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 12001112 Mr William Parr Mr Jordan Monnet iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12001112 2022-12-31 12001112 2023-12-31 12001112 2023-01-01 2023-12-31 12001112 frs-core:CurrentFinancialInstruments 2023-12-31 12001112 frs-core:Non-currentFinancialInstruments 2023-12-31 12001112 frs-core:ComputerEquipment 2023-12-31 12001112 frs-core:ComputerEquipment 2023-01-01 2023-12-31 12001112 frs-core:ComputerEquipment 2022-12-31 12001112 frs-core:SharePremium 2023-12-31 12001112 frs-core:ShareCapital 2023-12-31 12001112 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 12001112 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12001112 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 12001112 frs-bus:SmallEntities 2023-01-01 2023-12-31 12001112 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 12001112 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 12001112 frs-bus:OrdinaryShareClass1 2023-01-01 2023-12-31 12001112 frs-bus:OrdinaryShareClass1 2023-12-31 12001112 frs-core:UnlistedNon-exchangeTraded 2023-12-31 12001112 frs-core:UnlistedNon-exchangeTraded 2022-12-31 12001112 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2022-12-31 12001112 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-12-31 12001112 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2022-12-31 12001112 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-12-31 12001112 frs-bus:Director1 2023-01-01 2023-12-31 12001112 frs-bus:Director2 2023-01-01 2023-12-31 12001112 frs-countries:EnglandWales 2023-01-01 2023-12-31 12001112 2021-12-31 12001112 2022-12-31 12001112 2022-01-01 2022-12-31 12001112 frs-core:CurrentFinancialInstruments 2022-12-31 12001112 frs-core:Non-currentFinancialInstruments 2022-12-31 12001112 frs-core:SharePremium 2022-12-31 12001112 frs-core:ShareCapital 2022-12-31 12001112 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 12001112 frs-bus:OrdinaryShareClass1 2022-01-01 2022-12-31
Registered number: 12001112
NR2 Innovation Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Approved Accounting Limited
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12001112
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 4,860 12,406
Investments 5 13 13
4,873 12,419
CURRENT ASSETS
Debtors 6 133,764 174,996
Cash at bank and in hand 7,311 87,227
141,075 262,223
Creditors: Amounts Falling Due Within One Year 7 (59,134 ) (14,509 )
NET CURRENT ASSETS (LIABILITIES) 81,941 247,714
TOTAL ASSETS LESS CURRENT LIABILITIES 86,814 260,133
NET ASSETS 86,814 260,133
CAPITAL AND RESERVES
Called up share capital 8 3 3
Share premium account 1,460,955 1,460,955
Profit and Loss Account (1,374,144 ) (1,200,825 )
SHAREHOLDERS' FUNDS 86,814 260,133
Page 1
Page 2
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 Profit and Loss Account.
On behalf of the board
Mr William Parr
Director
15/04/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
NR2 Innovation Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12001112 . The registered office is 23 Hanover Gardens, London, SE11 5TN.
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 rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
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:
Computer Equipment 25% Straight Line
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.
2.5. 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 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
Page 3
Page 4
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 January 2023 22,536
Additions 1,599
Disposals (14,765 )
As at 31 December 2023 9,370
Depreciation
As at 1 January 2023 10,130
Provided during the period 3,881
Disposals (9,501 )
As at 31 December 2023 4,510
Net Book Value
As at 31 December 2023 4,860
As at 1 January 2023 12,406
5. Investments
Unlisted
£
Cost
As at 1 January 2023 13
As at 31 December 2023 13
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 13
As at 1 January 2023 13
Fixed asset investments represents a 100% holding in NR2 CO Ltd, a company registered in South Korea.
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors - 46,581
Prepayments and accrued income 3,750 3,750
Other taxes and social security 1,140 -
4,890 50,331
...CONTINUED
Page 4
Page 5
Due after more than one year
Amounts owed by subsidiaries 40,810 38,225
Amounts owed by other participating interests 88,064 86,440
128,874 124,665
133,764 174,996
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 31,255 7,546
Other taxes and social security - 706
VAT 27,866 6,244
Other creditors 13 13
59,134 14,509
8. Share Capital
2023 2022
Allotted, called up and fully paid £ £
34,691 Ordinary Shares of £ 0.0001 each 3 3
9. Related Party Transactions
NR2 CO Ltd
An unsecured loan of £36,000 has been made to the subsidiary company. The loan bears an interest rate charge of 2.5 percent above the base rate of the Bank of England as varied from time to time. The balance of the loan at 31 December 2023 was £40,809 (2022: £38,255)
The loan together with accrued interest shall be repayable by the borrower in full within three years or on demand of the company.
NR2 Ventures LLP
There is a intercompany loan to NR2 Ventures LLP made for £85,000 for which there are no immediate repayment terms. 
Page 5