Acorah Software Products - Accounts Production 12.4.002 false true 1 July 2021 31 December 2021 31 December 2021 10988277 Mr Sean Reddington iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10988277 2021-06-30 10988277 2021-12-31 10988277 2021-07-01 2021-12-31 10988277 frs-core:CurrentFinancialInstruments 2021-12-31 10988277 frs-core:CurrentFinancialInstruments 2021-07-01 2021-12-31 10988277 frs-core:Non-currentFinancialInstruments 2021-12-31 10988277 frs-core:Non-currentFinancialInstruments 2021-07-01 2021-12-31 10988277 frs-core:CurrentFinancialInstruments 2021-07-01 2021-12-31 10988277 frs-core:CurrentFinancialInstruments 2021-12-31 10988277 frs-core:AfterOneYear 2021-07-01 2021-12-31 10988277 frs-core:BetweenOneFiveYears 2021-07-01 2021-12-31 10988277 frs-core:BetweenOneFiveYears 2021-12-31 10988277 frs-core:ComputerEquipment 2021-12-31 10988277 frs-core:ComputerEquipment 2021-07-01 2021-12-31 10988277 frs-core:ComputerEquipment 2021-06-30 10988277 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Registered number: 10988277
Thrive Learning Limited
Financial Statements
For the Period 1 July 2021 to 31 December 2021
Gravitate Accounting

Financial Statements
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: 10988277
31 December 2021 30 June 2021
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 3 1,468,283 1,214,162
Tangible Assets 4 270,166 214,051
1,738,449 1,428,213
CURRENT ASSETS
Debtors 5 1,287,013 434,654
Cash at bank and in hand 2,251,294 4,600,297
3,538,307 5,034,951
Creditors: Amounts Falling Due Within One Year 6 (1,192,187 ) (1,073,314 )
NET CURRENT ASSETS (LIABILITIES) 2,346,120 3,961,637
TOTAL ASSETS LESS CURRENT LIABILITIES 4,084,569 5,389,850
Creditors: Amounts Falling Due After More Than One Year 7 (6,122,852 ) (6,396,493 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (6,185 ) (6,185 )
NET LIABILITIES (2,044,468 ) (1,012,828 )
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account (2,044,568 ) (1,012,928 )
SHAREHOLDERS' FUNDS (2,044,468) (1,012,828)
Page 1
Page 2
For the period ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Sean Reddington
Director
14/02/2022
The notes on pages 4 to 7 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 January 2021 100 (821,884 ) (821,784)
Loss for the period and total comprehensive income - (191,044 ) (191,044)
As at 30 June 2021 and 1 July 2021 100 (1,012,928 ) (1,012,828)
Loss for the period and total comprehensive income - (1,031,640 ) (1,031,640)
As at 31 December 2021 100 (2,044,568 ) (2,044,468)
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Notes to the Financial Statements
1. Accounting Policies
1.1. 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.
1.2. Going Concern Disclosure
At 31st December 2021 the company's liabilities exceeded its assets. The director has prepared a budget for the next financial year which forecasts profitability and on this basis they have prepared the financial statements on a going concern basis.
1.3. Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consieration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised.

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contact;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliaby.
1.4. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, useful life shall not exceed ten years.
1.5. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives of 3 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only
1.6. 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:
Motor Vehicles 8 Years Reducing Balance
Fixtures & Fittings 10 Years Straight Line
Computer Equipment 3 Years Straight Line
1.7. Financial Instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilties such as bank and cash balances, trade and other accounts receivable and payable, loand from bank and other third parties and loans to and from related parties.

Debt instrument (other than those wholy repayable or recevable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debts instrument that are payable or receivable within one year, typically trade payables or receivables, are measured initially and subsquently, at the undiscounted amount of the cash of the other consideration expected to be paid or received. However, if the arranagment of a short-term instrument contitute a financing transaction, the financial asset or liablity is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for similar debt instrument and subsequently at amortised cost.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the assets and settle the liability simultaneously.


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1.8. 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 year 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 asset reflects 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 or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.9. Pensions
Defined contribution Plans

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a seprate entity. Once the contibutions have been paid the Company has no further payment obligations.

The contibutions are recognised as an expense in the Statement of Income and Retained Earnings when thay fall due. Amount not paid are shown in accruals as a liability in a Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 69 (2021: 41)
69 41
3. Intangible Assets
Development Costs Intellectual Property Total
£ £ £
Cost
As at 1 July 2021 1,667,607 633,445 2,301,052
Additions 614,317 81,279 695,596
As at 31 December 2021 2,281,924 714,724 2,996,648
Amortisation
As at 1 July 2021 713,482 373,408 1,086,890
Provided during the period 329,127 112,348 441,475
As at 31 December 2021 1,042,609 485,756 1,528,365
Net Book Value
As at 31 December 2021 1,239,315 228,968 1,468,283
As at 1 July 2021 954,125 260,037 1,214,162
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4. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 July 2021 174,085 10,795 62,886 247,766
Additions 84,159 2,728 41,349 128,236
Disposals (45,417 ) - - (45,417 )
As at 31 December 2021 212,827 13,523 104,235 330,585
Depreciation
As at 1 July 2021 2,438 1,289 29,988 33,715
Provided during the period 15,738 607 12,966 29,311
Disposals (2,607 ) - - (2,607 )
As at 31 December 2021 15,569 1,896 42,954 60,419
Net Book Value
As at 31 December 2021 197,258 11,627 61,281 270,166
As at 1 July 2021 171,647 9,506 32,898 214,051
5. Debtors
31 December 2021 30 June 2021
£ £
Due within one year
Trade debtors 796,129 190,777
Prepayments and accrued income 9,583 -
Other debtors 528,278 243,877
Corporation tax recoverable assets (46,977 ) -
1,287,013 434,654
6. Creditors: Amounts Falling Due Within One Year
31 December 2021 30 June 2021
£ £
Trade creditors 221,465 361,414
Bank loans and overdrafts 95,278 104,147
Other taxes and social security 369,352 136,645
Other creditors 471,639 471,108
Accruals and deferred income 14,453 -
Amounts owed to group undertakings 20,000 -
1,192,187 1,073,314
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7. Creditors: Amounts Falling Due After More Than One Year
31 December 2021 30 June 2021
£ £
Bank loans 97,011 116,231
Other creditors 6,025,841 6,280,262
6,122,852 6,396,493
Included in creditors are bank loans and overdraft on which security has given by a fixed and floating charge over the assets of the Company.
8. Deferred Taxation
The provision for deferred taxation is made up of:
31 December 2021 30 June 2021
£ £
Deferred tax 6,185 6,185
6,185 6,185
9. Provisions for Liabilities
Deferred Tax
£
As at 1 July 2021 6,185
Balance at 31 December 2021 6,185
10. Share Capital
31 December 2021 30 June 2021
Allotted, Called up and fully paid 100 100
11. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contrivbutions payable by the company to the fund and amounted to £130,556 (2021: £46,971). Contributions totalling £43,454 (2021: £13,090) were payable to the fund at the balance sheet date and are included in creditors.
12. General Information
Thrive Learning Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10988277 . The registered office is 6b Oldknows Factory, St. Anns Hill Road, Nottingham, England, NG3 4GN.
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