Acorah Software Products - Accounts Production 15.0.600 false true true 30 June 2023 1 July 2022 false 1 July 2023 30 June 2024 30 June 2024 09087415 Mr Philip Ashton Mr Matei Beremski Mr Davor Hebel Mr Samuel Herbert Mr Jeffrey Sage iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09087415 2023-06-30 09087415 2024-06-30 09087415 2023-07-01 2024-06-30 09087415 frs-core:CurrentFinancialInstruments 2024-06-30 09087415 frs-core:Non-currentFinancialInstruments 2024-06-30 09087415 frs-core:ComputerEquipment 2024-06-30 09087415 frs-core:ComputerEquipment 2023-07-01 2024-06-30 09087415 frs-core:ComputerEquipment 2023-06-30 09087415 frs-core:FurnitureFittings 2024-06-30 09087415 frs-core:FurnitureFittings 2023-07-01 2024-06-30 09087415 frs-core:FurnitureFittings 2023-06-30 09087415 frs-core:WithinOneYear 2024-06-30 09087415 frs-core:OtherReservesSubtotal 2024-06-30 09087415 frs-core:SharePremium 2024-06-30 09087415 frs-core:ShareCapital 2024-06-30 09087415 frs-core:RetainedEarningsAccumulatedLosses 2024-06-30 09087415 frs-bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 09087415 frs-bus:FilletedAccounts 2023-07-01 2024-06-30 09087415 frs-bus:SmallEntities 2023-07-01 2024-06-30 09087415 frs-bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 09087415 frs-bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 09087415 frs-core:CostValuation 2023-06-30 09087415 frs-core:CostValuation 2024-06-30 09087415 frs-core:ProvisionsForImpairmentInvestments 2023-06-30 09087415 frs-core:ImpairmentLossProvisionsForImpairmentInvestments 2024-06-30 09087415 frs-core:ProvisionsForImpairmentInvestments 2024-06-30 09087415 frs-bus:Director1 2023-07-01 2024-06-30 09087415 frs-bus:Director2 2023-07-01 2024-06-30 09087415 frs-bus:Director3 2023-07-01 2024-06-30 09087415 frs-bus:Director4 2023-07-01 2024-06-30 09087415 frs-bus:Director5 2023-07-01 2024-06-30 09087415 frs-countries:EnglandWales 2023-07-01 2024-06-30 09087415 2022-06-30 09087415 2023-06-30 09087415 2022-07-01 2023-06-30 09087415 frs-core:CurrentFinancialInstruments 2023-06-30 09087415 frs-core:Non-currentFinancialInstruments 2023-06-30 09087415 frs-core:BetweenOneFiveYears 2023-06-30 09087415 frs-core:WithinOneYear 2023-06-30 09087415 frs-core:OtherReservesSubtotal 2023-06-30 09087415 frs-core:SharePremium 2023-06-30 09087415 frs-core:ShareCapital 2023-06-30 09087415 frs-core:RetainedEarningsAccumulatedLosses 2023-06-30
Registered number: 09087415
Seven Bridges Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
Finerva
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 09087415
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 31,679 73,037
Investments 5 - 168
31,679 73,205
CURRENT ASSETS
Debtors 6 1,346,107 860,297
Cash at bank and in hand 16,026 2,299,410
1,362,133 3,159,707
Creditors: Amounts Falling Due Within One Year 7 (1,429,776 ) (797,415 )
NET CURRENT ASSETS (LIABILITIES) (67,643 ) 2,362,292
TOTAL ASSETS LESS CURRENT LIABILITIES (35,964 ) 2,435,497
Creditors: Amounts Falling Due After More Than One Year 8 (4,029,155 ) (2,363,845 )
NET (LIABILITIES)/ASSETS (4,065,119 ) 71,652
CAPITAL AND RESERVES
Called up share capital 9 803 779
Share premium account 14,870,471 14,870,471
Convertible loans & Pre-subscription 822,198 608,715
Profit and Loss Account (19,758,591 ) (15,408,313 )
SHAREHOLDERS' FUNDS (4,065,119) 71,652
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For the year ending 30 June 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 Philip Ashton
Director
9 September 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
Seven Bridges Limited is a private company,  limited by shares, incorporated in England & Wales, registered number 09087415 . The registered office is 71-75 Shelton Street, London, WC2H 9JQ.
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’s financial statements have been prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the company’s needs. In assessing going concern, the directors based their consideration on cash flow forecasts which cover the next 2 years.  The forecasts are based on assumptions which include conservative estimates of future revenue projections, future fundraising from external investors and ongoing support from existing investors. The financial statements do not include any adjustments that may result from any significant changes in the assumptions used in preparing the cash-flow forecasts.
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 from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated  contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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:
Fixtures & Fittings 33.3% per annum on a straight line basis
Computer Equipment 33.3% per annum on a straight line basis
The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Repairs and maintenance costs are charged to profit or loss during the period in which they are incurred.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use. Any impairment loss is recognised immediately as an expense within the profit or loss.
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2.5. Financial Instruments
Trade and other debtors / creditors
Trade and other debtors are recognised initially at transaction prices less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.
Investments
Investments in subsidiaries are held at cost less accumulated impairment losses.
Impairment of financial assets
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 within profit or loss.
For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset’s carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.
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.
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.
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
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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.
2.10. Research and development expenditure
Research and development expenditure is written off against profits in the year in which it is incurred.
2.11. Fixed asset investment
Interests in subsidiaries entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
2.12. Interest receivable
Interest income is recognised in profit or loss as they accrue, using the effective interest rate method.
2.12. Preparation of consolidated accounts
The company is exempt under Section 399 of the Companies Act from the requirement to prepare consolidated financial statements by virtue of the fact it is subject to the small companies regime. These financial statements contain information the company as an individual undertaking and not about this group. 
2.13. Convertible loans
On the initial issue of convertible debt, the company allocates the proceeds between the liability component and the equity component. To make the allocation, the company first determines the amount of the liability component as fair value of a similar liability that does not have a conversion feature. The residual amount is allocated as the equity component. Any transaction costs are allocated between debt component and equity component on the basis of their relative fair values. The liability component of the instrument is subsequently measured on an amortised cost basis. Any initial allocations are not revised in subsequent periods.
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 41 (2023: 60)
41 60
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 July 2023 17,779 161,153 178,932
Disposals - (17,746 ) (17,746 )
As at 30 June 2024 17,779 143,407 161,186
Depreciation
As at 1 July 2023 15,363 90,532 105,895
Provided during the period 1,208 33,292 34,500
Disposals - (10,888 ) (10,888 )
As at 30 June 2024 16,571 112,936 129,507
Net Book Value
As at 30 June 2024 1,208 30,471 31,679
As at 1 July 2023 2,416 70,621 73,037
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5. Investments
Subsidiaries
£
Cost
As at 1 July 2023 168
As at 30 June 2024 168
Provision
As at 1 July 2023 -
Impairment losses 168
As at 30 June 2024 168
Net Book Value
As at 30 June 2024 -
As at 1 July 2023 168
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 342,752 709,708
Other debtors 1,003,355 150,589
1,346,107 860,297
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 226,868 269,919
Bank loans and overdrafts 121 -
Other loans 113,676 -
Other creditors 677,934 527,496
Taxation and social security 411,177 -
1,429,776 797,415
Included within other creditors are outstanding pension contributions of £16,075 (2023: £33,817).
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Convertible loan notes 3,759,880 2,363,845
Loans - others 269,275 -
4,029,155 2,363,845
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 803 779
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10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 43,313 51,450
Later than one year and not later than five years - 5,813
43,313 57,263
11. Related Party Transactions
The company has taken advantage of the exemption available under FRS 102 not to disclose related party transactions with wholly owned subsidiaries in the group.
12. Registered charges
A fixed and floating charge over all the property and undertaking of the company was registered on 16 April 2024 in favour of SPRK Capital Limited.
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