Acorah Software Products - Accounts Production 16.1.300 false true true 31 October 2023 1 November 2022 false 1 November 2023 31 October 2024 31 October 2024 08242344 Mr Oluwatosin Ogunrinde iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08242344 2023-10-31 08242344 2024-10-31 08242344 2023-11-01 2024-10-31 08242344 frs-core:CurrentFinancialInstruments 2024-10-31 08242344 frs-core:ComputerEquipment 2024-10-31 08242344 frs-core:ComputerEquipment 2023-11-01 2024-10-31 08242344 frs-core:ComputerEquipment 2023-10-31 08242344 frs-core:FurnitureFittings 2024-10-31 08242344 frs-core:FurnitureFittings 2023-11-01 2024-10-31 08242344 frs-core:FurnitureFittings 2023-10-31 08242344 frs-core:PlantMachinery 2024-10-31 08242344 frs-core:PlantMachinery 2023-11-01 2024-10-31 08242344 frs-core:PlantMachinery 2023-10-31 08242344 frs-core:ShareCapital 2024-10-31 08242344 frs-core:RetainedEarningsAccumulatedLosses 2024-10-31 08242344 frs-bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 08242344 frs-bus:FilletedAccounts 2023-11-01 2024-10-31 08242344 frs-bus:SmallEntities 2023-11-01 2024-10-31 08242344 frs-bus:AuditExempt-NoAccountantsReport 2023-11-01 2024-10-31 08242344 frs-bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 08242344 frs-bus:OrdinaryShareClass1 2023-11-01 2024-10-31 08242344 frs-bus:OrdinaryShareClass1 2024-10-31 08242344 frs-bus:Director1 2023-11-01 2024-10-31 08242344 frs-countries:EnglandWales 2023-11-01 2024-10-31 08242344 2022-10-31 08242344 2023-10-31 08242344 2022-11-01 2023-10-31 08242344 frs-core:CurrentFinancialInstruments 2023-10-31 08242344 frs-core:ShareCapital 2023-10-31 08242344 frs-core:RetainedEarningsAccumulatedLosses 2023-10-31 08242344 frs-bus:OrdinaryShareClass1 2022-11-01 2023-10-31 08242344 frs-core:CurrentFinancialInstruments 1 2023-10-31
Registered number: 08242344
Spreadcore Limited
Unaudited Financial Statements
For The Year Ended 31 October 2024
Contents
Page
Statement of Financial Position 1
Notes to the Financial Statements 2—4
Page 1
Statement of Financial Position
Registered number: 08242344
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 86 172
86 172
CURRENT ASSETS
Debtors 5 407 -
Cash at bank and in hand 1,901 1,221
2,308 1,221
Creditors: Amounts falling due within one year 6 (10,642 ) (10,336 )
NET CURRENT ASSETS (LIABILITIES) (8,334 ) (9,115 )
TOTAL ASSETS LESS CURRENT LIABILITIES (8,248 ) (8,943 )
NET LIABILITIES (8,248 ) (8,943 )
CAPITAL AND RESERVES
Called up share capital 7 100 100
Income Statement (8,348 ) (9,043 )
SHAREHOLDERS' FUNDS (8,248) (8,943)
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has 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 Income Statement.
The financial statements were approved by the board of directors on 16 March 2025 and were signed on its behalf by:
Mr Oluwatosin Ogunrinde
Director
16 March 2025
The notes on pages 2 to 4 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Spreadcore Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08242344 . The registered office is 100 Liverpool Street, London, EC2M 2AT.
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 FRS 102 Section 1A, The Financial Reporting Standard applicable in the UK and Republic of Ireland - Small Entities and the Companies Act 2006.
2.2. Going Concern Disclosure
The director has 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 measured at the fair value of the consideration received or receivable for services provided in the normal course of business, net of discounts, value added taxes and other sales taxes.
Rendering of services
Turnover from the provision of software as a service is recognised in the period in which the services are provided.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is charged to the income statement at the following rates in order to write off the cost of the assets, less their estimated residual value, over their estimated useful lives:
Plant & Machinery 33% straight line
Fixtures & Fittings 33% straight line
Computer Equipment 33% straight line
2.5. Financial Instruments
Basic financial instruments
Cash and cash equivalents, and trade and other debtors and creditors, are classified as basic financial instruments.
Basic financial instruments not constituting financing transactions are initially recognised at transaction price. For arrangements constituting financing transactions, different recognition criteria apply:
  • Loans to the company from a person who is within a director's group of close family members that contains at least one shareholder are also initially recognised at transaction price.
  • All other arrangements constituting financing transactions are initially recognised at the present value of the future payments or receipts discounted at a market rate of interest.
Subsequent to initial recognition:
  • Basic financial instruments classified as payable or receivable after more than one year are measured at amortised cost using the effective interest method.
  • Basic financial instruments classified as payable or receivable within one year are only amortised if the effect is material.
Cash and cash equivalents
Cash in hand, bank balances, and short-term deposits with an original maturity of three months or less, which are readily convertible to known amounts of cash and subject to an insignificant risk of changes in value, are classified as cash and cash equivalents. These amounts are included in 'Cash at bank and in hand' on the statement of financial position.
Bank overdrafts are generally classified separately as creditors under current liabilities. However, if overdrafts are repayable on demand and the company has a legally enforceable right to set them off against cash and cash equivalents, they may be offset in certain circumstances.
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2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement or, if presented, 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.
Current tax for the year is recognised in profit or loss, except when it relates to items that are recognised in other comprehensive income or directly in equity, in which case the current tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
Contributions to defined contribution pension plans are charged to the income statement as they become payable in accordance with the rules of the respective schemes.
2.9. Presentation Currency
The financial statements are presented in £ sterling, which is the functional currency of the company.
2.10. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the income statement, director's report, and notes to the financial statements relating to the income statement.
3. Average Number of Employees
The average number of employees, including directors and other officers, during the year was: 1 (2023: 1)
1 1
4. Tangible assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 November 2023 258 548 2,811 3,617
As at 31 October 2024 258 548 2,811 3,617
Depreciation
As at 1 November 2023 179 455 2,811 3,445
Provided during the period 39 47 - 86
As at 31 October 2024 218 502 2,811 3,531
Net Book Value
As at 31 October 2024 40 46 - 86
As at 1 November 2023 79 93 - 172
5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 407 -
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6. Creditors: Amounts falling due within one year
2024 2023
£ £
VAT 107 77
Staff expense reimbursements payable - 630
Accruals and deferred income - 36
Director's loan account 10,535 9,593
10,642 10,336
7. Share Capital
2024 2023
Allotted, called up and fully paid £ £
100 Ordinary shares of £ 1.00 each 100 100
8. Pension Commitments
The company makes contributions to the personal pension plan of the sole director.
The total pension cost charge recognised in the income statement for the period represents employer contributions to this personal pension plan, which amounted to £0 (2023: £0).
9. Related Party Transactions
During the year, the company entered into the following transactions with related parties:
Owners holding a participating interest
During the year, the company received loans from Mr O Ogunrinde, the sole director and shareholder, totalling £943 (2023: £0). At the reporting date, the outstanding loan balance was £10,535 (2023: £9,593). The maximum balance outstanding during the year was £10,535 (2023: £10,293).
This amount is interest-free, unsecured and repayable on demand.
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