Acorah Software Products - Accounts Production 14.5.601 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 11585221 A S Abrar S Ali S A Hussain P Lewis G Willis iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11585221 2022-12-31 11585221 2023-12-31 11585221 2023-01-01 2023-12-31 11585221 frs-core:CurrentFinancialInstruments 2023-12-31 11585221 frs-core:Non-currentFinancialInstruments 2023-12-31 11585221 frs-core:ComputerEquipment 2023-01-01 2023-12-31 11585221 frs-core:CopyrightsPatentsTrademarksServiceOperatingRights 2023-01-01 2023-12-31 11585221 frs-core:OtherResidualIntangibleAssets 2023-12-31 11585221 frs-core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 11585221 frs-core:OtherResidualIntangibleAssets 2022-12-31 11585221 frs-core:PlantMachinery 2023-12-31 11585221 frs-core:PlantMachinery 2023-01-01 2023-12-31 11585221 frs-core:PlantMachinery 2022-12-31 11585221 frs-core:ShareCapital 2023-12-31 11585221 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 11585221 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11585221 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 11585221 frs-bus:SmallEntities 2023-01-01 2023-12-31 11585221 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 11585221 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 11585221 frs-bus:Director1 2023-01-01 2023-12-31 11585221 frs-bus:Director2 2023-01-01 2023-12-31 11585221 frs-bus:Director3 2023-01-01 2023-12-31 11585221 frs-bus:Director4 2023-01-01 2023-12-31 11585221 frs-bus:Director5 2023-01-01 2023-12-31 11585221 frs-countries:EnglandWales 2023-01-01 2023-12-31 11585221 2021-12-31 11585221 2022-12-31 11585221 2022-01-01 2022-12-31 11585221 frs-core:CurrentFinancialInstruments 2022-12-31 11585221 frs-core:Non-currentFinancialInstruments 2022-12-31 11585221 frs-core:ShareCapital 2022-12-31 11585221 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 11585221
Mastered Studios Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Unaudited Financial Statements
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 11585221
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 94,744 40,118
Tangible Assets 5 1,349 -
96,093 40,118
CURRENT ASSETS
Debtors 6 854,591 965,313
Cash at bank and in hand 24,240 27,199
878,831 992,512
Creditors: Amounts Falling Due Within One Year 7 (710,878 ) (764,714 )
NET CURRENT ASSETS (LIABILITIES) 167,953 227,798
TOTAL ASSETS LESS CURRENT LIABILITIES 264,046 267,916
Creditors: Amounts Falling Due After More Than One Year 8 (167,817 ) (302,532 )
NET ASSETS/(LIABILITIES) 96,229 (34,616 )
CAPITAL AND RESERVES
Called up share capital 9 100 100
Income Statement 96,129 (34,716 )
SHAREHOLDERS' FUNDS 96,229 (34,616)
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For the year ending 31 December 2023 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
A S Abrar
Director
4 April 2024
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
Mastered Studios Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11585221 . The registered office is 124 City Road, London, EC1V 2NX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
2.2. Significant judgements and estimations
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
In preparing these financial statements the directors have made the following judgements:
- Determined whether there are indicators of impairment of the company's tangible assets and intangible assets. Factors taken into consideration in reaching such a decision include the financial viability and expected future financial performance of the asset.
- Determined that the accounting policies in place in respect of turnover recognition and measurement are reasonable.
2.3. Turnover
Turnover is recognised the the extent that is it probable the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of consideration received or receivable, excluding discounts, rebates, valued added tax and other sales taxes.
Turnover 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 the turnover can be reliably measured;
- it is probable that the company will receive the consideration due under the contract;
- 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 reliably measured.
2.4. Research and Development
Software development costs are recognised as an intangible asset when all of the following criteria are demonstrated:
- The technical feasibility of completing the software so that it will be available for use or sale.
- The intention to complete the software and use or sell it.
- The ability to use the software or to sell it.
- How the software will generate probable future economic benefits.
- The availability of adequate technical, financial and other resources to complete the development and to use or sell the software.
- The ability to measure reliably the expenditure attributable to the software during its development.
Following initial recognition of the development expenditure as an asset the cost model is applied, requiring the asset to be carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised evenly over the period of expected future benefit of 5 years. During the period of development the asset is tested for impairment annually
Research expenditure is written off as incurred.
2.5. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are .... It is amortised to the income statement over its estimated economic life of .... years.
2.6. 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:
Computer Equipment 3 years on a straight line basis
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2.7. Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within
one year are not amortised.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
2.8. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.9. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
2.10. Pensions
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2022: 8)
8 8
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4. Intangible Assets
Other Intangible Assets
£
Cost
As at 1 January 2023 168,722
Additions 88,370
As at 31 December 2023 257,092
Amortisation
As at 1 January 2023 128,604
Provided during the period 33,744
As at 31 December 2023 162,348
Net Book Value
As at 31 December 2023 94,744
As at 1 January 2023 40,118
5. Tangible Assets
Plant & Machinery etc.
£
Cost
As at 1 January 2023 -
Additions 1,607
As at 31 December 2023 1,607
Depreciation
As at 1 January 2023 -
Provided during the period 258
As at 31 December 2023 258
Net Book Value
As at 31 December 2023 1,349
As at 1 January 2023 -
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 849,591 940,501
Other debtors 5,000 24,812
854,591 965,313
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 101,944 64,512
Bank loans and overdrafts 193,507 76,984
Other creditors 259,349 469,084
Taxation and social security 156,078 154,134
710,878 764,714
Other creditors include amounts owed to Mr A S Abrar, sole director and shareholder of the company, totalling £251,396 (2022: £305,432).
Interest paid on the director loan for the year totals £nil (2022: £nil).
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 167,817 302,532
167,817 302,532
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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