Acorah Software Products - Accounts Production 15.0.500 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 10867126 Sammy Abdullah Andrew Hughes Matthew Hay Oliver Felstead Jack Eadie Ewen Sturgeon iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10867126 2022-12-31 10867126 2023-12-31 10867126 2023-01-01 2023-12-31 10867126 frs-core:CurrentFinancialInstruments 2023-12-31 10867126 frs-core:Non-currentFinancialInstruments 2023-12-31 10867126 frs-core:ComputerEquipment 2023-12-31 10867126 frs-core:ComputerEquipment 2023-01-01 2023-12-31 10867126 frs-core:ComputerEquipment 2022-12-31 10867126 frs-core:FurnitureFittings 2023-12-31 10867126 frs-core:FurnitureFittings 2023-01-01 2023-12-31 10867126 frs-core:FurnitureFittings 2022-12-31 10867126 frs-core:PlantMachinery 2023-12-31 10867126 frs-core:PlantMachinery 2023-01-01 2023-12-31 10867126 frs-core:PlantMachinery 2022-12-31 10867126 frs-core:WithinOneYear 2023-12-31 10867126 frs-core:CapitalRedemptionReserve 2023-12-31 10867126 frs-core:SharePremium 2023-12-31 10867126 frs-core:ShareCapital 2023-12-31 10867126 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 10867126 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10867126 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 10867126 frs-bus:SmallEntities 2023-01-01 2023-12-31 10867126 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 10867126 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 10867126 frs-bus:OrdinaryShareClass1 2023-01-01 2023-12-31 10867126 frs-bus:OrdinaryShareClass1 2023-12-31 10867126 frs-bus:OrdinaryShareClass2 2023-01-01 2023-12-31 10867126 frs-bus:OrdinaryShareClass2 2023-12-31 10867126 frs-bus:OrdinaryShareClass3 2023-01-01 2023-12-31 10867126 frs-bus:OrdinaryShareClass3 2023-12-31 10867126 frs-bus:OrdinaryShareClass4 2023-01-01 2023-12-31 10867126 frs-bus:OrdinaryShareClass4 2023-12-31 10867126 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-12-31 10867126 frs-bus:Director1 2023-01-01 2023-12-31 10867126 frs-bus:Director2 2023-01-01 2023-12-31 10867126 frs-bus:Director3 2023-01-01 2023-12-31 10867126 frs-bus:Director4 2023-01-01 2023-12-31 10867126 frs-bus:Director5 2023-01-01 2023-12-31 10867126 frs-bus:Director6 2023-01-01 2023-12-31 10867126 frs-core:CurrentFinancialInstruments 1 2023-12-31 10867126 frs-core:Non-currentFinancialInstruments 1 2023-12-31 10867126 frs-countries:EnglandWales 2023-01-01 2023-12-31 10867126 2021-12-31 10867126 2022-12-31 10867126 2022-01-01 2022-12-31 10867126 frs-core:CurrentFinancialInstruments 2022-12-31 10867126 frs-core:Non-currentFinancialInstruments 2022-12-31 10867126 frs-core:BetweenOneFiveYears 2022-12-31 10867126 frs-core:WithinOneYear 2022-12-31 10867126 frs-core:CapitalRedemptionReserve 2022-12-31 10867126 frs-core:SharePremium 2022-12-31 10867126 frs-core:ShareCapital 2022-12-31 10867126 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 10867126 frs-bus:OrdinaryShareClass1 2022-01-01 2022-12-31 10867126 frs-bus:OrdinaryShareClass2 2022-01-01 2022-12-31 10867126 frs-bus:OrdinaryShareClass3 2022-01-01 2022-12-31 10867126 frs-bus:OrdinaryShareClass4 2022-01-01 2022-12-31 10867126 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2022-12-31 10867126 frs-core:CurrentFinancialInstruments 1 2022-12-31 10867126 frs-core:Non-currentFinancialInstruments 1 2022-12-31
Registered number: 10867126
Bulbshare Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10867126
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 26,162 13,321
26,162 13,321
CURRENT ASSETS
Debtors 5 2,854,506 962,849
Cash at bank and in hand 2,045,826 2,526,107
4,900,332 3,488,956
Creditors: Amounts Falling Due Within One Year 6 (2,848,287 ) (1,223,212 )
NET CURRENT ASSETS (LIABILITIES) 2,052,045 2,265,744
TOTAL ASSETS LESS CURRENT LIABILITIES 2,078,207 2,279,065
Creditors: Amounts Falling Due After More Than One Year 7 (806,337 ) (38,757 )
NET ASSETS 1,271,870 2,240,308
CAPITAL AND RESERVES
Called up share capital 8 242 242
Share premium account 6,878,033 6,878,033
Capital redemption reserve 9 9
Fair Value Reserve 31,741 12,727
Profit and Loss Account (5,638,155 ) (4,650,703 )
SHAREHOLDERS' FUNDS 1,271,870 2,240,308
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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
Matthew Hay
Director
9 August 2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Bulbshare Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10867126 . The registered office is 3-5 Hardwidge Street, London, SE1 3SY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared in Sterling (£), which is the functional currency of the company. The financial statements are for the year ended 31 December 2023 (2022: year ended 31 December 2022).
The financial statements are prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, 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 rendering of services.
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. 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:
Plant & Machinery 25% Straight line
Fixtures & Fittings 33.33% Straight line
Computer Equipment 33.33% Straight line
2.4. Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS 102 to all of its financial instruments.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial assets and liabilities
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as cash and bank balances, trade and other debtors and creditors, bank and other loans.
All financial assets and liabilities are initially measured at transaction price and subsequently measured at amortised cost. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found and impairment loss is recognised in the profit and loss account.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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
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 year 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 asset reflects 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. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.9. Share based payments
Share options are expensed to the profit and loss account over the vesting period at fair value. The fair value of the share options are measured at the date the options are granted.
2.10. Research and development
Research expenditure is written off to the profit and loss account in the year in which it is incurred.
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2.11. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 37 (2022: 28)
37 28
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 427 697 26,096 27,220
Additions 1,321 - 21,073 22,394
As at 31 December 2023 1,748 697 47,169 49,614
Depreciation
As at 1 January 2023 51 274 13,574 13,899
Provided during the period 389 233 8,931 9,553
As at 31 December 2023 440 507 22,505 23,452
Net Book Value
As at 31 December 2023 1,308 190 24,664 26,162
As at 1 January 2023 376 423 12,522 13,321
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 1,105,519 653,224
Prepayments and accrued income 1,748,987 297,217
VAT - 12,408
2,854,506 962,849
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 118,222 76,528
Bank loans and overdrafts 10,256 10,588
Other taxes and social security 60,447 52,852
VAT 51,980 -
Other loans 164,505 125,000
Other creditors 12,870 9,581
Accruals and deferred income 2,429,891 948,581
Directors' loan accounts 116 82
2,848,287 1,223,212
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7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans > 1 year 18,461 28,341
Other loans > 1 year 787,876 10,416
806,337 38,757
Other loans are secured by way of a fixed and floating charge over the intellectual property and interests of the company.
8. Share Capital
2023 2022
Allotted, called up and fully paid £ £
17,554 Ordinary Shares of £ 0.010 each 176 179
3,985 A1 Series of £ 0.010 each 40 40
2,204 A2 Series of £ 0.010 each 23 23
323 A3 Series of £ 0.010 each 3 -
242 242
Shares disposed during the period: £
323 Ordinary Shares of £ 0.010 each (3)
The company designated 323 £0.01 Ordinary Shares to a new share class, A3 Ordinary Shares.
All share classes have attached to them full voting, dividend and capital distribution right (including on winding up) rights; they do not confer any rights of redemption.
9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 56,833 63,481
Later than one year and not later than five years - 56,833
56,833 120,314
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 £9,781 (2022: £8,289) were due to the fund and are included within other creditors.
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