Acorah Software Products - Accounts Production 16.1.300 false true true false 5 June 2023 30 June 2024 30 June 2024 14914429 Mr Manish Karani iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 14914429 2023-06-04 14914429 2024-06-30 14914429 2023-06-05 2024-06-30 14914429 frs-core:CurrentFinancialInstruments 2024-06-30 14914429 frs-core:Non-currentFinancialInstruments 2024-06-30 14914429 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-06-30 14914429 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-05 2024-06-30 14914429 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-04 14914429 frs-core:OtherResidualIntangibleAssets 2024-06-30 14914429 frs-core:OtherResidualIntangibleAssets 2023-06-05 2024-06-30 14914429 frs-core:OtherResidualIntangibleAssets 2023-06-04 14914429 frs-core:ShareCapital 2024-06-30 14914429 frs-core:RetainedEarningsAccumulatedLosses 2024-06-30 14914429 frs-bus:PrivateLimitedCompanyLtd 2023-06-05 2024-06-30 14914429 frs-bus:FilletedAccounts 2023-06-05 2024-06-30 14914429 frs-bus:SmallEntities 2023-06-05 2024-06-30 14914429 frs-bus:AuditExempt-NoAccountantsReport 2023-06-05 2024-06-30 14914429 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-05 2024-06-30 14914429 frs-bus:OrdinaryShareClass1 2023-06-05 2024-06-30 14914429 frs-bus:OrdinaryShareClass1 2024-06-30 14914429 frs-bus:Director1 2023-06-05 2024-06-30 14914429 frs-countries:EnglandWales 2023-06-05 2024-06-30
Registered number: 14914429
Yareta Ltd
Unaudited Financial Statements
For the Period 5 June 2023 to 30 June 2024
Mouktaris & Co Ltd
Chartered Accountants & Registered Auditors
156a Burnt Oak Broadway
Edgware
Middlesex
HA8 0AX
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 14914429
30 June 2024
Notes £ £
FIXED ASSETS
Intangible Assets 4 137,708
137,708
CURRENT ASSETS
Debtors 5 5,440
Cash at bank and in hand 5,450
10,890
Creditors: Amounts Falling Due Within One Year 6 (86,283 )
NET CURRENT ASSETS (LIABILITIES) (75,393 )
TOTAL ASSETS LESS CURRENT LIABILITIES 62,315
Creditors: Amounts Falling Due After More Than One Year 7 (200,000 )
NET LIABILITIES (137,685 )
CAPITAL AND RESERVES
Called up share capital 8 1,000
Income Statement (138,685 )
SHAREHOLDERS' FUNDS (137,685)
Page 1
Page 2
For the period 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 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.
On behalf of the board
Mr Manish Karani
Director
4 March 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
Yareta Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 14914429 . The registered office is 156a Burnt Oak Broadway, Edgware, Middlesex, HA8 0AX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements are prepared in sterling, which is the functional currency of the entity.
2.2. Going Concern Disclosure
The financial statements have been prepared on a going concern basis, notwithstanding the company’s negative net current assets and net liabilities as of 30 June 2024. The director has assessed the company’s ability to continue as a going concern and is satisfied that the going concern basis remains appropriate. This assessment is based on the following factors:
  • Financial Support from Shareholders and Investors: The company has received written confirmation from its shareholder and interested investors of their intention to provide financial support for at least 12 months from the date of approval of these financial statements. This includes access to additional funding as required to meet the company’s obligations as they fall due.
  • Future Plans and Funding Arrangements: The company has implemented plans to improve its financial position through the commercialisation of its AI-enabled psychometric solutions. The director is confident that these plans will enhance the company’s liquidity position over the coming year.
  • Cash Flow Projections: The director has prepared cash flow projections covering the 12-month period from the date of approval of these financial statements. These projections indicate that, with the continued support of shareholders and investors, the company will be able to meet its obligations as they fall due.
The director acknowledges the material uncertainty arising from the company’s current financial position. However, based on the factors outlined above, he believes that the company will have adequate resources to continue operating for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.
2.3. Research and Development
Expenditures on research or on the research phase of an internal project are recognised as an expense when incurred. The intangible assets arising from the development phase of an internal project are recognised if, and only if, the following conditions apply:
  • it is technically feasible to complete the asset for use by the company
  • the company has the intention of completing the asset for either use or resale
  • the company has the ability to either use or sell the asset
  • it is possible to estimate how the asset will generate income
  • the company has adequate financial, technical and other resources to develop and use the asset
  • the expenditure incurred to develop the asset is measurable
If no intangible asset can be recognised based on the above, then development costs are recognised in profit and loss in the period in which they are incurred.
In the development phase of the internal project, the company has identified intangible assets and demonstrated that the assets will generate probable future economic benefits. The company has undertaken and can consider the following development activities:
  • the design, construction and testing of pre-production models
  • the design of tools involving new technology
  • the design, construction and operation of a pilot that is not of a scale economically feasible for commercial production; and
  • the design, construction and testing of a chosen alternative for new or improved devices, products, processes, systems or services.
2.4. Financial Instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from third parties.
2.5. 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.
Page 3
Page 4
2.6. Taxation
There is no corporation tax as the company incurred trade losses during the period.
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.
Current 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 tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and where material are subsequently measured at amortised cost using the effective interest method, less any impairment.
2.8. Basic financial liabilities
Basic financial liabilities, including trade and other payables and loans from company undertakings that are classified as debt are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at the market rate of interest.
2.9. Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less.
3. Average Number of Employees
Average number of employees, including directors, during the period was: 2
2
4. Intangible Assets
Website and branding Development Costs Total
£ £ £
Cost
As at 5 June 2023 - - -
Additions 66,862 70,846 137,708
As at 30 June 2024 66,862 70,846 137,708
Net Book Value
As at 30 June 2024 66,862 70,846 137,708
As at 5 June 2023 - - -
Development Costs comprise capitalised experimental development costs related to social sciences, namely the development of AI-driven psychometric solutions.
Intangible assets are initially recorded at cost and are subsequently stated at cost less any accumulated amortisation and impairment losses. The cost of internally generated intangible assets comprises directly attributable costs of labour and sucontractors, necessary to generate the asset.
Intangible assets are amortised from the date they are available for use. Amortisation is charged to the Income Statement on a straight-line basis over the estimated useful life of the intangible assets, which are as follows:
  • Website and branding: 5 years
  • Development Costs: yet to be determined
Intangible assets with an indefinite useful life are tested for impairment annually. Amortisation periods and methods are reviewed annually and adjusted if appropriate.
Any intangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Page 4
Page 5
5. Debtors
30 June 2024
£
Due within one year
Prepayments and accrued income 917
Other debtors 1,000
VAT 3,523
5,440
6. Creditors: Amounts Falling Due Within One Year
30 June 2024
£
Trade creditors 8,669
Accruals and deferred income 3,800
Director's loan account 2,539
Amounts owed to related parties 71,275
86,283
7. Creditors: Amounts Falling Due After More Than One Year
30 June 2024
£
Other creditors 200,000
Included within Other creditors are monies received from investors which will be converted to share capital at the next qualifying funding round of the company.
8. Share Capital
30 June 2024
Allotted, called up but not fully paid £
1,000 Ordinary Shares of £ 1.00 each 1,000
Page 5