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Registered number: 07556652
Procter Property Limited
Unaudited Financial Statements
For The Year Ended 31 March 2025
Crag & Co
Chartered Accountants & Chartered Tax Advisers
First Floor, Embsay Mill
Embsay
Skipton
North Yorkshire
BD23 6QR
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 07556652
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 6,509 8,962
Investment Properties 5 400,000 400,000
406,509 408,962
CURRENT ASSETS
Stocks 1,000 1,000
Debtors 6 2,082 25,016
Cash at bank and in hand 267,409 48,114
270,491 74,130
Creditors: Amounts Falling Due Within One Year 7 (317,732 ) (133,715 )
NET CURRENT ASSETS (LIABILITIES) (47,241 ) (59,585 )
TOTAL ASSETS LESS CURRENT LIABILITIES 359,268 349,377
Creditors: Amounts Falling Due After More Than One Year 8 (96,431 ) (110,529 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (32,798 ) (32,818 )
NET ASSETS 230,039 206,030
CAPITAL AND RESERVES
Called up share capital 2 2
Revaluation reserve 175,646 175,646
Income Statement 54,391 30,382
SHAREHOLDERS' FUNDS 230,039 206,030
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Page 2
For the year ending 31 March 2025 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 Income Statement.
On behalf of the board
Mr S R Procter
Director
27/06/2025
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Procter Property Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07556652 . The registered office is Hidden Henry, Henry Street, Skipton, North Yorkshire, BD23 2SY.
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 for goods supplied and services rendered, net of discounts and Value Added Tax.
Turnover is invoiced and recognised on completion of work undertaken.
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:
Leasehold 10% straight line
Plant & Machinery 20% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 33.33% straight line
2.4. Investment Properties
Investment property is measured initially at cost, which includes purchase price and any directly attributable
expenditure. Investment property is revalued to its fair value at each reporting date. Changes in fair value are recognised in the income statement.
2.5. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under hire purchase contracts are depreciated over their useful lives. 
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Financial Instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transactions price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
2.8. Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period.
Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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2.9. Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
2.10. Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period is arises.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2024: 2)
2 2
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 April 2024 4,284 11,749 25,109 4,488 45,630
As at 31 March 2025 4,284 11,749 25,109 4,488 45,630
Depreciation
As at 1 April 2024 3,424 9,156 19,600 4,488 36,668
Provided during the period 428 648 1,377 - 2,453
As at 31 March 2025 3,852 9,804 20,977 4,488 39,121
Net Book Value
As at 31 March 2025 432 1,945 4,132 - 6,509
As at 1 April 2024 860 2,593 5,509 - 8,962
5. Investment Property
2025
£
Fair Value
As at 1 April 2024 and 31 March 2025 400,000
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6. Debtors
2025 2024
£ £
Due within one year
Trade debtors 1,165 14,598
Prepayments and accrued income 917 10,418
2,082 25,016
7. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 37,101 23,994
Bank loans and overdrafts 19,000 19,000
Corporation tax 21,225 5,977
Other taxes and social security 2,011 358
VAT 2,401 9,500
Other creditors 90,004 -
Accruals and deferred income 69,093 2,300
Directors' loan accounts 76,897 72,586
317,732 133,715
8. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Bank loans 96,431 110,529
9. Related Party Transactions
During the year, dividends of £49,000 (2024 - £36,000) were paid to the directors.
Included in creditors: amounts falling due within one year are directors loan account balances of £95,897 (2024 - £72,586).
The amounts are interest free and repayable on demand.
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