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 10449346 Miss Louise Birritteri Mr Mark Bernstein Mr Richard Savelli Mr Stuart Reid Mrs Angela Seymour-Jackson Mr James Ellis iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10449346 2022-12-31 10449346 2023-12-31 10449346 2023-01-01 2023-12-31 10449346 frs-core:CurrentFinancialInstruments 2023-12-31 10449346 frs-core:Non-currentFinancialInstruments 2023-12-31 10449346 frs-core:ComputerEquipment 2023-12-31 10449346 frs-core:ComputerEquipment 2023-01-01 2023-12-31 10449346 frs-core:ComputerEquipment 2022-12-31 10449346 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 10449346 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 10449346 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 10449346 frs-core:FurnitureFittings 2023-12-31 10449346 frs-core:FurnitureFittings 2023-01-01 2023-12-31 10449346 frs-core:FurnitureFittings 2022-12-31 10449346 frs-core:OtherResidualIntangibleAssets 2023-12-31 10449346 frs-core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 10449346 frs-core:OtherResidualIntangibleAssets 2022-12-31 10449346 frs-core:OtherReservesSubtotal 2023-12-31 10449346 frs-core:SharePremium 2023-12-31 10449346 frs-core:ShareCapital 2023-12-31 10449346 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 10449346 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10449346 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 10449346 frs-bus:SmallEntities 2023-01-01 2023-12-31 10449346 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 10449346 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 10449346 frs-core:UnlistedNon-exchangeTraded 2023-12-31 10449346 frs-core:UnlistedNon-exchangeTraded 2022-12-31 10449346 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2022-12-31 10449346 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-12-31 10449346 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2022-12-31 10449346 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-12-31 10449346 frs-bus:Director1 2023-01-01 2023-12-31 10449346 frs-bus:Director2 2023-01-01 2023-12-31 10449346 frs-bus:Director3 2023-01-01 2023-12-31 10449346 frs-bus:Director4 2023-01-01 2023-12-31 10449346 frs-bus:Director5 2023-01-01 2023-12-31 10449346 frs-bus:Director6 2023-01-01 2023-12-31 10449346 frs-countries:EnglandWales 2023-01-01 2023-12-31 10449346 2021-12-31 10449346 2022-12-31 10449346 2022-01-01 2022-12-31 10449346 frs-core:CurrentFinancialInstruments 2022-12-31 10449346 frs-core:Non-currentFinancialInstruments 2022-12-31 10449346 frs-core:OtherReservesSubtotal 2022-12-31 10449346 frs-core:SharePremium 2022-12-31 10449346 frs-core:ShareCapital 2022-12-31 10449346 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 10449346
Pikl Insurance Services Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 10449346
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 581,065 6,128
Tangible Assets 5 29,935 73,439
Investments 6 108 108
611,108 79,675
CURRENT ASSETS
Debtors 7 2,819,384 2,387,106
Cash at bank and in hand 181,352 797,213
3,000,736 3,184,319
Creditors: Amounts Falling Due Within One Year 8 (337,217 ) (361,709 )
NET CURRENT ASSETS (LIABILITIES) 2,663,519 2,822,610
TOTAL ASSETS LESS CURRENT LIABILITIES 3,274,627 2,902,285
NET ASSETS 3,274,627 2,902,285
CAPITAL AND RESERVES
Called up share capital 9 276 231
Share premium account 11,456,940 9,376,788
Other reserves 174,859 48,473
Profit and Loss Account (8,357,448 ) (6,523,207 )
SHAREHOLDERS' FUNDS 3,274,627 2,902,285
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 Richard Savelli
Director
22/04/2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Pikl Insurance Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10449346 . The registered office is Suite B 2nd Floor The Atrium, St Georges Street, Norwich, NR3 1AB.
2. Accounting Policies
2.1. 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.


2.2. Turnover
Commission income is recognised at the point that the Company has fulfilled its obligations to the insurer through the arrangement of an underlying insurance policy, being at the date the underlying policy takes effect.

2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Domain Names
Other intangible assets included domain names which are not amortised.
Internally generated development costs, computer software and assets under construction
Expenditure on research activities is recognised as an expense in the period in which it is incurred.
An internally generated intangible asset arising from the development of computer software is recognised if, and only if, all the following conditions have been demonstrated:
• The technical feasibility of completing the asset so that it will be available for use or sale.
• The intention to complete the asset and to use or sell it.
• The ability to use or sell the asset.
• How the asset will generate future economic benefits.
• The availability of adequate technical, financial and other resources to complete the development and to use or sell the asset; and
• The ability to measure reliably the expenditure attributable to the asset during its development.
The amount initially recognised is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above and is classified as an asset under construction. Where no internally generated asset can be recognised, development expenditure is recognised in profit or loss in the period in which it is incurred.
...CONTINUED
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2.3. Intangible Fixed Assets and Amortisation - Other Intangible - continued
Internally generated intangible assets are not amortised in the period subsequent to initial recognition but before they are ready to use. Amortisation commences when they are ready for use as intended by management. They are then reported at costs less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Internally generated intangible assets are amortised on a straight line basis over their estimated useful life of 3 years.
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:
Fixtures & Fittings 3 Years
Computer Equipment 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/receivable and deferred tax.
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.
2.7. Cash and cash equivalents
Cash and cash equivalents includes cash in hand and deposits held with banks. Amounts which are ring fenced and held for the benefit of the underwriters in trust accounts are excluded from the Company’s assets as they are not available for the benefit of the Company.
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2.8. Contract Costs
Contract costs give rise to assets recognised which consist of:

• Costs to obtain – incremental fees for obtaining new business. These costs are spread, on a systematic basis that is consistent with the transfer to the customer of the services to which the asset relates, over the average life of the relationship with the customer.

Contract costs are presented within ‘Other Debtors’ when recognised in the Balance Sheet.

3. Average Number of Employees
Average number of employees during the year was 38 (2022: 29)
38 29
4. Intangible Assets
Other Development Costs Total
£ £ £
Cost
As at 1 January 2023 6,128 - 6,128
Additions - 627,204 627,204
As at 31 December 2023 6,128 627,204 633,332
Amortisation
As at 1 January 2023 - - -
Provided during the period - 52,267 52,267
As at 31 December 2023 - 52,267 52,267
Net Book Value
As at 31 December 2023 6,128 574,937 581,065
As at 1 January 2023 6,128 - 6,128
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 January 2023 166,011 112,025 278,036
Additions - 5,368 5,368
Disposals - (1,434 ) (1,434 )
As at 31 December 2023 166,011 115,959 281,970
...CONTINUED
Page 5
Page 6
Depreciation
As at 1 January 2023 117,195 87,402 204,597
Provided during the period 35,844 12,191 48,035
Disposals - (597 ) (597 )
As at 31 December 2023 153,039 98,996 252,035
Net Book Value
As at 31 December 2023 12,972 16,963 29,935
As at 1 January 2023 48,816 24,623 73,439
6. Investments
Unlisted
£
Cost
As at 1 January 2023 108
As at 31 December 2023 108
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 108
As at 1 January 2023 108
The investments relates to investments in 100% owned subsidiaries PIKL Underwriting Limited and Pikl Technology Services Inc
7. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 54,194 64,953
Other debtors 403,012 103,604
Deferred tax current asset - 664,993
Amounts owed by subsidiaries 6,939 25,033
464,145 858,583
Due after more than one year
Other debtors 183,628 103,504
Deferred tax current asset 2,171,611 1,425,019
2,355,239 1,528,523
2,819,384 2,387,106
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8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 63,464 106,204
Bank loans and overdrafts 6,219 8,371
Other taxes and social security 206,383 199,149
Other creditors 34,404 43,255
Accruals and deferred income 26,747 4,730
337,217 361,709
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 276 231
10. Reserves
The Company operates an equity based remuneration scheme for employees. 
Options have been granted to subscribe for additional ordinary shares of £0.01 in the capital of the Company
The outstanding share options as at the 31 December 2023 are;
205,571 share options in respect of B shares of £0.0001. The estimated fair value as at 31st December 2023 was £5.32 per share.
The options are exercisable on the sale of the company or between the 9th and 10th anniversary of the option, which ever is sooner. No share options were exercisable at the year end. 
11. Related Party Transactions
A wholly owned subsidiary of the Company
Commission earned from the related party - £137,932 (2022: £109,522). 
Debtor at the end of the year was NIL (2022: £15,834)
A wholly owned subsidiary of the Company
Debtor at the end of the year was £6,939 (2022: £9,199)
Companies under control of a director
Value of services provided from the related party - £41,279 (2022: £34,214) Outstanding balances due to paid at the end of the year were £1,859 (2022: £3,101)
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