borrowash, Derbyshire, DE72 3HE. The presentation currency is £ Sterling rounded to the nearest £1.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certian fixed assets, 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 in respect of rent receivable.
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 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 4 4
4 4
Page 3
Page 4
4. Tangible Assets
Investment Properties
£
Cost or Valuation
As at 1 September 2023 300,000
As at 31 August 2024 300,000
Net Book Value
As at 31 August 2024 300,000
As at 1 September 2023 300,000
Investment property, which is held for third party renting, has been revalued as at 31st August 2021 by the directors of the company, at fair value. As at 31st August 2021, property with an original cost of £282,090 was valued at £300,000, the revaluation has been taken to a revaluation reserve together with the deferred tax payable should the property be sold at its revalued amount.
Cost or valuation as at 31 August 2024 represented by:
Investment Properties
£
At cost 300,000
300,000
If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:
Land & Property
Freehold
£
Cost 282,090
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 22,750 16,750
Prepayments and accrued income 77 69
Other debtors 1,141 1,141
23,968 17,960
Page 4
Page 5
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors - 875
Corporation tax 2,713 2,340
Other creditors 1,000 1,000
Accruals and deferred income 859 812
4,572 5,027
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other creditors 269,567 271,067
8. Deferred Taxation
The provision for deferred taxation is made up of
2024 2023
£ £
Other timing differences 4,477 3,403
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Reserves
Revaluation Reserve
£
As at 1 September 2023 14,507
Transfer to profit and loss (1,074 )
As at 31 August 2024 13,433
The revaluation reserve is in respect of the revaluation of the investment property by £17,910 to its fair value as at 31st August 2021 less the deferred taxation payable of £4,477 should the property be sold at its revalued amount.
Page 5