Acorah Software Products - Accounts Production 16.1.300 false true true 30 June 2023 1 July 2022 false 1 July 2023 30 June 2024 30 June 2024 05874751 Mr Nicholas Blain Ms Dianne Ramdeen Dr Barry Blain iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05874751 2023-06-30 05874751 2024-06-30 05874751 2023-07-01 2024-06-30 05874751 frs-core:CurrentFinancialInstruments 2024-06-30 05874751 frs-core:ComputerEquipment 2024-06-30 05874751 frs-core:ComputerEquipment 2023-07-01 2024-06-30 05874751 frs-core:ComputerEquipment 2023-06-30 05874751 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-07-01 2024-06-30 05874751 frs-core:OtherResidualIntangibleAssets 2024-06-30 05874751 frs-core:OtherResidualIntangibleAssets 2023-07-01 2024-06-30 05874751 frs-core:OtherResidualIntangibleAssets 2023-06-30 05874751 frs-core:PlantMachinery 2024-06-30 05874751 frs-core:PlantMachinery 2023-07-01 2024-06-30 05874751 frs-core:PlantMachinery 2023-06-30 05874751 frs-core:OtherReservesSubtotal 2024-06-30 05874751 frs-core:ShareCapital 2024-06-30 05874751 frs-core:RetainedEarningsAccumulatedLosses 2024-06-30 05874751 frs-bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 05874751 frs-bus:FilletedAccounts 2023-07-01 2024-06-30 05874751 frs-bus:SmallEntities 2023-07-01 2024-06-30 05874751 frs-bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 05874751 frs-bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 05874751 frs-bus:Director1 2023-07-01 2024-06-30 05874751 frs-bus:Director2 2023-07-01 2024-06-30 05874751 frs-bus:CompanySecretary1 2023-07-01 2024-06-30 05874751 frs-countries:EnglandWales 2023-07-01 2024-06-30 05874751 2022-06-30 05874751 2023-06-30 05874751 2022-07-01 2023-06-30 05874751 frs-core:CurrentFinancialInstruments 2023-06-30 05874751 frs-core:OtherReservesSubtotal 2023-06-30 05874751 frs-core:ShareCapital 2023-06-30 05874751 frs-core:RetainedEarningsAccumulatedLosses 2023-06-30
Registered number: 05874751
Quartic Training Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
Polar Accounting Solutions Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 05874751
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 51,761 97,679
Tangible Assets 5 7,993 10,241
59,754 107,920
CURRENT ASSETS
Debtors 6 28,409 24,498
Cash at bank and in hand 5,992 25,121
34,401 49,619
Creditors: Amounts Falling Due Within One Year 7 (61,007 ) (31,074 )
NET CURRENT ASSETS (LIABILITIES) (26,606 ) 18,545
TOTAL ASSETS LESS CURRENT LIABILITIES 33,148 126,465
NET ASSETS 33,148 126,465
CAPITAL AND RESERVES
Called up share capital 8 27,500 27,500
Other reserves 239 252
Profit and Loss Account 5,409 98,713
SHAREHOLDERS' FUNDS 33,148 126,465
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For the year ending 30 June 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 Nicholas Blain
Director
25/11/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Quartic Training Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05874751 . The registered office is 25 Grove Avenue, London, N3 1QS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting
Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the
Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure
requirements of section 1A of FRS 102 have been applied other than where additional disclosure is
required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal
accounting policies adopted are set out below.
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 recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets comprise study materials used to provide educational services. Such assets are defined as having finite useful lives and the costs are amortised on a straight line basis over their estimated useful lives of 5 years. Intangible assets are stated at cost less amortisation and are reviewed for impairment whenever there is an indication that the carrying value may be impaired. 
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Study materials - 5 years straight line
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 3 years
Computer Equipment 3 years
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2.6. Financial Instruments
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS 102 to all of its financial instruments.
Financial assets 
Basic financial assets, including trade and other receivable and, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. 
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset?s original effective interest rate. The impairment loss is recognised in profit or loss. 
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. 
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled; or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party; or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
Financial liabilities 
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. 
Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
2.7. Employee Benefits
Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Share based payments
The company provides share-based payment arrangements to certain employees.
Equity-settled arrangements are measured at fair value (excluding the effect of non-market based vesting conditions) at the date of the grant. The fair value is expensed on a straight-line basis over the vesting period. The amount recognised as an expense is adjusted to reflect the actual number of shares or options that will vest.
3. Average Number of Employees
The average number of employees, including directors, during the year was as follows: 4 (2023: 5)
4 5
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4. Intangible Assets
Other
£
Cost
As at 1 July 2023 229,591
Disposals (75,241 )
As at 30 June 2024 154,350
Amortisation
As at 1 July 2023 131,912
Provided during the period 45,917
Disposals (75,240 )
As at 30 June 2024 102,589
Net Book Value
As at 30 June 2024 51,761
As at 1 July 2023 97,679
5. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 July 2023 8,320 2,583 10,903
As at 30 June 2024 8,320 2,583 10,903
Depreciation
As at 1 July 2023 - 662 662
Provided during the period 1,387 861 2,248
As at 30 June 2024 1,387 1,523 2,910
Net Book Value
As at 30 June 2024 6,933 1,060 7,993
As at 1 July 2023 8,320 1,921 10,241
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 624
Prepayments and accrued income 28,409 23,874
28,409 24,498
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 2,882 2,488
Other taxes and social security 3,619 4,882
VAT 7,951 2,370
Other creditors 5,238 -
Accruals and deferred income 31,317 21,334
Directors' loan accounts 10,000 -
61,007 31,074
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 27,500 27,500
9. Share Based Payments
The company operates one share-based payment scheme for its employees, the EMI share option plan. 
Certain employees participate in this key-employee share option scheme which provides additional remuneration for those employees who are key to the operations of the group. The options are granted with an exercise price equalling the nominal value of the shares, are exercisable annually after two years from the date of grant and expire ten years after the date of grant. Employees are not entitled to dividends until the shares are exercised. Vesting of the options is subject to continued employment within the group and meeting agreed revenue targets (non-market performance conditions). On exercise of the options by the employees, the company will issues shares.
The number of share options granted during the year was nil (2023: nil). The number of share options expired during the year was 310 (2023: nil).  The number of options outstanding at 30 June was 2,745 (2023: 3,055), with a weighted average option price of £1.00. The share options exercisable at 30 June 2024 was nil (2023: nil).
The group is unable to directly measure the fair value of employee services received. Instead the fair value of the share options granted during the year is determined using the Black-Scholes model. The model is internationally recognised as being appropriate to value employee share schemes similar to the EMI share option plan. 
The total charge for the year was £-13 (30 June 2023: £nil).
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