Acorah Software Products - Accounts Production 15.0.600 false true true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 10265296 Mr James Crowley Mr Robert Taylor Mr Angus McCaffery iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10265296 2023-03-31 10265296 2024-03-31 10265296 2023-04-01 2024-03-31 10265296 frs-core:CurrentFinancialInstruments 2024-03-31 10265296 frs-core:Non-currentFinancialInstruments 2024-03-31 10265296 frs-core:ComputerEquipment 2024-03-31 10265296 frs-core:ComputerEquipment 2023-04-01 2024-03-31 10265296 frs-core:ComputerEquipment 2023-03-31 10265296 frs-core:CopyrightsPatentsTrademarksServiceOperatingRights 2024-03-31 10265296 frs-core:CopyrightsPatentsTrademarksServiceOperatingRights 2023-04-01 2024-03-31 10265296 frs-core:CopyrightsPatentsTrademarksServiceOperatingRights 2023-03-31 10265296 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 10265296 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-01 2024-03-31 10265296 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 10265296 frs-core:InvestmentPropertyIncludedWithinPPE 2023-04-01 2024-03-31 10265296 frs-core:OtherResidualIntangibleAssets 2024-03-31 10265296 frs-core:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 10265296 frs-core:OtherResidualIntangibleAssets 2023-03-31 10265296 frs-core:PlantMachinery 2024-03-31 10265296 frs-core:PlantMachinery 2023-04-01 2024-03-31 10265296 frs-core:PlantMachinery 2023-03-31 10265296 frs-core:SharePremium 2024-03-31 10265296 frs-core:ShareCapital 2024-03-31 10265296 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 10265296 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10265296 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 10265296 frs-bus:SmallEntities 2023-04-01 2024-03-31 10265296 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 10265296 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 10265296 frs-bus:Director1 2023-04-01 2024-03-31 10265296 frs-bus:Director2 2023-04-01 2024-03-31 10265296 frs-bus:Director3 2023-04-01 2024-03-31 10265296 frs-countries:EnglandWales 2023-04-01 2024-03-31 10265296 2022-03-31 10265296 2023-03-31 10265296 2022-04-01 2023-03-31 10265296 frs-core:CurrentFinancialInstruments 2023-03-31 10265296 frs-core:Non-currentFinancialInstruments 2023-03-31 10265296 frs-core:SharePremium 2023-03-31 10265296 frs-core:ShareCapital 2023-03-31 10265296 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 10265296
4GD Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Vör Accounting Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 10265296
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 951,540 762,118
Tangible Assets 5 24,496 28,317
976,036 790,435
CURRENT ASSETS
Stocks 6 209,167 802,658
Debtors 7 198,915 346,488
Cash at bank and in hand 43,883 358,244
451,965 1,507,390
Creditors: Amounts Falling Due Within One Year 8 (2,538,081 ) (3,279,023 )
NET CURRENT ASSETS (LIABILITIES) (2,086,116 ) (1,771,633 )
TOTAL ASSETS LESS CURRENT LIABILITIES (1,110,080 ) (981,198 )
Creditors: Amounts Falling Due After More Than One Year 9 (18,752 ) (30,002 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (1,942 ) (1,942 )
NET LIABILITIES (1,130,774 ) (1,013,142 )
CAPITAL AND RESERVES
Called up share capital 11 12,780 12,780
Share premium account 657,898 657,898
Profit and Loss Account (1,801,452 ) (1,683,820 )
SHAREHOLDERS' FUNDS (1,130,774) (1,013,142)
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For the year ending 31 March 2024 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 James Crowley
Director
05/09/2024
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
4GD Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10265296 . The registered office is 2 Hedley Court, Putney Hill, London, SW15 3NS.
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 financial statements have been prepared on a going concern basis as the directors believe adequate resources exist to enable it to meet its working capital requirements for at least twelve months from approval of 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.
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
• the Company has transferred the significant risks and rewards of ownership to the buyer;
• the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due under the transaction; and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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 of 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.
2.4. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised to on a straight line basis over their expected useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
2.5. Intangible Fixed Assets and Amortisation - Intellectual Property
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Development expenditure - 5 years
Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:
• It is technically feasible to complete the intangible asset so that it will be available for use or sale.
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2.6. 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 25% reducing balance
Computer Equipment 25% reducing balance
2.7. 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.
2.8. 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.
2.9. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 6)
5 6
4. Intangible Assets
Patents Development Costs Trademarks Total
£ £ £ £
Cost
As at 1 April 2023 92,777 908,897 2,592 1,004,266
Additions 26,026 407,070 - 433,096
As at 31 March 2024 118,803 1,315,967 2,592 1,437,362
...CONTINUED
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Amortisation
As at 1 April 2023 2,634 238,704 810 242,148
Provided during the period 6,341 236,814 519 243,674
As at 31 March 2024 8,975 475,518 1,329 485,822
Net Book Value
As at 31 March 2024 109,828 840,449 1,263 951,540
As at 1 April 2023 90,143 670,193 1,782 762,118
5. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 28,325 36,976 65,301
Additions 1,460 2,362 3,822
As at 31 March 2024 29,785 39,338 69,123
Depreciation
As at 1 April 2023 14,431 22,553 36,984
Provided during the period 3,583 4,060 7,643
As at 31 March 2024 18,014 26,613 44,627
Net Book Value
As at 31 March 2024 11,771 12,725 24,496
As at 1 April 2023 13,894 14,423 28,317
6. Stocks
2024 2023
£ £
Stock 209,167 802,658
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 24,990 141,948
Other debtors 173,925 204,540
198,915 346,488
Included in Other Debtors is corporation tax repayable for 2024 of £70,000 (2022 £86,483)
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 230,579 199,597
Bank loans and overdrafts 11,251 11,252
Other loans 1,832,974 998,447
Other creditors 463,277 1,992,074
Taxation and social security - 77,653
2,538,081 3,279,023
Bank loans includes a Government Bounce Back Loan of £11,251 borrowed in May 2020. This loan is for a term of 6 years and interest is fixed at 2.5% per annum.
Other loans includes US denomincated loans of $2m.  One is a loan of £817,919 borrowed from Mountain Horse Inc. in July 2022. This loan has been extended until July 2024 and interest is fixed at 10% per annum.  There is a similar loan with Kempa for £775,683 due for repayment in August 2024. The third loan in other loans is a loan of £239,370 borrowed from Machson Ltd in August and October 2021.   This loan is repayable on demand and accrues interest at 2.5% per month.
Other creditors includes a loan from a director, Angus McCaffery of £242,000 with interest at 2.5% per month
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 18,752 30,002
The company borrowed £50,000 as part of the Government’s Bounce Back Loan (BBL) scheme in May 2020. This loan is for a term of 6 years and interest is fixed at 2.5% per annum.
10. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 1,942 1,942
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 12,780 12,780
25,559 (2022 - 25,559) Ordinary shares of £0.50 each
12. Financial Instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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13. Related Party Transactions
Included in other creditors at the balance sheet date are amounts owed to the director, Angus McCaffery, of £242,000 (2023: £267,120).
At the 31st March 2024 there was a charge over the assets of the company in favour of Angus McCaffery, a director of the company.
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