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Registered number: 12418248
The Choral Hub Ltd
Unaudited Financial Statements
For The Year Ended 31 December 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—5
Page 1
Balance Sheet
Registered number: 12418248
2024 2023
Notes £ £ £ £
FIXED ASSETS
CURRENT ASSETS
Debtors 5 24,581 44,350
Cash at bank and in hand 4,159 15,703
28,740 60,053
Creditors: Amounts Falling Due Within One Year 6 (170,271 ) (129,887 )
NET CURRENT ASSETS (LIABILITIES) (141,531 ) (69,834 )
TOTAL ASSETS LESS CURRENT LIABILITIES (141,531 ) (69,834 )
NET LIABILITIES (141,531 ) (69,834 )
CAPITAL AND RESERVES
Called up share capital 8 182 177
Share premium account 683,246 651,989
Other reserves 184,192 157,690
Profit and Loss Account (1,009,151 ) (879,690 )
SHAREHOLDERS' FUNDS (141,531) (69,834)
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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
Ms Alexandra Tindal Schwinn
Director
1 April 2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
The Choral Hub Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12418248 . The registered office is Office 259 23 King Street, Cambridge, Cambridgeshire, CB1 1AH.
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 £.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. Therefore the financial statements have been prepared on a going concern basis which assumes the Company will continue in operational existence for the foreseeable future. 
The Company is involved in research and development activities and is working towards achieving a sustainable revenue generating activity. The directors have considered the basis of the financial statements and are satisfied that a combination of business growth and further investment commitments will enable the Company to meet its liabilities as they fall due.
2.3. 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.
2.4. 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:
Computer Equipment 33% on cost
2.5. 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.
2.6. 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.
2.7. 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 of 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.
2.8. 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.
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2.9. Share Based Payments
The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is
recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.
The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.
2.10. Research & 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 Profit & Loss account.
Transaction costs that relate to the issue of the instrument are expensed to the Profit & Loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 3)
1 3
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 January 2024 7,227
As at 31 December 2024 7,227
Depreciation
As at 1 January 2024 7,227
As at 31 December 2024 7,227
Net Book Value
As at 31 December 2024 -
As at 1 January 2024 -
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5. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 2,615
Corporation tax recoverable assets 24,581 41,735
24,581 44,350
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,794 58
Debentures 133,087 122,993
Other taxes and social security 2,270 3,143
VAT 1,430 173
Net wages - 1,269
Accruals and deferred income 5,336 2,000
Directors' loan accounts 26,354 251
170,271 129,887
7. Loans
An analysis of the maturity of loans is given below:
2024 2023
£ £
Amounts falling due within one year or on demand:
Debentures 133,087 122,993
8. Share Capital
2024 2023
Allotted, called up and fully paid £ £
108,785 Ordinary Shares of £ 0.001 each 109 109
4,156 Ordinary B shares of £ 0.001 each 4 2
69,466 Pre-Seed shares of £ 0.001 each 69 66
182 177
Shares issued during the period: £
1,832 Ordinary B shares of £ 0.001 each 2
3,000 Pre-Seed shares of £ 0.001 each 3
5
Share issues took place in the year for the £0.001 Pre-Seed shares as follows:
8 August 2024, 1,500 Pre-Seed shares were issued at £10 per share.
7 October 2024, 500 Pre-Seed shares were issued at £10 per share.
19 December 2024, 1,000 Pre-Seed shares were issued at £10 per share.
Share issues took place in the year for the £0.001 B Ordinary shares as follows:
22 January 2024, 1,706 B Ordinary shares were issued at £0.001002 per share.
24 January 2024, 126 B Ordinary shares were issued at £10 per share.
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