Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 12619573 Mr Luis Valente Mr Mehak Mumtaz iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12619573 2022-12-31 12619573 2023-12-31 12619573 2023-01-01 2023-12-31 12619573 frs-core:CurrentFinancialInstruments 2023-12-31 12619573 frs-core:SharePremium 2023-12-31 12619573 frs-core:ShareCapital 2023-12-31 12619573 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 12619573 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12619573 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 12619573 frs-bus:SmallEntities 2023-01-01 2023-12-31 12619573 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 12619573 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 12619573 frs-core:CostValuation 2022-12-31 12619573 frs-core:AdditionsToInvestments 2023-12-31 12619573 frs-core:RevaluationsIncreaseDecreaseInInvestments 2023-12-31 12619573 frs-core:CostValuation 2023-12-31 12619573 frs-core:ProvisionsForImpairmentInvestments 2022-12-31 12619573 frs-core:ProvisionsForImpairmentInvestments 2023-12-31 12619573 frs-core:UnlistedNon-exchangeTraded 2023-12-31 12619573 frs-core:UnlistedNon-exchangeTraded 2022-12-31 12619573 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2022-12-31 12619573 frs-core:AdditionsToInvestments frs-core:UnlistedNon-exchangeTraded 2023-12-31 12619573 frs-core:RevaluationsIncreaseDecreaseInInvestments frs-core:UnlistedNon-exchangeTraded 2023-12-31 12619573 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-12-31 12619573 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2022-12-31 12619573 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-12-31 12619573 frs-bus:Director1 2023-01-01 2023-12-31 12619573 frs-bus:Director2 2023-01-01 2023-12-31 12619573 frs-countries:EnglandWales 2023-01-01 2023-12-31 12619573 2021-12-31 12619573 2022-12-31 12619573 2022-01-01 2022-12-31 12619573 frs-core:CurrentFinancialInstruments 2022-12-31 12619573 frs-core:SharePremium 2022-12-31 12619573 frs-core:ShareCapital 2022-12-31 12619573 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 12619573
Ilof - Intelligent Lab On Fiber Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 12619573
2023 2022
Notes £ £ £ £
FIXED ASSETS
Investments 4 3,600,763 88,900
3,600,763 88,900
CURRENT ASSETS
Debtors 5 753 238,306
Cash at bank and in hand 63,726 3,480,313
64,479 3,718,619
Creditors: Amounts Falling Due Within One Year 6 (597,551 ) (56,215 )
NET CURRENT ASSETS (LIABILITIES) (533,072 ) 3,662,404
TOTAL ASSETS LESS CURRENT LIABILITIES 3,067,691 3,751,304
NET ASSETS 3,067,691 3,751,304
CAPITAL AND RESERVES
Called up share capital 7 791 791
Share premium account 3,934,728 3,934,728
Profit and Loss Account (867,828 ) (184,215 )
SHAREHOLDERS' FUNDS 3,067,691 3,751,304
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 Luis Valente
Director
16 August 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Ilof - Intelligent Lab On Fiber Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12619573 . The registered office is 124 City Road, London, EC1V 2NX.
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. 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.
2.3. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2022: NIL)
- -
4. Investments
Unlisted Other Total
£ £ £
Cost
As at 1 January 2023 88,900 - 88,900
Additions - 3,511,849 3,511,849
Revaluations 14 - 14
As at 31 December 2023 88,914 3,511,849 3,600,763
Provision
As at 1 January 2023 - - -
As at 31 December 2023 - - -
...CONTINUED
Page 3
Page 4
Net Book Value
As at 31 December 2023 88,914 3,511,849 3,600,763
As at 1 January 2023 88,900 - 88,900
5. Debtors
2023 2022
£ £
Due within one year
Other debtors - 235,456
VAT 753 2,850
753 238,306
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 17,325 13,440
Accruals and deferred income - 20,575
Directors' loan accounts 22,200 22,200
Amounts owed to related parties 558,026 -
597,551 56,215
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 791 791
Page 4