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 07655646 Mr Jonathan Hastings Mrs Elizabeth Hastings J Hastings and E Hastings true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07655646 2023-06-30 07655646 2024-06-30 07655646 2023-07-01 2024-06-30 07655646 frs-core:CurrentFinancialInstruments 2024-06-30 07655646 frs-core:ShareCapital 2024-06-30 07655646 frs-core:RetainedEarningsAccumulatedLosses 2024-06-30 07655646 frs-bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 07655646 frs-bus:FilletedAccounts 2023-07-01 2024-06-30 07655646 frs-bus:SmallEntities 2023-07-01 2024-06-30 07655646 frs-bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 07655646 frs-bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 07655646 frs-bus:OrdinaryShareClass1 2023-07-01 2024-06-30 07655646 frs-bus:OrdinaryShareClass1 2024-06-30 07655646 frs-bus:OrdinaryShareClass3 2023-07-01 2024-06-30 07655646 frs-bus:OrdinaryShareClass3 2024-06-30 07655646 frs-bus:OrdinaryShareClass4 2023-07-01 2024-06-30 07655646 frs-bus:OrdinaryShareClass4 2024-06-30 07655646 1 2023-07-01 2024-06-30 07655646 frs-core:CostValuation 2023-06-30 07655646 frs-core:DisposalsRepaymentsInvestments 2024-06-30 07655646 frs-core:RevaluationsIncreaseDecreaseInInvestments 2024-06-30 07655646 frs-core:CostValuation 2024-06-30 07655646 frs-core:ProvisionsForImpairmentInvestments 2023-06-30 07655646 frs-core:ImpairmentLossProvisionsForImpairmentInvestments 2024-06-30 07655646 frs-core:ProvisionsForImpairmentInvestments 2024-06-30 07655646 frs-bus:Director1 2023-07-01 2024-06-30 07655646 frs-bus:Director2 2023-07-01 2024-06-30 07655646 frs-core:CurrentFinancialInstruments 1 2024-06-30 07655646 frs-countries:EnglandWales 2023-07-01 2024-06-30 07655646 2022-06-30 07655646 2023-06-30 07655646 2022-07-01 2023-06-30 07655646 frs-core:CurrentFinancialInstruments 2023-06-30 07655646 frs-core:ShareCapital 2023-06-30 07655646 frs-core:RetainedEarningsAccumulatedLosses 2023-06-30 07655646 frs-bus:OrdinaryShareClass1 2022-07-01 2023-06-30 07655646 frs-bus:OrdinaryShareClass3 2022-07-01 2023-06-30 07655646 frs-bus:OrdinaryShareClass4 2022-07-01 2023-06-30 07655646 frs-core:CurrentFinancialInstruments 1 2023-06-30
Registered number: 07655646
Restronguet Developments 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: 07655646
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investments 4 1,872,286 1,693,195
1,872,286 1,693,195
CURRENT ASSETS
Debtors 5 - 638
Cash at bank and in hand 7,350 243,299
7,350 243,937
Creditors: Amounts Falling Due Within One Year 6 (155,201 ) (338,186 )
NET CURRENT ASSETS (LIABILITIES) (147,851 ) (94,249 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,724,435 1,598,946
NET ASSETS 1,724,435 1,598,946
CAPITAL AND RESERVES
Called up share capital 7 8,611 9,249
Profit and Loss Account 1,715,824 1,589,697
SHAREHOLDERS' FUNDS 1,724,435 1,598,946
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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
19th June 2025
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Restronguet Developments Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07655646 . The registered office is 9 Dozmere, Feock, Truro, TR3 6RJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.
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.
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2.3. 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.
2.4. 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.
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2.5. Fixed asset investments
Fixed asset investments are shown at their market value in the case of listed portfolio investments, or at cost less any less any provision for impairment in the case of other investments.
2.6. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Investments
Subsidiaries Other Total
£ £ £
Cost
As at 1 July 2023 (6,075 ) 1,699,270 1,693,195
Disposals - (25,000 ) (25,000 )
Revaluations - 198,016 198,016
As at 30 June 2024 (6,075 ) 1,872,286 1,866,211
Provision
As at 1 July 2023 - - -
Impairment losses (6,075 ) - (6,075 )
As at 30 June 2024 (6,075 ) - (6,075 )
Net Book Value
As at 30 June 2024 - 1,872,286 1,872,286
As at 1 July 2023 (6,075 ) 1,699,270 1,693,195
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Cost or valuation at 30 June 2024 is represented by:
                                                                                                     Interest
                                                                                                      in other
                                                                                                  participating                 Other
                                                                                                     interests                investments                 Totals
                                                                                                          £                               £                              £
Valuation in 2021                                                                                    -                   119,482                  119,482
Valuation in 2022                                                                                    -                  (195,292)               (195,292)
Valuation in 2023                                                                                    -                     60,080                    60,080
Valuation in 2024                                                                             6,075                  198,016                  204,091
Cost                                                                                                (6,075)              1,690,000               1,683,925
                                                                                                               -                 1,872,286               1,872,286
5. Debtors
2024 2023
£ £
Due within one year
Other debtors - 638
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other loans - 20,000
Corporation tax 17 17
Other creditors 16,474 229,547
Withholding tax 1,174 2,142
Accruals and deferred income 1,538 1,538
Directors' loan accounts 135,998 84,942
155,201 338,186
7. Share Capital
2024 2023
Allotted, called up and fully paid £ £
1,000 Ordinary Shares of £ 0.10 each 100 100
8,511 Ordinary B shares of £ 1.00 each 8,511 8,511
638 Ordinary C shares of £ 1.00 each - 638
8,611 9,249
Shares disposed during the period: £
638 Ordinary C shares of £ 1.00 each (638)
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8. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 72,000 50,000
9. Related Party Transactions
Amounts owed to (by) shareholders:
                                                                    At 1 July                Interest/                                                  At 30 June   
                                                                      2023                   Advances              Repayments                   2024
                                                                         £                             £                              £                               £
J Hastings                                                       42,471                   36,000                   (10,472)                    67,999
E Hastings                                                      42,471                   36,000                   (10,472)                    67,999
NME Lawry                                                        (638)                   24,488                   (23,850)                             -
                                                                      84,304                    97,488                   (44,794)                  135,998
Amounts owed to related party: 
                                                                     At 1 July                  Interest/                                                 At 30 June  
                                                                       2023                     Advances              Repayments                   2024
                                                                          £                              £                               £                               £  
Frances Property
Management Limited                                     229,547                     6,927                   (220,000)                    16,474
RP Hastings                                                    20,000                             -                      (20,000)                             -
                                                                      249,547                     6,927                    (240,000)                    16,474
Frances Property Management Limited is a related party as J Hastings and E Hastings are directors and shareholders of that company.
RP Hastings is a related party owing to a family relationship to J Hastings and E Hastings.
All of the above balances were unsecured and repayable on demand.
10. Ultimate Controlling Party
The company's ultimate controlling party was J Hastings and E Hastings throughout the period.
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