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Registered number: 07851629
Socialrel8 Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07851629
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 5,035,085 3,564,379
Tangible Assets 5 84,726 47,469
5,119,811 3,611,848
CURRENT ASSETS
Debtors 6 1,556,137 843,612
Cash at bank and in hand 2,893,120 708,979
4,449,257 1,552,591
Creditors: Amounts Falling Due Within One Year 7 (2,090,804 ) (1,618,037 )
NET CURRENT ASSETS (LIABILITIES) 2,358,453 (65,446 )
TOTAL ASSETS LESS CURRENT LIABILITIES 7,478,264 3,546,402
Creditors: Amounts Falling Due After More Than One Year 8 (13,077 ) (22,500 )
NET ASSETS 7,465,187 3,523,902
CAPITAL AND RESERVES
Called up share capital 9 269 212
Share premium account 6,224,645 149,938
Profit and Loss Account 1,240,273 3,373,752
SHAREHOLDERS' FUNDS 7,465,187 3,523,902
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For the year ending 31 March 2024 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
J A Scott
Director
29/07/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Socialrel8 Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07851629 . The registered office is Digital City Bridge Street West, The Boho Zone, Middlesbrough, Cleveland, TS2 1AE.
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.
Functional and Presentational Currency
The company's functional and presentational currency is GBP.
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 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. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are capitalised development costs.  They are amortised to the profit and loss account over their estimated economic life of 7 years (following their year of capitalisation).
2.4. Research and Development
Research expenditure is written off in the year in which it is incurred.  Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:-
  • It is technically feasible to complete the intangible asset so that it will be available for use or sale;
  • There is the intention to complete the intangible asset and use or sell it;
  • There is the ability to use or sell the intangible asset;
  • The use or sale of the intangible asset will generate probable future economic benefits;
  • There are adequate technical, financial and other resources available to complete the development and to use or sell the intanigble asset and
  • The expenditure attributable to the intanngible asset during its development can be measured reliably.  Expenditure that does not meet the criteria is expensed as incurred.
2.5. 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 25% straight line
Computer Equipment 25% straight line
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.
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2.7. Taxation
The taxation expense represents the sum of the corporation tax currently payable and deferred tax.
The corporation 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. Financial Instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recongnised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
2.9. Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
2.10. Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Perior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of the assets that includes the asset and generates cash flows that are largely independent of the cash inflows from other assets or groups of assets.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 62 (2023: 35)
62 35
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4. Intangible Assets
Development Costs
£
Cost
As at 1 April 2023 4,430,443
Additions 2,103,625
As at 31 March 2024 6,534,068
Amortisation
As at 1 April 2023 866,064
Impairment losses 632,919
As at 31 March 2024 1,498,983
Net Book Value
As at 31 March 2024 5,035,085
As at 1 April 2023 3,564,379
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 1,812 67,685 69,497
Additions - 62,761 62,761
Disposals (453 ) (1,666 ) (2,119 )
As at 31 March 2024 1,359 128,780 130,139
Depreciation
As at 1 April 2023 945 21,083 22,028
Provided during the period 171 25,317 25,488
Disposals (437 ) (1,666 ) (2,103 )
As at 31 March 2024 679 44,734 45,413
Net Book Value
As at 31 March 2024 680 84,046 84,726
As at 1 April 2023 867 46,602 47,469
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 725,294 383,387
Prepayments and accrued income 266,473 80,588
Other debtors 564,370 379,637
1,556,137 843,612
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 191,460 182,746
Bank loans and overdrafts 10,183 10,000
Other taxes and social security 198,146 81,793
VAT 54,108 45,745
Other creditors 85,218 48,384
Accruals and deferred income 1,551,689 1,249,369
2,090,804 1,618,037
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 13,077 22,500
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 269 212
10. Pension Commitments
The company operates a defined contribution pension scheme.  The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £48,006 (2023: £16,410) were due to the fund. They are included in other creditors.
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