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Registered number: 09084459
Mixam Associates Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Director's Report 1
Consolidated Statement of Income and Retained Earnings 2
Consolidated Balance Sheet 3—4
Company Balance Sheet 5—6
Notes to the Financial Statements 7—11
Page 1
Director's Report
The director presents his report and the financial statements for the year ended 31 December 2023.
Directors
The director who held office during the year were as follows:
Mr Ram Zetuny
Statement of Director's Responsibilities
The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing the financial statements the director is required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
Mr Ram Zetuny
Director
14/08/2024
Page 1
Page 2
Consolidated Statement of Income and Retained Earnings
2023 2022
Notes £ £
TURNOVER 26,976,195 22,864,417
Cost of sales (20,021,890 ) (17,901,452 )
GROSS PROFIT 6,954,305 4,962,965
Administrative expenses (5,553,265 ) (4,817,576 )
Other operating income - 5,000
OPERATING PROFIT 1,401,040 150,389
Other interest receivable and similar income 7,709 187
Interest payable and similar charges (16,792 ) (5,778 )
PROFIT BEFORE TAXATION 1,391,957 144,798
Tax on Profit (145,395 ) 37,262
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT 1,246,562 182,060
RETAINED EARNINGS
As at 1 January 2023 856,397 674,337
As at 31 December 2023 2,102,959 856,397
The notes on pages 7 to 11 form part of these financial statements.
Page 2
Page 3
Consolidated Balance Sheet
Registered number: 09084459
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1,496,074 2,228,246
Tangible Assets 5 149,098 191,726
Investments 6 334 334
1,645,506 2,420,306
CURRENT ASSETS
Debtors 7 820,454 491,356
Cash at bank and in hand 2,223,517 1,396,099
3,043,971 1,887,455
Creditors: Amounts Falling Due Within One Year 8 (2,129,417 ) (1,854,262 )
NET CURRENT ASSETS (LIABILITIES) 914,554 33,193
TOTAL ASSETS LESS CURRENT LIABILITIES 2,560,060 2,453,499
Creditors: Amounts Falling Due After More Than One Year 9 (206,666 ) (346,667 )
NET ASSETS 2,353,394 2,106,832
CAPITAL AND RESERVES
Called up share capital 10 250,435 250,435
Revaluation reserve - 1,000,000
Profit and Loss Account 2,102,959 856,397
SHAREHOLDERS' FUNDS 2,353,394 2,106,832
Page 3
Page 4
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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
On behalf of the board
Mr Ram Zetuny
Director
14/08/2024
The notes on pages 7 to 11 form part of these financial statements.
Page 4
Page 5
Company Balance Sheet
Registered number: 09084459
2023 2022
Notes £ £ £ £
FIXED ASSETS
Investments 6 250,230 250,230
250,230 250,230
CURRENT ASSETS
Debtors 7 434 434
434 434
Creditors: Amounts Falling Due Within One Year 8 (229 ) (229 )
NET CURRENT ASSETS (LIABILITIES) 205 205
TOTAL ASSETS LESS CURRENT LIABILITIES 250,435 250,435
NET ASSETS 250,435 250,435
CAPITAL AND RESERVES
Called up share capital 10 250,435 250,435
SHAREHOLDERS' FUNDS 250,435 250,435
Page 5
Page 6
In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit/(loss) for the year was £ (2022: £ profit).
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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Ram Zetuny
Director
14/08/2024
The notes on pages 7 to 11 form part of these financial statements.
Page 6
Page 7
Notes to the Financial Statements
1. General Information
Mixam Associates Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09084459 . The registered office is 6 Hercules Way, Watford, Hertfordshire, WD25 7GS.
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. Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 December 2023.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.
Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.
2.3. Business Combinations
Business combinations are accounted for by applying the purchase method.
The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.
Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.
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2.4. 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.
2.5. 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 to ... on a straight line basis over their expected useful economic lives, which range from ... to ... 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.
2.6. 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:
Motor Vehicles 25% WDV
Fixtures & Fittings 25% WDV
Computer Equipment 25% WDV
2.7. 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.
2.8. 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 group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
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
Group
Average number of employees, including directors, during the year was: 50 (2022: 43)
Company
Average number of employees, including directors, during the year was: 2 (2022: 2)
50 43
2 2
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4. Intangible Assets
Group
Development Costs
£
Cost or Valuation
As at 1 January 2023 2,681,289
Additions 536,552
Revaluations (1,000,000 )
As at 31 December 2023 2,217,841
Amortisation
As at 1 January 2023 453,043
Provided during the period 268,724
As at 31 December 2023 721,767
Net Book Value
As at 31 December 2023 1,496,074
As at 1 January 2023 2,228,246
Company
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
5. Tangible Assets
Group
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 January 2023 109,045 281,086 390,131
Additions - 5,878 5,878
As at 31 December 2023 109,045 286,964 396,009
Depreciation
As at 1 January 2023 19,124 179,281 198,405
Provided during the period 40,623 7,883 48,506
As at 31 December 2023 59,747 187,164 246,911
Net Book Value
As at 31 December 2023 49,298 99,800 149,098
As at 1 January 2023 89,921 101,805 191,726
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6. Investments
Group
Subsidiaries
£
Cost
As at 1 January 2023 334
As at 31 December 2023 334
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 334
As at 1 January 2023 334
Company
Subsidiaries
£
Cost
As at 1 January 2023 250,230
As at 31 December 2023 250,230
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 250,230
As at 1 January 2023 250,230
The companies wholly owned subsidiaries are:
Mixam UK Limited - registered in the UK.
Mixam Platforms Limited - registered in the UK
Mixam Inc - registered in the USA
Mixam Canada Inc - registered in Canada
Mixam Australia PTY Ltd  - registered in Australia
Mixam EU Limited - registered in Ireland
The company has a 66% interest in Mixam 2000 Ltd registered in Israel.
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7. Debtors
Group Company
2023 2022 2023 2022
£ £ £ £
Due within one year
Trade debtors 45,493 59,839 - -
Prepayments and accrued income 62,432 84,943 - -
Other debtors 2,099 53,578 434 434
VAT 25,561 44,156 - -
Director's loan account 684,869 248,840 - -
820,454 491,356 434 434
8. Creditors: Amounts Falling Due Within One Year
Group Company
2023 2022 2023 2022
£ £ £ £
Trade creditors 978,949 1,122,891 - -
Bank loans and overdrafts 147,858 147,857 - -
Corporation tax 254,193 32,112 - -
Other taxes and social security 216,052 7,616 - -
Net wages 20,053 - - -
Other creditors 229 64,888 229 229
Accruals and deferred income 512,083 478,898 - -
2,129,417 1,854,262 229 229
9. Creditors: Amounts Falling Due After More Than One Year
Group
2023 2022
£ £
Bank loans 206,666 346,667
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 250,435 250,435
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr Ram Zetuny 248,840 436,029 - - 684,869
The above loan is unsecured, interest free and repayable on demand.
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