Acorah Software Products - Accounts Production 16.1.200 false true true 30 April 2023 1 May 2022 false 1 May 2023 30 April 2024 30 April 2024 12313112 Mr Timothy Hogwood Wilson Mr Haran Jackson Mr Christopher De Souza Mr Douglas Loan iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12313112 2023-04-30 12313112 2024-04-30 12313112 2023-05-01 2024-04-30 12313112 frs-core:CurrentFinancialInstruments 2024-04-30 12313112 frs-core:Non-currentFinancialInstruments 2024-04-30 12313112 frs-core:ComputerEquipment 2024-04-30 12313112 frs-core:ComputerEquipment 2023-05-01 2024-04-30 12313112 frs-core:ComputerEquipment 2023-04-30 12313112 frs-core:FurnitureFittings 2024-04-30 12313112 frs-core:FurnitureFittings 2023-05-01 2024-04-30 12313112 frs-core:FurnitureFittings 2023-04-30 12313112 frs-core:OtherReservesSubtotal 2024-04-30 12313112 frs-core:SharePremium 2024-04-30 12313112 frs-core:ShareCapital 2024-04-30 12313112 frs-core:RetainedEarningsAccumulatedLosses 2024-04-30 12313112 frs-bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 12313112 frs-bus:FilletedAccounts 2023-05-01 2024-04-30 12313112 frs-bus:SmallEntities 2023-05-01 2024-04-30 12313112 frs-bus:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 12313112 frs-bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 12313112 frs-core:UnlistedNon-exchangeTraded 2024-04-30 12313112 frs-core:UnlistedNon-exchangeTraded 2023-04-30 12313112 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-04-30 12313112 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2024-04-30 12313112 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-04-30 12313112 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2024-04-30 12313112 frs-bus:Director1 2023-05-01 2024-04-30 12313112 frs-bus:Director2 2023-05-01 2024-04-30 12313112 frs-bus:Director3 2023-05-01 2024-04-30 12313112 frs-bus:Director4 2023-05-01 2024-04-30 12313112 frs-countries:EnglandWales 2023-05-01 2024-04-30 12313112 2022-04-30 12313112 2023-04-30 12313112 2022-05-01 2023-04-30 12313112 frs-core:CurrentFinancialInstruments 2023-04-30 12313112 frs-core:Non-currentFinancialInstruments 2023-04-30 12313112 frs-core:OtherReservesSubtotal 2023-04-30 12313112 frs-core:SharePremium 2023-04-30 12313112 frs-core:ShareCapital 2023-04-30 12313112 frs-core:RetainedEarningsAccumulatedLosses 2023-04-30
Registered number: 12313112
Sourcewhale Ltd
Unaudited Financial Statements
For The Year Ended 30 April 2024
Venn Accounts
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12313112
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 65,419 56,212
Investments 5 8 8
65,427 56,220
CURRENT ASSETS
Debtors 6 787,027 626,202
Cash at bank and in hand 1,775,601 2,459,919
2,562,628 3,086,121
Creditors: Amounts Falling Due Within One Year 7 (1,716,530 ) (1,279,930 )
NET CURRENT ASSETS (LIABILITIES) 846,098 1,806,191
TOTAL ASSETS LESS CURRENT LIABILITIES 911,525 1,862,411
Creditors: Amounts Falling Due After More Than One Year 8 (15,834 ) (25,834 )
NET ASSETS 895,691 1,836,577
CAPITAL AND RESERVES
Called up share capital 9 104 104
Share premium account 1,880,334 1,880,334
Other reserves 46,981 353
Profit and Loss Account (1,031,728 ) (44,214 )
SHAREHOLDERS' FUNDS 895,691 1,836,577
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Page 2
For the year ending 30 April 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 Timothy Hogwood Wilson
Director
22/01/2025
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
Sourcewhale Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12313112 . The registered office is 86-90 Paul Street, London, EC2A 4NE.
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 not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
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. 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 33.33% Straight Line
Computer Equipment 25% Reducing Balance
2.5. 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.
2.6. 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.
2.7. Subsidiaries
Subsidiaries are accounted for on a cost basis.
2.8. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 45 (2023: 35)
45 35
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4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 May 2023 - 71,087 71,087
Additions 3,255 22,220 25,475
As at 30 April 2024 3,255 93,307 96,562
Depreciation
As at 1 May 2023 - 14,875 14,875
Provided during the period 181 16,087 16,268
As at 30 April 2024 181 30,962 31,143
Net Book Value
As at 30 April 2024 3,074 62,345 65,419
As at 1 May 2023 - 56,212 56,212
5. Investments
Unlisted
£
Cost
As at 1 May 2023 8
As at 30 April 2024 8
Provision
As at 1 May 2023 -
As at 30 April 2024 -
Net Book Value
As at 30 April 2024 8
As at 1 May 2023 8
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 591,392 503,323
Prepayments and accrued income 146,665 115,936
Other debtors 48,970 129
Amounts owed by group undertakings - 39,588
Amounts owed by subsidiaries - (32,774 )
787,027 626,202
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 45,007 46,221
Bank loans and overdrafts 10,000 10,000
Other taxes and social security 161,652 139,078
VAT 256,188 165,030
Net wages 9,831 10,345
Other creditors 39,648 3,129
Accruals and deferred income 963,523 906,127
Amounts owed to subsidiaries 230,681 -
1,716,530 1,279,930
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 15,834 25,834
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 104 104
10. Share-based payments
At the commencement of the period, the company had 385,406 EMI options outstanding. A further 166,769 options were granted during the year. These options, with a duration up to 48 months, feature vesting periods that either begin immediately or are subject to a 12-month cliff. All such options will be equity-settled, converting into B Ordinary Shares, and are exercisable solely upon an exit event.
Additionally, the company had 50,000 unrestricted options outstanding at the period's onset, with a maximum duration of 48 months and immediate vesting. These are also equity-settled into B Ordinary Shares and are exercisable only at an exit event.
A summary of the movement in share options during the period is shown below.
Outstanding at the beginning of the period: 385,406
Granted during the period: 220,718
Forfeited during the period: Nil.
Exercised during the period: Nil.
Expired during the period: Nil.
Outstanding at the end of the period: 608.124
A charge of £46,628 has been recognised in the profit and loss to reflect the fair value of options vested in the year.
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