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Registered number: 12779985
Taia Translations Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2023
Finerva
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12779985
2023 2022
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 - 790
Investments 5 2,518 2,518
2,518 3,308
CURRENT ASSETS
Debtors 6 782,929 675,989
Cash at bank and in hand 3,479 1,502
786,408 677,491
Creditors: Amounts Falling Due Within One Year 7 (1,144,622 ) (1,115,778 )
NET CURRENT ASSETS (LIABILITIES) (358,214 ) (438,287 )
TOTAL ASSETS LESS CURRENT LIABILITIES (355,696 ) (434,979 )
NET LIABILITIES (355,696 ) (434,979 )
CAPITAL AND RESERVES
Called up share capital 8 200 200
Profit and Loss Account (355,896 ) (435,179 )
SHAREHOLDERS' FUNDS (355,696) (434,979)
Page 1
Page 2
For the year ending 31 July 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
M Kovac
Director
23 April 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
Taia Translations Ltd is a private company,  limited by shares, incorporated in England & Wales, registered number 12779985 . The registered office is 71-75 Shelton Street, London, Greater London, WC2H 9JQ.
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. Going Concern Disclosure
The directors believe that notwithstanding net liabilities of £355,696, the company’s financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support from its investors will be adequate to meet the company’s needs for a period of at least 12 months from the date of approval of these financial statements. The accounts do not include any adjustments that may result should the company not receive this support.
2.3. 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 the rendering of services. Turnover is reduced for estimated customer rebates and other similar allowances.
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.


2.4. 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
The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Repairs and maintenance costs are charged to profit or loss during the period in which they are incurred.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use. Any impairment loss is recognised immediately as an expense within the profit or loss.
2.5. Financial Instruments
Trade and other debtors / creditors

Trade and other debtors are recognised initially at transaction prices less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Impairment of financial assets

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised within profit or loss.

For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset’s carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.
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2.6. 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.
2.7. 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.
2.8. Pensions
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 in a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in profit or loss in the periods during which services are rendered by employees.
2.9. Preparation of Consolidated Financial Statements
The company is exempt under Section 399 of the Companies Act from the requirement to prepare consolidated financial statements by virtue of the fact it is subject to the small companies regime. These financial statements contain information the company as an individual undertaking and not about this group.
2.10. Related party exemption
The company has taken advantage of the exemption available under FRS 102 not to disclose related party transactions with wholly owned subsidiaries in the group.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 2)
1 2
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 August 2022 1,491
Disposals (1,491 )
...CONTINUED
Page 4
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Depreciation
As at 1 August 2022 701
Provided during the period 497
Disposals (1,198 )
As at 31 July 2023 -
Net Book Value
As at 31 July 2023 -
As at 1 August 2022 790
5. Investments
Unlisted
£
Cost
As at 1 August 2022 2,518
As at 31 July 2023 2,518
Provision
As at 1 August 2022 -
As at 31 July 2023 -
Net Book Value
As at 31 July 2023 2,518
As at 1 August 2022 2,518
6. Debtors
2023 2022
as restated
£ £
Due within one year
Trade debtors 13,172 24,857
Amounts owed by group undertakings 660,494 649,108
Other debtors 109,263 2,024
782,929 675,989
7. Creditors: Amounts Falling Due Within One Year
2023 2022
as restated
£ £
Trade creditors 26,556 51,979
Other creditors 1,118,066 1,063,468
Taxation and social security - 331
1,144,622 1,115,778
8. Share Capital
2023 2022
as restated
£ £
Allotted, Called up and fully paid 200 200
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