Acorah Software Products - Accounts Production 16.0.110 false true true 30 June 2023 1 July 2022 false 1 July 2023 30 June 2024 30 June 2024 SC601085 Mr Euan Cameron Mr Andrew Wood Mr Richard Avery-Wright iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC601085 2023-06-30 SC601085 2024-06-30 SC601085 2023-07-01 2024-06-30 SC601085 frs-core:CurrentFinancialInstruments 2024-06-30 SC601085 frs-core:ComputerEquipment 2023-07-01 2024-06-30 SC601085 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-07-01 2024-06-30 SC601085 frs-core:FurnitureFittings 2023-07-01 2024-06-30 SC601085 frs-core:OtherResidualIntangibleAssets 2024-06-30 SC601085 frs-core:OtherResidualIntangibleAssets 2023-07-01 2024-06-30 SC601085 frs-core:OtherResidualIntangibleAssets 2023-06-30 SC601085 frs-core:PlantMachinery 2024-06-30 SC601085 frs-core:PlantMachinery 2023-07-01 2024-06-30 SC601085 frs-core:PlantMachinery 2023-06-30 SC601085 frs-core:SharePremium 2024-06-30 SC601085 frs-core:ShareCapital 2024-06-30 SC601085 frs-core:RetainedEarningsAccumulatedLosses 2024-06-30 SC601085 frs-bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 SC601085 frs-bus:FilletedAccounts 2023-07-01 2024-06-30 SC601085 frs-bus:SmallEntities 2023-07-01 2024-06-30 SC601085 frs-bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 SC601085 frs-bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 SC601085 frs-bus:Director1 2023-07-01 2024-06-30 SC601085 frs-bus:Director2 2023-07-01 2024-06-30 SC601085 frs-bus:Director3 2023-07-01 2024-06-30 SC601085 frs-countries:EnglandWales 2023-07-01 2024-06-30 SC601085 2022-06-30 SC601085 2023-06-30 SC601085 2022-07-01 2023-06-30 SC601085 frs-core:CurrentFinancialInstruments 2023-06-30 SC601085 frs-core:SharePremium 2023-06-30 SC601085 frs-core:ShareCapital 2023-06-30 SC601085 frs-core:RetainedEarningsAccumulatedLosses 2023-06-30
Registered number: SC601085
Willo Technologies Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Company Information
Directors Mr Euan Cameron
Mr Andrew Wood
Mr Richard Avery-Wright
Company Number SC601085
Registered Office 20-23 Woodside Place
Glasgow
Accountants Smooth Accounting
Building 1000 Lakeside North Harbour Western Road
Portsmouth
PO6 3EN
Page 1
Page 2
Balance Sheet
Registered number: SC601085
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 10,257
Tangible Assets 5 5,665 6,924
5,665 17,181
CURRENT ASSETS
Debtors 6 215,546 129,447
Cash at bank and in hand 512,373 536,056
727,919 665,503
Creditors: Amounts Falling Due Within One Year 7 (507,175 ) (289,460 )
NET CURRENT ASSETS (LIABILITIES) 220,744 376,043
TOTAL ASSETS LESS CURRENT LIABILITIES 226,409 393,224
NET ASSETS 226,409 393,224
CAPITAL AND RESERVES
Called up share capital 8 2,032 1,931
Share premium account 2,218,033 1,669,095
Profit and Loss Account (1,993,656 ) (1,277,802 )
SHAREHOLDERS' FUNDS 226,409 393,224
Page 2
Page 3
For the year ending 30 June 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 Euan Cameron
Director
07/01/2025
The notes on pages 4 to 6 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Willo Technologies Limited is a private company, limited by shares, incorporated in England & Wales, registered number SC601085 . The registered office is 20-23 Woodside Place, Glasgow.
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 have identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate.
2.3. 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 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.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are the set-up of the company EMI Options Scheme and the creation of the company website. They are amortised tothe profit and loss account over their estimated economic life of 3 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:
Fixtures & Fittings 33% Straight Line
Computer Equipment 33% Straight Line
2.6. Leasing and Hire Purchase Contracts
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
2.7. Financial Instruments
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
...CONTINUED
Page 4
Page 5
2.7. Financial Instruments - continued
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
2.8. 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.
2.9. 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.
2.10.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
2.11. EMI Options Scheme
The company operates a EMI Share Options Scheme that was set-up during the finanacial year. The plan is open to employees. The Vesting Start Date is 12 months from the set-up date.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2023: 6)
10 6
4. Intangible Assets
Other Intangible Assets
£
Cost
As at 1 July 2023 34,198
As at 30 June 2024 34,198
Amortisation
As at 1 July 2023 23,941
Provided during the period 10,257
As at 30 June 2024 34,198
Net Book Value
As at 30 June 2024 -
As at 1 July 2023 10,257
Page 5
Page 6
5. Tangible Assets
Plant & Machinery etc.
£
Cost
As at 1 July 2023 8,695
Additions 2,443
As at 30 June 2024 11,138
Depreciation
As at 1 July 2023 1,771
Provided during the period 3,702
As at 30 June 2024 5,473
Net Book Value
As at 30 June 2024 5,665
As at 1 July 2023 6,924
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 127,116 75,083
Other debtors 88,430 54,364
215,546 129,447
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 69,982 47,088
Bank loans and overdrafts - 15,180
Other creditors 418,257 212,256
Taxation and social security 18,936 14,936
507,175 289,460
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2,032 1,931
Page 6