Acorah Software Products - Accounts Production 16.4.675 false true true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 02145732 Nicolas Holmes James Holmes Robert Holmes James Holmes true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 02145732 2023-03-31 02145732 2024-03-31 02145732 2023-04-01 2024-03-31 02145732 frs-core:CurrentFinancialInstruments 2024-03-31 02145732 frs-core:Non-currentFinancialInstruments 2024-03-31 02145732 frs-core:BetweenOneFiveYears 2024-03-31 02145732 frs-core:ComputerEquipment 2023-04-01 2024-03-31 02145732 frs-core:FurnitureFittings 2023-04-01 2024-03-31 02145732 frs-core:InvestmentPropertyIncludedWithinPPE 2024-03-31 02145732 frs-core:InvestmentPropertyIncludedWithinPPE 2023-04-01 2024-03-31 02145732 frs-core:InvestmentPropertyIncludedWithinPPE 2023-03-31 02145732 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-03-31 02145732 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 02145732 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-03-31 02145732 frs-core:MoreThanFiveYears 2024-03-31 02145732 frs-core:MotorVehicles 2023-04-01 2024-03-31 02145732 frs-core:PlantMachinery 2024-03-31 02145732 frs-core:PlantMachinery 2023-04-01 2024-03-31 02145732 frs-core:PlantMachinery 2023-03-31 02145732 frs-core:WithinOneYear 2024-03-31 02145732 frs-core:CapitalRedemptionReserve 2024-03-31 02145732 frs-core:RevaluationReserve 2023-03-31 02145732 frs-core:RevaluationReserve 2024-03-31 02145732 frs-core:SharePremium 2024-03-31 02145732 frs-core:ShareCapital 2024-03-31 02145732 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 02145732 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02145732 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 02145732 frs-bus:SmallEntities 2023-04-01 2024-03-31 02145732 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 02145732 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 02145732 1 2023-04-01 2024-03-31 02145732 frs-core:UnlistedNon-exchangeTraded 2024-03-31 02145732 frs-core:UnlistedNon-exchangeTraded 2023-03-31 02145732 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-03-31 02145732 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2024-03-31 02145732 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-03-31 02145732 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2024-03-31 02145732 frs-bus:Director1 2023-04-01 2024-03-31 02145732 frs-bus:Director2 2023-04-01 2024-03-31 02145732 frs-bus:Director3 2023-04-01 2024-03-31 02145732 frs-countries:EnglandWales 2023-04-01 2024-03-31 02145732 2022-03-31 02145732 2023-03-31 02145732 2022-04-01 2023-03-31 02145732 frs-core:CurrentFinancialInstruments 2023-03-31 02145732 frs-core:Non-currentFinancialInstruments 2023-03-31 02145732 frs-core:BetweenOneFiveYears 2023-03-31 02145732 frs-core:MoreThanFiveYears 2023-03-31 02145732 frs-core:WithinOneYear 2023-03-31 02145732 frs-core:CapitalRedemptionReserve 2023-03-31 02145732 frs-core:RevaluationReserve 2023-03-31 02145732 frs-core:SharePremium 2023-03-31 02145732 frs-core:ShareCapital 2023-03-31 02145732 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 02145732
Robert Holmes & Company Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 02145732
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 78,637 81,336
Investments 5 4,097,553 4,097,553
4,176,190 4,178,889
CURRENT ASSETS
Debtors 6 1,402,083 763,802
Cash at bank and in hand 249,647 369,517
1,651,730 1,133,319
Creditors: Amounts Falling Due Within One Year 7 (1,710,632 ) (977,955 )
NET CURRENT ASSETS (LIABILITIES) (58,902 ) 155,364
TOTAL ASSETS LESS CURRENT LIABILITIES 4,117,288 4,334,253
Creditors: Amounts Falling Due After More Than One Year 8 (146,667 ) (256,667 )
NET ASSETS 3,970,621 4,077,586
CAPITAL AND RESERVES
Called up share capital 9 5,246 5,246
Share premium account 45,051 45,051
Revaluation reserve 11 29,472 29,472
Capital redemption reserve 4,754 4,754
Profit and Loss Account 3,886,098 3,993,063
SHAREHOLDERS' FUNDS 3,970,621 4,077,586
Page 1
Page 2
For the year ending 31 March 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
James Holmes
Director
22/07/2025
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Robert Holmes & Company Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02145732 . The registered office is C/O Rayner Essex, Tavistock House South, Tavistock Square, London, WC1H 9LG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and the Republic of Ireland - and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. 
Turnover represents commissions receivable on the sale of properties and lettings income. Commissions receivable on property sales are recognised at the point the purchaser and seller exchange contracts.
Lettings income is recognised at the point rent is receivable from tenants.
2.4. 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:
Leasehold Over the term of the lease
Plant & Machinery 25% on a reducing balance basis
Motor Vehicles 25% on a reducing balance basis
Fixtures & Fittings 15% on a reducing balance basis
Computer Equipment 33% on a reducing balance basis
2.5. Investment Properties
Investment property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently, it is measured at fair value at the reporting date. The gain or deficit on revaluation is recognised in profit or loss.
2.6. Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit or loss on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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2.7. 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.
Investments in non-derivative financial instruments that are equity of the issuer are measured at fair value, with changes in fair value recognised in profit or loss, if the shares are publicly traded or if fair value can otherwise be measured reliably. 
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 trade creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at the 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.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. 
2.8. Taxation
The tax expense represents the sum of the tax currently payable and any deferred tax.
Current tax
The tax currently payable is based on the taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. 
2.9. Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
2.10. Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of an asset.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is committed to terminate the employment of an employee or to provide termination benefits.
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2.11. Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 15 (2023: 15)
15 15
4. Tangible Assets
Land & Property
Leasehold Investment Properties Plant & Machinery Total
£ £ £ £
Cost
As at 1 April 2023 156,206 60,000 179,076 395,282
Additions - - 4,100 4,100
As at 31 March 2024 156,206 60,000 183,176 399,382
Depreciation
As at 1 April 2023 156,206 - 157,740 313,946
Provided during the period - - 6,799 6,799
As at 31 March 2024 156,206 - 164,539 320,745
Net Book Value
As at 31 March 2024 - 60,000 18,637 78,637
As at 1 April 2023 - 60,000 21,336 81,336
The investment property is comprised of a garage. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
On a historical basis the property would have been included at an original cost of £30,528.
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5. Investments
Unlisted
£
Cost
As at 1 April 2023 4,097,553
As at 31 March 2024 4,097,553
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 4,097,553
As at 1 April 2023 4,097,553
The company holds 255,000 ordinary shares (2023: 255,000 shares) in Defraq Ventures AG (previously Valens Holding AG).  The fair value of these shares can no longer be measured reliably and the company has used the latest available valuation of £1,170,029 as an approximation of the value of the shares as at 31 March 2024.
The company holds 298,435 ordinary shares (2023: 298,435 shares) in Valens Pay Limited, a company incorporated in Canada. The shares of Valens Pay Limited are in the process of being listed on the NASDAQ and their fair value of £2,890,424 has been estimated with reference to a recent valuation of the Valens Pay Limited business.
The company holds 189 ordinary shares (2023: 189 ordinary shares) in Tempestas Copper Inc valued at £37,000.
The company also holds 100% of the issued share capital of Robert Holmes and Company (Coombe) Limited at a cost of £100 (2023: £100).
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 5,160 360
Other debtors 1,396,923 763,442
1,402,083 763,802
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 199,036 148,456
Bank loans and overdrafts 110,000 110,000
Corporation tax - 271,892
Other taxes and social security 1,295,567 310,660
Other creditors 106,029 136,947
1,710,632 977,955
Bank loans are unsecured and are repayable in instalments over 5 years.
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 146,667 256,667
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9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 5,246 5,246
10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 114,500 114,500
Later than one year and not later than five years 458,000 458,000
Later than five years 128,375 242,875
700,875 815,375
11. Reserves
Revaluation Reserve
£
As at 1 April 2023 29,472
As at 31 March 2024 29,472
12. Ultimate Controlling Party
The company's ultimate controlling party is James Holmes by virtue of his ownership of more than 75% of the issued share capital in the company.
13. Off-Balance Sheet Arrangements
The company's lettings business held cash and bank balances totalling £1,062,803 at the balance sheet date, representing funds held on behalf of third parties.
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