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 11194291 Ms S Ashman Mrs H Masri Mr M G PÁLfalvi Mr E P Read Mr H Wigan Mr O H Wigan Mr B H Wigdortz N B Wigdortz iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11194291 2022-12-31 11194291 2023-12-31 11194291 2023-01-01 2023-12-31 11194291 frs-core:CurrentFinancialInstruments 2023-12-31 11194291 frs-core:Non-currentFinancialInstruments 2023-12-31 11194291 frs-core:ComputerEquipment 2023-12-31 11194291 frs-core:ComputerEquipment 2023-01-01 2023-12-31 11194291 frs-core:ComputerEquipment 2022-12-31 11194291 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 11194291 frs-core:FurnitureFittings 2023-12-31 11194291 frs-core:FurnitureFittings 2023-01-01 2023-12-31 11194291 frs-core:FurnitureFittings 2022-12-31 11194291 frs-core:OtherResidualIntangibleAssets 2023-12-31 11194291 frs-core:OtherResidualIntangibleAssets 2022-12-31 11194291 frs-core:OtherReservesSubtotal 2023-12-31 11194291 frs-core:SharePremium 2023-12-31 11194291 frs-core:ShareCapital 2023-12-31 11194291 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 11194291 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11194291 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 11194291 frs-bus:SmallEntities 2023-01-01 2023-12-31 11194291 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 11194291 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 11194291 frs-core:CostValuation 2022-12-31 11194291 frs-core:CostValuation 2023-12-31 11194291 frs-core:ProvisionsForImpairmentInvestments 2022-12-31 11194291 frs-core:ImpairmentLossProvisionsForImpairmentInvestments 2023-12-31 11194291 frs-core:ProvisionsForImpairmentInvestments 2023-12-31 11194291 frs-bus:Director1 2023-01-01 2023-12-31 11194291 frs-bus:Director2 2023-01-01 2023-12-31 11194291 frs-bus:Director3 2023-01-01 2023-12-31 11194291 frs-bus:Director4 2023-01-01 2023-12-31 11194291 frs-bus:Director5 2023-01-01 2023-12-31 11194291 frs-bus:Director6 2023-01-01 2023-12-31 11194291 frs-bus:Director7 2023-01-01 2023-12-31 11194291 frs-bus:CompanySecretary1 2023-01-01 2023-12-31 11194291 frs-countries:EnglandWales 2023-01-01 2023-12-31 11194291 2021-12-31 11194291 2022-12-31 11194291 2022-01-01 2022-12-31 11194291 frs-core:CurrentFinancialInstruments 2022-12-31 11194291 frs-core:Non-currentFinancialInstruments 2022-12-31 11194291 frs-core:OtherReservesSubtotal 2022-12-31 11194291 frs-core:SharePremium 2022-12-31 11194291 frs-core:ShareCapital 2022-12-31 11194291 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 11194291
Tiney Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Flinder Effect Limited
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 11194291
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 15,408 30,968
Investments 6 - 16,050
15,408 47,018
CURRENT ASSETS
Stocks 30,348 44,985
Debtors 7 589,260 739,105
Cash at bank and in hand 264,894 951,680
884,502 1,735,770
Creditors: Amounts Falling Due Within One Year 8 (755,053 ) (140,264 )
NET CURRENT ASSETS (LIABILITIES) 129,449 1,595,506
TOTAL ASSETS LESS CURRENT LIABILITIES 144,857 1,642,524
Creditors: Amounts Falling Due After More Than One Year 9 (3,056,115 ) (1,670,224 )
NET LIABILITIES (2,911,258 ) (27,700 )
CAPITAL AND RESERVES
Called up share capital 2 2
Share premium account 10,311,224 10,140,431
Share option reserves 269,475 208,851
Profit and Loss Account (13,491,959 ) (10,376,984 )
SHAREHOLDERS' FUNDS (2,911,258) (27,700)
Page 1
Page 2
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 B H Wigdortz
Director
29 August 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Tiney Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11194291 . The registered office is International House, 12 Constance Street, London, E16 2DQ.

The presentation currency of the financial statements is the Pound Sterling (£).
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
Whilst the business has been loss making in the financial year, the Directors regularly review the cash position and forecast and believe there are sufficient funds to pay liabilities as they fall due. As such, the Directors agree the going concern basis is the appropriate method to prepare these financial statements.
2.3. Significant judgements and estimations
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates if necessary. It also requires management to exercise judgement in applying the company accounting policies.
2.4. 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.
2.5. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of four years.
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:
Fixtures & Fittings Straight line over 4 years
Computer Equipment Straight line over 3 years
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.
2.8. Financial Instruments
The company has elected to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
...CONTINUED
Page 3
Page 4
2.8. Financial Instruments - continued
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement consitutes a financing transaction, where the transaction is measured at the present value if the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitute and financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditor are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently at amortised cost using the effective interest method.
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.
2.10. 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.
2.11. Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 39 (2022: 42)
39 42
Page 4
Page 5
4. Intangible Assets
Other
£
Cost
As at 1 January 2023 2,299
As at 31 December 2023 2,299
Amortisation
As at 1 January 2023 2,299
As at 31 December 2023 2,299
Net Book Value
As at 31 December 2023 -
As at 1 January 2023 -
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 January 2023 698 72,457 73,155
Additions - 4,307 4,307
As at 31 December 2023 698 76,764 77,462
Depreciation
As at 1 January 2023 378 41,809 42,187
Provided during the period 133 19,734 19,867
As at 31 December 2023 511 61,543 62,054
Net Book Value
As at 31 December 2023 187 15,221 15,408
As at 1 January 2023 320 30,648 30,968
6. Investments
Subsidiaries
£
Cost
As at 1 January 2023 16,050
As at 31 December 2023 16,050
Provision
As at 1 January 2023 -
Impairment losses 16,050
As at 31 December 2023 16,050
Net Book Value
As at 31 December 2023 -
As at 1 January 2023 16,050
Page 5
Page 6
7. Debtors
2023 2022
£ £
Due within one year
Other debtors 580,431 739,105
580,431 739,105
Due after more than one year
Amounts owed by group undertakings 8,829 -
8,829 -
589,260 739,105
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 107,817 40,354
Other creditors 556,293 27,469
Taxation and social security 90,943 72,441
755,053 140,264
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Other loans 3,056,115 1,670,224
3,056,115 1,670,224
The other creditors balance is a convertible loan note which is measured at fair value through profit or loss using the effective interest rate method. The effective rate of interest used is 9% per annum and the coupon interest rate is 5%. On recognition this resulted in Fair Value gain of £100,732 which has been recognised in the profit and loss account.
10. SHARE-BASED PAYMENT TRANSACTIONS
Approved Options

The Company operates an Approved EMI Share Option Plan where certain employees are granted options to purchase shares in the company. On exercise of the options by the employees, the Company issues new shares.
Since scheme inception in Feb-2019 options have been granted regularly at various exercise prices.The vesting schedule varies with each grant.

The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, share options during the year under the Approved EMI Share Option Plan.

The Company is unable to directly measure the fair value of employee services received. Instead the fair value of the share options granted during the year is determined using the Black-Scholes model. The model is internationally recognised as being appropriate to value employee share schemes similar to the scheme the Company have in place.

Approved options
2023
No.
image
2023
WAEP £
image
2022
No.
image
2022
WAEP £
image
Outstanding as at 1st January
251,120
0.63296
167,091
0.50632
Granted during the year
41,219
1.71000
107,079
0.85000
Lapsed during the year
(9,231)
0.85000
40,141
0.50632
...CONTINUED
Page 6
Page 7
Exercised 
(2,188)
0.79886
-
-
Outstanding at 31 December
283,108
image
0.77652
image
144,029
image
0.54708
image
Exercisable at 31 December
2,188
image
0.79886
image
19,119
image
0.79
image

Unapproved Options

The company also operate an unapproved share option plan for certain individuals. Under this plan, individuals are granted options over Ordinary shares with options vesting under differing schedules. Again, options under this plan have been granted at an exercise price equal to the fair value of the shares under option at the time of grant and therefore no expense is recognised in the financial statements for the options granted under this plan.

The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, share options during the year under the Unapproved Share Option Plan.


The Company is unable to directly measure the fair value of employee services received. Instead the fair value of the share options granted during the year is determined using the Black-Scholes model. The model is internationally recognised as being appropriate to value employee share schemes similar to the scheme the Company have in place.
Unapproved options
2023
No.
image
2023
WAEP £
image
2022
No.
image
2022
WAEP £
image
Outstanding as at 1st January
36,249
0.79
36,249
0.79
Granted during the year
3009
1.71
-
0.00
Lapsed during the year
-
-
-
-
Outstanding at 31 December
39,258
image
0.86
image
36,249
image
0.79
image
Exercisable at 31 December
-
image
0.00
image
-
image
0.00
image
Page 7