Acorah Software Products - Accounts Production 14.6.300 false true 30 November 2022 1 December 2021 false 1 December 2022 30 November 2023 30 November 2023 08155332 Mr Norman Peterson Mr Craig Peterson Mr William Kennedy Ms Suzanne Lupton Mr Norman Peterson iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08155332 2022-11-30 08155332 2023-11-30 08155332 2022-12-01 2023-11-30 08155332 frs-core:CurrentFinancialInstruments 2023-11-30 08155332 frs-core:Non-currentFinancialInstruments 2023-11-30 08155332 frs-core:ComputerEquipment 2023-11-30 08155332 frs-core:ComputerEquipment 2022-12-01 2023-11-30 08155332 frs-core:ComputerEquipment 2022-11-30 08155332 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-11-30 08155332 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-01 2023-11-30 08155332 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-11-30 08155332 frs-core:FurnitureFittings 2023-11-30 08155332 frs-core:FurnitureFittings 2022-12-01 2023-11-30 08155332 frs-core:FurnitureFittings 2022-11-30 08155332 frs-core:OtherResidualIntangibleAssets 2023-11-30 08155332 frs-core:OtherResidualIntangibleAssets 2022-12-01 2023-11-30 08155332 frs-core:OtherResidualIntangibleAssets 2022-11-30 08155332 frs-core:OtherReservesSubtotal 2023-11-30 08155332 frs-core:SharePremium 2023-11-30 08155332 frs-core:ShareCapital 2023-11-30 08155332 frs-core:RetainedEarningsAccumulatedLosses 2023-11-30 08155332 frs-bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 08155332 frs-bus:FilletedAccounts 2022-12-01 2023-11-30 08155332 frs-bus:SmallEntities 2022-12-01 2023-11-30 08155332 frs-bus:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 08155332 frs-bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 08155332 frs-core:CostValuation 2022-11-30 08155332 frs-core:DisposalsRepaymentsInvestments 2023-11-30 08155332 frs-core:CostValuation 2023-11-30 08155332 frs-core:ProvisionsForImpairmentInvestments 2022-11-30 08155332 frs-core:ProvisionsForImpairmentInvestments 2023-11-30 08155332 frs-bus:Director1 2022-12-01 2023-11-30 08155332 frs-bus:Director2 2022-12-01 2023-11-30 08155332 frs-bus:Director3 2022-12-01 2023-11-30 08155332 frs-bus:Director4 2022-12-01 2023-11-30 08155332 frs-bus:CompanySecretary1 2022-12-01 2023-11-30 08155332 frs-countries:EnglandWales 2022-12-01 2023-11-30 08155332 2021-11-30 08155332 2022-11-30 08155332 2021-12-01 2022-11-30 08155332 frs-core:CurrentFinancialInstruments 2022-11-30 08155332 frs-core:Non-currentFinancialInstruments 2022-11-30 08155332 frs-core:OtherReservesSubtotal 2022-11-30 08155332 frs-core:SharePremium 2022-11-30 08155332 frs-core:ShareCapital 2022-11-30 08155332 frs-core:RetainedEarningsAccumulatedLosses 2022-11-30
Registered number: 08155332
Growth Capital Ventures Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 08155332
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1,865,271 1,269,776
Tangible Assets 5 9,633 7,366
Investments 6 575,072 632,072
2,449,976 1,909,214
CURRENT ASSETS
Stocks 7 17,405 14,170
Debtors 8 419,760 422,720
Cash at bank and in hand 21,690 11,560
458,855 448,450
Creditors: Amounts Falling Due Within One Year 9 (298,082 ) (258,722 )
NET CURRENT ASSETS (LIABILITIES) 160,773 189,728
TOTAL ASSETS LESS CURRENT LIABILITIES 2,610,749 2,098,942
Creditors: Amounts Falling Due After More Than One Year 10 (21,667 ) (31,667 )
NET ASSETS 2,589,082 2,067,275
CAPITAL AND RESERVES
Called up share capital 11 3,917 3,917
Share premium account 3,857,524 3,327,864
Other reserves 89,520 89,520
Income Statement (1,361,879 ) (1,354,026 )
SHAREHOLDERS' FUNDS 2,589,082 2,067,275
Page 1
Page 2
For the year ending 30 November 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 Income Statement.
On behalf of the board
Mr Norman Peterson
Director
12th August 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Growth Capital Ventures Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08155332 . The registered office is Carlton House, 15 Parsons Court, Co Durham, DL5 6ZE.
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.
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. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are a platform being built. Completed projects are already being amortised to income statement over its estimated economic life of 20 years and any uncompleted projects will be amortised in future periods once complete.
2.4. 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.
2.5. 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 25% on Reducing Balance
Computer Equipment 25% on Reducing Balance
2.6. 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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Page 4
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. Government Grant
Government grants are recognised in the income statement 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 income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement 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 income statement over the useful life of the asset concerned.
All grants in the income statement 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: 22 (2022: 22)
22 22
4. Intangible Assets
Other Development Costs Total
£ £ £
Cost
As at 1 December 2022 225 1,334,405 1,334,630
Additions - 608,000 608,000
As at 30 November 2023 225 1,942,405 1,942,630
Amortisation
As at 1 December 2022 - 64,854 64,854
Provided during the period - 12,505 12,505
As at 30 November 2023 - 77,359 77,359
Net Book Value
As at 30 November 2023 225 1,865,046 1,865,271
As at 1 December 2022 225 1,269,551 1,269,776
Page 4
Page 5
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 December 2022 31,832 1,985 33,817
Additions - 4,050 4,050
As at 30 November 2023 31,832 6,035 37,867
Depreciation
As at 1 December 2022 26,341 110 26,451
Provided during the period 1,121 662 1,783
As at 30 November 2023 27,462 772 28,234
Net Book Value
As at 30 November 2023 4,370 5,263 9,633
As at 1 December 2022 5,491 1,875 7,366
6. Investments
Other
£
Cost
As at 1 December 2022 632,072
Disposals (57,000 )
As at 30 November 2023 575,072
Provision
As at 1 December 2022 -
As at 30 November 2023 -
Net Book Value
As at 30 November 2023 575,072
As at 1 December 2022 632,072
7. Stocks
2023 2022
£ £
Work in progress 17,405 14,170
8. Debtors
2023 2022
£ £
Due within one year
Trade debtors 141,627 219,106
Prepayments and accrued income 99,213 107,865
Corporation tax recoverable assets 177,024 94,200
Amounts owed by other participating interests 1,896 1,549
419,760 422,720
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9. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 101,702 109,570
Bank loans and overdrafts 10,000 10,000
Other taxes and social security 122,005 70,683
VAT 10,113 28,606
Other creditors 44,453 3,955
Accruals and deferred income 9,809 35,908
298,082 258,722
10. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 21,667 31,667
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 3,917 3,917
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