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Registered number: 07864571
Givingforce Limited
Financial Statements
For The Year Ended 30 November 2023
Sloane & Co. LLP
Chartered Certified Accountants & Business Advisors
36-38 Westbourne Grove
Newton Road
London
W2 5SH
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—8
Page 1
Balance Sheet
Registered number: 07864571
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 845,873 715,124
Tangible Assets 5 3,647 9,918
849,520 725,042
CURRENT ASSETS
Debtors 6 130,533 162,282
Cash at bank and in hand 104,023 8,072
234,556 170,354
Creditors: Amounts Falling Due Within One Year 7 (736,524 ) (616,368 )
NET CURRENT ASSETS (LIABILITIES) (501,968 ) (446,014 )
TOTAL ASSETS LESS CURRENT LIABILITIES 347,552 279,028
Creditors: Amounts Falling Due After More Than One Year 8 (146,802 ) (148,026 )
PROVISIONS FOR LIABILITIES
Deferred Taxation - (3,577 )
NET ASSETS 200,750 127,425
CAPITAL AND RESERVES
Called up share capital 9 202 202
Share premium account 99,996 99,996
Profit and Loss Account 100,552 27,227
SHAREHOLDERS' FUNDS 200,750 127,425
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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 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 Ejaz Rashid
Director
19 August 2024
The notes on pages 3 to 8 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Givingforce Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07864571 . The registered office is Charlotte Building 6th Floor, 17 Gresse St, London, W1T 1QL.
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. Going Concern Disclosure
These financial statements are prepared on the going concern basis. The director has assessed the company's ability to continue as a going concern and has considered possible events or conditions that might cast significant doubt on the ability of the company to continue as a going concern. The company has generated a profit of £86,720 (2022: £18,971) and had net assets of £200,751 (2022: £127,425) as at the balance sheet date. The results for the year and the position at the balance sheet date reflect a focus on preparing the business for growth and international expansion, which included hiring key staff and investing very significantly in R&D. The director has confirmed that he will continue to support the company for at least 12 months from the date of signing these financial statements. As a result, the director has a reasonable expectation that the company will continue in operational existence for the foreseeable future.
2.3. 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.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are Development Costs. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.5. Research and Development
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
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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:
Fixtures & Fittings 33% straight line
Computer Equipment 33% straight line
2.7. Leasing and Hire Purchase Contracts
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2.8. Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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.
2.9. 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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2.10. Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the
deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company
has a legally enforceable right to offset current tax assets
2.11. Pensions
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The balance outstanding at the year end in respect of defined contribution schemes was £1,630 (2022: £2,260) were due to the fund. They are included in Other creditors - Pension fund.
2.12. Government Grant
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
2.13. Accounting policies
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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2.14. Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2.15. Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 16 (2022: 17)
16 17
4. Intangible Assets
Development Costs
£
Cost
As at 1 December 2022 1,355,440
Additions 435,901
As at 30 November 2023 1,791,341
Amortisation
As at 1 December 2022 640,316
Provided during the period 305,152
As at 30 November 2023 945,468
Net Book Value
As at 30 November 2023 845,873
As at 1 December 2022 715,124
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 December 2022 2,814 45,532 48,346
Additions - 133 133
As at 30 November 2023 2,814 45,665 48,479
...CONTINUED
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Depreciation
As at 1 December 2022 2,814 35,614 38,428
Provided during the period - 6,404 6,404
As at 30 November 2023 2,814 42,018 44,832
Net Book Value
As at 30 November 2023 - 3,647 3,647
As at 1 December 2022 - 9,918 9,918
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 107,972 85,278
Prepayments and accrued income 22,561 77,004
130,533 162,282
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 31,759 17,867
Bank loans and overdrafts 5,514 5,514
Corporation tax 12,457 -
Other taxes and social security 8,593 11,342
VAT 36,706 33,413
Other creditors 7,827 49,340
Other creditors - Pension fund 1,630 -
Accruals and deferred income 196,268 90,006
Director's loan account 435,770 408,886
736,524 616,368
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 146,802 148,026
146,802 148,026
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 202 202
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10. Related Party Transactions
Included within other creditors is a loan of £435,770 (2022: £408,886) due to E Rashid the director of the company. The loan is unsecured, interest free and repayable on demand.
11. Ultimate Controlling Party
The company is under the control of its director E Rashid.
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