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 12563684 Mr Hugo Elliott Mr Aiden Larkin Mr Christopher John Tyrer iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12563684 2022-12-31 12563684 2023-12-31 12563684 2023-01-01 2023-12-31 12563684 frs-core:CurrentFinancialInstruments 2023-12-31 12563684 frs-core:Non-currentFinancialInstruments 2023-12-31 12563684 frs-core:ComputerEquipment 2023-12-31 12563684 frs-core:ComputerEquipment 2023-01-01 2023-12-31 12563684 frs-core:ComputerEquipment 2022-12-31 12563684 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 12563684 frs-core:FurnitureFittings 2023-12-31 12563684 frs-core:FurnitureFittings 2023-01-01 2023-12-31 12563684 frs-core:FurnitureFittings 2022-12-31 12563684 frs-core:OtherResidualIntangibleAssets 2023-12-31 12563684 frs-core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 12563684 frs-core:OtherResidualIntangibleAssets 2022-12-31 12563684 frs-core:SharePremium 2023-12-31 12563684 frs-core:ShareCapital 2023-12-31 12563684 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 12563684 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12563684 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 12563684 frs-bus:SmallEntities 2023-01-01 2023-12-31 12563684 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 12563684 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 12563684 frs-bus:Director1 2023-01-01 2023-12-31 12563684 frs-bus:Director2 2023-01-01 2023-12-31 12563684 frs-bus:Director2 2022-12-31 12563684 frs-bus:Director2 2023-12-31 12563684 frs-bus:Director3 2023-01-01 2023-12-31 12563684 frs-countries:EnglandWales 2023-01-01 2023-12-31 12563684 2021-12-31 12563684 2022-12-31 12563684 2022-01-01 2022-12-31 12563684 frs-core:CurrentFinancialInstruments 2022-12-31 12563684 frs-core:Non-currentFinancialInstruments 2022-12-31 12563684 frs-core:SharePremium 2022-12-31 12563684 frs-core:ShareCapital 2022-12-31 12563684 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 12563684
Asset Reality Ltd
Financial Statements
For The Year Ended 31 December 2023
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12563684
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 911,002 260,532
Tangible Assets 5 7,862 11,147
918,864 271,679
CURRENT ASSETS
Debtors 6 917,668 114,855
Cash at bank and in hand 583,826 2,584,180
1,501,494 2,699,035
Creditors: Amounts Falling Due Within One Year 7 (246,724 ) (207,312 )
NET CURRENT ASSETS (LIABILITIES) 1,254,770 2,491,723
TOTAL ASSETS LESS CURRENT LIABILITIES 2,173,634 2,763,402
Creditors: Amounts Falling Due After More Than One Year 8 (86,238 ) (86,238 )
NET ASSETS 2,087,396 2,677,164
CAPITAL AND RESERVES
Called up share capital 9 172 172
Share premium account 4,934,634 3,516,032
Profit and Loss Account (2,847,410 ) (839,040 )
SHAREHOLDERS' FUNDS 2,087,396 2,677,164
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 Hugo Elliott
Director
31 May 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
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Notes to the Financial Statements
1. General Information
Asset Reality Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12563684 . The registered office is 90a High Street, Berkhamsted, Hertfordshire, HP4 2BL.
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.
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.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are software development costs. It is amortised to profit and loss account over its estimated economic life of 4 years.
2.4. 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 4 years
Computer Equipment 3 years
2.5. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2022: 3)
10 3
4. Intangible Assets
Other
£
Cost
As at 1 January 2023 268,687
Additions 841,417
As at 31 December 2023 1,110,104
...CONTINUED
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Page 4
Amortisation
As at 1 January 2023 8,155
Provided during the period 190,947
As at 31 December 2023 199,102
Net Book Value
As at 31 December 2023 911,002
As at 1 January 2023 260,532
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 January 2023 743 14,714 15,457
Additions 189 2,129 2,318
As at 31 December 2023 932 16,843 17,775
Depreciation
As at 1 January 2023 124 4,186 4,310
Provided during the period 296 5,283 5,579
Disposals - 24 24
As at 31 December 2023 420 9,493 9,913
Net Book Value
As at 31 December 2023 512 7,350 7,862
As at 1 January 2023 619 10,528 11,147
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 14,112 76,537
Prepayments and accrued income 80,283 30,836
VAT 28,398 7,226
Directors' loan accounts 162 256
122,955 114,855
Due after more than one year
Amounts owed by subsidiaries 794,713 -
794,713 -
917,668 114,855
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 235,937 110,873
Bank loans and overdrafts 1,107 -
Other taxes and social security 9,074 -
Net wages 294 294
Accruals and deferred income - 95,833
Directors' loan accounts 312 312
246,724 207,312
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Other creditors 86,238 86,238
86,238 86,238
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 172 172
10. 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 Aiden Larkin 256 162 256 - 162
The above loan is unsecured, interest free and repayable on demand.
11. Related Party Transactions
At the date of the balance sheet the following amounts were owed to Asset Reality Ltd by it's subsidiaries:
Asset Reality Inc - £749,710.09
Asset Reality (Italy) - £8,705.34
Asset Reality FZCO (UAE) - £75,000
At the date of the balance sheet the following amounts were owed by Asset Reality Ltd to it's subsidiary:
Asset Reality (Seychelles) - (£38,702.74)
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