Acorah Software Products - Accounts Production 15.0.600 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 10653083 Mr Amaury De Closset Mr Daniel Morton iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10653083 2023-03-31 10653083 2024-03-31 10653083 2023-04-01 2024-03-31 10653083 frs-core:CurrentFinancialInstruments 2024-03-31 10653083 frs-core:BetweenOneFiveYears 2024-03-31 10653083 frs-core:ComputerEquipment 2024-03-31 10653083 frs-core:ComputerEquipment 2023-04-01 2024-03-31 10653083 frs-core:ComputerEquipment 2023-03-31 10653083 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-01 2024-03-31 10653083 frs-core:FurnitureFittings 2024-03-31 10653083 frs-core:FurnitureFittings 2023-04-01 2024-03-31 10653083 frs-core:FurnitureFittings 2023-03-31 10653083 frs-core:OtherResidualIntangibleAssets 2024-03-31 10653083 frs-core:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 10653083 frs-core:OtherResidualIntangibleAssets 2023-03-31 10653083 frs-core:WithinOneYear 2024-03-31 10653083 frs-core:SharePremium 2024-03-31 10653083 frs-core:ShareCapital 2024-03-31 10653083 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 10653083 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10653083 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 10653083 frs-bus:SmallEntities 2023-04-01 2024-03-31 10653083 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 10653083 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 10653083 frs-bus:Director1 2023-04-01 2024-03-31 10653083 frs-bus:Director2 2023-04-01 2024-03-31 10653083 frs-countries:EnglandWales 2023-04-01 2024-03-31 10653083 2022-03-31 10653083 2023-03-31 10653083 2022-04-01 2023-03-31 10653083 frs-core:CurrentFinancialInstruments 2023-03-31 10653083 frs-core:BetweenOneFiveYears 2023-03-31 10653083 frs-core:WithinOneYear 2023-03-31 10653083 frs-core:SharePremium 2023-03-31 10653083 frs-core:ShareCapital 2023-03-31 10653083 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 10653083
Innovate42 Ltd
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10653083
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 320,579 133,869
Tangible Assets 5 21,403 18,458
341,982 152,327
CURRENT ASSETS
Debtors 6 174,028 208,167
Cash at bank and in hand 370,984 254,572
545,012 462,739
Creditors: Amounts Falling Due Within One Year 7 (635,603 ) (377,421 )
NET CURRENT ASSETS (LIABILITIES) (90,591 ) 85,318
TOTAL ASSETS LESS CURRENT LIABILITIES 251,391 237,645
NET ASSETS 251,391 237,645
CAPITAL AND RESERVES
Called up share capital 8 1 1
Share premium account 324,731 324,042
Profit and Loss Account (73,341 ) (86,398 )
SHAREHOLDERS' FUNDS 251,391 237,645
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For the year ending 31 March 2024 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 Amaury De Closset
Director
22/10/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Innovate42 Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10653083 . The registered office is Unit 13.1.1 The Leather Market, Weston Street, London, SE1 3ER.
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.
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. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are development costs. It is amortised to profit and loss account over its estimated economic life of 10 years.
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:
Fixtures & Fittings Straight Line over 4 years
Computer Equipment Straight Line over 4 years
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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.
2.8. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 18 (2023: 15)
18 15
4. Intangible Assets
Other
£
Cost
As at 1 April 2023 143,412
Additions 213,196
As at 31 March 2024 356,608
Amortisation
As at 1 April 2023 9,543
Provided during the period 26,486
As at 31 March 2024 36,029
Net Book Value
As at 31 March 2024 320,579
As at 1 April 2023 133,869
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5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 10,121 31,422 41,543
Additions 1,781 11,418 13,199
Disposals (3,294 ) (9,032 ) (12,326 )
As at 31 March 2024 8,608 33,808 42,416
Depreciation
As at 1 April 2023 6,270 16,815 23,085
Provided during the period 2,021 7,372 9,393
Disposals (3,294 ) (8,171 ) (11,465 )
As at 31 March 2024 4,997 16,016 21,013
Net Book Value
As at 31 March 2024 3,611 17,792 21,403
As at 1 April 2023 3,851 14,607 18,458
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 92,465 168,322
Prepayments and accrued income 71,950 37,815
VAT 9,613 2,030
174,028 208,167
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 42,581 95,625
Bank loans and overdrafts 16,096 2,504
Other taxes and social security 33,769 27,711
Other creditors 3,210 2,753
Accruals and deferred income 539,936 248,808
Directors' loan accounts 11 20
635,603 377,421
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 70,200 4,034
Later than one year and not later than five years 11,700 -
81,900 4,034
10. Related Party Transactions
As at 31 March 2024 the director, Mr A De Closset, was owed £11 (2023: £20 ) by the company. The loan is unsecured, interest free and repayable on demand.
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