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Registered number: 09939392
Irakora Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
KPY PHILLIPS YOUNG LLP
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09939392
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 21,500 27,500
Tangible Assets 5 121,499 36,520
142,999 64,020
CURRENT ASSETS
Stocks 6 3,000 3,000
Debtors 7 37,580 46,513
Cash at bank and in hand 9,931 65,827
50,511 115,340
Creditors: Amounts Falling Due Within One Year 8 (231,763 ) (67,069 )
NET CURRENT ASSETS (LIABILITIES) (181,252 ) 48,271
TOTAL ASSETS LESS CURRENT LIABILITIES (38,253 ) 112,291
Creditors: Amounts Falling Due After More Than One Year 9 (52,623 ) (33,131 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (4,548 ) (16,334 )
NET (LIABILITIES)/ASSETS (95,424 ) 62,826
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account (95,425 ) 62,825
SHAREHOLDERS' FUNDS (95,424) 62,826
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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Joonbum Park
Director
20/09/2024
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
Irakora Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09939392 . The registered office is 24 The Green, Ealing, London, W5 5DA.
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
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.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
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:
Leasehold over 10 years straight line method
Plant & Machinery 20% straight line method
Fixtures & Fittings 20% straight line method
2.5. 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.
2.6. 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.
...CONTINUED
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2.6. Taxation - continued
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: 14 (2022: 15)
14 15
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2023 60,000
As at 31 December 2023 60,000
Amortisation
As at 1 January 2023 32,500
Provided during the period 6,000
As at 31 December 2023 38,500
Net Book Value
As at 31 December 2023 21,500
As at 1 January 2023 27,500
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 January 2023 39,633 9,261 84,226 133,120
Additions 105,000 (900 ) 4,632 108,732
As at 31 December 2023 144,633 8,361 88,858 241,852
Depreciation
As at 1 January 2023 17,453 7,552 71,595 96,600
Provided during the period 15,985 809 6,959 23,753
As at 31 December 2023 33,438 8,361 78,554 120,353
Net Book Value
As at 31 December 2023 111,195 - 10,304 121,499
As at 1 January 2023 22,180 1,709 12,631 36,520
Page 4
Page 5
6. Stocks
2023 2022
£ £
Stock 3,000 3,000
7. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 1,249 1,881
Other debtors 7,500 7,500
Other debtors (1) 28,831 16,197
Director's loan account - 20,935
37,580 46,513
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors (1 ) -
Bank loans and overdrafts 19,708 9,688
Corporation tax 23,114 15,534
Other taxes and social security 54,488 16,128
VAT 34,574 20,068
Net wages 20,723 474
Pension payable 73,244 1,009
Accruals and deferred income 5,647 4,168
Director's loan account 266 -
231,763 67,069
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 52,623 33,131
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr Joonbum Park 20,935 - 20,935 - -
The above loan is unsecured, interest free and repayable on demand.
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