Acorah Software Products - Accounts Production 16.0.110 false true true 31 December 2023 1 January 2023 false 1 January 2024 31 December 2024 31 December 2024 13526879 Ms Anna Natsvlishvili Mr Alexandros Pithamitsis Ms Vasiliki Tzortzopoulou iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 13526879 2023-12-31 13526879 2024-12-31 13526879 2024-01-01 2024-12-31 13526879 frs-core:CurrentFinancialInstruments 2024-12-31 13526879 frs-core:Non-currentFinancialInstruments 2024-12-31 13526879 frs-core:ComputerEquipment 2024-12-31 13526879 frs-core:ComputerEquipment 2024-01-01 2024-12-31 13526879 frs-core:ComputerEquipment 2023-12-31 13526879 frs-core:OtherReservesSubtotal 2024-12-31 13526879 frs-core:SharePremium 2024-12-31 13526879 frs-core:ShareCapital 2024-12-31 13526879 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 13526879 frs-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 13526879 frs-bus:FilletedAccounts 2024-01-01 2024-12-31 13526879 frs-bus:SmallEntities 2024-01-01 2024-12-31 13526879 frs-bus:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 13526879 frs-bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 13526879 frs-bus:OrdinaryShareClass1 2024-01-01 2024-12-31 13526879 frs-bus:OrdinaryShareClass1 2024-12-31 13526879 frs-core:ListedExchangeTraded 2024-12-31 13526879 frs-core:ListedExchangeTraded 2023-12-31 13526879 frs-core:CostValuation frs-core:ListedExchangeTraded 2023-12-31 13526879 frs-core:CostValuation frs-core:ListedExchangeTraded 2024-12-31 13526879 frs-core:ProvisionsForImpairmentInvestments frs-core:ListedExchangeTraded 2023-12-31 13526879 frs-core:ProvisionsForImpairmentInvestments frs-core:ListedExchangeTraded 2024-12-31 13526879 frs-bus:Director1 2024-01-01 2024-12-31 13526879 frs-bus:Director2 2024-01-01 2024-12-31 13526879 frs-bus:Director3 2024-01-01 2024-12-31 13526879 frs-core:CurrentFinancialInstruments 1 2024-12-31 13526879 frs-countries:EnglandWales 2024-01-01 2024-12-31 13526879 2022-12-31 13526879 2023-12-31 13526879 2023-01-01 2023-12-31 13526879 frs-core:CurrentFinancialInstruments 2023-12-31 13526879 frs-core:Non-currentFinancialInstruments 2023-12-31 13526879 frs-core:OtherReservesSubtotal 2023-12-31 13526879 frs-core:SharePremium 2023-12-31 13526879 frs-core:ShareCapital 2023-12-31 13526879 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 13526879 frs-bus:OrdinaryShareClass1 2023-01-01 2023-12-31 13526879 frs-core:CurrentFinancialInstruments 1 2023-12-31
Registered number: 13526879
Morphoses Skills Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2024
OnTheGo Accountants
330 Holborn Gate
High Holborn
London
WC1V 7QH
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 13526879
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 410 3,667
Investments 5 2,577 2,577
2,987 6,244
CURRENT ASSETS
Debtors 6 22,483 52,989
Cash at bank and in hand 64,679 804,091
87,162 857,080
Creditors: Amounts Falling Due Within One Year 7 (64,828 ) (41,959 )
NET CURRENT ASSETS (LIABILITIES) 22,334 815,121
TOTAL ASSETS LESS CURRENT LIABILITIES 25,321 821,365
Creditors: Amounts Falling Due After More Than One Year 8 (431,258 ) (431,258 )
NET (LIABILITIES)/ASSETS (405,937 ) 390,107
CAPITAL AND RESERVES
Called up share capital 9 91 91
Share premium account 1,309,952 1,309,952
Other reserves 154,716 154,716
Profit and Loss Account (1,870,696 ) (1,074,652 )
SHAREHOLDERS' FUNDS (405,937) 390,107
Page 1
Page 2
For the year ending 31 December 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
Ms Anna Natsvlishvili
Director
29/01/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Morphoses Skills Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13526879 . The registered office is 128 City Road, London, EC1V 2NX.
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.
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:
Computer Equipment 33% Straight line
2.5. Financial Instruments
Financial Asset: A financial asset is any asset that is cash, an equity instrument of another entity, a contractual right to receive cash or another financial asset from another entity, or a contractual right to exchange financial instruments with another entity under conditions that are potentially favourable.
Financial Liability: A financial liability is any liability that is a contractual obligation to deliver cash or another financial asset to another entity or to exchange financial instruments with another entity under conditions that are potentially unfavourable.
Equity Instrument: An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. 
Recognition and Measurement 
Financial instruments are recognised when the entity becomes a party to the contractual provisions of the instrument. Financial assets and liabilities are initially measured at their transaction price (including transaction costs, unless it is a financial instrument that is subsequently measured at fair value through profit or loss), unless the arrangement constitutes a financing transaction. Financing transactions are measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. 
Derecognition 
A financial asset is derecognised when the contractual rights to the cash flows from the asset expire or are settled. A financial liability is derecognised when the obligation specified in the contract is discharged, cancelled, or expires. 
Impairment of Financial Assets 
At the end of each reporting period, financial assets not carried at fair value through profit or loss are assessed for indicators of impairment. If evidence of impairment exists, an impairment loss is recognised in the profit or loss. 
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. 
Page 3
Page 4
2.7. 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.
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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.8. 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. 
2.9. 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.
2.10. Trade creditors
Trade creditors
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.
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 payableand 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.
Share capital
...CONTINUED
Page 4
Page 5
2.10. Trade creditors - continued
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 January 2024 10,578
Disposals (588 )
As at 31 December 2024 9,990
Depreciation
As at 1 January 2024 6,911
Provided during the period 2,669
As at 31 December 2024 9,580
Net Book Value
As at 31 December 2024 410
As at 1 January 2024 3,667
5. Investments
Listed
£
Cost
As at 1 January 2024 2,577
As at 31 December 2024 2,577
Provision
As at 1 January 2024 -
As at 31 December 2024 -
Net Book Value
As at 31 December 2024 2,577
As at 1 January 2024 2,577
Page 5
Page 6
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 15,585 46,342
Prepayments and accrued income 5,221 552
Other debtors - 3
Deferred tax current asset 78 697
VAT 1,167 4,963
Directors' loan accounts 432 432
22,483 52,989
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 44 302
Advance to Morphoses IKE - Intercompany 64,784 41,657
64,828 41,959
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other creditors 431,258 431,258
9. Share Capital
2024 2023
Allotted, called up and fully paid £ £
91,000 Ordinary Shares of £ 0.001 each 91 91
10. Related Party Transactions
Within the current year the company had a closing intercompany loan of balance owed by the company of £64,784 (£41,657 December 2023 owed to the company). The loan is made at arms length with a Morphoses IKE who are related through Directorship. 
11. Convertible Loans
As of 31 December 2023, the Company had outstanding convertible loan notes totaling £431,258. During the period to 31 December 2024, no additional notes and interest were issued . The carrying amount of these notes as of 31 December 2024, after accounting for interest accruals, was £431,258. No changed has been occured from the prior year. These notes are convertible into shares of the Company's common stock at the holders' discretion, subject to the terms outlined in the loan agreements. The Company manages associated financial risks, including interest rate and liquidity risks, through established risk management policies.
Page 6