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Registered number: 13578325
Evotrack Ltd
Unaudited Financial Statements
For the Period 1 January 2024 to 30 September 2024
Max Accountants Ltd
Ketton Suite
The King Centre
Oakham
Rutland
LE15 7WD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 13578325
30 September 2024 31 December 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 6,325 5,727
6,325 5,727
CURRENT ASSETS
Debtors 5 77,642 26,589
Cash at bank and in hand 9,019 41,973
86,661 68,562
Creditors: Amounts Falling Due Within One Year 6 (46,734 ) (8,599 )
NET CURRENT ASSETS (LIABILITIES) 39,927 59,963
TOTAL ASSETS LESS CURRENT LIABILITIES 46,252 65,690
Creditors: Amounts Falling Due After More Than One Year 7 (57,003 ) (54,160 )
NET (LIABILITIES)/ASSETS (10,751 ) 11,530
CAPITAL AND RESERVES
Called up share capital 9 113 113
Profit and Loss Account (10,864 ) 11,417
SHAREHOLDERS' FUNDS (10,751) 11,530
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For the period ending 30 September 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 Profit and Loss Account.
On behalf of the board
Dr Oytun Babacan
Director
27 March 2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Evotrack Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13578325 . The registered office is 21 Albemarle Street, The Royal Institution Of Great Britain, London, W1S 4BS.
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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Disclosure of long or short period
The financial period was shortened from 31 December 2024 to 30 September 2024 therefore the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
2.2. Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.3. 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
2.4. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.5. 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.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.
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, are recognised at transaction price including transaction costs.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities.
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 profit / loss before taxation.
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2.7. Taxation
Tax is recognised in profit or loss except that a charge is attributable to an item of income and expense recognised as other comphrehensive income or to an item recognised directly in equity is also recognised in other comphrehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
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. Government Grant
Government grants are recognised in the profit and loss account 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 profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account 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 profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.10. Research and Development
In the research phase of an internal project, it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives. 
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only. 
2.11. Convertible Debt
Compound financial instruments issued by the Company comprise convertible loan notes that can be converted to share capital at the option of the holder. The interest on the loan notes is compounding annually and as such the number of shares to be issued will vary with changes in the fair value.
Due to the varying number of shares to be issued the loan notes are treated as liabilities and not split between equity and liabilities. The liability is initially and subsequently measured at fair value, with the fair value movements recognised in the Statement of Comprehensive Income.
Transaction costs that relate to the issue of the instrument are expensed to the Statement of Comprehensive Income.
3. Average Number of Employees
Average number of employees, including directors, during the period was: 4 (2023: 2)
4 2
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 January 2024 8,113
Additions 3,114
As at 30 September 2024 11,227
...CONTINUED
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Depreciation
As at 1 January 2024 2,386
Provided during the period 2,516
As at 30 September 2024 4,902
Net Book Value
As at 30 September 2024 6,325
As at 1 January 2024 5,727
5. Debtors
30 September 2024 31 December 2023
£ £
Due within one year
Prepayments and accrued income 35,088 112
Other debtors - 5,765
Corporation tax recoverable assets 41,873 16,723
VAT 681 3,989
77,642 26,589
6. Creditors: Amounts Falling Due Within One Year
30 September 2024 31 December 2023
£ £
Trade creditors 552 1,403
Other taxes and social security 6,099 4,077
Net wages 11,583 -
Other creditors 750 469
Accruals and deferred income 7,538 2,650
Director's loan account 20,212 -
46,734 8,599
7. Creditors: Amounts Falling Due After More Than One Year
30 September 2024 31 December 2023
£ £
Convertible Loans 57,003 54,160
8. Loans
An analysis of the maturity of loans is given below:
30 September 2024 31 December 2023
£ £
Amounts falling due between one and five years:
Debentures 57,003 54,160
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9. Share Capital
30 September 2024 31 December 2023
Allotted, called up and fully paid £ £
106,740 Ordinary Shares of £ 0.001 each 107 107
5,618 T Ordinary shares of £ 0.001 each 6 6
113 113
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