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 09782647 Dr Robin Jacob North Mr Naoki Kamimaeda iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09782647 frs-core:CurrentFinancialInstruments frs-core:WithinOneYear 2023-12-31 09782647 frs-core:Non-currentFinancialInstruments frs-core:BetweenOneFiveYears 2023-12-31 09782647 2022-12-31 09782647 2023-12-31 09782647 2023-01-01 2023-12-31 09782647 frs-core:CurrentFinancialInstruments 2023-12-31 09782647 frs-core:Non-currentFinancialInstruments 2023-12-31 09782647 frs-core:ComputerEquipment 2023-12-31 09782647 frs-core:ComputerEquipment 2023-01-01 2023-12-31 09782647 frs-core:ComputerEquipment 2022-12-31 09782647 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 09782647 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 09782647 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 09782647 frs-core:OtherReservesSubtotal 2023-12-31 09782647 frs-core:SharePremium 2023-12-31 09782647 frs-core:ShareCapital 2023-12-31 09782647 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 09782647 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09782647 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 09782647 frs-bus:SmallEntities 2023-01-01 2023-12-31 09782647 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 09782647 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 09782647 frs-bus:OrdinaryShareClass1 2023-01-01 2023-12-31 09782647 frs-bus:OrdinaryShareClass1 2023-12-31 09782647 frs-bus:OrdinaryShareClass2 2023-01-01 2023-12-31 09782647 frs-bus:OrdinaryShareClass2 2023-12-31 09782647 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-12-31 09782647 frs-core:CostValuation 2022-12-31 09782647 frs-core:CostValuation 2023-12-31 09782647 frs-core:ProvisionsForImpairmentInvestments 2022-12-31 09782647 frs-core:ProvisionsForImpairmentInvestments 2023-12-31 09782647 frs-bus:Director1 2023-01-01 2023-12-31 09782647 frs-bus:Director2 2023-01-01 2023-12-31 09782647 frs-countries:NorthernIreland 2023-01-01 2023-12-31 09782647 frs-core:Subsidiary1 2023-01-01 2023-12-31 09782647 frs-core:Subsidiary1 1 2023-01-01 2023-12-31 09782647 frs-core:Subsidiary2 2023-01-01 2023-12-31 09782647 frs-core:Subsidiary2 2 2023-01-01 2023-12-31 09782647 frs-core:Subsidiary3 2023-01-01 2023-12-31 09782647 frs-core:Subsidiary3 3 2023-01-01 2023-12-31 09782647 frs-core:CurrentFinancialInstruments frs-core:WithinOneYear 2022-12-31 09782647 frs-core:Non-currentFinancialInstruments frs-core:BetweenOneFiveYears 2022-12-31 09782647 2021-12-31 09782647 2022-12-31 09782647 2022-01-01 2022-12-31 09782647 frs-core:CurrentFinancialInstruments 2022-12-31 09782647 frs-core:Non-currentFinancialInstruments 2022-12-31 09782647 frs-core:OtherReservesSubtotal 2022-12-31 09782647 frs-core:SharePremium 2022-12-31 09782647 frs-core:ShareCapital 2022-12-31 09782647 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 09782647 frs-bus:OrdinaryShareClass1 2022-01-01 2022-12-31 09782647 frs-bus:OrdinaryShareClass2 2022-01-01 2022-12-31 09782647 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2022-12-31
Registered number: 09782647
Immense Simulations Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Max Accountants Ltd
Ketton Suite
The King Centre
Oakham
Rutland
LE15 7WD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 09782647
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 4,084,966 4,019,319
Tangible Assets 5 432 3,734
Investments 6 2,667 2,667
4,088,065 4,025,720
CURRENT ASSETS
Debtors 7 520,340 414,477
Cash at bank and in hand 467,290 118,612
987,630 533,089
Creditors: Amounts Falling Due Within One Year 8 (193,347 ) (499,714 )
NET CURRENT ASSETS (LIABILITIES) 794,283 33,375
TOTAL ASSETS LESS CURRENT LIABILITIES 4,882,348 4,059,095
Creditors: Amounts Falling Due After More Than One Year 9 (96,850 ) (4,391,697 )
NET ASSETS/(LIABILITIES) 4,785,498 (332,602 )
CAPITAL AND RESERVES
Called up share capital 11 3,611 2,447
Share premium account 8,807,287 3,598,585
Other reserves 293,621 -
Fair Value Reserve 768,789 733,570
Profit and Loss Account (5,087,810 ) (4,667,204 )
SHAREHOLDERS' FUNDS 4,785,498 (332,602)
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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
Dr Robin Jacob North
Director
3 October 2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Immense Simulations Limited is a private company, limited by shares, incorporated in Northern Ireland, registered number 09782647 . The registered office is International House, 36-38 Cornhill, London, EC3V 3NG.
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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. Therefore the financial statements have been prepared on a going concern basis which assumes the Company will continue in operational existence for the foreseeable future. 
The Company is involved in research and development activities and is working towards achieving a sustainable revenue generating activity. The directors have considered the basis of the financial statements and are satisfied that a combination of business growth and further investment commitments will enable the Company to meet its liabilities as they fall due.
2.3. Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.4. Research and Development
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class                                                              Amortisation method and rate
Development expenditure                                          10 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:
Computer Equipment 3 years straight line
2.6. Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
2.7. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
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2.8. Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price including transaction costs.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities.
2.9. 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 profit / loss before taxation.
2.10. Taxation
Tax is recognised in profit or loss except that a charge is attributable to an item of income and expense recognised as other comphrehensive income or to an item recognised directly in equity is also recognised in other comphrehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
2.11. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.12. Share Based Payments
The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is
recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.
The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.
2.13. 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 shall be 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 on a straight-line basis over their useful economic lives.
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.
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2.14. Convertible Debt
Compound financial instruments issued by the Company comprise convertible loan notes that can be converted to share capital at the option of the holder. The interest on the loan notes is compounding annually and as such the number of shares to be issued will vary with changes in the fair value.
Due to the varying number of shares to be issued the loan notes are treated as liabilities and not split between equity and liabilities. The liability is initially and subsequently measured at fair value, with the fair value movements recognised in the Statement of Comprehensive Income.
Transaction costs that relate to the issue of the instrument are expensed to the Statement of Comprehensive Income.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2022: 13)
7 13
4. Intangible Assets
Development Costs
£
Cost
As at 1 January 2023 4,571,068
Additions 568,062
As at 31 December 2023 5,139,130
Amortisation
As at 1 January 2023 551,749
Provided during the period 502,415
As at 31 December 2023 1,054,164
Net Book Value
As at 31 December 2023 4,084,966
As at 1 January 2023 4,019,319
5. Tangible Assets
Computer Equipment
£
Cost
As at 1 January 2023 86,262
As at 31 December 2023 86,262
Depreciation
As at 1 January 2023 82,528
Provided during the period 3,302
As at 31 December 2023 85,830
Net Book Value
As at 31 December 2023 432
As at 1 January 2023 3,734
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6. Investments
Subsidiaries
£
Cost
As at 1 January 2023 2,667
As at 31 December 2023 2,667
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 2,667
As at 1 January 2023 2,667
Subsidiaries
Details of the company's subsidiaries as at 31 December 2023 are as follows:
Name of undertaking Registered Office Class of shares held Direct holding Indirect holding
Immense Solutions Ltd England Ordinary 100.00% 100.00%
Immense Simulations Inc USA Ordinary 100.00% 100.00%
Immense Simulations Barcelona S L Spain Ordinary 100.00% 100.00%
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 30,000 -
Prepayments and accrued income 23,788 29,262
Other debtors 8,660 57,465
Corporation tax recoverable assets 432,183 304,391
VAT 25,709 23,359
520,340 414,477
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 16,772 14,025
Other loans 9,579 58,187
Other taxes and social security 11,158 15,382
Other creditors 21,669 237,696
Accruals and deferred income 83,650 115,396
Amounts owed to group undertakings 50,519 59,028
193,347 499,714
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9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Other loans 96,850 4,391,697
10. Loans
An analysis of the maturity of loans is given below:
2023 2022
£ £
Amounts falling due within one year or on demand:
Other loans 9,579 58,187
2023 2022
£ £
Amounts falling due between one and five years:
Other loans 96,850 4,391,697
Convertible loans have a maturity date of 6 October 2023, bearing interest at 8% per annum which is payable on conversion or on defaullt of the loans. The loans will convert to the company's most senior class of shares on the occurrence of certain events.
11. Share Capital
2023 2022
Allotted, called up and fully paid £ £
1,790,720 Ordinary Shares of £ 0.001 each 1,791 1,791
1,819,778 Ordinary A shares of £ 0.001 each 1,820 656
3,611 2,447
Shares issued during the period: £
1,163,647 Ordinary A shares of £ 0.001 each 1,164
On 5th October 2023, 934,836 Series A shares of £0.001 each were allotted and fully paid at a price of £4.2674 per share. On the same day a further 97,042 Series A shares of £0.001 each were allotted and fully paid at a price of £5.3343 each
On 6th October 2023, 28,663 Series A shares of £0.001 each weare allotted and fully aid at a price of £5.3343 each.
On 10th October 2023, 103,106 Series A shares of £0.001 each weare allotted and fully aid at a price of £5.3343 each.
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