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 10276845 Ms Paula Murphy iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10276845 2022-12-31 10276845 2023-12-31 10276845 2023-01-01 2023-12-31 10276845 frs-core:CurrentFinancialInstruments 2023-12-31 10276845 frs-core:Non-currentFinancialInstruments 2023-12-31 10276845 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 10276845 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 10276845 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 10276845 frs-core:PlantMachinery 2023-12-31 10276845 frs-core:PlantMachinery 2023-01-01 2023-12-31 10276845 frs-core:PlantMachinery 2022-12-31 10276845 frs-core:ShareCapital 2023-12-31 10276845 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 10276845 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10276845 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 10276845 frs-bus:SmallEntities 2023-01-01 2023-12-31 10276845 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 10276845 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 10276845 frs-bus:Director1 2023-01-01 2023-12-31 10276845 frs-countries:EnglandWales 2023-01-01 2023-12-31 10276845 2021-12-31 10276845 2022-12-31 10276845 2022-01-01 2022-12-31 10276845 frs-core:CurrentFinancialInstruments 2022-12-31 10276845 frs-core:Non-currentFinancialInstruments 2022-12-31 10276845 frs-core:ShareCapital 2022-12-31 10276845 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 10276845
Knownow Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Think Smart Accounts Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10276845
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 576 769
Tangible Assets 5 1,816 1,144
2,392 1,913
CURRENT ASSETS
Debtors 6 4,772 -
Cash at bank and in hand 4,777 13,696
9,549 13,696
Creditors: Amounts Falling Due Within One Year 7 (40,080 ) (31,760 )
NET CURRENT ASSETS (LIABILITIES) (30,531 ) (18,064 )
TOTAL ASSETS LESS CURRENT LIABILITIES (28,139 ) (16,151 )
Creditors: Amounts Falling Due After More Than One Year 8 (21,596 ) (24,753 )
NET LIABILITIES (49,735 ) (40,904 )
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account (49,736 ) (40,905 )
SHAREHOLDERS' FUNDS (49,735) (40,904)
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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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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
Ms Paula Murphy
Director
20 September 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Knownow Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10276845 . The registered office is 15 Southwood Smith Hous, Florida Street, London , E2 6ND.
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. 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:
Plant & Machinery 25% on reducing balance
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.
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: 1 (2022: 1)
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4. Intangible Assets
Development Costs
£
Cost
As at 1 January 2023 4,319
As at 31 December 2023 4,319
Amortisation
As at 1 January 2023 3,550
Provided during the period 193
As at 31 December 2023 3,743
Net Book Value
As at 31 December 2023 576
As at 1 January 2023 769
5. Tangible Assets
Plant & Machinery
£
Cost
As at 1 January 2023 3,951
Additions 1,278
As at 31 December 2023 5,229
Depreciation
As at 1 January 2023 2,807
Provided during the period 606
As at 31 December 2023 3,413
Net Book Value
As at 31 December 2023 1,816
As at 1 January 2023 1,144
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 4,058 -
Other debtors 714 -
4,772 -
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Other creditors 40,080 31,106
Taxation and social security - 654
40,080 31,760
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 21,596 24,753
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
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