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Registered number: 07150124
Artistic Spaces Limited
Unaudited Financial Statements
For The Year Ended 31 March 2025
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07150124
2025 2024
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 98,759 116,791
Investment Properties 5 45,916,398 45,916,398
46,015,157 46,033,189
CURRENT ASSETS
Debtors 6 7,715,277 8,511,962
Cash at bank and in hand 128,900 211,699
7,844,177 8,723,661
Creditors: Amounts Falling Due Within One Year 7 (3,131,142 ) (3,587,500 )
NET CURRENT ASSETS (LIABILITIES) 4,713,035 5,136,161
TOTAL ASSETS LESS CURRENT LIABILITIES 50,728,192 51,169,350
Creditors: Amounts Falling Due After More Than One Year 8 (30,319,888 ) (30,690,005 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (4,994,642 ) (4,994,642 )
NET ASSETS 15,413,662 15,484,703
CAPITAL AND RESERVES
Called up share capital 10 100 100
Fair value reserve 11 14,983,927 14,983,927
Profit and Loss Account 429,635 500,676
SHAREHOLDERS' FUNDS 15,413,662 15,484,703
Page 1
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 Profit and Loss Account.
On behalf of the board
Mr Joseph Lowe
Director
Mr George Garnier
Director
24th December 2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Artistic Spaces Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07150124 . The registered office is 20a Ironmonger Lane, London, EC2V 8EP.
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. Going Concern Disclosure
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.   Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3. 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 rendering of services, and is reduced for estimated rebates and other similar allowances.
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 improvements Over the lease term
Plant & Machinery 20% reducing balance
Computer Equipment 20% reducing balance
2.5. Investment Properties
Investment property, which is 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 end date.  Changes in fair value are recognised in the profit and loss account.
2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.7. 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.
...CONTINUED
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2.7. Taxation - continued
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.
2.8. Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgments, 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2024: 13)
11 13
4. Tangible Assets
Land & Property
Leasehold improvements Plant & Machinery Total
£ £ £
Cost
As at 1 April 2024 375,000 14,418 389,418
Additions 8,853 - 8,853
As at 31 March 2025 383,853 14,418 398,271
Depreciation
As at 1 April 2024 266,979 5,648 272,627
Provided during the period 24,693 2,192 26,885
As at 31 March 2025 291,672 7,840 299,512
Net Book Value
As at 31 March 2025 92,181 6,578 98,759
As at 1 April 2024 108,021 8,770 116,791
5. Investment Property
2025
£
Fair Value
As at 1 April 2024 and 31 March 2025 45,916,398
Investment property comprises freehold properties in London which are rented out to commercial tenants.  The fair value of these properties was arrived at on the basis of a valuation carried out by Colliers International Valuation LLP, an independent third party professional valuer in March 2024 on an open market value basis by reference to market evidence of transactions prices for similar properties.
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Page 5
6. Debtors
2025 2024
as restated
£ £
Due within one year
Trade debtors 150,664 71,239
Amounts owed by group undertakings 6,627,687 7,408,445
Other debtors 936,926 1,032,278
7,715,277 8,511,962
7. Creditors: Amounts Falling Due Within One Year
2025 2024
as restated
£ £
Net obligations under finance lease and hire purchase contracts 219,428 -
Trade creditors 288,091 242,725
Bank loans and overdrafts 177,301 371,635
Amounts owed to group undertakings 1,438,020 1,635,577
Other creditors 933,600 1,327,660
Taxation and social security 74,702 9,903
3,131,142 3,587,500
8. Creditors: Amounts Falling Due After More Than One Year
2025 2024
as restated
£ £
Net obligations under finance lease and hire purchase contracts 229,732 -
Bank loans 30,090,156 30,230,587
Other creditors - 459,418
30,319,888 30,690,005
The bank loans are secured on all the assets of the company.  They are due to be repaid by instalments over the next one to ten years, apart from one loan of £17,631,985 which is due for repayment in full in 2032.
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2025 2024
as restated
£ £
Bank loans 29,633,499 29,734,813
9. Obligations Under Finance Leases and Hire Purchase
2025 2024
as restated
£ £
The future minimum finance lease payments are as follows:
Not later than one year 219,428 -
Later than one year and not later than five years 229,732 -
449,160 -
449,160 -
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10. Share Capital
2025 2024
as restated
£ £
Allotted, Called up and fully paid 100 100
11. Reserves
Fair Value Reserve
£
As at 1 April 2024 14,983,927
As at 31 March 2025 14,983,927
12. Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is Artistic Spaces Group Ltd, which is incorporated in England and Wales.  The group has taken advantage of the exemption from filing consolidated accounts under the small companies regime. The ultimate controlling parties are Mr J Lowe and Mr G Garnier who control 50% each of the shares of the parent company.
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