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Registered number: 13389331
InsyteGroup Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2024
Aspect House Pattenden Lane
Marden
Tonbridge
Kent
TN12 9QJ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 13389331
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 86,849 99,044
Tangible Assets 5 10,506 9,372
Investments 6 120 240
97,475 108,656
CURRENT ASSETS
Debtors 7 198,289 266,869
Cash at bank and in hand 3,687 282
201,976 267,151
Creditors: Amounts Falling Due Within One Year 8 (148,625 ) (361,220 )
NET CURRENT ASSETS (LIABILITIES) 53,351 (94,069 )
TOTAL ASSETS LESS CURRENT LIABILITIES 150,826 14,587
Creditors: Amounts Falling Due After More Than One Year 9 (67,576 ) -
NET ASSETS 83,250 14,587
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 83,150 14,487
SHAREHOLDERS' FUNDS 83,250 14,587
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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 director acknowledges his 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 Jonathan Gray
Director
21/02/2025
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
InsyteGroup Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13389331 . The registered office is Unit 53, 1 Emma Street, London, E2 9FP. A Profit & Loss Account has not been delivered to the registrar of Companies. The Accounts present information about InsyteGroup Ltd as an individual undertaking and not about its group. Group Accounts are not required as the company is the parent of a "small" group.
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 goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 8 years.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are the costs of software development.  Amortisation has not yet begun as commercial production has not commenced 
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:
Computer Equipment 50%
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.
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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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2023: 9)
8 9
4. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 July 2023 125,108 - 125,108
Additions - 61,508 61,508
Disposals (70,083 ) - (70,083 )
As at 30 June 2024 55,025 61,508 116,533
Amortisation
As at 1 July 2023 26,064 - 26,064
Provided during the period 3,620 - 3,620
As at 30 June 2024 29,684 - 29,684
Net Book Value
As at 30 June 2024 25,341 61,508 86,849
As at 1 July 2023 99,044 - 99,044
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5. Tangible Assets
Computer Equipment
£
Cost
As at 1 July 2023 20,035
Additions 12,828
Disposals (1,684 )
As at 30 June 2024 31,179
Depreciation
As at 1 July 2023 10,663
Provided during the period 10,010
As at 30 June 2024 20,673
Net Book Value
As at 30 June 2024 10,506
As at 1 July 2023 9,372
6. Investments
Subsidiaries
£
Cost
As at 1 July 2023 240
Disposals (120 )
As at 30 June 2024 120
Provision
As at 1 July 2023 -
As at 30 June 2024 -
Net Book Value
As at 30 June 2024 120
As at 1 July 2023 240
The company struck off one 100% directly-owned subsidiariy during the year - InsytEdge Ltd, a dormant company incorporated in England with 12000 ordinary £0.01 Shares
The other investment is ByltInsyte Ltd, a trading company incorporated in England with 12,000 ordinary £0.01 Shares and whose principal place of business is Unit 53, 1 Emma Street, London, E2 9FP. ByltInsyte generated a netl loss of £2,436 during the year, and its aggregate amount of share capital and reserves at 30 June 2024 was £2,916.
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 86,995 264,769
Prepayments and accrued income 14,370 -
Other debtors - 2,100
Amounts owed by subsidiaries 96,924 -
198,289 266,869
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 9,944 65,644
Bank loans and overdrafts 57,460 70,177
Corporation tax 23,212 5,719
Other taxes and social security 7,801 24,297
VAT 6,988 92
Net wages 975 1,946
Accruals and deferred income 4,083 -
Director's loan account 38,162 171,305
Amounts owed to subsidiaries - 22,040
148,625 361,220
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 67,576 -
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
11. Related Party Transactions
The company owes its director, Jonathan Gray, the sum of £38,162 at 30 June 2024. This loan does not carry interest and is repayable on demand.
The company is owed by its subsidiary, ByltInsyte Ltd, the sum of £96,924 at 30 June 2024. This loan does not carry Interest and is repayable on demand.
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