Acorah Software Products - Accounts Production 15.0.500 false true true 31 October 2022 1 November 2021 false 1 November 2022 31 October 2023 31 October 2023 08757443 Mr Antonios Peppas Mr Theodoros Papatheodorou Mr Dimitrios Tsakalomatis Mr Dionysios Tzarellas false iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08757443 2022-10-31 08757443 2023-10-31 08757443 2022-11-01 2023-10-31 08757443 frs-core:CurrentFinancialInstruments 2023-10-31 08757443 frs-core:ComputerEquipment 2023-10-31 08757443 frs-core:ComputerEquipment 2022-11-01 2023-10-31 08757443 frs-core:ComputerEquipment 2022-10-31 08757443 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-10-31 08757443 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-10-31 08757443 frs-core:SharePremium 2023-10-31 08757443 frs-core:ShareCapital 2023-10-31 08757443 frs-core:RetainedEarningsAccumulatedLosses 2023-10-31 08757443 frs-bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 08757443 frs-bus:FilletedAccounts 2022-11-01 2023-10-31 08757443 frs-bus:SmallEntities 2022-11-01 2023-10-31 08757443 frs-bus:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 08757443 frs-bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 08757443 1 2022-11-01 2023-10-31 08757443 frs-bus:Director1 2022-11-01 2023-10-31 08757443 frs-bus:Director2 2022-11-01 2023-10-31 08757443 frs-bus:Director3 2022-11-01 2023-10-31 08757443 frs-bus:Director4 2022-11-01 2023-10-31 08757443 frs-core:CurrentFinancialInstruments 3 2023-10-31 08757443 frs-countries:EnglandWales 2022-11-01 2023-10-31 08757443 2021-10-31 08757443 2022-10-31 08757443 2021-11-01 2022-10-31 08757443 frs-core:CurrentFinancialInstruments 2022-10-31 08757443 frs-core:SharePremium 2022-10-31 08757443 frs-core:ShareCapital 2022-10-31 08757443 frs-core:RetainedEarningsAccumulatedLosses 2022-10-31 08757443 frs-core:CurrentFinancialInstruments 3 2022-10-31
Registered number: 08757443
Floatmast Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2023
Mouktaris & Co Ltd
Chartered Accountants & Registered Auditors
156a Burnt Oak Broadway
Edgware
Middlesex
HA8 0AX
Unaudited Financial Statements
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 08757443
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 579,831 579,831
Tangible Assets 5 654 769
580,485 580,600
CURRENT ASSETS
Debtors 6 4,524 683
Cash at bank and in hand 32,023 3,029
36,547 3,712
Creditors: Amounts Falling Due Within One Year 7 (13,472 ) (32,012 )
NET CURRENT ASSETS (LIABILITIES) 23,075 (28,300 )
TOTAL ASSETS LESS CURRENT LIABILITIES 603,560 552,300
PROVISIONS FOR LIABILITIES
Provisions For Charges (3,000 ) (3,000 )
NET ASSETS 600,560 549,300
CAPITAL AND RESERVES
Called up share capital 8 640,353 12,562
Share premium account 3 565,791
Income Statement (39,796 ) (29,053 )
SHAREHOLDERS' FUNDS 600,560 549,300
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For the year ending 31 October 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
Mr Antonios Peppas
Director
26 July 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
Floatmast Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08757443 . The registered office is 156a Burnt Oak Broadway, Edgware, Middlesex, HA8 0AX.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
2.2. Going Concern Disclosure
The directors have prepared the financial statements on a going concern basis after assessing:
  • that the company's shareholders will continue to support the company over the following twelve months at least; and
  • the principal risks and considering the likelihood of success in the company's trading activities
2.3. Research and Development
Expenditures on research or on the research phase of an internal project are recognised as an expense when incurred. The intangible assets arising from the development phase of an internal project are recognised if, and only if, the following conditions apply:
  • it is technically feasible to complete the asset for use
  • the company has the intention of completing the asset for either use or resale
  • the company has the ability to either use or sell the asset
  • it is possible to estimate how the asset will generate income
  • the company has adequate financial, technical and other resources to develop and use the asset; and
  • the expenditure incurred to develop the asset is measurable.
If no intangible asset can be recognised based on the above, then development costs are recognised in profit and loss in the period in which they are incurred.
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 15% reducing balance
2.5. 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.
2.6. Taxation
There is no corporation tax payable as the company incurred trade losses during the year.
2.7. Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and where material are subsequently measured at amortised cost using the effective interest method, less any impairment.
2.8. Basic financial liabilities
Basic financial liabilities, including trade and other payables and loans from company undertakings that are classified as debt are initially measured 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 the market rate of interest.
2.9. Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Intangible Assets
Development Costs
£
Cost
As at 1 November 2022 579,831
As at 31 October 2023 579,831
Net Book Value
As at 31 October 2023 579,831
As at 1 November 2022 579,831
Development costs comprise the building of a platform, "Floatmast" which can be used for the collection of sea data. It is intended that this will be marketed to European companies engaged in sea exploration.
Intangible assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is written down accordingly.
Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately identifiable cash flows; its cash generating units ('CGUs').
Impairment charges are included in profit or loss, except to the extent they reverse gains previously recognised in other comprehensive income.
5. Tangible Assets
Computer Equipment
£
Cost
As at 1 November 2022 2,223
As at 31 October 2023 2,223
Depreciation
As at 1 November 2022 1,454
Provided during the period 115
As at 31 October 2023 1,569
Net Book Value
As at 31 October 2023 654
As at 1 November 2022 769
6. Debtors
2023 2022
£ £
Due within one year
Other debtors 4,024 683
VAT 500 -
4,524 683
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 3,173 14,677
Foreign currency translation (10,254 ) (9,000 )
Directors' loan accounts 5,223 5,223
Amounts owed to other participating interests 15,330 21,112
13,472 32,012
8. Share Capital
During the period, the company capitalised its Share Premium by issuing 565,788 bonus ordinary £1 shares and allotted an additional 62,003 ordinary £1 shares. Of the additional shares allotted, a total of 3,341 ordinary £1 shares remain unpaid as at the reporting year end date, reflected in Other debtors.
9. Related Party Transactions
The Amounts owed to other participating interests represent a balance of £15,330 owed to ETME Peppas and Associates Limited Partnership (2022: £21,112). This amount is unsecured, interest-free and has no fixed terms of repayment.
10. Controlling Party
The company is controlled by ETME Peppas and Associates Limited Partnership, a company registered in Greece, by virtue of its majority ownership of the issued share capital in the company.
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