Acorah Software Products - Accounts Production 16.1.300 false true 31 October 2023 1 November 2022 false 1 November 2023 31 December 2024 31 December 2024 08254988 Dr D J Calvert Dr J F Bullock true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08254988 2023-10-31 08254988 2024-12-31 08254988 2023-11-01 2024-12-31 08254988 frs-core:ComputerEquipment 2023-11-01 2024-12-31 08254988 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-11-01 2024-12-31 08254988 frs-core:ShareCapital 2024-12-31 08254988 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 08254988 frs-bus:PrivateLimitedCompanyLtd 2023-11-01 2024-12-31 08254988 frs-bus:AbridgedAccounts 2023-11-01 2024-12-31 08254988 frs-bus:SmallEntities 2023-11-01 2024-12-31 08254988 frs-bus:AuditExempt-NoAccountantsReport 2023-11-01 2024-12-31 08254988 frs-bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-12-31 08254988 1 2023-11-01 2024-12-31 08254988 frs-bus:Director1 2023-11-01 2024-12-31 08254988 frs-bus:Director2 2023-11-01 2024-12-31 08254988 frs-countries:EnglandWales 2023-11-01 2024-12-31 08254988 2022-10-31 08254988 2023-10-31 08254988 2022-11-01 2023-10-31 08254988 frs-core:ShareCapital 2023-10-31 08254988 frs-core:RetainedEarningsAccumulatedLosses 2023-10-31
Registered number: 08254988
iFormulate Ltd
Unaudited ABRIDGED Financial Statements
For the Period 1 November 2023 to 31 December 2024
360 Accountants Limited
19 Albion Street
Hull
East Yorkshire
HU1 3TG
Contents
Page
Company Information 1
Abridged Balance Sheet 2—3
Notes to the Abridged Financial Statements 4—5
Page 1
Company Information
Directors Dr D J Calvert
Dr J F Bullock
Company Number 08254988
Registered Office West Croft Main Street
Keyingham
Hull
East Yorkshire
HU12 9SR
Accountants 360 Accountants Limited
19 Albion Street
Hull
East Yorkshire
HU1 3TG
Bankers Barclays Bank
1/5 King Edward Street
Hull
East Yorkshire
HU1 3RL
Page 1
Page 2
Abridged Balance Sheet
Registered number: 08254988
31 December 2024 31 October 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1,505 1,630
Tangible Assets 5 1,821 1,148
3,326 2,778
CURRENT ASSETS
Debtors 366 596
Cash at bank and in hand 4,712 40,368
5,078 40,964
Creditors: Amounts Falling Due Within One Year (190 ) (5,500 )
NET CURRENT ASSETS (LIABILITIES) 4,888 35,464
TOTAL ASSETS LESS CURRENT LIABILITIES 8,214 38,242
NET ASSETS 8,214 38,242
CAPITAL AND RESERVES
Called up share capital 6 2 2
Profit and Loss Account 8,212 38,240
SHAREHOLDERS' FUNDS 8,214 38,242
Page 2
Page 3
For the period 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.
All of the company's members have consented to the preparation of an Abridged Balance Sheet for the year end 31 December 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Dr D J Calvert
Director
3rd March 2025
The notes on pages 4 to 5 form part of these financial statements.
Page 3
Page 4
Notes to the Abridged Financial Statements
1. General Information
iFormulate Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08254988 . The registered office is West Croft Main Street, Keyingham, Hull, East Yorkshire, HU12 9SR.
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 represents net invoiced provision of services, excluding value added tax.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost lessany accumulated amortisation and any accumulated impairment losses.
Patents and licences are being amortised evenly over their estimated useful life of twenty years
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% on cost
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 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 period, 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.
2.6. 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.
3. Average Number of Employees
Average number of employees, including directors, during the period was: 2 (2023: 2)
2 2
Page 4
Page 5
4. Intangible Assets
Total
£
Cost
As at 1 November 2023 2,505
As at 31 December 2024 2,505
Amortisation
As at 1 November 2023 875
Provided during the period 125
As at 31 December 2024 1,000
Net Book Value
As at 31 December 2024 1,505
As at 1 November 2023 1,630
5. Tangible Assets
Total
£
Cost
As at 1 November 2023 5,618
Additions 1,623
Disposals (1,469 )
As at 31 December 2024 5,772
Depreciation
As at 1 November 2023 4,470
Provided during the period 450
Disposals (969 )
As at 31 December 2024 3,951
Net Book Value
As at 31 December 2024 1,821
As at 1 November 2023 1,148
6. Share Capital
31 December 2024 31 October 2023
£ £
Allotted, Called up and fully paid 2 2
7. Ultimate Controlling Party
In the opinion of the directors there is no ultimate controlling party.
Page 5