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Registered number: 13755375
Creditnature Ltd
Financial Statements
For The Year Ended 30 November 2023
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13755375
30 November 2023 30 November 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 3,252 -
3,252 -
CURRENT ASSETS
Debtors 5 9,671 100
Cash at bank and in hand 381,750 37,803
391,421 37,903
Creditors: Amounts Falling Due Within One Year 6 (69,169 ) (14,858 )
NET CURRENT ASSETS (LIABILITIES) 322,252 23,045
TOTAL ASSETS LESS CURRENT LIABILITIES 325,504 23,045
Creditors: Amounts Falling Due After More Than One Year 7 (600,122 ) (51,484 )
NET LIABILITIES (274,618 ) (28,439 )
CAPITAL AND RESERVES
Called up share capital 8 108 100
Share premium account 269,682 -
Profit and Loss Account (544,408 ) (28,539 )
SHAREHOLDERS' FUNDS (274,618) (28,439)
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For the year ending 30 November 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 Cain Blythe
Director
03/04/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Creditnature Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13755375 . The registered office is Harwell Innovation Centre Curie Avenue, Harwell Oxford, Didcot, OX11 0QG.
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 financial statements have been prepared on a going concern basis on the understanding that the non-current liabilities owed by the company will not be recalled at the detriment of the company. The balance sheet shows net liabilities of £274,618 on 30 November 2023 (2022: net liabilities of £28,439) and the directors are confident that with the ongoing support of the creditors, the company will have sufficient funds to continue to trade for the foreseeable future.
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 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.
2.4. 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 over 3 years
2.5. 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.
2.6. 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.
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2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2022: 3)
7 3
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 December 2022 -
Additions 3,389
As at 30 November 2023 3,389
Depreciation
As at 1 December 2022 -
Provided during the period 137
As at 30 November 2023 137
Net Book Value
As at 30 November 2023 3,252
As at 1 December 2022 -
5. Debtors
30 November 2023 30 November 2022
£ £
Due within one year
Prepayments and accrued income 9,571 -
9,571 -
Due after more than one year
Other debtors 100 -
Directors loan account - 100
100 100
9,671 100
6. Creditors: Amounts Falling Due Within One Year
30 November 2023 30 November 2022
£ £
Trade creditors 18,935 10,054
Other taxes and social security 23,519 2,385
Other creditors 9,155 2,419
Accruals and deferred income 17,560 -
69,169 14,858
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7. Creditors: Amounts Falling Due After More Than One Year
30 November 2023 30 November 2022
£ £
Amounts owed to related parties 600,122 51,484
600,122 51,484
8. Share Capital
30 November 2023 30 November 2022
£ £
Allotted, Called up and fully paid 108 100
9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
30 November 2023 30 November 2022
£ £
Not later than one year 9,883 -
9,883 -
10. Controlling Party
The company's controlling party is Mr Cain Blythe by virtue of his ownership of 74% of the issued share capital in the company.
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