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Registered number: 11054011
IOT Horizon Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2023
Lumb Accountancy Services Limited
Chartered Certified Accountants
New Hall Hey Business Centre
New Hall Hey Road
Rawtenstall
Lancashire
BB4 6HL
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11054011
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 73,139 81,170
Tangible Assets 5 10,503 16,913
83,642 98,083
CURRENT ASSETS
Stocks 6 34,584 39,800
Debtors 7 108,274 102,892
Cash at bank and in hand 22,263 5
165,121 142,697
Creditors: Amounts Falling Due Within One Year 8 (250,818 ) (140,701 )
NET CURRENT ASSETS (LIABILITIES) (85,697 ) 1,996
TOTAL ASSETS LESS CURRENT LIABILITIES (2,055 ) 100,079
Creditors: Amounts Falling Due After More Than One Year 9 (87,352 ) (21,378 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (14,768 ) (14,768 )
NET (LIABILITIES)/ASSETS (104,175 ) 63,933
CAPITAL AND RESERVES
Called up share capital 10 200 200
Profit and Loss Account (104,375 ) 63,733
SHAREHOLDERS' FUNDS (104,175) 63,933
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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 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
Miss Niamh Allen
Director
25 July 2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
IOT Horizon Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11054011 . The registered office is New Hall Hey Business Centre, New Hall Hey Road, Rawtenstall, Lancashire, BB4 6HL.
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 recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. 
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. 
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probably that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. 
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered. 
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows: 
       Trademarks, patents and licences                20 years straight line
       Website costs                                              5 years straight line
       Other intangible assets                               10 years straight line
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:
Plant & Machinery 3 years straight line
Fixtures & Fittings 3 years straight line
Computer Equipment 3 years straight line
2.5. 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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2.6. Financial Instruments
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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. 
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. 
Equity instruments 
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company. 
2.7. Foreign Currencies
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the date of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss. 
2.8. Taxation
Current tax 
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. 
Deferred tax 
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted. 
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. 
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.10. Government Grant
Government grants are recognised in the profit and loss account 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 profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account 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 profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account 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: 7 (2022: 7)
7 7
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4. Intangible Assets
Website costs Other intangible assets Trademarks, patents and licences Total
£ £ £ £
Cost
As at 1 December 2022 20,180 64,121 1,010 85,311
Additions - 2,741 - 2,741
As at 30 November 2023 20,180 66,862 1,010 88,052
Amortisation
As at 1 December 2022 4,036 - 105 4,141
Provided during the period 4,036 6,686 50 10,772
As at 30 November 2023 8,072 6,686 155 14,913
Net Book Value
As at 30 November 2023 12,108 60,176 855 73,139
As at 1 December 2022 16,144 64,121 905 81,170
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 December 2022 6,079 8,570 11,531 26,180
Additions - - 1,348 1,348
Disposals - - (440 ) (440 )
As at 30 November 2023 6,079 8,570 12,439 27,088
Depreciation
As at 1 December 2022 - 1,876 7,391 9,267
Provided during the period 2,026 2,857 2,875 7,758
Disposals - - (440 ) (440 )
As at 30 November 2023 2,026 4,733 9,826 16,585
Net Book Value
As at 30 November 2023 4,053 3,837 2,613 10,503
As at 1 December 2022 6,079 6,694 4,140 16,913
6. Stocks
2023 2022
£ £
Stock 34,584 39,800
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7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 56,870 89,738
Other debtors 51,404 13,154
108,274 102,892
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 84,794 98,430
Bank loans and overdrafts 17,874 18,235
Other creditors 132,143 16,314
Taxation and social security 16,007 7,722
250,818 140,701
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 87,352 21,378
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 200 200
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