Acorah Software Products - Accounts Production 15.0.600 false true true 31 December 2022 1 July 2022 false 1 January 2023 31 December 2023 31 December 2023 05926560 Mr Mark Read Mr Ian Atkins Mr Tom Klein Mr Donald Fuller iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05926560 2022-12-31 05926560 2023-12-31 05926560 2023-01-01 2023-12-31 05926560 frs-core:CurrentFinancialInstruments 2023-12-31 05926560 frs-core:Non-currentFinancialInstruments 2023-12-31 05926560 frs-core:ComputerEquipment 2023-12-31 05926560 frs-core:ComputerEquipment 2023-01-01 2023-12-31 05926560 frs-core:ComputerEquipment 2022-12-31 05926560 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 05926560 frs-core:FurnitureFittings 2023-12-31 05926560 frs-core:FurnitureFittings 2023-01-01 2023-12-31 05926560 frs-core:FurnitureFittings 2022-12-31 05926560 frs-core:OtherResidualIntangibleAssets 2023-12-31 05926560 frs-core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 05926560 frs-core:OtherResidualIntangibleAssets 2022-12-31 05926560 frs-core:SharePremium 2023-12-31 05926560 frs-core:ShareCapital 2023-12-31 05926560 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 05926560 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05926560 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 05926560 frs-bus:SmallEntities 2023-01-01 2023-12-31 05926560 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 05926560 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05926560 frs-bus:Director1 2023-01-01 2023-12-31 05926560 frs-bus:Director2 2023-01-01 2023-12-31 05926560 frs-bus:Director3 2023-01-01 2023-12-31 05926560 frs-bus:CompanySecretary1 2023-01-01 2023-12-31 05926560 frs-core:CurrentFinancialInstruments 4 2023-12-31 05926560 frs-core:CurrentFinancialInstruments 9 2023-12-31 05926560 frs-countries:EnglandWales 2023-01-01 2023-12-31 05926560 2022-06-30 05926560 2022-12-31 05926560 2022-07-01 2022-12-31 05926560 frs-core:CurrentFinancialInstruments 2022-12-31 05926560 frs-core:Non-currentFinancialInstruments 2022-12-31 05926560 frs-core:SharePremium 2022-12-31 05926560 frs-core:ShareCapital 2022-12-31 05926560 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 05926560 frs-core:CurrentFinancialInstruments 4 2022-12-31 05926560 frs-core:CurrentFinancialInstruments 9 2022-12-31
Registered number: 05926560
Rightboat Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 05926560
31 December 2023 31 December 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 75,930 91,839
Tangible Assets 5 5,228 1,449
81,158 93,288
CURRENT ASSETS
Debtors 6 244,622 289,526
Cash at bank and in hand 71,216 42,019
315,838 331,545
Creditors: Amounts Falling Due Within One Year 7 (131,480 ) (378,092 )
NET CURRENT ASSETS (LIABILITIES) 184,358 (46,547 )
TOTAL ASSETS LESS CURRENT LIABILITIES 265,516 46,741
Creditors: Amounts Falling Due After More Than One Year 8 (1,009,982 ) (737,219 )
NET LIABILITIES (744,466 ) (690,478 )
CAPITAL AND RESERVES
Called up share capital 9 757,261 598,769
Share premium account 1,349,749 331,298
Profit and Loss Account (2,851,476 ) (1,620,545 )
SHAREHOLDERS' FUNDS (744,466) (690,478)
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 Mark Read
Director
18th September 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
Rightboat Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 05926560 . The registered office is Fareham Innovation Centre Merlin House, 4 Meteor Way, Lee-On-The-Solent, Hampshire, PO13 9FU.
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
As at the statement of financial position date the Company had net liabilities. A director is a significant creditor of the Company and will not seek repayment of the debt until the Company can afford to repay it. Therefore, it is appropriate for the financial statements to be prepared on a going concern 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. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment.  Amortisation is provided on all intangible assets at rates to write off the cost of valuation of each asset over its estimated useful economic life of 5 years.
2.5. 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 25% reducing balance
Computer Equipment 33% reducing balance
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.
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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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2022: 3)
4 3
4. Intangible Assets
Other
£
Cost
As at 1 January 2023 289,952
Additions 2,500
As at 31 December 2023 292,452
Amortisation
As at 1 January 2023 198,113
Provided during the period 18,409
As at 31 December 2023 216,522
Net Book Value
As at 31 December 2023 75,930
As at 1 January 2023 91,839
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5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 January 2023 660 3,565 4,225
Additions 1,224 3,482 4,706
As at 31 December 2023 1,884 7,047 8,931
Depreciation
As at 1 January 2023 559 2,217 2,776
Provided during the period 126 801 927
As at 31 December 2023 685 3,018 3,703
Net Book Value
As at 31 December 2023 1,199 4,029 5,228
As at 1 January 2023 101 1,348 1,449
6. Debtors
31 December 2023 31 December 2022
£ £
Due within one year
Trade debtors 135 14,460
Prepayments and accrued income 15,636 58
Share subscription monies - unpaid 150,008 275,008
Corporation tax recoverable assets 44,390 -
VAT 34,453 -
244,622 289,526
7. Creditors: Amounts Falling Due Within One Year
31 December 2023 31 December 2022
£ £
Trade creditors 87,379 38,304
Bank loans and overdrafts 5,274 8,012
Other loans - 294,855
Other taxes and social security 8,722 13,039
VAT - 15,761
Net wages - 1,131
Employee Loan Account 5,577 -
Accruals and deferred income 24,528 6,990
131,480 378,092
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8. Creditors: Amounts Falling Due After More Than One Year
31 December 2023 31 December 2022
£ £
Bank loans 25,000 34,967
Directors loan account 984,982 702,252
1,009,982 737,219
9. Share Capital
31 December 2023 31 December 2022
£ £
Allotted, Called up and fully paid 757,261 598,769
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