Acorah Software Products - Accounts Production 15.0.600 false true true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 06578522 Mr Tony Connolly Mr Darren Cran Mr Aman Ghei true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 06578522 2022-12-31 06578522 2023-12-31 06578522 2023-01-01 2023-12-31 06578522 frs-core:CurrentFinancialInstruments 2023-12-31 06578522 frs-core:ComputerEquipment 2023-12-31 06578522 frs-core:ComputerEquipment 2023-01-01 2023-12-31 06578522 frs-core:ComputerEquipment 2022-12-31 06578522 frs-core:ShareCapital 2023-12-31 06578522 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 06578522 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06578522 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 06578522 frs-bus:SmallEntities 2023-01-01 2023-12-31 06578522 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 06578522 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 06578522 1 2023-01-01 2023-12-31 06578522 frs-bus:Director1 2023-01-01 2023-12-31 06578522 frs-bus:Director2 2023-01-01 2023-12-31 06578522 frs-bus:Director3 2023-01-01 2023-12-31 06578522 frs-countries:EnglandWales 2023-01-01 2023-12-31 06578522 2021-12-31 06578522 2022-12-31 06578522 2022-01-01 2022-12-31 06578522 frs-core:CurrentFinancialInstruments 2022-12-31 06578522 frs-core:ShareCapital 2022-12-31 06578522 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 06578522
AccountsIQ Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06578522
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 10,217 8,454
10,217 8,454
CURRENT ASSETS
Debtors 5 1,445,774 723,973
Cash at bank and in hand 218,571 512,337
1,664,345 1,236,310
Creditors: Amounts Falling Due Within One Year 6 (1,382,317 ) (1,038,179 )
NET CURRENT ASSETS (LIABILITIES) 282,028 198,131
TOTAL ASSETS LESS CURRENT LIABILITIES 292,245 206,585
NET ASSETS 292,245 206,585
CAPITAL AND RESERVES
Called up share capital 7 2,048,450 2,048,450
Profit and Loss Account (1,756,205 ) (1,841,865 )
SHAREHOLDERS' FUNDS 292,245 206,585
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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 Tony Connolly
Director
22/08/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
AccountsIQ Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06578522 . The registered office is 51 St Mary's Road, Tonbridge, Kent, TN9 2LE.
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
The company is supported by its parent company, Visor Ltd a company incorporated in Ireland, through direct equity investment and long term loans. To support its growth strategy over the next 4-5 years, the parent company recently completed an investment round (June 2024) providing additional working capital of €3.2 million to the business. AccountsIQ Limited remains cash positive from its UK operations but the apportionment of head office related costs in relation to the delivery and support of the software and services resulted in a small profit for the year. The parent company is fully committed to the UK market and will continue to support the company with adequate working capital to reach profitability and to continue to grow without the need for further support. The directors therefore consider it appropriate to have a reasonable expectation that the company has adequate resources to continue to operate for the foreseeable future and therefore deem it appropriate to continue to adopt the going concern basis in preparing these financial statements.
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.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all the following conditions are satisfied:

  • the amount of revenue can be measured reliably;
  • it is probable that the company will receive the consideration due under the contract;
  • the stage of completion of the contract at the end of the reporting period can be measured reliably; and
  • the costs incurred and the costs to complete the contract can be measured reliably.
Revenue that is charged for a future period is treated as deferred income in the accounts.
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:
Computer Equipment 25% reducing balance
2.5. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2023 2022
Office and administration 20 23
20 23
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4. Tangible Assets
Computer Equipment
£
Cost
As at 1 January 2023 14,364
Additions 5,169
As at 31 December 2023 19,533
Depreciation
As at 1 January 2023 5,910
Provided during the period 3,406
As at 31 December 2023 9,316
Net Book Value
As at 31 December 2023 10,217
As at 1 January 2023 8,454
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 109,886 128,705
Prepayments and accrued income 69,874 17,005
Other debtors 51,052 43,199
Amounts owed by parent undertaking (Debtors < 1 year) 1,214,962 535,064
1,445,774 723,973
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 191,974 96,992
Other taxes and social security 36,181 40,461
VAT 284,092 203,955
Other creditors 22,612 22,253
Accruals and deferred income 847,458 674,518
1,382,317 1,038,179
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2,048,450 2,048,450
8. Related Party Transactions
During the year the company acquired services of £1,643,419 (2022: £1,147,052) from Visor Limited.
9. Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is Visor Limited, a company incorporated in Ireland.
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10. Business Review
The company sells and supports the AccountsIQ cloud accounting platform in the UK. The company's parent company, Visor Ltd a company incorporated in Ireland, develops and holds the Intellectual Property for the software, which it delivers internationally on a Software-as-a-Service recurring revenue service, under the brand AccountsIQ. The product strategy is focused on maximising the benefits of cloud delivery, particularly for multi-entity businesses, while maintaining the highest level of data security and integrity.
The business continues to perform well, with recurring revenue growth of almost 40% year on year. With over 4,000 businesses using AccountsIQ across 48 countries, the product is now well established with a strong international userbase. The company is well placed to take advantage of UK adoption of cloud based accounting systems by fast emerging and growing international businesses. The company is ramping up investment in marketing, sales and delivery to support the growth of its UK operation, with the financial support of its parent company.
Visor Ltd supports the company through direct equity investment and long term loans. To support its growth strategy over the next 4-5 years, the parent company recently completed an investment round (June 2024) providing additional working capital of €3.2 million to the business. AccountsIQ Limited remains cash positive from its UK operations and with the apportionment of head office related costs in relation to the delivery and support of the software and services results in a small profit. The parent company is fully committed to the UK market and will continue to support the company with adequate working capital to reach profitability and to continue to grow without the need for further support.
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