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Registered number: 15428320
Filos Developments Ltd
Unaudited Financial Statements
For the Period 1 February 2025 to 31 March 2026
Modus Accountants Ltd
Unit 1c Church Green
Witney
OX28 4YR
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—3
Page 1
Balance Sheet
Registered number: 15428320
31 March 2026 31 January 2025
as restated
Notes £ £ £ £
CURRENT ASSETS
Stocks 5 - 218,019
Debtors 6 16,238 1,382
Cash at bank and in hand 45,413 2,184
61,651 221,585
Creditors: Amounts Falling Due Within One Year 7 (14,147 ) (227,475 )
NET CURRENT ASSETS (LIABILITIES) 47,504 (5,890 )
TOTAL ASSETS LESS CURRENT LIABILITIES 47,504 (5,890 )
NET ASSETS/(LIABILITIES) 47,504 (5,890 )
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account 47,502 (5,892 )
SHAREHOLDERS' FUNDS 47,504 (5,890)
For the period 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
J Waters
Director
2 July 2026
The notes on pages 2 to 3 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Filos Developments Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 15428320 . The registered office is Flat 2 1 West Hill, South Croydon, CR2 0SB.
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, 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. Stocks and Work in Progress
Land and property acquired for the purpose of development and resale is classified as stock rather than investment property, as it is held for sale in the ordinary course of business. Such stock is measured at the lower of cost and net realisable value, with cost comprising acquisition, development and directly attributable costs.
2.4. 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 period, 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 period was: 2 (2025: 2)
2 2
Page 2
Page 3
4. Prior Period Adjustment
During the year, the directors reviewed the classification of property held by the company and concluded that certain land and property previously classified as investment property was held for the purpose of development and resale in the ordinary course of business. Accordingly, the comparative figures have been reclassified to present such assets within stocks.
The reclassification has been made to better reflect the substance of the underlying business activity and improve the presentation of the financial statements. There has been no impact on net assets or profit for the prior period as a result of this reclassification.
5. Stocks
31 March 2026 31 January 2025
as restated
£ £
Stock - 218,019
6. Debtors
31 March 2026 31 January 2025
as restated
£ £
Due within one year
Other debtors 16,238 1,382
7. Creditors: Amounts Falling Due Within One Year
31 March 2026 31 January 2025
as restated
£ £
Trade creditors - 1
Amounts owed to participating interests - 500
Other creditors 2,390 226,974
Taxation and social security 11,757 -
14,147 227,475
8. Share Capital
31 March 2026 31 January 2025
as restated
£ £
Allotted, Called up and fully paid 2 2
9. Related Party Transactions
During the year, the company repaid £500 to Opportunity Property Ltd, a company under the control of the director, Mr J Waters. At the balance sheet date, the balance outstanding was £nil (2025: £500).
10. Comparative Figures
The financial statements are prepared for the period from 1 February 2025 to 31 March 2026. Comparative figures are for the period from 19 January 2024 to 31 January 2025 and are therefore not entirely comparable due to the differing accounting periods.
Page 3