Acorah Software Products - Accounts Production 15.0.500 false true 31 October 2022 1 November 2021 false 29 July 2024 1 November 2022 31 October 2023 31 October 2023 08249125 Mr K King iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08249125 2022-10-31 08249125 2023-10-31 08249125 2022-11-01 2023-10-31 08249125 frs-core:CurrentFinancialInstruments 2023-10-31 08249125 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-10-31 08249125 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-11-01 2023-10-31 08249125 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-10-31 08249125 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-10-31 08249125 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 08249125 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2022-10-31 08249125 frs-core:MotorVehicles 2023-10-31 08249125 frs-core:MotorVehicles 2022-11-01 2023-10-31 08249125 frs-core:MotorVehicles 2022-10-31 08249125 frs-core:PlantMachinery 2023-10-31 08249125 frs-core:PlantMachinery 2022-11-01 2023-10-31 08249125 frs-core:PlantMachinery 2022-10-31 08249125 frs-core:SharePremium 2023-10-31 08249125 frs-core:ShareCapital 2023-10-31 08249125 frs-core:RetainedEarningsAccumulatedLosses 2023-10-31 08249125 frs-bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 08249125 frs-bus:FilletedAccounts 2022-11-01 2023-10-31 08249125 frs-bus:SmallEntities 2022-11-01 2023-10-31 08249125 frs-bus:Audited 2022-11-01 2023-10-31 08249125 frs-bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 08249125 frs-bus:Director1 2022-11-01 2023-10-31 08249125 frs-countries:EnglandWales 2022-11-01 2023-10-31 08249125 2021-10-31 08249125 2022-10-31 08249125 2021-11-01 2022-10-31 08249125 frs-core:CurrentFinancialInstruments 2022-10-31 08249125 frs-core:SharePremium 2022-10-31 08249125 frs-core:ShareCapital 2022-10-31 08249125 frs-core:RetainedEarningsAccumulatedLosses 2022-10-31
Registered number: 08249125
Immersive Interactive Ltd
Financial Statements
For The Year Ended 31 October 2023
Stubbs Parkin
55 Hoghton Street
Southport
Merseyside
PR9 0PG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08249125
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 788,802 768,873
Tangible Assets 5 154,522 145,918
943,324 914,791
CURRENT ASSETS
Stocks 6 307,333 79,173
Debtors 7 2,121,663 2,202,617
Cash at bank and in hand 435,524 166,731
2,864,520 2,448,521
Creditors: Amounts Falling Due Within One Year 8 (779,373 ) (1,021,354 )
NET CURRENT ASSETS (LIABILITIES) 2,085,147 1,427,167
TOTAL ASSETS LESS CURRENT LIABILITIES 3,028,471 2,341,958
NET ASSETS 3,028,471 2,341,958
CAPITAL AND RESERVES
Called up share capital 9 11 11
Share premium account 186,945 186,945
Profit and Loss Account 2,841,515 2,155,002
SHAREHOLDERS' FUNDS 3,028,471 2,341,958
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Page 2
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 K King
Director
30th July 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
Immersive Interactive Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08249125 . The registered office is Penningtons Manches Cooper Llp, 9400 Garsington Road, Oxford Business Park, Oxford, OX4 2HN. The financial statements are presented in the company's presentation currency of GBP.
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. Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities
2.3. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their expected useful economic lives, which range from 3 to 8 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
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:
Freehold 2% straight line basis
Plant & Machinery 25% reducing balance basis
Motor Vehicles 25% reducing balance basis
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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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
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
2.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 17 (2022: 15)
17 15
4. Intangible Assets
Development Costs
£
Cost
As at 1 November 2022 1,067,418
Additions 291,153
As at 31 October 2023 1,358,571
Amortisation
As at 1 November 2022 298,545
Provided during the period 271,224
As at 31 October 2023 569,769
Net Book Value
As at 31 October 2023 788,802
As at 1 November 2022 768,873
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5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 November 2022 108,495 97,590 28,496 234,581
Additions - 1,000 20,900 21,900
As at 31 October 2023 108,495 98,590 49,396 256,481
Depreciation
As at 1 November 2022 13,019 56,236 19,408 88,663
Provided during the period 2,170 6,516 4,610 13,296
As at 31 October 2023 15,189 62,752 24,018 101,959
Net Book Value
As at 31 October 2023 93,306 35,838 25,378 154,522
As at 1 November 2022 95,476 41,354 9,088 145,918
6. Stocks
2023 2022
£ £
Stock 307,333 79,173
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 669,050 834,524
Amounts owed by group undertakings 1,246,784 1,180,900
Other debtors 205,829 187,193
2,121,663 2,202,617
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8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 110,917 88,776
Amounts owed to group undertakings - 18,403
Amounts owed to participating interests - 316,929
Other creditors 442,948 237,288
Taxation and social security 225,508 359,958
779,373 1,021,354
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 11 11
10. FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
11. Audit Information
The auditors report on the account of Immersive Interactive Ltd for the year ended 31 October 2023 was unqualified
The auditor's report was signed by Katharine Thompson (Senior Statutory Auditor) for and on behalf of Stubbs Parkin Limited , Statutory Auditor
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