Acorah Software Products - Accounts Production 16.0.110 false true true 30 April 2023 1 May 2022 false 1 May 2023 30 April 2024 30 April 2024 11707744 Mr Gary Cottle Mr Michael Grant Miss Francesca Brady iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11707744 2023-04-30 11707744 2024-04-30 11707744 2023-05-01 2024-04-30 11707744 frs-core:CurrentFinancialInstruments 2024-04-30 11707744 frs-core:Non-currentFinancialInstruments 2024-04-30 11707744 frs-core:ComputerEquipment 2024-04-30 11707744 frs-core:ComputerEquipment 2023-05-01 2024-04-30 11707744 frs-core:ComputerEquipment 2023-04-30 11707744 frs-core:FurnitureFittings 2024-04-30 11707744 frs-core:FurnitureFittings 2023-05-01 2024-04-30 11707744 frs-core:FurnitureFittings 2023-04-30 11707744 frs-core:ShareCapital 2024-04-30 11707744 frs-core:RetainedEarningsAccumulatedLosses 2024-04-30 11707744 frs-bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 11707744 frs-bus:FilletedAccounts 2023-05-01 2024-04-30 11707744 frs-bus:SmallEntities 2023-05-01 2024-04-30 11707744 frs-bus:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 11707744 frs-bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 11707744 frs-bus:Director1 2023-05-01 2024-04-30 11707744 frs-bus:Director2 2023-05-01 2024-04-30 11707744 frs-bus:Director3 2023-05-01 2024-04-30 11707744 frs-countries:EnglandWales 2023-05-01 2024-04-30 11707744 2022-04-30 11707744 2023-04-30 11707744 2022-05-01 2023-04-30 11707744 frs-core:CurrentFinancialInstruments 2023-04-30 11707744 frs-core:Non-currentFinancialInstruments 2023-04-30 11707744 frs-core:ShareCapital 2023-04-30 11707744 frs-core:RetainedEarningsAccumulatedLosses 2023-04-30
Registered number: 11707744
Airrated Ltd
Unaudited Financial Statements
For The Year Ended 30 April 2024
TaxAssist Accountants
64 Southwark Bridge Road
London
SE1 0AS
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11707744
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 3,521 4,869
3,521 4,869
CURRENT ASSETS
Stocks 5 - 2,233
Debtors 6 9,737 57,809
Cash at bank and in hand 6,841 4,331
16,578 64,373
Creditors: Amounts Falling Due Within One Year 7 (969,931 ) (867,126 )
NET CURRENT ASSETS (LIABILITIES) (953,353 ) (802,753 )
TOTAL ASSETS LESS CURRENT LIABILITIES (949,832 ) (797,884 )
Creditors: Amounts Falling Due After More Than One Year 8 (133,729 ) -
NET LIABILITIES (1,083,561 ) (797,884 )
CAPITAL AND RESERVES
Called up share capital 9 200 200
Profit and Loss Account (1,083,761 ) (798,084 )
SHAREHOLDERS' FUNDS (1,083,561) (797,884)
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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 Michael Grant
Director
24 January 2025
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
Airrated Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11707744 . The registered office is Three Tuns House, Borough High Street, London, SE1 1NL.
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 company is reliant on continued support from its parent undertaking, Metrikus Limited, and the investors in the group headed by Metrikus Limited ('the group'), in order to meets its debts as they fall due. 
The directors have considered their expectations and intentions for the company and the group for the next twelve months, including contracted revenues, forecasted pipeline and funding opportunities from both existing shareholders and external parties and, in the opinion of the directors, the group will be able to obtain sufficient financial resources to provide continued support to the company. Therefore the financial statements have been prepared on the going concern basis. 
However, the directors acknowledge that the group has made losses since incorporation. This is due to the directors' focus on growing the business over the long-term as opposed to generating short-term profits. As a result, the group and company are reliant on continued funding from both the group's existing shareholders and external parties to continue as a going concern for the next twelve months and therefore a material uncertainty exists that may cast doubt on the company's ability to continue as a going concern. 
2.3. Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, taking into account discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: 
Sale of goods 
Turnover from the sale of goods (principally sensor equipment) is recognised when all of the following conditions are satisfied:
• the company has transferred the significant risks and rewards of ownership to the buyer;
• the company retains neither continuing managerial involvement to the degree usually associated with ownership nor  effective control over the goods sold;
• the amount of turnover can be measured reliably;
• it is probable that the company will receive the consideration due under the transaction; and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services 
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: 
• the amount of turnover can be measured reliably;
• it is probable that the company will receive the consideration due under the contract;
• the stage of completion of the contract at the end of the reporting period can be measured reliably; and
• the costs incurred and the costs to complete the contract can be measured 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 10% RBM
Computer Equipment 20% SLM
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 May 2023 994 6,361 7,355
As at 30 April 2024 994 6,361 7,355
Depreciation
As at 1 May 2023 236 2,250 2,486
Provided during the period 76 1,272 1,348
As at 30 April 2024 312 3,522 3,834
Net Book Value
As at 30 April 2024 682 2,839 3,521
As at 1 May 2023 758 4,111 4,869
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. 
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. 
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
5. Stocks
2024 2023
£ £
Stock - 2,233
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. 
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. 
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 6,471 51,893
Other debtors 3,266 5,916
9,737 57,809
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. 
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 25,382 9,672
Bank loans and overdrafts - 138,403
Other creditors 911,033 710,095
Taxation and social security 33,516 8,956
969,931 867,126
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. 
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bounceback loan 23,333 -
Convertible loan LGIM 110,396 -
133,729 -
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 200 200
10. Related Party Transactions
Metrikus Limited is a related party by virtue of being the immediate controlling party of the company.
At 30 April 2024, £824,792 (2023: £707,800) was owed by the company to Metrikus Limited.
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