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 10708290 Mr Simon Henry Kenner Dr Steven Schooling Dr David Selviah Mr Martin Richards Mr Ravi Gidwani iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10708290 2022-12-31 10708290 2023-12-31 10708290 2023-01-01 2023-12-31 10708290 frs-core:CurrentFinancialInstruments 2023-12-31 10708290 frs-core:SharePremium 2023-12-31 10708290 frs-core:ShareCapital 2023-12-31 10708290 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 10708290 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10708290 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 10708290 frs-bus:SmallEntities 2023-01-01 2023-12-31 10708290 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 10708290 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 10708290 frs-bus:Director1 2023-01-01 2023-12-31 10708290 frs-bus:Director2 2023-01-01 2023-12-31 10708290 frs-bus:Director3 2023-01-01 2023-12-31 10708290 frs-bus:Director4 2023-01-01 2023-12-31 10708290 frs-bus:Director5 2023-01-01 2023-12-31 10708290 frs-core:CurrentFinancialInstruments 1 2023-12-31 10708290 frs-countries:EnglandWales 2023-01-01 2023-12-31 10708290 2021-12-31 10708290 2022-12-31 10708290 2022-01-01 2022-12-31 10708290 frs-core:CurrentFinancialInstruments 2022-12-31 10708290 frs-core:SharePremium 2022-12-31 10708290 frs-core:ShareCapital 2022-12-31 10708290 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 10708290 frs-core:CurrentFinancialInstruments 1 2022-12-31
Registered number: 10708290
Correvate Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Clarus Knight Ltd
Unaudited Financial Statements
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—3
Page 1
Balance Sheet
Registered number: 10708290
2023 2022
Notes £ £ £ £
CURRENT ASSETS
Debtors 4 169,495 251,690
Cash at bank and in hand 493,788 778,256
663,283 1,029,946
Creditors: Amounts Falling Due Within One Year 5 (866,992 ) (306,809 )
NET CURRENT ASSETS (LIABILITIES) (203,709 ) 723,137
TOTAL ASSETS LESS CURRENT LIABILITIES (203,709 ) 723,137
NET (LIABILITIES)/ASSETS (203,709 ) 723,137
CAPITAL AND RESERVES
Called up share capital 6 47,415 47,415
Share premium account 5,379,734 5,379,734
Profit and Loss Account (5,630,858 ) (4,704,012 )
SHAREHOLDERS' FUNDS (203,709) 723,137
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 Ravi Gidwani
Director
20/05/2024
The notes on pages 2 to 3 form part of these financial statements.
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Page 2
Notes to the Financial Statements
1. General Information
Correvate Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10708290 . The registered office is 190 Clarence Gate Gardens, Glentworth Street, London, England, NW1 6AD.
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 ability to continue as a going concern is dependent on its ability to generate sufficient cash flows from operations, secure additional financing if necessary, and successfully execute its business plans. Management is actively monitoring the Company's cash flow forecasts and exploring various financing options to ensure continuity of operations. Accordingly, despite the operating loss shown in the Proft and Loss Account, the directors are of the view that the company is a going concern, and so these financial statements have been prepared on this basis.
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
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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. Research and Development
Expenditure on research and development is written off in the year it is incurred.
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.
2.6. 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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2022: 14)
11 14
4. Debtors
2023 2022
£ £
Due within one year
Trade debtors 1,251 -
Other debtors 158,409 247,665
Pension scheme prepayments 806 197
VAT 9,029 3,828
169,495 251,690
In the current and prior year, 'other debtors' represents payments due from HMRC for Research and Development Tax credits
5. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 8,228 4,979
Bank loans and overdrafts 2,037 833
Other taxes and social security 270 21,517
Net wages 775 -
Other creditors. 556,550 -
Accruals and deferred income 299,132 279,480
866,992 306,809
In the current year, Other creditors represents amounts received that were converted into share capital on 9 February 2024.  
6. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 47,415 47,415
Page 3