Acorah Software Products - Accounts Production 15.0.600 false true true 30 November 2022 1 September 2022 false 1 December 2022 30 November 2023 30 November 2023 NI640485 Mrs Joanne O'Doherty Mrs Jackie Crooks iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure NI640485 2022-11-30 NI640485 2023-11-30 NI640485 2022-12-01 2023-11-30 NI640485 frs-core:CurrentFinancialInstruments 2023-11-30 NI640485 frs-core:Non-currentFinancialInstruments 2023-11-30 NI640485 frs-core:ComputerEquipment 2022-12-01 2023-11-30 NI640485 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-11-30 NI640485 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-01 2023-11-30 NI640485 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-11-30 NI640485 frs-core:FurnitureFittings 2023-11-30 NI640485 frs-core:FurnitureFittings 2022-12-01 2023-11-30 NI640485 frs-core:FurnitureFittings 2022-11-30 NI640485 frs-core:SharePremium 2023-11-30 NI640485 frs-core:ShareCapital 2023-11-30 NI640485 frs-core:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 NI640485 frs-core:RetainedEarningsAccumulatedLosses 2023-11-30 NI640485 frs-bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 NI640485 frs-bus:FilletedAccounts 2022-12-01 2023-11-30 NI640485 frs-bus:SmallEntities 2022-12-01 2023-11-30 NI640485 frs-bus:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 NI640485 frs-bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 NI640485 frs-bus:Director1 2022-12-01 2023-11-30 NI640485 frs-bus:Director2 2022-12-01 2023-11-30 NI640485 frs-core:CurrentFinancialInstruments 1 2023-11-30 NI640485 frs-core:Non-currentFinancialInstruments 1 2023-11-30 NI640485 frs-countries:NorthernIreland 2022-12-01 2023-11-30 NI640485 2022-08-31 NI640485 2022-11-30 NI640485 2022-09-01 2022-11-30 NI640485 frs-core:CurrentFinancialInstruments 2022-11-30 NI640485 frs-core:Non-currentFinancialInstruments 2022-11-30 NI640485 frs-core:SharePremium 2022-08-31 NI640485 frs-core:SharePremium 2022-11-30 NI640485 frs-core:ShareCapital 2022-08-31 NI640485 frs-core:ShareCapital 2022-11-30 NI640485 frs-core:RetainedEarningsAccumulatedLosses 2022-09-01 2022-11-30 NI640485 frs-core:RetainedEarningsAccumulatedLosses frs-core:PreviouslyStatedAmount 2022-08-31 NI640485 frs-core:RetainedEarningsAccumulatedLosses 2022-11-30 NI640485 frs-core:CurrentFinancialInstruments 1 2022-11-30 NI640485 frs-core:Non-currentFinancialInstruments 1 2022-11-30
Registered number: NI640485
Kinsetsu limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—8
Page 1
Balance Sheet
Registered number: NI640485
30 November 2023 30 November 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 47,833
Tangible Assets 5 150,193 112,761
150,193 160,594
CURRENT ASSETS
Stocks 6 95,104 85,210
Debtors 7 369,368 655,026
Cash at bank and in hand 130,265 943,246
594,737 1,683,482
Creditors: Amounts Falling Due Within One Year 8 (974,168 ) (1,186,959 )
NET CURRENT ASSETS (LIABILITIES) (379,431 ) 496,523
TOTAL ASSETS LESS CURRENT LIABILITIES (229,238 ) 657,117
Creditors: Amounts Falling Due After More Than One Year 9 (453,640 ) (483,196 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (28,536 ) (21,425 )
NET (LIABILITIES)/ASSETS (711,414 ) 152,496
CAPITAL AND RESERVES
Called up share capital 10 4 3
Share premium account 2,604,778 1,450,455
Profit and Loss Account (3,316,196 ) (1,297,962 )
SHAREHOLDERS' FUNDS (711,414) 152,496
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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
Mrs Joanne O'Doherty
Director
10th January 2024
The notes on pages 4 to 8 form part of these financial statements.
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Page 3
Statement of Changes in Equity
Share Capital Share Premium Profit and Loss Account Total
£ £ £ £
As at 1 September 2022 2 - (1,106,213 ) (1,106,211)
Loss for the period and total comprehensive income - - (191,749 ) (191,749)
Arising on shares issued during the period 1 1,450,455 - 1,450,456
As at 30 November 2022 and 1 December 2022 3 1,450,455 (1,297,962 ) 152,496
Loss for the year and total comprehensive income - - (2,018,234 ) (2,018,234)
Arising on shares issued during the period 1 1,154,323 - 1,154,324
As at 30 November 2023 4 2,604,778 (3,316,196 ) (711,414)
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Notes to the Financial Statements
1. General Information
Kinsetsu limited is a private company, limited by shares, incorporated in Northern Ireland, registered number NI640485 . The registered office is Unit A4 Harbour Court, 5 Heron Road, Belfast, Northern Ireland, BT3 9HB.
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
After making enquiries the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and accordingly have prepared the financial statements on the going concern basis.
2.3. Turnover
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
2.4. Research and Development
Intangible assets comprise expenditure on development. Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life of 3 years on a straight line basis.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. 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 15% reducing balance basis
Computer Equipment 15% reducing balance basis
2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.7. Stocks and Work in Progress
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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2.8. Foreign Currencies
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
2.9. Taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
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.
2.10. Pensions
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
2.11. 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.
2.12. Trade Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
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2.13. Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3. Average Number of Employees
Average number of employees, including directors, during the period was as follows: 26 (2022: 21)
26 21
4. Intangible Assets
Development Costs
£
Cost
As at 1 December 2022 458,000
As at 30 November 2023 458,000
Amortisation
As at 1 December 2022 410,167
Provided during the period 47,833
As at 30 November 2023 458,000
Net Book Value
As at 30 November 2023 -
As at 1 December 2022 47,833
The intangible asset consists of internally developed software and these are amortised over three years on a straight line basis.
5. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 December 2022 154,788
Additions 78,029
As at 30 November 2023 232,817
Depreciation
As at 1 December 2022 42,027
Provided during the period 40,597
As at 30 November 2023 82,624
Net Book Value
As at 30 November 2023 150,193
As at 1 December 2022 112,761
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6. Stocks
30 November 2023 30 November 2022
£ £
Stock 52,693 42,799
Finished goods 42,411 42,411
95,104 85,210
7. Debtors
30 November 2023 30 November 2022
£ £
Due within one year
Trade debtors 72,592 317,181
Prepayments and accrued income 76,361 150,418
Other debtors 1,343 422
Corporation tax recoverable assets 219,072 187,005
369,368 655,026
8. Creditors: Amounts Falling Due Within One Year
30 November 2023 30 November 2022
£ £
Trade creditors 102,547 119,646
Bank loans and overdrafts 45,090 136,632
Other taxes and social security 370,021 423,050
VAT 76,762 86,720
Other loans 116,404 134,917
Sundry creditors 22,553 17,131
Accruals and deferred income 240,791 268,299
Directors' loan accounts - 564
974,168 1,186,959
The above bank loans from Barclays bank are on a floating rate basis. The loans are repayable in full by December 2025 and May 2026.
9. Creditors: Amounts Falling Due After More Than One Year
30 November 2023 30 November 2022
£ £
Bank loans 50,051 -
Other loans > 1 Yr 403,589 483,196
453,640 483,196
The Other loan is repayable in equal monthly instalments until April 2027.
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10. Share Capital
30 November 2023 30 November 2022
£ £
Allotted, Called up and fully paid 4 3
There were 731,660 £0.000001 ordinary shares issued during the period to 30 November 2023.
11. Future Developments
Difficult economic and trading conditions made for a challenging year in FY23.The Company finished the year with an second intake of private investment to help it scale and has a positve outlook heading into FY24 with an upturn predicted in the key sectors it serves.
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