Acorah Software Products - Accounts Production 16.3.350 false true 31 August 2023 1 September 2022 false 1 September 2023 31 August 2024 31 August 2024 09752310 K Goldstein iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09752310 2023-08-31 09752310 2024-08-31 09752310 2023-09-01 2024-08-31 09752310 frs-core:CurrentFinancialInstruments 2024-08-31 09752310 frs-core:ShareCapital 2024-08-31 09752310 frs-core:RetainedEarningsAccumulatedLosses 2024-08-31 09752310 frs-bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 09752310 frs-bus:FilletedAccounts 2023-09-01 2024-08-31 09752310 frs-bus:SmallEntities 2023-09-01 2024-08-31 09752310 frs-bus:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 09752310 frs-bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 09752310 frs-bus:OrdinaryShareClass2 2023-09-01 2024-08-31 09752310 frs-bus:OrdinaryShareClass2 2024-08-31 09752310 frs-bus:OrdinaryShareClass3 2023-09-01 2024-08-31 09752310 frs-bus:OrdinaryShareClass3 2024-08-31 09752310 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-09-01 2024-08-31 09752310 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-08-31 09752310 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2024-08-31 09752310 frs-bus:Director1 2023-09-01 2024-08-31 09752310 frs-countries:EnglandWales 2023-09-01 2024-08-31 09752310 2022-08-31 09752310 2023-08-31 09752310 2022-09-01 2023-08-31 09752310 frs-core:CurrentFinancialInstruments 2023-08-31 09752310 frs-core:ShareCapital 2023-08-31 09752310 frs-core:RetainedEarningsAccumulatedLosses 2023-08-31 09752310 frs-bus:OrdinaryShareClass2 2022-09-01 2023-08-31 09752310 frs-bus:OrdinaryShareClass3 2022-09-01 2023-08-31 09752310 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-08-31
Registered number: 09752310
KLG Property Ltd
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: 09752310
2024 2023
Notes £ £ £ £
CURRENT ASSETS
Debtors 4 244,214 161,502
Investments 5 439,786 870,846
Cash at bank and in hand 295,607 133,436
979,607 1,165,784
Creditors: Amounts Falling Due Within One Year 6 (213,475 ) (548,455 )
NET CURRENT ASSETS (LIABILITIES) 766,132 617,329
TOTAL ASSETS LESS CURRENT LIABILITIES 766,132 617,329
PROVISIONS FOR LIABILITIES
Deferred Taxation (83,025 ) (137,735 )
NET ASSETS 683,107 479,594
CAPITAL AND RESERVES
Called up share capital 7 10 10
Fair value reserve 8 249,074 413,204
Profit and Loss Account 434,023 66,380
SHAREHOLDERS' FUNDS 683,107 479,594
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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.
The financial statements were approved by the board of directors on 27 May 2025 and were signed on its behalf by:
K Goldstein
Director
27 May 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
KLG Property Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09752310 . The registered office is 119 High Road, Loughton, Essex, IG10 4LT.
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. Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its 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 liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial liabilities
Basic financial liabilities include trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes 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 calssified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.  Trade payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Joint venture
Amounts receivable from joint venture partners, in respect of profits, are accounted for in the accounting period in which the corresponding profit arises and are included under other operating income. Amounts due to joint venture partners are accounted for in the accounting period in, which the corresponding costs arise and are included under direct costs.
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2.3. 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.
2.4. Going concern
The directors are the activities of the company and after making appropriate enquiries, they have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, having taken into account the impact of the pandemic on the business.
Based on the directors' assessment, the company continues to adopt the going concern basis in preparing the financial statements.
3. Average Number of Employees
Average number of employees, during the year was: 1 (2023: 1)
1 1
4. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 220 220
Other debtors 243,994 161,282
244,214 161,502
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5. Current Asset Investments
2024 2023
£ £
Unlisted investments 439,786 870,846
Current asset investments of £439,786 (2022: £870,846) represent the current funds invested in property developments projects in which the group has a participating interest in the results of these projects, alongside with other investors. Profit or losses from these investments are recognised as and when realised.
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors - 1,499
Other creditors 141,675 435,156
Director's loan account 71,800 111,800
213,475 548,455
7. Share Capital
2024 2023
Allotted, called up and fully paid £ £
9 Ordinary A shares of £ 1.00 each 9 9
1 Ordinary B shares of £ 1.00 each 1 1
10 10
8. Reserves
Fair Value Reserve
£
As at 1 September 2023 413,204
Transfer to profit and loss (164,130 )
As at 31 August 2024 249,074
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