Acorah Software Products - Accounts Production 16.4.675 false true true 31 October 2023 1 November 2022 false 1 November 2023 31 October 2024 31 October 2024 01779264 The Worshipful Company Of Founders Mr M G Farrant Revd N K Stephenson Revd N K Stephenson The Worshipful Company of Founders Founders Hall, 1 Cloth Fair, Loncon, EC1A 7JQ true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 01779264 2023-10-31 01779264 2024-10-31 01779264 2023-11-01 2024-10-31 01779264 frs-core:CurrentFinancialInstruments 2024-10-31 01779264 frs-core:Non-currentFinancialInstruments 2024-10-31 01779264 frs-core:ComputerEquipment 2024-10-31 01779264 frs-core:ComputerEquipment 2023-11-01 2024-10-31 01779264 frs-core:ComputerEquipment 2023-10-31 01779264 frs-core:FurnitureFittings 2024-10-31 01779264 frs-core:FurnitureFittings 2023-11-01 2024-10-31 01779264 frs-core:FurnitureFittings 2023-10-31 01779264 frs-core:ShareCapital 2024-10-31 01779264 frs-core:RetainedEarningsAccumulatedLosses 2023-11-01 2024-10-31 01779264 frs-core:RetainedEarningsAccumulatedLosses 2024-10-31 01779264 frs-bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 01779264 frs-bus:FilletedAccounts 2023-11-01 2024-10-31 01779264 frs-bus:SmallEntities 2023-11-01 2024-10-31 01779264 frs-bus:AuditExempt-NoAccountantsReport 2023-11-01 2024-10-31 01779264 frs-bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 01779264 1 2023-11-01 2024-10-31 01779264 frs-core:DeferredTaxation 2023-11-01 2024-10-31 01779264 frs-core:DeferredTaxation 2023-10-31 01779264 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-11-01 2024-10-31 01779264 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2024-10-31 01779264 frs-bus:Director1 2023-11-01 2024-10-31 01779264 frs-bus:Director2 2023-11-01 2024-10-31 01779264 frs-bus:Director3 2023-11-01 2024-10-31 01779264 frs-bus:CompanySecretary1 2023-11-01 2024-10-31 01779264 frs-countries:EnglandWales 2023-11-01 2024-10-31 01779264 2022-10-31 01779264 2023-10-31 01779264 2022-11-01 2023-10-31 01779264 frs-core:CurrentFinancialInstruments 2023-10-31 01779264 frs-core:Non-currentFinancialInstruments 2023-10-31 01779264 frs-core:ShareCapital 2022-10-31 01779264 frs-core:ShareCapital 2023-10-31 01779264 frs-core:RetainedEarningsAccumulatedLosses 2022-11-01 2023-10-31 01779264 frs-core:RetainedEarningsAccumulatedLosses frs-core:PreviouslyStatedAmount 2022-10-31 01779264 frs-core:RetainedEarningsAccumulatedLosses 2023-10-31 01779264 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2022-11-01 2023-10-31 01779264 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2022-10-31 01779264 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-10-31
Registered number: 01779264
Founders Properties Limited
Unaudited Financial Statements
For The Year Ended 31 October 2024
Cornfield Accountants Limited
Chartered Accountants
5 Cornfield Terrace
Eastbourne
East Sussex
BN21 4NN
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—7
Page 1
Balance Sheet
Registered number: 01779264
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 29,253 -
Investment Properties 5 5,365,000 8,000,000
5,394,253 8,000,000
CURRENT ASSETS
Debtors 6 43,495 21,213
Cash at bank and in hand 324,679 685,797
368,174 707,010
Creditors: Amounts Falling Due Within One Year 7 (656,093 ) (846,578 )
NET CURRENT ASSETS (LIABILITIES) (287,919 ) (139,568 )
TOTAL ASSETS LESS CURRENT LIABILITIES 5,106,334 7,860,432
Creditors: Amounts Falling Due After More Than One Year 8 - (19,000 )
PROVISIONS FOR LIABILITIES
Deferred Taxation - (75,187 )
NET ASSETS 5,106,334 7,766,245
CAPITAL AND RESERVES
Called up share capital 350,000 350,000
Fair value reserve 3,727,014 6,286,827
Profit and Loss Account 1,029,320 1,129,418
SHAREHOLDERS' FUNDS 5,106,334 7,766,245
Page 1
Page 2
For the year ending 31 October 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.
The financial statements were approved by the board of directors on 28 July 2025 and were signed on its behalf by:
Revd N K Stephenson
Director
28/07/2025
The notes on pages 4 to 7 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Fair value reserve Profit and Loss Account Total
£ £ £ £
As at 1 November 2022 350,000 6,471,447 690,322 7,511,769
Profit for the year and total comprehensive income - - 254,476 254,476
Transfer to/from Fair value reserve - - 184,620 184,620
Transfer to/from Profit & Loss Account - (184,620 ) - (184,620)
As at 31 October 2023 and 1 November 2023 350,000 6,286,827 1,129,418 7,766,245
Loss for the year and total comprehensive income - - (2,659,911 ) (2,659,911)
Transfer to/from Fair value reserve - - 2,559,813 2,559,813
Transfer to/from Profit & Loss Account - (2,559,813 ) - (2,559,813)
As at 31 October 2024 350,000 3,727,014 1,029,320 5,106,334
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Founders Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01779264 . The registered office is Founders Hall, Cloth Fair, London, EC1A 7JQ.
The presentation currency of the financial statements is the Pound Sterling (£).  
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 the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. Going Concern Disclosure
At 31 October 2024 the company had net current liabilities of £286,664 (2023 - £139,568). The directors have assessed the ability of the company to continue as a going concern, taking in to account current and forecast trading levels and cashflow requirements, together with the fact that the Holding Company has undertaken not to demand repayment of the loans payable to them until the company is in the position to do so.
The financial statements make no provision for any adjustment should the going concern basis not be appropriate.
2.3. Significant judgements and estimations
A key area of estimation uncertainty is in relation to the fair value of the investment property held. However a professional valuation has been obtained to mitigate any risk of inaccurate valuations. 
2.4. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.5. Tangible Fixed Assets and Depreciation
Fixed assets are stated at cost and are depreciated over their estimated useful economic lives at the following annual rates:-
Fixtures & Fittings 20% on cost
Computer Equipment 33.33% on cost
At each balance sheet date the company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss if any. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.
Company policy is that items under the value of £1,500 are not capitalised and recognised as an expense.
Page 4
Page 5
2.6. Investment Properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Investment properties whose fair value cannot be measured reliably without undue cost or effort on an on-going basis are included in plant, property and equipment at cost less accumulated depreciation and accumulated impairment losses.
2.7. Taxation
Taxation represents the sum of the tax currently payable and deferred tax.
The company's liability to tax is calculated using the tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on all timing differences between the carrying amounts of the assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period to which the liability is settled or the asset realised, based on tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2 (2023: 2)
2 2
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost or Valuation
As at 1 November 2023 89,730 22,161 111,891
Additions 30,639 - 30,639
Disposals - (17,251 ) (17,251 )
As at 31 October 2024 120,369 4,910 125,279
Depreciation
As at 1 November 2023 89,730 22,161 111,891
Provided during the period 1,386 - 1,386
Disposals - (17,251 ) (17,251 )
As at 31 October 2024 91,116 4,910 96,026
Net Book Value
As at 31 October 2024 29,253 - 29,253
As at 1 November 2023 - - -
Page 5
Page 6
5. Investment Property
2024
£
Fair Value
As at 1 November 2023 8,000,000
Revaluations (2,635,000)
As at 31 October 2024 5,365,000
The directors commissioned a professional valuation of the property, which estimated its value at £5,365,000 (2023 - £8,000,000).
The historical cost of the Freehold and Leasehold Land and Buildings were £2,840,553 of which £315,380 related to the cost of the land.
2024 2023
£ £
Cost 2,840,553 2,840,553
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,932 1,460
Other debtors 41,563 19,753
43,495 21,213
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 15,619 14,456
Amounts owed to group undertakings 622,106 643,639
Other creditors 18,368 21,343
Taxation and social security - 167,140
656,093 846,578
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other creditors - 19,000
Page 6
Page 7
9. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 November 2023 75,187 75,187
Deferred taxation (75,187 ) (75,187 )
10. Related Party Transactions
Creditors due within one year include £622,106 (2023 - £643,639) due to The Worshipful Company of Founders.
The loan is unsecured, interest free and repayable on demand.
11. Ultimate Parent Undertaking and Controlling Party
The controlling party is the The Worshipful Company of Founders, who controls 100% of the shares of the Company.
Page 7