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Registered number: 11652342
Access Fintech (UK) Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
GPC Financial Management Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11652342
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 46,094 49,810
46,094 49,810
CURRENT ASSETS
Debtors 5 1,850,060 393,618
Cash at bank and in hand 159,210 673,715
2,009,270 1,067,333
Creditors: Amounts Falling Due Within One Year 6 (1,709,389 ) (1,153,120 )
NET CURRENT ASSETS (LIABILITIES) 299,881 (85,787 )
TOTAL ASSETS LESS CURRENT LIABILITIES 345,975 (35,977 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (11,855 ) (10,279 )
NET ASSETS/(LIABILITIES) 334,120 (46,256 )
CAPITAL AND RESERVES
Called up share capital 7 100 100
Other reserves (25,775 ) (20,002 )
Profit and Loss Account 359,795 (26,354 )
SHAREHOLDERS' FUNDS 334,120 (46,256)
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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 Roy Saadon
Director
05/10/2024
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
Access Fintech (UK) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11652342 . The registered office is c/o GPC Financial Management, 423 Linen Hall, 162 - 168 Regent Street, London, W1B 5TE.
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.
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. 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 33.33% Straignt Line
2.4. 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 dollars at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit. The profit and loss is translated into sterling using the average rate duing the year.
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 profit and loss account 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.
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:  47 (2022: 45)
47 45
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4. Tangible Assets
Computer Equipment
£
Cost
As at 1 January 2023 92,480
Additions 28,653
As at 31 December 2023 121,133
Depreciation
As at 1 January 2023 42,670
Provided during the period 32,369
As at 31 December 2023 75,039
Net Book Value
As at 31 December 2023 46,094
As at 1 January 2023 49,810
5. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 160,145 180,320
VAT 36,452 54,002
Amounts owed by group undertakings 1,172,449 109,872
1,369,046 344,194
Due after more than one year
Other debtors 481,014 49,424
1,850,060 393,618
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 104,447 114,409
Corporation tax 41,391 26,491
Other taxes and social security 200,737 166,877
Net wages - 23,532
Other creditors 51,305 24,485
Accruals and deferred income 1,311,509 797,326
1,709,389 1,153,120
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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8. Pension Commitments
The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £35,124 (PY £22,307) were due to the fund. They are included in Other Creditors.
9. Related Party Transactions
During the year, the company provided a loan to the parent company Access Fintech Ltd (Israel). The loan balance as at year end was £1,172,449.
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