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Registered number: 14353300
MEGALUX LTD
Unaudited Financial Statements
For The Year Ended 30 September 2024
LABAIT PROFESSIONALS LIMITED
Institute of Financial Accountants
Unit 1
17 Castle Street
Chester
England
CH1 2DS
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 14353300
30 September 2024 30 September 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 15,373 22,753
Investment Properties 5 6,998,000 7,000,000
7,013,373 7,022,753
CURRENT ASSETS
Debtors 6 69,309 21,253
Cash at bank and in hand 237,421 102,516
306,730 123,769
Creditors: Amounts Falling Due Within One Year 7 (6,306,597 ) (6,284,695 )
NET CURRENT ASSETS (LIABILITIES) (5,999,867 ) (6,160,926 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,013,506 861,827
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (205,945 ) (206,445 )
NET ASSETS 807,561 655,382
CAPITAL AND RESERVES
Called up share capital 9 100 100
Revaluation reserve 11 (2,000 ) -
Profit and Loss Account 809,461 655,282
SHAREHOLDERS' FUNDS 807,561 655,382
Page 1
Page 2
For the year ending 30 September 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 her 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
Miss CHING CHI CHUNG
Director
27/06/2025
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
MEGALUX LTD is a private company, limited by shares, incorporated in England & Wales, registered number 14353300 . 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:
Fixtures & Fittings 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. 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.
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Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Fixtures & Fittings
£
Cost or Valuation
As at 1 October 2023 29,517
As at 30 September 2024 29,517
Depreciation
As at 1 October 2023 6,764
Provided during the period 7,380
As at 30 September 2024 14,144
Net Book Value
As at 30 September 2024 15,373
As at 1 October 2023 22,753
5. Investment Property
30 September 2024
£
Fair Value
As at 1 October 2023 7,000,000
Fair value adjustments (2,000 )
As at 30 September 2024 6,998,000
The investment property is carried at fair value determined annually and derived from Zoopla. No depreciation is provided for. Changes in fair value are recognised in the other comprehensive income account.
6. Debtors
30 September 2024 30 September 2023
£ £
Due within one year
Other debtors 69,309 21,253
7. Creditors: Amounts Falling Due Within One Year
30 September 2024 30 September 2023
£ £
Trade creditors (2 ) -
Other creditors 6,253,632 6,274,658
Taxation and social security 52,967 10,037
6,306,597 6,284,695
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Page 5
8. Deferred Taxation
The investment property is being measured at fair value under FRS 102, Section 16 which requires fair value gains and losses to be reported in profit or loss. FRS 102 also requires deferred tax to be accounted for on assets that are subject to revaluation. Consequently, an additional provision for deferred tax has been recognised at 30 September 2024 amounting to £205,944.57. 
30 September 2024 30 September 2023
£ £
Other timing differences 205,945 206,445
9. Share Capital
30 September 2024 30 September 2023
£ £
Allotted, Called up and fully paid 100 100
10. Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments FRS 102' to all of its financial instrument.
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, 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.
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.
11. Reserves
Revaluation Reserve
£
Net investment property revaluation reserve (2,000 )
As at 30 September 2024 (2,000 )
12. Related Party Transactions
At the start of the accounting year, the opening balance of the directors' loans owned by the company was £6,204,785.95.
During the year, no transactions occurred.
The closing balance of directors' loans owned by the company at the end of the accounting year is £6,204,785.95.
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