Acorah Software Products - Accounts Production 16.3.350 false true 30 June 2023 1 July 2022 false 1 July 2023 30 June 2024 30 June 2024 04010544 Mr Jonathan Hastings Mrs Elizabeth Hastings Mrs Elizabeth Hastings J & E Hastings true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 04010544 frs-core:Non-currentFinancialInstruments frs-core:MoreThanFiveYears 2024-06-30 04010544 2023-06-30 04010544 2024-06-30 04010544 2023-07-01 2024-06-30 04010544 frs-core:CurrentFinancialInstruments 2024-06-30 04010544 frs-core:Non-currentFinancialInstruments 2024-06-30 04010544 frs-core:PlantMachinery 2024-06-30 04010544 frs-core:PlantMachinery 2023-06-30 04010544 frs-core:RevaluationReserve 2023-06-30 04010544 frs-core:RevaluationReserve 2024-06-30 04010544 frs-core:ShareCapital 2024-06-30 04010544 frs-core:RetainedEarningsAccumulatedLosses 2024-06-30 04010544 frs-bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 04010544 frs-bus:FilletedAccounts 2023-07-01 2024-06-30 04010544 frs-bus:SmallEntities 2023-07-01 2024-06-30 04010544 frs-bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 04010544 frs-bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 04010544 1 2023-07-01 2024-06-30 04010544 frs-bus:Director1 2023-07-01 2024-06-30 04010544 frs-bus:Director2 2023-07-01 2024-06-30 04010544 frs-bus:CompanySecretary1 2023-07-01 2024-06-30 04010544 frs-countries:EnglandWales 2023-07-01 2024-06-30 04010544 frs-core:Non-currentFinancialInstruments frs-core:MoreThanFiveYears 2023-06-30 04010544 2022-06-30 04010544 2023-06-30 04010544 2022-07-01 2023-06-30 04010544 frs-core:CurrentFinancialInstruments 2023-06-30 04010544 frs-core:Non-currentFinancialInstruments 2023-06-30 04010544 frs-core:RevaluationReserve 2023-06-30 04010544 frs-core:ShareCapital 2023-06-30 04010544 frs-core:RetainedEarningsAccumulatedLosses 2023-06-30
Registered number: 04010544
Frances Property Management Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
Byrne & Company Chartered Accountant
Suite 1532
26 Upper Pembroke Street
Dublin 2
D02X 361
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 04010544
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1 1
Investment Properties 5 1,223,395 885,000
1,223,396 885,001
CURRENT ASSETS
Debtors 6 16,474 229,547
Cash at bank and in hand 19,668 8,682
36,142 238,229
Creditors: Amounts Falling Due Within One Year 7 (115,927 ) (17,495 )
NET CURRENT ASSETS (LIABILITIES) (79,785 ) 220,734
TOTAL ASSETS LESS CURRENT LIABILITIES 1,143,611 1,105,735
Creditors: Amounts Falling Due After More Than One Year 8 (335,743 ) (335,743 )
NET ASSETS 807,868 769,992
CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Revaluation reserve 10 614,492 614,492
Profit and Loss Account 192,376 154,500
SHAREHOLDERS' FUNDS 807,868 769,992
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For the year ending 30 June 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 Jonathan Hastings
Director
16th June 2025
The notes on pages 3 to 7 form part of these financial statements.
Page 2
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Notes to the Financial Statements
1. General Information
Frances Property Management Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04010544 . The registered office is 9 Dozmere, Feock, Truro, Cornwall, TR3 6RJ.
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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
2.2. Significant judgements and estimations
Preparation of the financial statements requires management to make significant judgements and estimates.
The directors consider the assumptions below to be its critical accounting estimates and judgements:
Going Concern
The directors have prepared budgets and cash flows for a period of at least twelve months from the date of the approval of the financial statements which demonstrate that there is no material uncertainty regarding the company's ability to meet its liabilities as they fall due, and to continue as a going concern.
The directors have a reasonable expectation that the company has adequate resources, to meet its obligations for a period of at least 12 months from the date of approval of the financial statements, and to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. These financial statements do not include any adjustments to the carrying amounts and classification of assets and liabilities that may arise if the company was unable to continue as a going concern.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates
.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2.3. Tangible Fixed Assets and Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
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2.4. Investment Properties
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
Investment properties are properties owned by the company that are held for long-term rental income or for capital appreciation or both. Investment properties are initially recognised at cost, including transaction costs when ownership of the property is transferred. Where recognition criteria are met, the carrying value includes subsequent costs to add to or replace part of an investment property. Subsequent to initial recognition, investment properties are stated at fair value, which reflects market conditions at the reporting date.
Gains or losses arising from changes in the fair values of investment properties are included in profit or loss of the statement of comprehensive income in the period in which they arise.
2.5. 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are 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 evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
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 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 classified as payable within one year are not amortised.
Debt instruments 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.
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2.6. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
2.7. Equity Instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2.8. Income
Rental income revenue is recognised to the extent that it is probable that the economic benefit will flow to the company and the revenue can be reliably measured.
Revenue comprising rental income is measured as the fair value of the consideration received and receivable, excluding discount rebates, value added tax and other sales taxes and is shown as 'Other operating income'.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 July 2023 7,157
As at 30 June 2024 7,157
Depreciation
As at 1 July 2023 7,156
As at 30 June 2024 7,156
...CONTINUED
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Net Book Value
As at 30 June 2024 1
As at 1 July 2023 1
5. Investment Property
2024
£
Fair Value
As at 1 July 2023 885,000
Additions 338,395
As at 30 June 2024 1,223,395
Fair value at 30 June 2024 is represented by:
                                                                                                                                                                          £
Valuation in 2002                                                                                                                                          79,492
Valuation in 2004                                                                                                                                          30,500
Valuation in 2005                                                                                                                                            5,000
Valuation in 2006                                                                                                                                          15,500
Valuation in 2007                                                                                                                                          35,000
Valuation in 2009                                                                                                                                         (16,000)     
Valuation in 2018                                                                                                                                        380,000   
Valuation in 2022                                                                                                                                         85,000                   
Cost                                                                                                                                                           608,903                   
                                                                                                                                                                1,223,395
6. Debtors
2024 2023
£ £
Due within one year
Other debtors 16,474 229,547
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 11,021 5,911
Accruals and deferred income 13,301 10,251
Directors' loan accounts 91,605 1,333
115,927 17,495
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 335,743 335,743
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2024 2023
£ £
Bank loans 335,743 335,743
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
10. Reserves
Revaluation Reserve
£
As at 1 July 2023 614,492
As at 30 June 2024 614,492
11. Related Party Transactions
Related Party Transactions
Transactions with directors and related parties:
                                                            At 1 July           Interest/                                             At 30 June
                                                              2023              Advances              Repayments               2024
                                                                 £                       £                              £                            £
J Hastings - Director                                  (668)           (45,325)                         189               (45,804)
E Hastings - Director                                 (665)           (45,325)                         189               (45,801)
Restronguet Developments Limited    229,547                6,927                  (220,000)               16,474
                                                            228,214            (83,723)                  (219,622)              (75,131)
Restronguet Developments Limited is a related party owing to commonality of directors and shareholders.
12. Ultimate Controlling Party
In the opinion of the directors, the company was controlled by J & E Hastings throughout the year.
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