Acorah Software Products - Accounts Production 16.1.300 false true true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 04609973 Mr Sadik Mazeed iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 04609973 2022-12-31 04609973 2023-12-31 04609973 2023-01-01 2023-12-31 04609973 frs-core:CurrentFinancialInstruments 2023-12-31 04609973 frs-core:ComputerEquipment 2023-12-31 04609973 frs-core:ComputerEquipment 2023-01-01 2023-12-31 04609973 frs-core:ComputerEquipment 2022-12-31 04609973 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 04609973 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 04609973 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 04609973 frs-core:FurnitureFittings 2023-12-31 04609973 frs-core:FurnitureFittings 2023-01-01 2023-12-31 04609973 frs-core:FurnitureFittings 2022-12-31 04609973 frs-core:PlantMachinery 2023-12-31 04609973 frs-core:PlantMachinery 2023-01-01 2023-12-31 04609973 frs-core:PlantMachinery 2022-12-31 04609973 frs-core:SharePremium 2023-12-31 04609973 frs-core:ShareCapital 2023-12-31 04609973 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 04609973 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04609973 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 04609973 frs-bus:SmallEntities 2023-01-01 2023-12-31 04609973 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 04609973 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04609973 frs-bus:Director1 2023-01-01 2023-12-31 04609973 frs-countries:EnglandWales 2023-01-01 2023-12-31 04609973 2021-12-31 04609973 2022-12-31 04609973 2022-01-01 2022-12-31 04609973 frs-core:CurrentFinancialInstruments 2022-12-31 04609973 frs-core:SharePremium 2022-12-31 04609973 frs-core:ShareCapital 2022-12-31 04609973 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 04609973
Trans-Fast Remittance (London) 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: 04609973
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 394,940
Tangible Assets 5 12,888 15,561
12,888 410,501
CURRENT ASSETS
Debtors 6 107,796 110,372
Cash at bank and in hand - 317,549
107,796 427,921
Creditors: Amounts Falling Due Within One Year 7 (757,729 ) (780,473 )
NET CURRENT ASSETS (LIABILITIES) (649,933 ) (352,552 )
TOTAL ASSETS LESS CURRENT LIABILITIES (637,045 ) 57,949
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,956 ) (2,956 )
NET (LIABILITIES)/ASSETS (640,001 ) 54,993
CAPITAL AND RESERVES
Called up share capital 8 170,000 170,000
Share premium account 125,000 125,000
Profit and Loss Account (935,001 ) (240,007 )
SHAREHOLDERS' FUNDS (640,001) 54,993
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 Sadik Mazeed
Director
30 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
Trans-Fast Remittance (London) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04609973 . The registered office is 7 Bell Yard, London, WC2A 2JR.
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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
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 ... on a straight line basis over their expected useful economic lives, which range from ... to ... 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:
Plant & Machinery 18% WDV
Fixtures & Fittings 18% WDV
Computer Equipment 18% WDV
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.
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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2022: 9)
9 9
4. Intangible Assets
Development costs
£
Cost
As at 1 January 2023 394,940
Additions 163,401
Disposals (558,341 )
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 -
As at 1 January 2023 394,940
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 5,362 9,245 70,651 85,258
Additions - 138 - 138
As at 31 December 2023 5,362 9,383 70,651 85,396
Depreciation
As at 1 January 2023 4,465 3,738 61,494 69,697
Provided during the period 162 1,001 1,648 2,811
As at 31 December 2023 4,627 4,739 63,142 72,508
Net Book Value
As at 31 December 2023 735 4,644 7,509 12,888
As at 1 January 2023 897 5,507 9,157 15,561
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors - 254
Other debtors 107,796 110,118
107,796 110,372
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Page 5
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 105,935 76,125
Bank loans and overdrafts 173,124 -
Other creditors 478,670 700,828
Taxation and social security - 3,520
757,729 780,473
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 170,000 170,000
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