Acorah Software Products - Accounts Production 14.5.601 false true true 31 December 2022 1 January 2022 false 1 July 2024 1 January 2023 31 December 2023 31 December 2023 12830871 Mr Alexander M G Asseily Mr Edward Asseily Mr Gustavo Bassetti Mr Daniel J M Mouen Makoua iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12830871 2022-12-31 12830871 2023-12-31 12830871 2023-01-01 2023-12-31 12830871 frs-core:CurrentFinancialInstruments 2023-12-31 12830871 frs-core:Non-currentFinancialInstruments 2023-12-31 12830871 frs-core:ComputerEquipment 2023-12-31 12830871 frs-core:ComputerEquipment 2023-01-01 2023-12-31 12830871 frs-core:ComputerEquipment 2022-12-31 12830871 frs-core:FurnitureFittings 2023-12-31 12830871 frs-core:FurnitureFittings 2023-01-01 2023-12-31 12830871 frs-core:FurnitureFittings 2022-12-31 12830871 frs-core:SharePremium 2023-12-31 12830871 frs-core:ShareCapital 2023-12-31 12830871 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 12830871 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12830871 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 12830871 frs-bus:SmallEntities 2023-01-01 2023-12-31 12830871 frs-bus:Audited 2023-01-01 2023-12-31 12830871 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 12830871 frs-bus:OrdinaryShareClass1 2023-01-01 2023-12-31 12830871 frs-bus:OrdinaryShareClass1 2023-12-31 12830871 frs-bus:OrdinaryShareClass2 2023-01-01 2023-12-31 12830871 frs-bus:OrdinaryShareClass2 2023-12-31 12830871 frs-core:ListedExchangeTraded 2023-12-31 12830871 frs-core:ListedExchangeTraded 2022-12-31 12830871 frs-core:CostValuation frs-core:ListedExchangeTraded 2022-12-31 12830871 frs-core:CostValuation frs-core:ListedExchangeTraded 2023-12-31 12830871 frs-core:ProvisionsForImpairmentInvestments frs-core:ListedExchangeTraded 2022-12-31 12830871 frs-core:ProvisionsForImpairmentInvestments frs-core:ListedExchangeTraded 2023-12-31 12830871 frs-bus:Director1 2023-01-01 2023-12-31 12830871 frs-bus:Director2 2023-01-01 2023-12-31 12830871 frs-bus:Director3 2023-01-01 2023-12-31 12830871 frs-bus:Director4 2023-01-01 2023-12-31 12830871 frs-countries:EnglandWales 2023-01-01 2023-12-31 12830871 2021-12-31 12830871 2022-12-31 12830871 2022-01-01 2022-12-31 12830871 frs-core:CurrentFinancialInstruments 2022-12-31 12830871 frs-core:Non-currentFinancialInstruments 2022-12-31 12830871 frs-core:SharePremium 2022-12-31 12830871 frs-core:ShareCapital 2022-12-31 12830871 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 12830871 frs-bus:OrdinaryShareClass1 2022-01-01 2022-12-31 12830871 frs-bus:OrdinaryShareClass2 2022-01-01 2022-12-31
Registered number: 12830871
Zulu Forest Ltd
Financial Statements
For The Year Ended 31 December 2023
Daly Accounting
The Cobalt Building
1600 Eureka Park, Lower Pemberton
Ashford
Kent
TN25 4BF
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 12830871
2023 2022
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 25,393 23,321
Investments 4 80 80
25,473 23,401
CURRENT ASSETS
Debtors 5 151,639 456,339
Cash at bank and in hand 3,822,737 1,127,192
3,974,376 1,583,531
Creditors: Amounts Falling Due Within One Year 6 (713,407 ) (1,497,007 )
NET CURRENT ASSETS (LIABILITIES) 3,260,969 86,524
TOTAL ASSETS LESS CURRENT LIABILITIES 3,286,442 109,925
Creditors: Amounts Falling Due After More Than One Year 7 - (3,466,619 )
NET ASSETS/(LIABILITIES) 3,286,442 (3,356,694 )
CAPITAL AND RESERVES
Called up share capital 8 152 103
Share premium account 8,848,821 -
Profit and Loss Account (5,562,531 ) (3,356,797 )
SHAREHOLDERS' FUNDS 3,286,442 (3,356,694)
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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 Edward Asseily
Director
28th June 2024
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared in accordance with the provisions applicable to  companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18th April 2024.
1.2. Going Concern Disclosure
The Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The financial statements have therefore been prepared on the going concern basis.
1.3. Turnover
Turnover comprises revenue recognised by the company in respect of services supplied in the year
exclusive of trade discounts and excluding Value Added Tax.
Revenue is recognised when a service is provided.
1.4. 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 33%
Computer Equipment 33%
1.5. Financial Instruments
The Company only enters into transactions that result in basic financial instruments such as trade
and other debtors, trade and other creditors, cash at bank and in hand, loans to/from related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction
price less attributable transaction costs. Trade creditors, other creditors and loans from related
parties are recognised initially at transaction price plus attributable transaction costs. Subsequently
they are measured at amortised cost using the effective interest method, less any impairment losses
in the case of trade and other debtors, and loans to related parties.
Interest bearing borrowings, such bank loans, classified as basic financial instruments are recognised
initially at the present value of future payments discounted at a market rate of interest. Thereafter
they are stated at amortised cost using the effective interest method.
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are
repayable on demand and form an integral part of the Company's cash management.
1.6. 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.
1.7. Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Corporation tax credits are recognised as income in the period necessary to match them with the related costs they are intended to incentivise and when all relevant qualyfying conditions have been met.
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1.8. Pensions
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a
pension plan under which the Company pays fixed contributions into a separate entity. Once the
contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid
are shown in accruals as a liability in the Statement of financial position. The assets of the plan are
held separately from the Company in independently administered funds.
1.9. Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
1.10. Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest
method so that the amount charged is at a constant rate on the carrying amount. Issue costs are
initially recognised as a reduction in the proceeds of the associated capital instrument.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 17 (2022: 19)
17 19
3. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 January 2023 1,769 38,903 40,672
Additions - 20,822 20,822
Disposals - (3,215 ) (3,215 )
As at 31 December 2023 1,769 56,510 58,279
Depreciation
As at 1 January 2023 450 16,901 17,351
Provided during the period 590 16,516 17,106
Disposals - (1,571 ) (1,571 )
As at 31 December 2023 1,040 31,846 32,886
Net Book Value
As at 31 December 2023 729 24,664 25,393
As at 1 January 2023 1,319 22,002 23,321
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4. Investments
Listed
£
Cost
As at 1 January 2023 80
As at 31 December 2023 80
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 80
As at 1 January 2023 80
5. Debtors
2023 2022
as restated
£ £
Due within one year
Trade debtors 71,500 -
Prepayments and accrued income 6,395 6,331
Other debtors 31,766 33,672
Corporation tax recoverable assets - 403,520
VAT 41,978 12,816
151,639 456,339
The PAYE and NI liability set off against debtors in 2022, has been restated and shown under other liabilities for presentation.
6. Creditors: Amounts Falling Due Within One Year
2023 2022
as restated
£ £
Trade creditors 283,722 23,160
Other loans 266,667 -
Other taxes and social security 42,554 33,139
Other creditors 80 1,164,353
Accruals and deferred income 55,273 23,540
Directors' loan accounts 17 209,115
Amounts owed to group undertakings 65,094 43,700
713,407 1,497,007
The PAYE and NI liability set off against debtors in 2022, has been restated and shown under other liabilities for presentation.
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7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
as restated
£ £
Other creditors - 3,466,619
- 3,466,619
Other creditors falling due within one year for 2022 includes deferred share consideration totalling £919,931 and other creditors falling due after more than one year amounts to deferred share consideration totalling £3,466,619. Both the liabilites converted to equity in 2023.
8. Share Capital
2023 2022
as restated
£ £
Allotted, Called up and fully paid 152 103
Value Number 2023 2022
as restated
Allotted, called up and fully paid £ £ £
Ordinary Shares 0.0001 1,030,256 103 103
Ordinary A shares 0.0001 487,602 49 -
1,517,858 152 103
Nominal value Number Amount
Shares issued during the period: £ £
Ordinary A shares 0.0001 487,602 49
On 6 November 2023, the company allotted 487,602 Ordinary A shares of £0.0001 each for an average consideration of £18.38 per share. The premium on issue has been credited, net of expenses, to the share premium account.
9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
Land and buildings
2023 2022
£ £
Within 1 year 99,630 -
99,630 -
10. Pension Commitments
The Company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £16,399 (2022 - £14,317). 
Contributions totaling £4,667 (2022 - £3,071) were payable to the fund at the reporting date and are included in creditors.
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11. Related Party Transactions
Zulu Group Limited is considered as related party due to common directors. 
During the reporting period company has received loan of £615,573 and it has been settled during the year.
Rent has been received from the same party during the year for office license £54,963.
Trade Creditors include £117,186 and other loans include a balance of £133,333 due to Zulu Group Ltd.
12. Audit Information
The auditors report on the account of Zulu Forest Ltd for the year ended 31 December 2023 was unqualified
The auditor's report was signed by Sean Brennan FCCA (Senior Statutory Auditor) for and on behalf of Sopher + Co LLP Chartered Accountants , Statutory Auditor
Sopher + Co LLP Chartered Accountants
5 Elstree Gate, Elstree Way
Borehamwood
Hertfordshire
WD6 1JD
13. General Information
Zulu Forest Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12830871. The registered office is 23 Cobalt Building, 1600 Eureka Park, Ashford, Kent, United Kingdom, TN25 4BF. The Principal activity of the company is Business and domestic software devolpment.
The Company forms part of a wholly owned group and accordingly has taken advantage of the exemption allowed under section 33.1A of FRS 102 not to disclose transactions with other group companies.
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