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Registered number: 03220745
Gallery 88 Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2026
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 03220745
2026 2025
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,606,465 1,606,765
1,606,465 1,606,765
CURRENT ASSETS
Debtors 5 52,716 52,994
Cash at bank and in hand 350,729 576,805
403,445 629,799
Creditors: Amounts Falling Due Within One Year 6 (26,403 ) (28,377 )
NET CURRENT ASSETS (LIABILITIES) 377,042 601,422
TOTAL ASSETS LESS CURRENT LIABILITIES 1,983,507 2,208,187
PROVISIONS FOR LIABILITIES
Deferred Taxation 7 (10,020 ) (6,186 )
NET ASSETS 1,973,487 2,202,001
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 1,973,387 2,201,901
SHAREHOLDERS' FUNDS 1,973,487 2,202,001
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Page 2
For the year ending 31 March 2026 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
Mrs Rosemary Withenshaw
Director
20/07/2026
The notes on pages 3 to 6 form part of these financial statements.
Page 2
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Notes to the Financial Statements
1. General Information
Gallery 88 Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 03220745 . The registered office is Castle Hill Farm Oast, Tonbridge, Kent, TN11 0QG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling , which is the functional currency of the company.
Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
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:
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
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.
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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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2025: 3)
3 3
4. Tangible Assets
Investment Properties Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost or Valuation
As at 1 April 2025 1,600,144 25,191 1,007 5,356 1,631,698
Additions - 244 - 1,357 1,601
As at 31 March 2026 1,600,144 25,435 1,007 6,713 1,633,299
Depreciation
As at 1 April 2025 - 20,970 691 3,272 24,933
Provided during the period - 1,116 79 706 1,901
As at 31 March 2026 - 22,086 770 3,978 26,834
Net Book Value
As at 31 March 2026 1,600,144 3,349 237 2,735 1,606,465
As at 1 April 2025 1,600,144 4,221 316 2,084 1,606,765
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Investment property comprises freehold buildings. An independent valuation has not been carried out in the current or previous year but the fair value of the investment property has been determined by the Directors. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties.

If investment properties held by the company were stated on an historical cost basis rather than fair value basis the amounts as at 31st March 2024 would be £1,522,760 (2023:£1,522,760).
5. Debtors
2026 2025
£ £
Due within one year
Trade debtors 2,716 2,994
Due after more than one year
Other debtors 50,000 50,000
52,716 52,994
6. Creditors: Amounts Falling Due Within One Year
2026 2025
£ £
Trade creditors - 1
Other taxes and social security 883 701
Other creditors 5,000 5,000
Accruals and deferred income 3,600 3,500
Directors' loan accounts 16,920 19,175
26,403 28,377
7. Deferred Taxation
The provision for deferred tax is made up as follows:
2026 2025
£ £
Other timing differences 10,020 6,186
8. Share Capital
2026 2025
£ £
Allotted, Called up and fully paid 100 100
Page 5
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9. Reserves
Profit and Loss Account
£
As at 1 April 2025 2,201,901
Profit for the year and total comprehensive income 15,986
Dividends paid (244,500)
As at 31 March 2026 1,973,387
Other reserves comprises the fair value reserve on investment properties and the balance as at 31 March 2026 was £65,991 (2025: £65,991).
The fair value reserve represents the change in the fair value of investment properties and the deferred tax provided on these fair value changes if applicable.
10. Related Party Transactions
During the year, the company was under joint control of its directors. At 31 March 2026, amounts due from the company to the directors were £16,920 (2025: £19,175) this amount is included within creditors. There are no set repayment terms and no interest is being charged on the loans.
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