Acorah Software Products - Accounts Production 16.1.300 false true 30 September 2023 1 October 2022 false 20 January 2025 1 October 2023 30 September 2024 30 September 2024 12230052 Mr Edward Hugo Mr Alyx Wood Mr Krishnan Muthappan Mr Neil Shillito Mrs Carol Isabel L'Heveder iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12230052 2023-09-30 12230052 2024-09-30 12230052 2023-10-01 2024-09-30 12230052 frs-core:CurrentFinancialInstruments 2024-09-30 12230052 frs-core:ComputerEquipment 2024-09-30 12230052 frs-core:ComputerEquipment 2023-10-01 2024-09-30 12230052 frs-core:ComputerEquipment 2023-09-30 12230052 frs-core:FurnitureFittings 2024-09-30 12230052 frs-core:FurnitureFittings 2023-10-01 2024-09-30 12230052 frs-core:FurnitureFittings 2023-09-30 12230052 frs-core:PlantMachinery 2024-09-30 12230052 frs-core:PlantMachinery 2023-10-01 2024-09-30 12230052 frs-core:PlantMachinery 2023-09-30 12230052 frs-core:SharePremium 2024-09-30 12230052 frs-core:ShareCapital 2024-09-30 12230052 frs-core:RetainedEarningsAccumulatedLosses 2024-09-30 12230052 frs-bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 12230052 frs-bus:FilletedAccounts 2023-10-01 2024-09-30 12230052 frs-bus:SmallEntities 2023-10-01 2024-09-30 12230052 frs-bus:Audited 2023-10-01 2024-09-30 12230052 frs-bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 12230052 frs-bus:Director1 2023-10-01 2024-09-30 12230052 frs-bus:Director1 2023-09-30 12230052 frs-bus:Director1 2024-09-30 12230052 frs-bus:Director2 2023-10-01 2024-09-30 12230052 frs-bus:Director2 2023-09-30 12230052 frs-bus:Director2 2024-09-30 12230052 frs-bus:Director3 2023-10-01 2024-09-30 12230052 frs-bus:Director4 2023-10-01 2024-09-30 12230052 frs-bus:Director5 2023-10-01 2024-09-30 12230052 frs-core:CurrentFinancialInstruments 2 2024-09-30 12230052 frs-countries:EnglandWales 2023-10-01 2024-09-30 12230052 2022-09-30 12230052 2023-09-30 12230052 2022-10-01 2023-09-30 12230052 frs-core:CurrentFinancialInstruments 2023-09-30 12230052 frs-core:SharePremium 2023-09-30 12230052 frs-core:ShareCapital 2023-09-30 12230052 frs-core:RetainedEarningsAccumulatedLosses 2023-09-30 12230052 frs-core:CurrentFinancialInstruments 1 2023-09-30 12230052 frs-core:CurrentFinancialInstruments 2 2023-09-30
Registered number: 12230052
Kernow Asset Management Limited
Financial Statements
For The Year Ended 30 September 2024
Shaikh & Co Ltd
Registered Auditors and Chartered Certified Accountants
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—4
Page 1
Balance Sheet
Registered number: 12230052
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,077 3,762
2,077 3,762
CURRENT ASSETS
Debtors 5 157,495 246,049
Investments 6 5,000 5,000
Cash at bank and in hand 53,840 301,512
216,335 552,561
Creditors: Amounts Falling Due Within One Year 7 (21,231 ) (37,718 )
NET CURRENT ASSETS (LIABILITIES) 195,104 514,843
TOTAL ASSETS LESS CURRENT LIABILITIES 197,181 518,605
NET ASSETS 197,181 518,605
CAPITAL AND RESERVES
Called up share capital 8 94,667 94,667
Share premium account 1,221,936 1,221,936
Profit and Loss Account (1,119,422 ) (797,998 )
SHAREHOLDERS' FUNDS 197,181 518,605
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
Mr Edward Hugo
Director
20/01/2025
The notes on pages 2 to 4 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Kernow Asset Management Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12230052 . The registered office is 1st Floor Great Stable, Trelowarren, Helston,Cornwall, England, TR12 6AF.
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. Turnover
Turnover represents net fees earned on managed funds. Credit is taken for fees in the period to which the fee relates.
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. 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:
Plant & Machinery 20% Reducing Balance Method
Fixtures & Fittings 25% Reducing Balance Method
Computer Equipment 33.33% Straight Line Method
2.4. 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 result.
2.5. Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

2.6. Debtors and creditors receivable/ payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses
2.7. Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the fair value can otherwise be measured reliably.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 4)
2 4
Page 2
Page 3
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 October 2023 84 3,699 4,671 8,454
As at 30 September 2024 84 3,699 4,671 8,454
Depreciation
As at 1 October 2023 30 1,619 3,043 4,692
Provided during the period 11 520 1,154 1,685
As at 30 September 2024 41 2,139 4,197 6,377
Net Book Value
As at 30 September 2024 43 1,560 474 2,077
As at 1 October 2023 54 2,080 1,628 3,762
5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 81,056 62,808
Unpaid share capital 19,881 19,881
Interactive Brokers Account - 83,756
Other taxes receivable (s455 tax) 20,037 20,037
Directors' loan accounts 36,521 59,567
157,495 246,049
6. Current Asset Investments
2024 2023
£ £
Unlisted investments 5,000 5,000
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 271 -
Other taxes and social security 6,560 16,812
Net wages - 2,187
Accruals and deferred income 14,400 18,719
21,231 37,718
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 94,667 94,667
Page 3
Page 4
9. Directors Advances, Credits and Guarantees
During the year the company advanced £30,161 to its directors (2023: £111,866). During the year the directors repaid £53,207 (2023: £128,546) leaving an amount owed to the company at the year end of £36,521. (2023: £59,567). 
As at 1 October 2023 Amounts advanced Amounts repaid Amounts written off As at 30 September 2024
£ £ £ £ £
Mr Edward Hugo (8,337 ) (10,271 ) 16,663 - 1,945
Mr Alyx Wood (51,230 ) (19,890 ) 36,544 - 34,576
The above loans are unsecured, interest free and repayable on demand.
10. Audit Information
The auditor's report on the accounts of Kernow Asset Management Limited for the year ended 30 September 2024 was unqualified.
The auditor's report was signed by David Shawcross FCA (Senior Statutory Auditor) for and on behalf of Anderson Barrowcliff Limited , Statutory Auditor.
Anderson Barrowcliff Limited
3 Kingfisher Court
Bowesfield Park
Stockton-on-Tees
TS18 3EX
Page 4