Acorah Software Products - Accounts Production 16.0.110 false true 28 February 2023 1 March 2022 false 1 March 2023 28 February 2024 28 February 2024 06076793 Mr Christopher McNeeney Mr Kenneth Oboh Mr Sachindra Patel Mr Christopher McNeeney iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 06076793 2023-02-28 06076793 2024-02-28 06076793 2023-03-01 2024-02-28 06076793 frs-core:CurrentFinancialInstruments 2024-02-28 06076793 frs-core:Non-currentFinancialInstruments 2024-02-28 06076793 frs-core:CopyrightsPatentsTrademarksServiceOperatingRights 2024-02-28 06076793 frs-core:CopyrightsPatentsTrademarksServiceOperatingRights 2023-03-01 2024-02-28 06076793 frs-core:CopyrightsPatentsTrademarksServiceOperatingRights 2023-02-28 06076793 frs-core:FurnitureFittings 2024-02-28 06076793 frs-core:FurnitureFittings 2023-03-01 2024-02-28 06076793 frs-core:FurnitureFittings 2023-02-28 06076793 frs-core:NetGoodwill 2024-02-28 06076793 frs-core:NetGoodwill 2023-03-01 2024-02-28 06076793 frs-core:NetGoodwill 2023-02-28 06076793 frs-core:ShareCapital 2024-02-28 06076793 frs-core:RetainedEarningsAccumulatedLosses 2024-02-28 06076793 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-28 06076793 frs-bus:FilletedAccounts 2023-03-01 2024-02-28 06076793 frs-bus:SmallEntities 2023-03-01 2024-02-28 06076793 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-28 06076793 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-28 06076793 frs-bus:Director1 2023-03-01 2024-02-28 06076793 frs-bus:Director2 2023-03-01 2024-02-28 06076793 frs-bus:Director2 2023-02-28 06076793 frs-bus:Director2 2024-02-28 06076793 frs-bus:Director3 2023-03-01 2024-02-28 06076793 frs-bus:CompanySecretary1 2023-03-01 2024-02-28 06076793 frs-countries:EnglandWales 2023-03-01 2024-02-28 06076793 2022-02-28 06076793 2023-02-28 06076793 2022-03-01 2023-02-28 06076793 frs-core:CurrentFinancialInstruments 2023-02-28 06076793 frs-core:Non-currentFinancialInstruments 2023-02-28 06076793 frs-core:ShareCapital 2023-02-28 06076793 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28
Registered number: 06076793
Memeplex Ltd
Unaudited Financial Statements
For The Year Ended 28 February 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06076793
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 48,750 48,785
Tangible Assets 5 4,260 5,012
53,010 53,797
CURRENT ASSETS
Debtors 6 75,631 59,049
Cash at bank and in hand 22,076 36
97,707 59,085
Creditors: Amounts Falling Due Within One Year 7 (83,399 ) (110,118 )
NET CURRENT ASSETS (LIABILITIES) 14,308 (51,033 )
TOTAL ASSETS LESS CURRENT LIABILITIES 67,318 2,764
Creditors: Amounts Falling Due After More Than One Year 8 (16,765 ) (23,964 )
NET ASSETS/(LIABILITIES) 50,553 (21,200 )
CAPITAL AND RESERVES
Called up share capital 200 200
Profit and Loss Account 50,353 (21,400 )
SHAREHOLDERS' FUNDS 50,553 (21,200)
Page 1
Page 2
For the year ending 28 February 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 Sachindra Patel
Director
27 November 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Memeplex Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06076793 . The registered office is 7 Christie Way, Christie Fields, Manchester, M21 7QY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 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 entity
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Revenue from the services is recognised when the significant risks and rewards of the services, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Intangible Fixed Assets and Amortisation - Intellectual Property
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and any accumulated impairment losses.
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:
Fixtures & Fittings 15% reducing balance
2.6. Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
2.7. 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.
2.8. 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.
...CONTINUED
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2.8. 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 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.
2.9. Government Grant
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
2.10. Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 5)
5 5
4. Intangible Assets
Goodwill Intellectual Property Total
£ £ £
Cost
As at 1 March 2023 45,000 65,871 110,871
As at 28 February 2024 45,000 65,871 110,871
Amortisation
As at 1 March 2023 45,000 17,086 62,086
Provided during the period - 35 35
As at 28 February 2024 45,000 17,121 62,121
Net Book Value
As at 28 February 2024 - 48,750 48,750
As at 1 March 2023 - 48,785 48,785
Page 4
Page 5
5. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 March 2023 34,022
As at 28 February 2024 34,022
Depreciation
As at 1 March 2023 29,010
Provided during the period 752
As at 28 February 2024 29,762
Net Book Value
As at 28 February 2024 4,260
As at 1 March 2023 5,012
6. Debtors
2024 2023
£ £
Due within one year
Amounts owed by group undertakings 7,192 22,588
Other debtors 68,439 36,461
75,631 59,049
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 502 6,534
Bank loans and overdrafts 8,937 26,932
Other creditors 71,493 68,844
Taxation and social security 2,467 7,808
83,399 110,118
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 16,765 23,964
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 March 2023 Amounts advanced Amounts repaid Amounts written off As at 28 February 2024
£ £ £ £ £
Mr Christopher McNeeney 24,009 117,500 (92,404 ) - 49,105
The above loan is unsecured, interest free and repayable on demand.
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