Acorah Software Products - Accounts Production 14.5.601 false true true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 12330483 Mr Ulrik Hansen Mr Eric Landau iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12330483 2022-12-31 12330483 2023-12-31 12330483 2023-01-01 2023-12-31 12330483 frs-core:CurrentFinancialInstruments 2023-12-31 12330483 frs-core:Non-currentFinancialInstruments 2023-12-31 12330483 frs-core:ComputerEquipment 2023-12-31 12330483 frs-core:ComputerEquipment 2023-01-01 2023-12-31 12330483 frs-core:ComputerEquipment 2022-12-31 12330483 frs-core:ShareCapital 2023-12-31 12330483 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 12330483 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12330483 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 12330483 frs-bus:SmallEntities 2023-01-01 2023-12-31 12330483 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 12330483 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 12330483 frs-bus:OrdinaryShareClass1 2023-01-01 2023-12-31 12330483 frs-bus:OrdinaryShareClass1 2023-12-31 12330483 frs-bus:Director1 2023-01-01 2023-12-31 12330483 frs-bus:Director2 2023-01-01 2023-12-31 12330483 frs-countries:EnglandWales 2023-01-01 2023-12-31 12330483 2021-12-31 12330483 2022-12-31 12330483 2022-01-01 2022-12-31 12330483 frs-core:CurrentFinancialInstruments 2022-12-31 12330483 frs-core:Non-currentFinancialInstruments 2022-12-31 12330483 frs-core:ShareCapital 2022-12-31 12330483 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 12330483 frs-bus:OrdinaryShareClass1 2022-01-01 2022-12-31
Registered number: 12330483
Cord Technologies Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Daly Accounting
The Cobalt Building
1600 Eureka Park, Lower Pemberton
Ashford
Kent
TN25 4BF
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 12330483
2023 2022
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 108,561 71,066
108,561 71,066
CURRENT ASSETS
Debtors 5 689,363 110,243
Cash at bank and in hand 5,866,675 5,875,274
6,556,038 5,985,517
Creditors: Amounts Falling Due Within One Year 6 (947,853 ) (206,096 )
NET CURRENT ASSETS (LIABILITIES) 5,608,185 5,779,421
TOTAL ASSETS LESS CURRENT LIABILITIES 5,716,746 5,850,487
Creditors: Amounts Falling Due After More Than One Year 7 (89,526 ) (54,124 )
NET ASSETS 5,627,220 5,796,363
CAPITAL AND RESERVES
Called up share capital 8 12,343,499 9,072,477
Profit and Loss Account (6,716,279 ) (3,276,114 )
SHAREHOLDERS' FUNDS 5,627,220 5,796,363
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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
Mr Ulrik Hansen
Director
15th April 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. 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.
1.2. Going Concern Disclosure
The Directors have a reasonable expectation that the company has adequate resources to continue in operational
existence for the foreseeable future. The financial statements have therefore been prepared on the going concern
basis.
1.3. Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the group and the turnover can be reliably measured. Turnover is measured as thr fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue is recognised in the period in which the licence is provided and is prorated on a straight line basis over the licence duration, on a per customer basis. 
1.4. 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:
Computer Equipment Over 5 Years
1.5. 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.
1.6. Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Corporation tax credits are recognised as income in the period necessary to match them with the related costs they
are intended to incentivise and when all relevant qualyfing conditions have been met.
1.7. Share-based payments
The parent company operates an EMI qualifying share option scheme on behalf of the company.
The fair value of the services received in exchange for the grant of the options is recognised as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions. At each statement of financial position date, the entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement. The credit entry is taken to reserves because the share options are equity-settled and then subsequently reclassified to creditors because the equity awards are fulfilled in the shares of the parent company. 
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1.8. Critical estimates and judgements
Share based payments as set out in the accounts have been made to certain employees, contractors, and advisors of the company. As disclosed in the Share Based Payments accounting policy note below, the fair value of any vested share options is recognised in the income statement and for the accounting period ending 31 December 2023, the fair value has been estimated as $0.30 per share. This is based on a independent valuation of common stock issued by the parent company.
There have been no other significant judgements or estimates applied to the numbers contained within these financial statements.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 39 (2022: 20)
39 20
3. Prior Period Adjustment
During the period there was a change in the Revenue accounting policy. The change resulted in a prior period adjustment, which decreased  sales revenue by £73,743 , with a corresponding increase in deferred revenue of the same amount.
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 January 2023 87,517
Additions 60,672
As at 31 December 2023 148,189
Depreciation
As at 1 January 2023 16,451
Provided during the period 23,177
As at 31 December 2023 39,628
Net Book Value
As at 31 December 2023 108,561
As at 1 January 2023 71,066
5. Debtors
2023 2022
as restated
£ £
Due within one year
Trade debtors 229,634 54,993
Prepayments and accrued income 47,245 35,585
Other debtors 39,962 19,665
Corporation tax recoverable assets 372,522 -
689,363 110,243
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6. Creditors: Amounts Falling Due Within One Year
2023 2022
as restated
£ £
Trade creditors 80,830 14,559
Other taxes and social security 157,239 103,614
VAT 11,834 10,628
Accruals and deferred income 697,950 77,295
947,853 206,096
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
as restated
£ £
Amounts owed to group undertakings 89,526 54,124
89,526 54,124
8. Share Capital
2023 2022
as restated
£ £
Allotted, Called up and fully paid 12,343,499 9,072,477
Value Number 2023 2022
as restated
Allotted, called up and fully paid £ £ £
Ordinary Shares 1.0000 12,343,499 12,343,499 9,072,477
Nominal value Number Amount
Shares issued during the period: £ £
Ordinary Shares 1.0000 3,271,022 3,271,022
9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
Land and buildings
2023 2022
£ £
Within 1 year 131,400 -
Between 1 and 5 years 188,640 -
320,040 -
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10. Related Party Transactions
The company is 100% owned by Cord Technologies Inc. at the year end, Cord Technologies Ltd. owed £89,526. (2022: £54,124) to the company. 
During the year new shares of £0.0001 each were issued to Cord Technologies Inc. in consideration of further investment of £3,271,022.
11. Share-based payments
The parent company operates an equity-settled share-based payment scheme on behalf of the company. This scheme has been provided to certain employees, contractors, and advisors.
At the date of the financial statements the company had granted 1,702,688 share options to 72 employees with an average exercise price of $0.0001 per share. As at the year-end 227,030 options had vested, 87,198 options had been exercised and 607,134 had lapsed.
All employee options issued had a two-part vesting conditions: 25% of the options shall vest on the first anniversary of the relevant vesting commencement date and the remaining 75% of the shares shall vest in 48 equal monthly instalments following the first anniversary of the vesting commencement date.
At the date of the financial statements the company also had granted 161,502 share options to 3 non- employees with an average exercise price of $0.89 per share. As at the year-end no options had vested, 85,062 options had been exercised and 65,118 had lapsed. These options vest over a period of three to four years from the date of grant, in accordance with the option contracts
12. General Information
Cord Technologies Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12330483 . The registered office is 3rd Floor, 86-90 Paul Street, London, EC2A 4NE.
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