Acorah Software Products - Accounts Production 16.1.300 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 10531895 Mr M Apotheker Mr P Crocker Mr J Ko Mr Y Lee iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10531895 2023-03-31 10531895 2024-03-31 10531895 2023-04-01 2024-03-31 10531895 frs-core:CurrentFinancialInstruments 2024-03-31 10531895 frs-core:Non-currentFinancialInstruments 2024-03-31 10531895 frs-core:ComputerEquipment 2024-03-31 10531895 frs-core:ComputerEquipment 2023-04-01 2024-03-31 10531895 frs-core:ComputerEquipment 2023-03-31 10531895 frs-core:FurnitureFittings 2024-03-31 10531895 frs-core:FurnitureFittings 2023-04-01 2024-03-31 10531895 frs-core:FurnitureFittings 2023-03-31 10531895 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-03-31 10531895 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 10531895 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-03-31 10531895 frs-core:SharePremium 2024-03-31 10531895 frs-core:ShareCapital 2024-03-31 10531895 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 10531895 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10531895 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 10531895 frs-bus:SmallEntities 2023-04-01 2024-03-31 10531895 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 10531895 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 10531895 frs-bus:Director1 2023-04-01 2024-03-31 10531895 frs-bus:Director2 2023-04-01 2024-03-31 10531895 frs-bus:Director3 2023-04-01 2024-03-31 10531895 frs-bus:Director4 2023-04-01 2024-03-31 10531895 frs-countries:EnglandWales 2023-04-01 2024-03-31 10531895 2022-03-31 10531895 2023-03-31 10531895 2022-04-01 2023-03-31 10531895 frs-core:CurrentFinancialInstruments 2023-03-31 10531895 frs-core:Non-currentFinancialInstruments 2023-03-31 10531895 frs-core:SharePremium 2023-03-31 10531895 frs-core:ShareCapital 2023-03-31 10531895 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 10531895
Oxford Semantic Technologies Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10531895
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 19,215 14,749
19,215 14,749
CURRENT ASSETS
Debtors 5 1,000,431 1,024,719
Cash at bank and in hand 890,360 1,114,179
1,890,791 2,138,898
Creditors: Amounts Falling Due Within One Year 6 (120,250 ) (424,253 )
NET CURRENT ASSETS (LIABILITIES) 1,770,541 1,714,645
TOTAL ASSETS LESS CURRENT LIABILITIES 1,789,756 1,729,394
NET ASSETS 1,789,756 1,729,394
CAPITAL AND RESERVES
Called up share capital 7 1,752 1,752
Share premium account 4,099,263 4,099,263
Profit and Loss Account (2,311,259 ) (2,371,621 )
SHAREHOLDERS' FUNDS 1,789,756 1,729,394
Page 1
Page 2
For the year ending 31 March 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 P Crocker
Director
21/02/2025
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
Oxford Semantic Technologies Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10531895 . The registered office is 2 Littlegate Street, Oxford, OX1 1QT.
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 software and the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Software Sales
Turnover from software sales is recognised at the point of delivery, which occurs when the customer successfully downloads and activates the software using a license key. The delivery of the license key, which allows the customer to unlock and use the software, signifies that the risks and rewards of ownership have transferred from the company to the customer. Revenue from the sale of software licenses is recognised in full at the time of sale, reflecting the customer's right to use the software for the duration of the license.
Consulting Services
Revenue from consulting services is recognised based on the percentage of completion method. This approach measures the services provided to date as a proportion of the total services to be provided under the terms of the consulting agreement. Progress toward completion is estimated based on the hours worked, milestones achieved, or other systematic measures of progress relative to the total estimated effort required to complete the services.
2.3. 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:
Leasehold 5 year straight line
Fixtures & Fittings 5 year straight line
Computer Equipment 5 year straight line
2.4. 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.
2.5. 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 year 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 asset reflects 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.
...CONTINUED
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2.5. Taxation - continued
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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: 16 (2023: 11)
16 11
4. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 33,715 - 12,525 46,240
Additions - 608 15,513 16,121
Disposals - - (663 ) (663 )
As at 31 March 2024 33,715 608 27,375 61,698
Depreciation
As at 1 April 2023 26,970 - 4,521 31,491
Provided during the period 6,743 30 4,473 11,246
Disposals - - (254 ) (254 )
As at 31 March 2024 33,713 30 8,740 42,483
Net Book Value
As at 31 March 2024 2 578 18,635 19,215
As at 1 April 2023 6,745 - 8,004 14,749
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Page 5
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 145,215 157,539
Prepayments and accrued income 13,812 11,172
Corporation tax recoverable assets - 185,207
159,027 353,918
Due after more than one year
Deferred tax non-current asset 841,404 670,801
1,000,431 1,024,719
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,877 4,151
Other taxes and social security 41,488 34,262
VAT 25,370 21,816
Other creditors 18,584 12,312
Accruals and deferred income 32,931 351,712
120,250 424,253
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,752 1,752
Share options
A total of 32,760 (2023: 29,510) options over ordinary shares were outstanding at the balance sheet date. On 16th July, these were all exercised and immediately sold as part of the acquisition by Samsung Electronics.
8. Post Balance Sheet Events
On 16th July 2024, the entire issued share capital of the company was acquired by Samsung Electronics Europe Holding Cooperatief U.A., a company registered in the Netherlands with address Evert van de Beekstraat 310, Schipol, Amsterdam, 1118 CX, Netherlands and registered number 27329055. On this date the ultimate controlling party became Samsung Electronics Co., Ltd, a listed company registered in the Republic of Korea with address Samsungno 129, Maetan-dong, Yeongtong District, Suwon, South Korea.
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