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 10705197 A Foster S Osselton G Adkin K R Steele M Tombroff A W Foster D King D McCann iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10705197 2022-12-31 10705197 2023-12-31 10705197 2023-01-01 2023-12-31 10705197 frs-core:CurrentFinancialInstruments 2023-12-31 10705197 frs-core:Non-currentFinancialInstruments 2023-12-31 10705197 frs-core:FurnitureFittings 2023-12-31 10705197 frs-core:FurnitureFittings 2023-01-01 2023-12-31 10705197 frs-core:FurnitureFittings 2022-12-31 10705197 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-12-31 10705197 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 10705197 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2022-12-31 10705197 frs-core:OtherReservesSubtotal 2023-12-31 10705197 frs-core:SharePremium 2023-12-31 10705197 frs-core:ShareCapital 2023-12-31 10705197 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 10705197 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10705197 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 10705197 frs-bus:SmallEntities 2023-01-01 2023-12-31 10705197 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 10705197 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 10705197 frs-core:CostValuation 2022-12-31 10705197 frs-core:CostValuation 2023-12-31 10705197 frs-core:ProvisionsForImpairmentInvestments 2022-12-31 10705197 frs-core:ProvisionsForImpairmentInvestments 2023-12-31 10705197 frs-bus:Director1 2023-01-01 2023-12-31 10705197 frs-bus:Director2 2023-01-01 2023-12-31 10705197 frs-bus:Director3 2023-01-01 2023-12-31 10705197 frs-bus:Director4 2023-01-01 2023-12-31 10705197 frs-bus:Director5 2023-01-01 2023-12-31 10705197 frs-bus:Director6 2023-01-01 2023-12-31 10705197 frs-bus:Director7 2023-01-01 2023-12-31 10705197 frs-bus:Director8 2023-01-01 2023-12-31 10705197 frs-countries:EnglandWales 2023-01-01 2023-12-31 10705197 2021-12-31 10705197 2022-12-31 10705197 2022-01-01 2022-12-31 10705197 frs-core:CurrentFinancialInstruments 2022-12-31 10705197 frs-core:Non-currentFinancialInstruments 2022-12-31 10705197 frs-core:OtherReservesSubtotal 2022-12-31 10705197 frs-core:SharePremium 2022-12-31 10705197 frs-core:ShareCapital 2022-12-31 10705197 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 10705197
Iotech Systems Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10705197
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 73,684 50,191
Investments 5 8 8
73,692 50,199
CURRENT ASSETS
Debtors 6 1,312,520 959,884
Cash at bank and in hand 168,246 1,509,491
1,480,766 2,469,375
Creditors: Amounts Falling Due Within One Year 7 (339,346 ) (466,239 )
NET CURRENT ASSETS (LIABILITIES) 1,141,420 2,003,136
TOTAL ASSETS LESS CURRENT LIABILITIES 1,215,112 2,053,335
Creditors: Amounts Falling Due After More Than One Year 8 (32,959 ) (34,167 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (9,198 ) (1,956 )
NET ASSETS 1,172,955 2,017,212
CAPITAL AND RESERVES
Called up share capital 9 338 312
Share premium account 13,573,585 11,978,692
Other reserves 54,399 43,144
Profit and Loss Account (12,455,367 ) (10,004,936 )
SHAREHOLDERS' FUNDS 1,172,955 2,017,212
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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
K R Steele
Director
21/08/2024
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
Iotech Systems Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10705197 . The registered office is 6 Greenwood Close, Washington, NE38 8LR.
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.
Functional and Presentational Currency: 
The company's functional and presentational currency is GBP.
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.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
2.3. 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:
Leasehold 20% Straight Line
Fixtures & Fittings 33% Straight Line
2.4. 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.
2.5. Financial Instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
2.6. 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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2.7. 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 years 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 assets reflect 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.
2.8. 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.
2.9. 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.
2.10. Share Based Payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using either the fair value of the services received or the Black-Scholes model if that fair value cannot be estimated reliably. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will evetually vest. A corresponding adjustment is made to equity. 
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of themodification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment.
The share-based payment expense is not adjusted if the modified fair value is less than the original fair value. Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
2.11. Research and Development Costs
Expenditure on research and development is written off against profits in the year in which it is incurred.
2.12. Financial Commitment/Guarantees
The company had total guarantees and commitments at the balance sheet date of £23,030 (2022: £0).
A fixed charge held over by the bank.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 37 (2022: 37)
37 37
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4. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Total
£ £ £
Cost
As at 1 January 2023 65,371 140,955 206,326
Additions - 55,828 55,828
As at 31 December 2023 65,371 196,783 262,154
Depreciation
As at 1 January 2023 27,020 129,115 156,135
Provided during the period 13,075 19,260 32,335
As at 31 December 2023 40,095 148,375 188,470
Net Book Value
As at 31 December 2023 25,276 48,408 73,684
As at 1 January 2023 38,351 11,840 50,191
5. Investments
Subsidiaries
£
Cost
As at 1 January 2023 8
As at 31 December 2023 8
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 8
As at 1 January 2023 8
Investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting end date and any impairment losses or reversals of impairment losses are recognsied immediately in profit or loss.
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 373,180 373,950
Prepayments and accrued income 593,106 398,699
Other debtors 329,574 179,344
VAT 16,660 7,891
1,312,520 959,884
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 53,798 55,747
Bank loans and overdrafts 23,248 10,000
Other taxes and social security 30,926 108,495
Net wages 55,544 -
Other creditors 2,910 59,109
Accruals and deferred income 172,920 166,380
Directors' loan accounts - 65,976
Amounts owed to subsidiaries - 532
339,346 466,239
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 32,959 34,167
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 338 312
10. Borrowings and Loans
The company has no loans are due after 5 years.
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