Acorah Software Products - Accounts Production 16.2.800 false true true 31 December 2023 1 January 2023 false 1 January 2024 31 December 2024 31 December 2024 07395202 A S Hasan iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07395202 2023-12-31 07395202 2024-12-31 07395202 2024-01-01 2024-12-31 07395202 frs-core:CurrentFinancialInstruments 2024-12-31 07395202 frs-core:Non-currentFinancialInstruments 2024-12-31 07395202 frs-core:ComputerEquipment 2024-12-31 07395202 frs-core:ComputerEquipment 2024-01-01 2024-12-31 07395202 frs-core:ComputerEquipment 2023-12-31 07395202 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-01 2024-12-31 07395202 frs-core:OtherResidualIntangibleAssets 2024-12-31 07395202 frs-core:OtherResidualIntangibleAssets 2024-01-01 2024-12-31 07395202 frs-core:OtherResidualIntangibleAssets 2023-12-31 07395202 frs-core:SharePremium 2024-12-31 07395202 frs-core:ShareCapital 2024-12-31 07395202 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 07395202 frs-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 07395202 frs-bus:FilletedAccounts 2024-01-01 2024-12-31 07395202 frs-bus:SmallEntities 2024-01-01 2024-12-31 07395202 frs-bus:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 07395202 frs-bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 07395202 frs-bus:Director1 2024-01-01 2024-12-31 07395202 frs-countries:EnglandWales 2024-01-01 2024-12-31 07395202 2022-12-31 07395202 2023-12-31 07395202 2023-01-01 2023-12-31 07395202 frs-core:CurrentFinancialInstruments 2023-12-31 07395202 frs-core:Non-currentFinancialInstruments 2023-12-31 07395202 frs-core:SharePremium 2023-12-31 07395202 frs-core:ShareCapital 2023-12-31 07395202 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31
Registered number: 07395202
Minicabit Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07395202
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 979,582 955,254
Tangible Assets 5 1,393 2,348
980,975 957,602
CURRENT ASSETS
Debtors 6 101,023 125,919
Cash at bank and in hand - 7,826
101,023 133,745
Creditors: Amounts Falling Due Within One Year 7 (1,402,073 ) (931,789 )
NET CURRENT ASSETS (LIABILITIES) (1,301,050 ) (798,044 )
TOTAL ASSETS LESS CURRENT LIABILITIES (320,075 ) 159,558
Creditors: Amounts Falling Due After More Than One Year 8 (160,035 ) (220,035 )
NET LIABILITIES (480,110 ) (60,477 )
CAPITAL AND RESERVES
Called up share capital 3,949 3,949
Share premium account 2,160,082 2,160,082
Profit and Loss Account (2,644,141 ) (2,224,508 )
SHAREHOLDERS' FUNDS (480,110) (60,477)
Page 1
Page 2
For the year ending 31 December 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
A S Hasan
Director
25/03/2025
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
Minicabit Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07395202 . The registered office is 80-83 Long Lane, London, EC1A 9ET.
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. Going Concern Disclosure
The company is in the process of obtaining an injection of funds for working capital and towards the continued growth of the business. The company has also been in discussions with institutional sources of finance in preparation of its next funding round.
2.3. 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.
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.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are included at cost less accumulated amortisation. It is amortised to profit and loss account over its estimated economic life of 5 years.
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 3 years straight line
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.
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.
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2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.9. Research and development policy
Expenditure on research is written off in the year in which it is incurred.
Development expenditure is capitalised in accordance with management's judgement that technical and economic feasibility is confirmed. In determining the amounts to be capitalised management makes assumptions regarding the expected future cash generation of the assets, discount rates to be applied and the expected period of benefits.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 5)
5 5
4. Intangible Assets
Other
£
Cost
As at 1 January 2024 3,221,332
Additions 305,212
As at 31 December 2024 3,526,544
Amortisation
As at 1 January 2024 2,266,078
Provided during the period 280,884
As at 31 December 2024 2,546,962
Net Book Value
As at 31 December 2024 979,582
As at 1 January 2024 955,254
5. Tangible Assets
Computer Equipment
£
Cost
As at 1 January 2024 2,882
As at 31 December 2024 2,882
Depreciation
As at 1 January 2024 534
Provided during the period 955
As at 31 December 2024 1,489
Net Book Value
As at 31 December 2024 1,393
As at 1 January 2024 2,348
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Page 5
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 4,036 23,827
Other debtors 69,253 27,137
Corporation tax recoverable assets 27,734 53,531
VAT - 21,424
101,023 125,919
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 172,129 174,921
Bank loans and overdrafts 248,825 295,325
Other taxes and social security 9,977 11,640
VAT 13,000 -
Other creditors 915,130 435,954
Accruals and deferred income 31,060 13,949
Directors' loan accounts 11,952 -
1,402,073 931,789
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 130,057 190,057
Other creditors 29,978 29,978
160,035 220,035
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