Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 13067611 Mr Oluseyi Adediran Mr Oyewale Oyewo iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 13067611 2022-12-31 13067611 2023-12-31 13067611 2023-01-01 2023-12-31 13067611 frs-core:CurrentFinancialInstruments 2023-12-31 13067611 frs-core:Non-currentFinancialInstruments 2023-12-31 13067611 frs-core:ComputerEquipment 2023-12-31 13067611 frs-core:ComputerEquipment 2023-01-01 2023-12-31 13067611 frs-core:ComputerEquipment 2022-12-31 13067611 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 13067611 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 13067611 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 13067611 frs-core:ShareCapital 2023-12-31 13067611 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 13067611 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13067611 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 13067611 frs-bus:SmallEntities 2023-01-01 2023-12-31 13067611 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 13067611 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 13067611 frs-bus:Director1 2023-01-01 2023-12-31 13067611 frs-bus:Director2 2023-01-01 2023-12-31 13067611 frs-core:Non-currentFinancialInstruments 1 2023-12-31 13067611 frs-countries:EnglandWales 2023-01-01 2023-12-31 13067611 2021-12-31 13067611 2022-12-31 13067611 2022-01-01 2022-12-31 13067611 frs-core:CurrentFinancialInstruments 2022-12-31 13067611 frs-core:Non-currentFinancialInstruments 2022-12-31 13067611 frs-core:ShareCapital 2022-12-31 13067611 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 13067611 frs-core:Non-currentFinancialInstruments 1 2022-12-31
Registered number: 13067611
TETRAD INCORPORATION LIMITED
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: 13067611
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1,109,901 259,901
Tangible Assets 5 19,169 17,566
1,129,070 277,467
CURRENT ASSETS
Debtors 6 286,500 -
Cash at bank and in hand 249,721 15,483
536,221 15,483
Creditors: Amounts Falling Due Within One Year 7 (478,741 ) (5,395 )
NET CURRENT ASSETS (LIABILITIES) 57,480 10,088
TOTAL ASSETS LESS CURRENT LIABILITIES 1,186,550 287,555
Creditors: Amounts Falling Due After More Than One Year 8 (1,065,000 ) (215,000 )
NET ASSETS 121,550 72,555
CAPITAL AND RESERVES
Called up share capital 9 50,000 50,000
Profit and Loss Account 71,550 22,555
SHAREHOLDERS' FUNDS 121,550 72,555
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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 Oluseyi Adediran
Director
28/08/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
TETRAD INCORPORATION LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 13067611 . The registered office is Unit 48 Cariocca Business Park, 2, Sawley Road, Manchester, M40 8BB.
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. Turnover
Revenue from Foreign Exchange Transactions and Transfer Services
The Company's revenue is primarily generated from fees and foreign exchange spreads earned on international money transfers conducted on behalf of customers. Revenue is recognized at the point in time when the transaction is settled, as this is when the performance obligation to the customer is satisfied.
The transaction price, which represents the consideration expected to be received, is readily determinable upon settlement. This typically includes a combination of transaction fees and foreign exchange margins. Turnover reflects the total value of these fees and margins recognized during the period.
Cost of Revenue 
The cost of revenue primarily comprises the costs associated with sourcing foreign exchange in the market to fulfill customer transactions. This includes the direct cost of acquiring foreign currencies at prevailing market rates, as well as any related transaction costs incurred during the process. These costs are recognized at the point in time when the associated revenue is recognized, ensuring that the cost of revenue is matched with the corresponding revenue in the same accounting period.
Foreign Exchange Margin
The foreign exchange margin is generated from the difference between the exchange rate offered to the customer and the rate at which the currency is sourced in the market. This margin, along with the transaction fee, is agreed upon with the customer at the time of the transaction and contributes to the overall revenue.
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.
2.3. 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 ... to ... 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.
2.4. 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 20
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2.5. 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: NIL (2022: NIL)
- -
4. Intangible Assets
Development Costs
£
Cost or Valuation
As at 1 January 2023 259,901
Additions 850,000
As at 31 December 2023 1,109,901
Net Book Value
As at 31 December 2023 1,109,901
As at 1 January 2023 259,901
The £259,900.75 development fee was categorised as the payout for the software development.
5. Tangible Assets
Computer Equipment
£
Cost
As at 1 January 2023 21,957
Additions 7,493
As at 31 December 2023 29,450
...CONTINUED
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Page 5
Depreciation
As at 1 January 2023 4,391
Provided during the period 5,890
As at 31 December 2023 10,281
Net Book Value
As at 31 December 2023 19,169
As at 1 January 2023 17,566
6. Debtors
2023 2022
£ £
Due within one year
Other debtors 286,500 -
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 1 1
Corporation tax 14,907 5,394
Accruals and deferred income 850 -
Directors' loan accounts 462,983 -
478,741 5,395
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Other creditors - investors 1,015,000 165,000
Directors loan account 50,000 50,000
1,065,000 215,000
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 50,000 50,000
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