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Registered number: 10228462
Lurtis Limited
Unaudited Financial Statements
For The Year Ended 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—7
Page 1
Statement of Financial Position
Registered number: 10228462
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 143,517 152,238
Tangible Assets 5 3,540 4,341
147,057 156,579
CURRENT ASSETS
Debtors 6 15,206 9,629
Cash at bank and in hand 4,023 24,070
19,229 33,699
Creditors: Amounts Falling Due Within One Year 7 (9,639 ) (16,121 )
NET CURRENT ASSETS (LIABILITIES) 9,590 17,578
TOTAL ASSETS LESS CURRENT LIABILITIES 156,647 174,157
Creditors: Amounts Falling Due After More Than One Year 8 (88,169 ) (75,904 )
NET ASSETS 68,478 98,253
CAPITAL AND RESERVES
Called up share capital 9 10 10
Income Statement 68,468 98,243
SHAREHOLDERS' FUNDS 68,478 98,253
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Page 2
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 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
Dr Jose Pena Sanchez
Director
21 March 2025
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Lurtis Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10228462 . The registered office is PO Box F6, Wood Centre For Innovation, Stansfeld Park, Quarry Road, Headington, Oxford, OX3 8SB.
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. 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; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. 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. Research and Development
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, both director's and employees', necessary to generate the asset.
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
  • 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; and
  • 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.
Intangible assets are amortised from the date they are available for use. Amortisation is charged to profit or loss on a straight-line basis over the 6 year estimated useful life of the intangible asset. These charges are included in the Statement of Profit and Loss.
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.
Impairment of Intangible Assets
The Company assesses annually whether there is any indication that any of its assets have been impaired. If such indication exists, the asset’s recoverable amount is estimated and compared to its carrying value. Where it is impossible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the smallest cash generating unit to which the asset is allocated.
If the recoverable amount of an asset (or cash generating unit) is estimated to be less than its carrying amount, an impairment loss is recognised immediately in profit or loss, unless the asset is carried at a revalued amount, in which case the impairment loss is recognised as a revaluation decrease.
For intangible assets not yet available for use, the recoverable amount is estimated annually and at the end of each reporting period if there is an indication of impairment
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2.4. 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:
Fixtures & Fittings 15% reducing balance
Computer Equipment 20% reducing balance
2.5. Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
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
The tax expense represents the sum of the corporation 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 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.
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 asset reflects 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 or deferred 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 and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
2.9. Government Grant
Government grants are recognised in the income statement in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income statement over the useful life of the asset concerned.
All grants in the income statement are recognised when all conditions for receipt have been complied with.
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2.10. 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.
2.11. 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.
2.12. Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid investmens with original maturities of three months or less.
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Office and administration 3 4
3 4
4. Intangible Assets
Development Costs
£
Cost
As at 1 July 2023 321,490
Additions 33,718
As at 30 June 2024 355,208
Amortisation
As at 1 July 2023 169,252
Provided during the period 42,439
As at 30 June 2024 211,691
Net Book Value
As at 30 June 2024 143,517
As at 1 July 2023 152,238
Intangible assets comprise the development of applications to enable fast prototyping in the evaluation of design feasibility, predominantly for the architecture and construction industries.
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5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 July 2023 3,115 7,451 10,566
As at 30 June 2024 3,115 7,451 10,566
Depreciation
As at 1 July 2023 1,775 4,450 6,225
Provided during the period 201 600 801
As at 30 June 2024 1,976 5,050 7,026
Net Book Value
As at 30 June 2024 1,139 2,401 3,540
As at 1 July 2023 1,340 3,001 4,341
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 3,302 3,302
Prepayments and accrued income 1,738 1,148
Other debtors 568 568
VAT 7,227 2,240
Amounts owed by parent undertaking 2,371 2,371
15,206 9,629
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 6,421 12,100
Corporation tax 3,158 1,893
Other taxes and social security - 2,068
Nest 60 60
9,639 16,121
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Capital grants 88,169 75,904
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10 10
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10. Related Party Transactions
Included in debtors is a balance of £2,371 due from Lurtis Rules S.L (2023: £2,371 owed from Lurtis Rules S.L). Amounts owed to and by related parties are unsecured, interest-free, and have no fixed terms of repayment. No provision for doubtful debts have been raised against amounts outstanding, and no expense has been recognised during the period in respect of bad or doubtful debts due from related parties.
11. Ultimate Controlling Party
The company's ultimate controlling party is Lurtis Rules S.L. by virtue of its ownership of 100% of the issued share capital in the company.
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