Acorah Software Products - Accounts Production 16.0.110 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 12213604 Mr Franco Mignemi Mr Gian Marco Cabiato Mr Daniel Truchi iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12213604 2022-12-31 12213604 2023-12-31 12213604 2023-01-01 2023-12-31 12213604 frs-core:CurrentFinancialInstruments 2023-12-31 12213604 frs-core:Non-currentFinancialInstruments 2023-12-31 12213604 frs-core:ComputerEquipment 2023-12-31 12213604 frs-core:ComputerEquipment 2023-01-01 2023-12-31 12213604 frs-core:ComputerEquipment 2022-12-31 12213604 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 12213604 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 12213604 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 12213604 frs-core:OtherResidualIntangibleAssets 2023-12-31 12213604 frs-core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 12213604 frs-core:OtherResidualIntangibleAssets 2022-12-31 12213604 frs-core:OtherReservesSubtotal 2023-12-31 12213604 frs-core:SharePremium 2023-12-31 12213604 frs-core:ShareCapital 2023-12-31 12213604 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 12213604 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12213604 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 12213604 frs-bus:SmallEntities 2023-01-01 2023-12-31 12213604 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 12213604 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 12213604 frs-bus:Director1 2023-01-01 2023-12-31 12213604 frs-bus:Director2 2023-01-01 2023-12-31 12213604 frs-bus:Director3 2023-01-01 2023-12-31 12213604 frs-core:CurrentFinancialInstruments 1 2023-12-31 12213604 frs-countries:EnglandWales 2023-01-01 2023-12-31 12213604 2021-12-31 12213604 2022-12-31 12213604 2022-01-01 2022-12-31 12213604 frs-core:CurrentFinancialInstruments 2022-12-31 12213604 frs-core:Non-currentFinancialInstruments 2022-12-31 12213604 frs-core:OtherReservesSubtotal 2022-12-31 12213604 frs-core:SharePremium 2022-12-31 12213604 frs-core:ShareCapital 2022-12-31 12213604 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 12213604 frs-core:CurrentFinancialInstruments 1 2022-12-31
Registered number: 12213604
Portit Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12213604
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1,527,930 1,703,705
Tangible Assets 5 11,448 1,129
1,539,378 1,704,834
CURRENT ASSETS
Debtors 6 950,271 2,518,944
Cash at bank and in hand 5,491 2,602
955,762 2,521,546
Creditors: Amounts Falling Due Within One Year 7 (37,085 ) (120,211 )
NET CURRENT ASSETS (LIABILITIES) 918,677 2,401,335
TOTAL ASSETS LESS CURRENT LIABILITIES 2,458,055 4,106,169
Creditors: Amounts Falling Due After More Than One Year 8 (151,576 ) (999,256 )
NET ASSETS 2,306,479 3,106,913
CAPITAL AND RESERVES
Called up share capital 9 1,385 1,385
Share premium account 2,499,615 2,499,615
Other reserves 1,000,000 1,000,000
Profit and Loss Account (1,194,521 ) (394,087 )
SHAREHOLDERS' FUNDS 2,306,479 3,106,913
Page 1
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 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 Gian Marco Cabiato
Director
16/01/2025
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
Portit Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12213604 . The registered office is 20 Fitzroy Square, London, W1T 6EJ.
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. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are software solutions for the financial sector. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised to the profit and loss account on a straight line basis over their expected useful economic lives of 10 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
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:
Computer Equipment 33.33%
2.6. 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.
2.7. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
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, including directors, during the year was: 1 (2022: 1)
1 1
Page 3
Page 4
4. Intangible Assets
Other Development Costs Total
£ £ £
Cost
As at 1 January 2023 1,899,824 108,453 2,008,277
Additions - 14,264 14,264
Disposals - (56 ) (56 )
As at 31 December 2023 1,899,824 122,661 2,022,485
Amortisation
As at 1 January 2023 304,572 - 304,572
Provided during the period 189,983 - 189,983
As at 31 December 2023 494,555 - 494,555
Net Book Value
As at 31 December 2023 1,405,269 122,661 1,527,930
As at 1 January 2023 1,595,252 108,453 1,703,705
5. Tangible Assets
Computer Equipment
£
Cost
As at 1 January 2023 5,265
Additions 13,945
As at 31 December 2023 19,210
Depreciation
As at 1 January 2023 4,136
Provided during the period 3,626
As at 31 December 2023 7,762
Net Book Value
As at 31 December 2023 11,448
As at 1 January 2023 1,129
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 5,400 232,000
Prepayments and accrued income 115,315 112,859
Other debtors 283 283
Share premium not paid 499,923 499,923
VAT 45,596 -
Called up share capital not paid 77 77
666,594 845,142
...CONTINUED
Page 4
Page 5
Due after more than one year
Trade debtors - 1,106,300
Other debtors 283,677 567,502
283,677 1,673,802
950,271 2,518,944
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 15,762 13,637
Other taxes and social security - 41,858
VAT - 52,248
Other creditors 1,743 -
Accruals and deferred income 19,580 12,468
37,085 120,211
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Trade creditors - 854,300
Amounts owed to related parties 151,576 144,956
151,576 999,256
9. Share Capital
2023 2022
£ £
Called Up Share Capital not Paid 77 77
Called Up Share Capital has been paid up 1,308 1,308
Amount of Allotted, Called Up Share Capital 1,385 1,385
Page 5