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 06043884 Hugh Carlisle Smith Sergio Alessio Stuart Waplington David Edward Moy Marc Paul Hartog Zachary David Chudley iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 06043884 2023-06-30 06043884 2024-06-30 06043884 2023-07-01 2024-06-30 06043884 frs-core:CurrentFinancialInstruments 2024-06-30 06043884 frs-core:Non-currentFinancialInstruments 2024-06-30 06043884 frs-core:BetweenOneFiveYears 2024-06-30 06043884 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-06-30 06043884 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-07-01 2024-06-30 06043884 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-30 06043884 frs-core:FurnitureFittings 2023-07-01 2024-06-30 06043884 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-06-30 06043884 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 06043884 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-06-30 06043884 frs-core:MotorVehicles 2024-06-30 06043884 frs-core:MotorVehicles 2023-07-01 2024-06-30 06043884 frs-core:MotorVehicles 2023-06-30 06043884 frs-core:OtherResidualIntangibleAssets 2024-06-30 06043884 frs-core:OtherResidualIntangibleAssets 2023-07-01 2024-06-30 06043884 frs-core:OtherResidualIntangibleAssets 2023-06-30 06043884 frs-core:PlantMachinery 2024-06-30 06043884 frs-core:PlantMachinery 2023-07-01 2024-06-30 06043884 frs-core:PlantMachinery 2023-06-30 06043884 frs-core:WithinOneYear 2024-06-30 06043884 frs-core:SharePremium 2024-06-30 06043884 frs-core:ShareCapital 2024-06-30 06043884 frs-core:RetainedEarningsAccumulatedLosses 2024-06-30 06043884 frs-bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 06043884 frs-bus:FilletedAccounts 2023-07-01 2024-06-30 06043884 frs-bus:SmallEntities 2023-07-01 2024-06-30 06043884 frs-bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 06043884 frs-bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 06043884 frs-core:UnlistedNon-exchangeTraded 2024-06-30 06043884 frs-core:UnlistedNon-exchangeTraded 2023-06-30 06043884 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-06-30 06043884 frs-core:DisposalsRepaymentsInvestments frs-core:UnlistedNon-exchangeTraded 2024-06-30 06043884 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2024-06-30 06043884 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-06-30 06043884 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2024-06-30 06043884 frs-bus:Director1 2023-07-01 2024-06-30 06043884 frs-bus:Director2 2023-07-01 2024-06-30 06043884 frs-bus:Director3 2023-07-01 2024-06-30 06043884 frs-bus:Director4 2023-07-01 2024-06-30 06043884 frs-bus:Director5 2023-07-01 2024-06-30 06043884 frs-bus:Director6 2023-07-01 2024-06-30 06043884 frs-core:CurrentFinancialInstruments 1 2024-06-30 06043884 frs-countries:EnglandWales 2023-07-01 2024-06-30 06043884 2022-06-30 06043884 2023-06-30 06043884 2022-07-01 2023-06-30 06043884 frs-core:CurrentFinancialInstruments 2023-06-30 06043884 frs-core:Non-currentFinancialInstruments 2023-06-30 06043884 frs-core:BetweenOneFiveYears 2023-06-30 06043884 frs-core:WithinOneYear 2023-06-30 06043884 frs-core:SharePremium 2023-06-30 06043884 frs-core:ShareCapital 2023-06-30 06043884 frs-core:RetainedEarningsAccumulatedLosses 2023-06-30 06043884 frs-core:CurrentFinancialInstruments 1 2023-06-30 06043884 frs-core:Non-currentFinancialInstruments 2 2023-06-30
Registered number: 06043884
Printspace Studios Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—9
Page 1
Balance Sheet
Registered number: 06043884
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 2,359,127 2,342,978
Tangible Assets 5 181,072 194,780
Investments 6 127,198 622,194
2,667,397 3,159,952
CURRENT ASSETS
Stocks 7 99,043 80,775
Debtors 8 177,727 231,145
Cash at bank and in hand 588,914 434,211
865,684 746,131
Creditors: Amounts Falling Due Within One Year 9 (1,040,033 ) (769,277 )
NET CURRENT ASSETS (LIABILITIES) (174,349 ) (23,146 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,493,048 3,136,806
Creditors: Amounts Falling Due After More Than One Year 10 (259,071 ) (707,395 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (479,814 ) (478,732 )
NET ASSETS 1,754,163 1,950,679
CAPITAL AND RESERVES
Called up share capital 12 348 348
Share premium account 2,792,921 2,792,921
Profit and Loss Account (1,039,106 ) (842,590 )
SHAREHOLDERS' FUNDS 1,754,163 1,950,679
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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
Stuart Waplington
Director
27/11/2024
The notes on pages 3 to 9 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Printspace Studios Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06043884 . The registered office is 74 Kingsland Road, London, E2 8DL.
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 a mounts 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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts , on the basis that the group of which this is the parent qualifies as a small group . The financial statements present information about the company as an individual entity and not about its group .
2.2. Going Concern Disclosure
The company continues to grow its revenue and EBITDA, as the investment in its cloud software system, creativehub, continues to pay off.
The directors have reviewed the company's cash flow forecast for the next 18 months and have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future. This is based on the company continuing to benefit from the bank facilities, which are guaranteed by a director and significant shareholder, and the company managing to achieve the forecast turnover and results as prepared by the directors for the next 18 months. If the forecast turnover is not achieved the directors will reduce discretionary expenditure accordingly. Thus the directors consider it appropriate to continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3. Turnover
Turnover is the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes .
Turnover is recognised when the printing and framing is complete and goods have been dispatched.
When goods have been completed and not dispatched they are included in deferred income.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Patents 5 years
Creative Hub 10 years
2.5. Research and Development
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
The Creative Hub expenditure meets the definition of development expenditure and therefore a policy of capitalising the expenditure has been adopted.
Amortisation begins when the intangible asset is available for use, i.e when it is in the location and condition necessary for it to be usable in the manner intended by management.
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2.6. 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:
Leasehold 10% Straight Line
Plant & Machinery 5 years
Motor Vehicles 5 years
Fixtures & Fittings 5 years
2.7. Leasing and Hire Purchase Contracts
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.
2.8. Stocks and Work in Progress
Stocks are stated at the lower of cost and estimated selling price less cost s to complete and sell. Stock comprises the cost of printing and framing materials.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
2.9. 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 instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, cash and bank balances and prepayments and accrued income are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, finance leases, taxes and social security and accrual and deferred income 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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A mounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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2.10. Foreign Currencies
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2.11. Taxation
The tax expense represents the sum of the tax currently payable /recoverable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax at a future date, at rates expected to apply when they crystallise based on current tax rates and law.
Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the accounts. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.
2.12. Employee 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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2.13. Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 28 (2023: 28)
28 28
4. Intangible Assets
Patents Creative Hub Total
£ £ £
Cost
As at 1 July 2023 3,000 3,799,589 3,802,589
Additions - 416,545 416,545
As at 30 June 2024 3,000 4,216,134 4,219,134
Amortisation
As at 1 July 2023 3,000 1,456,611 1,459,611
Provided during the period - 400,396 400,396
As at 30 June 2024 3,000 1,857,007 1,860,007
Net Book Value
As at 30 June 2024 - 2,359,127 2,359,127
As at 1 July 2023 - 2,342,978 2,342,978
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5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 July 2023 83,214 431,093 16,500 530,807
Additions 9,287 15,015 - 24,302
As at 30 June 2024 92,501 446,108 16,500 555,109
Depreciation
As at 1 July 2023 37,100 295,077 3,850 336,027
Provided during the period 6,195 28,515 3,300 38,010
As at 30 June 2024 43,295 323,592 7,150 374,037
Net Book Value
As at 30 June 2024 49,206 122,516 9,350 181,072
As at 1 July 2023 46,114 136,016 12,650 194,780
6. Investments
Unlisted
£
Cost
As at 1 July 2023 622,194
Disposals (494,996 )
As at 30 June 2024 127,198
Provision
As at 1 July 2023 -
As at 30 June 2024 -
Net Book Value
As at 30 June 2024 127,198
As at 1 July 2023 622,194
As at 30th June 2024 the balance of £127,198 consisted of:
Shares in group undertakings: £11,829
Loans to group undertakings: £115,369
Details of the company's subsidiaries at 30 June 2024 are as follows:
Name of undertaking: ThePrintspace GmbH
Registered office: Jahnstraße 18, Düsseldorf, 40215, Germany
Class of shares held: Ordinary
% Held Direct: 100
Name of undertaking: ThePrintspace Inc
Registered office: 55 Prospect St Unit 308, Brooklyn, NY, 11201
Class of shares held: Ordinary
% Held Direct: 100
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7. Stocks
2024 2023
£ £
Materials 99,043 80,775
8. Debtors
2024 2023
£ £
Due within one year
Trade debtors 125 919
Prepayments and accrued income 56,423 58,644
Other debtors 26,462 10,172
Corporation tax recoverable assets 62,217 128,910
145,227 198,645
Due after more than one year
Other debtors 32,500 32,500
32,500 32,500
177,727 231,145
9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 44,051 76,697
Trade creditors 325,619 344,644
Bank loans and overdrafts 50,000 57,594
Other taxes and social security 164,971 180,497
Other creditors 48,400 20,016
Short term convertible loans 285,572 -
Accruals and deferred income 51,925 29,221
Other loans 69,495 60,608
1,040,033 769,277
The RBS business term bank loan included within current and non current liabilities totalling £nil (2023: £7,594) is secured by way of a debenture on all assets of the company and a limited guarantee by a director and a shareholder. The Coronavirus Business Interruption Loan scheme (CBIL) included within current and non current liabilities totalling £91,667 (2023: £141,667) is also secured by way of a debenture on all assets of the company and guaranteed by a director and a shareholder.
On 15th February 2023, £285,572 of convertible loan notes were provided. The loan notes attract interest at 12% per annum, paid monthly, and have the option to be converted into Ordinary £0.01 shares on 15th August 2024.
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10. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 54,451 97,709
Bank loans 41,667 91,667
Other loans 162,953 232,447
Long term convertible loans - 285,572
259,071 707,395
The obligations under finance lease, split between current and non-current liabilities, totalling £97,542 (2023: £174,405) are secured by way of security of the assets under the lease agreements. There is an RBS CBILS loan of £ 91,667 (2023: £141,667) amount that is secured by a debenture over the assets of the company.
On 15th February 2023, £285,572 of convertible loan notes were provided. The loan notes attract interest at 12% per annum, paid monthly, and have the option to be converted into Ordinary £0.01 shares on 15th August 2024.
11. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 44,051 76,697
Later than one year and not later than five years 54,451 97,709
98,502 174,406
98,502 174,406
12. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 348 348
13. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 93,000 93,000
Later than one year and not later than five years 186,000 279,000
279,000 372,000
14. Post Balance Sheet Events
In February 2023, the company raised funds through a convertible loan with an initial repayment date of 15 August 2024. After the financial year-end, all bondholders agreed to roll the loan forward, with a new repayment date of 15 August 2025. As this agreement was not finalized until after the year-end, the loan remains classified as a short-term liability in these financial statements.
This extension does not affect the classification of the convertible loan in the accounts as of the reporting date, as the agreement to extend the repayment was completed after the year-end.
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15. Related Party Transactions
The company has taken advantage of the exemption allowed by Financial Reporting Standard 102 not to disclose any transactions with other wholly owned members of the group. 
Print Drop Marketing Services (India) Private Limited is a company under common control with Printspace Studios Ltd.
During the financial year ending 30 June 2024, Print Drop Marketing Services (India) Private Limited invoiced Printspace Studios Ltd £125,000 for services provided. The services provided include customer service, sales, finance, and marketing support, essential to the operations of Printspace Studios Ltd.
All transactions were conducted on an arm’s length basis and are included in the accounts for the year as part of normal business operations. No balances remained outstanding as at the reporting date.
16. Share-based payment transactions
There is an EMI and an unapproved option scheme in place for certain employees of the company. The directors have assessed the fair value of the option schemes and, in accordance with FRS 102, at the end of the year no liability or expense has been recognised in respect of these schemes.
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