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 05653541 Mr Chris Griffiths Mrs Gaile Griffiths Mr Michael Gibbons iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05653541 2022-12-31 05653541 2023-12-31 05653541 2023-01-01 2023-12-31 05653541 frs-core:CurrentFinancialInstruments 2023-12-31 05653541 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 05653541 frs-core:FurnitureFittings 2023-12-31 05653541 frs-core:FurnitureFittings 2023-01-01 2023-12-31 05653541 frs-core:FurnitureFittings 2022-12-31 05653541 frs-core:NetGoodwill 2023-12-31 05653541 frs-core:NetGoodwill 2023-01-01 2023-12-31 05653541 frs-core:NetGoodwill 2022-12-31 05653541 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-12-31 05653541 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 05653541 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2022-12-31 05653541 frs-core:OtherResidualIntangibleAssets 2023-12-31 05653541 frs-core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 05653541 frs-core:OtherResidualIntangibleAssets 2022-12-31 05653541 frs-core:PlantMachinery 2023-01-01 2023-12-31 05653541 frs-core:OtherReservesSubtotal 2023-12-31 05653541 frs-core:SharePremium 2023-12-31 05653541 frs-core:ShareCapital 2023-12-31 05653541 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 05653541 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05653541 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 05653541 frs-bus:SmallEntities 2023-01-01 2023-12-31 05653541 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 05653541 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05653541 frs-bus:Director1 2023-01-01 2023-12-31 05653541 frs-bus:Director2 2023-01-01 2023-12-31 05653541 frs-bus:Director3 2023-01-01 2023-12-31 05653541 frs-countries:EnglandWales 2023-01-01 2023-12-31 05653541 2021-12-31 05653541 2022-12-31 05653541 2022-01-01 2022-12-31 05653541 frs-core:CurrentFinancialInstruments 2022-12-31 05653541 frs-core:OtherReservesSubtotal 2022-12-31 05653541 frs-core:SharePremium 2022-12-31 05653541 frs-core:ShareCapital 2022-12-31 05653541 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 05653541
OpenGenius Limited
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: 05653541
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1,197,876 1,236,197
Tangible Assets 5 36,899 72,502
1,234,775 1,308,699
CURRENT ASSETS
Debtors 6 123,531 239,338
Cash at bank and in hand 1,042,946 839,753
1,166,477 1,079,091
Creditors: Amounts Falling Due Within One Year 7 (1,090,215 ) (1,008,367 )
NET CURRENT ASSETS (LIABILITIES) 76,262 70,724
TOTAL ASSETS LESS CURRENT LIABILITIES 1,311,037 1,379,423
NET ASSETS 1,311,037 1,379,423
CAPITAL AND RESERVES
Called up share capital 8 121 121
Share premium account 1,475,573 1,475,573
Other reserves 209,246 164,032
Profit and Loss Account (373,903 ) (260,303 )
SHAREHOLDERS' FUNDS 1,311,037 1,379,423
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 Chris Griffiths
Director
25/09/2024
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
OpenGenius Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05653541 . The registered office is Tec Marina, Terra Nova Way, Penarth, Vale of Glamorgan, CF64 1SA.
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.
The principal accounting policies adopted in the preparation of the financial statements are set out below. These polices have been consistently applied to all the years presented, unless otherwise stated.
These financial statements are prepared on a going concern basis, under the historical cost convention.
2.2. Going Concern Disclosure
The company meets its day-to-day working capital requirements through the use of cash reserves. At the balance sheet date, these stood at £0.84m. The company has considered the applicability of the going concern basis in the preparation of these financial statements. This included the review of sensitised internal forecasts and current financial performance which show that the company has sufficient funds to operate within the level of its existing funding arrangements.
The directors have modelled a number of different scenarios and have preliminary financial plans in place for each scenario. We have also modelled a best view estimate which considers the likely position for the next 12 months based on the information we currently hold and are contented that the company remains a going concern.
Presentation currency
The accounts are presented in £ sterling.
2.3. Turnover
Revenue is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Revenue includes revenue earned from the sale of goods and from the rendering of services. Revenue is reduced for estimated customer returns, rebates and other similar allowances.
The company generates income from customers in the following ways:
Subscriptions 
A company pays a regular fixed amount (usually monthly or annually) in exchange for a right to access our software and the technical support we provide. Revenue is recognised on a straight line basis over the period of the contract.
Where additional user subscriptions are entered into part way through a subscription, revenue is recognised over the remaining duration of the contract. In most cases, we invoice and receive payment from customers in advance of revenue being recognised in the income statement. Deferred revenue is the difference between amounts invoiced to customers and revenue recognised under the policy described above.
Licences 
A customer pays a one-off amount for the right to use a particular version of our software for as long as they like. A licence doesn’t include any future upgrades to the software.
Consulting/Training 
Consulting and training is held around the subjects Innovation and Creativity. Revenue is recognised in accordance with the delivery of the contract.
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Page 4
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Development costs
We are constantly developing our products, both existing and new. These developments range from minor enhancements and bug fixes, to major new features and completely new products. The criteria in which we judge whether costs of development can be capitalised are as follows: 
1) technical feasibility
(2) intention to complete and then use or sell 
(3) commercial viability and
(4) ability to measure reliably the expenditure.
We apply judgement and estimates in determining the proportion of our total development spend that meets the above criteria. To make these judgements, we examine in detail the development activities over a period of time for each product. We make an estimate of the proportion of that time in which the development tasks that are being carried out meet the Capitalisation criteria. We then apply that proportion to the entire development spend for the period to determine the amount to be capitalised. 
Capitalised costs are amortised over their useful economic life, which is estimated to be 5 years.
Other Intangible assets 
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation. 
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows: 
Goodwill and patents - 20% straight line 
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible, the amortisation is revised prospectively to reflect the new estimates.
In accordance with FRS 102 para 18.20 where management is unable to make a reliable estimate of the useful life of an intangible asset, the life should be presumed to be five years. Given that Ayoa was launched in June 2019, at this stage it is difficult to assess the useful life and as such the management has adopted the default position of five years. The position will continue to be monitored and adjusted accordingly should evidence suggest a different asset life. 
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:
Leasehold Straight Line over the length of the lease
Plant & Machinery Straight line over the length of the lease
Fixtures & Fittings 1 year straight line
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.
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 year 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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2.7. 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 asset reflects 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: 13 (2022: 18)
13 18
4. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 January 2023 272,373 1,947,151 2,219,524
Additions - 310,880 310,880
As at 31 December 2023 272,373 2,258,031 2,530,404
Amortisation
As at 1 January 2023 272,373 710,954 983,327
Provided during the period - 349,201 349,201
As at 31 December 2023 272,373 1,060,155 1,332,528
Net Book Value
As at 31 December 2023 - 1,197,876 1,197,876
As at 1 January 2023 - 1,236,197 1,236,197
The Software additions in the year relate the company’s own software, which is developed by the internal development team. As at 31st December 2023, the asset is carried at £1,197,876 (2022: £1,236,197 and has a remaining amortisation period of 5 years.
5. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Total
£ £ £
Cost
As at 1 January 2023 281,420 358,089 639,509
Additions 6,978 2,878 9,856
As at 31 December 2023 288,398 360,967 649,365
Depreciation
As at 1 January 2023 213,082 353,925 567,007
Provided during the period 39,341 6,118 45,459
As at 31 December 2023 252,423 360,043 612,466
...CONTINUED
Page 5
Page 6
Net Book Value
As at 31 December 2023 35,975 924 36,899
As at 1 January 2023 68,338 4,164 72,502
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 18,201 30,220
Other debtors 105,330 209,118
123,531 239,338
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 31,317 23,238
Other creditors 1,007,791 942,531
Taxation and social security 51,107 42,598
1,090,215 1,008,367
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 121 121
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