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Registered number: 11470924
Founders Academy Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Finerva
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11470924
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 - 7,779
- 7,779
CURRENT ASSETS
Debtors 5 280 20,324
Cash at bank and in hand 5,612 414,378
5,892 434,702
Creditors: Amounts Falling Due Within One Year 6 (1,020 ) (4,318 )
NET CURRENT ASSETS (LIABILITIES) 4,872 430,384
TOTAL ASSETS LESS CURRENT LIABILITIES 4,872 438,163
NET ASSETS 4,872 438,163
CAPITAL AND RESERVES
Called up share capital 7 22 21
Share premium account 1,583,472 1,583,468
Profit and Loss Account (1,578,622 ) (1,145,326 )
SHAREHOLDERS' FUNDS 4,872 438,163
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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.
The financial statements were approved by the board of directors on 19 November 2024 and were signed on its behalf by:
Mr Sreyas Tirunagari
Director
19 November 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
Founders Academy Ltd is a private company,  limited by shares, incorporated in England & Wales, registered number 11470924 . The registered office is Quench AI, Scale Space Building , Wood Lane, London, W12 7RZ.
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. Going Concern Disclosure
The directors believe that the going concern basis is not appropriate as the company ceased to trade on 31 December 2023 and the director has since taken the decision to close the company.  The accounts have therefore been prepared on a break-up basis. Fixed assets have already been sold, and current assets have been stated at recoverable amounts. All creditors have been classified as current liabilities.
2.3. Turnover
Revenue is recognised to the extent there is probable economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from a contract to provide services is recognised in the period in which the services are provided.
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:
Computer Equipment 3 years on a straight line basis
The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Repairs and maintenance costs are charged to profit or loss during the period in which they are incurred.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use. Any impairment loss is recognised immediately as an expense within the profit or loss.
2.5. Financial Instruments
Trade and other debtors / creditors
Trade and other debtors are recognised initially at transaction prices less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.
Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised within profit or loss.
For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset’s carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.
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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 tax currently payable.
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.
Current tax for the year is recognised in profit or loss.
2.8. Pensions
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions in a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in profit or loss in the periods during which services are rendered by employees.
2.9. Government Grant
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees during the year was 4 (2022: 8)
4 8
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 January 2023 9,765
Disposals (9,765 )
As at 31 December 2023 -
Depreciation
As at 1 January 2023 1,986
Provided during the period 814
Disposals (2,800 )
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 -
As at 1 January 2023 7,779
5. Debtors
2023 2022
£ £
Due within one year
Other debtors 280 20,324
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6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 1,020 1,614
Other creditors - 2,704
1,020 4,318
Included within other creditors are outstanding pension contributions of £0 (2022: £1,981) 
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 22 21
8. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year - 45,000
Later than one year and not later than five years - 37,500
- 82,500
9. Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is Quench.AI Ltd . Quench.AI Ltd was incorporated in England and Wales) and its registered office is Scale Space Building, Wood Lane, White City, London, England, W12 7RZ Group accounts have not been drawn up. 
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