Acorah Software Products - Accounts Production 14.6.300 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 06388739 Mr David Gudjonsson Mr Thordur Thorarinsson iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 06388739 2022-12-31 06388739 2023-12-31 06388739 2023-01-01 2023-12-31 06388739 frs-core:CurrentFinancialInstruments 2023-12-31 06388739 frs-core:Non-currentFinancialInstruments 2023-12-31 06388739 frs-core:ComputerEquipment 2023-12-31 06388739 frs-core:ComputerEquipment 2023-01-01 2023-12-31 06388739 frs-core:ComputerEquipment 2022-12-31 06388739 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 06388739 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 06388739 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 06388739 frs-core:FurnitureFittings 2023-12-31 06388739 frs-core:FurnitureFittings 2023-01-01 2023-12-31 06388739 frs-core:FurnitureFittings 2022-12-31 06388739 frs-core:ShareCapital 2023-12-31 06388739 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 06388739 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06388739 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 06388739 frs-bus:SmallEntities 2023-01-01 2023-12-31 06388739 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 06388739 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 06388739 frs-bus:Director1 2023-01-01 2023-12-31 06388739 frs-bus:Director2 2023-01-01 2023-12-31 06388739 frs-countries:EnglandWales 2023-01-01 2023-12-31 06388739 2021-12-31 06388739 2022-12-31 06388739 2022-01-01 2022-12-31 06388739 frs-core:CurrentFinancialInstruments 2022-12-31 06388739 frs-core:Non-currentFinancialInstruments 2022-12-31 06388739 frs-core:ShareCapital 2022-12-31 06388739 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 06388739
Handpoint Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
PJR ACCOUNTANCY SERVICES
16-18 WEST STREET
THE SQUARE
ROCHFORD
ESSEX
SS4 1AJ
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 06388739
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 696,933 1,081,762
Tangible Assets 5 5,269 6,586
702,202 1,088,348
CURRENT ASSETS
Stocks 6 10,217 29,392
Debtors 7 197,696 85,885
Cash at bank and in hand 21,001 306,240
228,914 421,517
Creditors: Amounts Falling Due Within One Year 8 (376,916 ) (228,068 )
NET CURRENT ASSETS (LIABILITIES) (148,002 ) 193,449
TOTAL ASSETS LESS CURRENT LIABILITIES 554,200 1,281,797
Creditors: Amounts Falling Due After More Than One Year 9 (168,595 ) (1,041,363 )
NET ASSETS 385,605 240,434
CAPITAL AND RESERVES
Called up share capital 10 2,365,053 2,365,053
Profit and Loss Account (1,979,448 ) (2,124,619 )
SHAREHOLDERS' FUNDS 385,605 240,434
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 David Gudjonsson
Director
Mr Thordur Thorarinsson
Director
05/07/2024
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
Handpoint Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06388739 . The registered office is 1ST FLOOR OFFICES, 16 - 18 WEST STREET, ROCHFORD, ESSEX, SS4 1AJ.
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 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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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. 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 of 4 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:
Fixtures & Fittings 20% reducing balance
Computer Equipment 20% reducing balance
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. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 2)
1 2
4. Intangible Assets
Development Costs
£
Cost
As at 1 January 2023 2,310,361
As at 31 December 2023 2,310,361
Amortisation
As at 1 January 2023 1,228,599
Impairment losses 384,829
As at 31 December 2023 1,613,428
Net Book Value
As at 31 December 2023 696,933
As at 1 January 2023 1,081,762
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5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 January 2023 940 15,437 16,377
As at 31 December 2023 940 15,437 16,377
Depreciation
As at 1 January 2023 560 9,231 9,791
Provided during the period 76 1,241 1,317
As at 31 December 2023 636 10,472 11,108
Net Book Value
As at 31 December 2023 304 4,965 5,269
As at 1 January 2023 380 6,206 6,586
6. Stocks
2023 2022
£ £
Stock 10,217 29,392
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 162,841 85,885
Prepayments and accrued income 34,461 -
Other taxes and social security 394 -
197,696 85,885
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 153,743 72,178
Capchase Loan 58,712 113,480
Other taxes and social security - 7,900
Other creditors 28,774 34,510
Accruals and deferred income 135,687 -
376,916 228,068
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Page 6
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 34,210 43,470
Capchase Loan (More than 1 year) 54,734 220,198
Handpoint intra-group loan accounts 79,651 777,695
168,595 1,041,363
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2,365,053 2,365,053
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