Acorah Software Products - Accounts Production 16.2.800 false true true 30 September 2023 1 October 2022 false 1 October 2023 30 September 2024 30 September 2024 SC673189 Mr T Rafferty Mr A Russell Mr D Sime iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC673189 2023-09-30 SC673189 2024-09-30 SC673189 2023-10-01 2024-09-30 SC673189 frs-core:CurrentFinancialInstruments 2024-09-30 SC673189 frs-core:ComputerEquipment 2024-09-30 SC673189 frs-core:ComputerEquipment 2023-10-01 2024-09-30 SC673189 frs-core:ComputerEquipment 2023-09-30 SC673189 frs-core:ShareCapital 2024-09-30 SC673189 frs-core:RetainedEarningsAccumulatedLosses 2024-09-30 SC673189 frs-bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 SC673189 frs-bus:FilletedAccounts 2023-10-01 2024-09-30 SC673189 frs-bus:SmallEntities 2023-10-01 2024-09-30 SC673189 frs-bus:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 SC673189 frs-bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 SC673189 frs-bus:Director1 2023-10-01 2024-09-30 SC673189 frs-bus:Director2 2023-10-01 2024-09-30 SC673189 frs-bus:Director3 2023-10-01 2024-09-30 SC673189 frs-countries:Scotland 2023-10-01 2024-09-30 SC673189 2022-09-30 SC673189 2023-09-30 SC673189 2022-10-01 2023-09-30 SC673189 frs-core:CurrentFinancialInstruments 2023-09-30 SC673189 frs-core:ShareCapital 2023-09-30 SC673189 frs-core:RetainedEarningsAccumulatedLosses 2023-09-30
Registered number: SC673189
Riiot Digital Ltd
Unaudited Financial Statements
For The Year Ended 30 September 2024
Goldwyns London LLP
Riiot Digital Ltd
Contents
Contents
Page
Statement of Financial Position 1
Notes to the Financial Statements 2—4
Page 1
Riiot Digital Ltd
Statement of Financial Position
As At 30 September 2024
Statement of Financial Position
Registered number: SC673189
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 4,294 8,587
4,294 8,587
CURRENT ASSETS
Debtors 5 9,567 28,619
Cash at bank and in hand 32,596 37,891
42,163 66,510
Creditors: Amounts Falling Due Within One Year 6 (90,292 ) (73,202 )
NET CURRENT ASSETS (LIABILITIES) (48,129 ) (6,692 )
TOTAL ASSETS LESS CURRENT LIABILITIES (43,835 ) 1,895
PROVISIONS FOR LIABILITIES
Deferred Taxation 7 (816 ) (1,890 )
NET (LIABILITIES)/ASSETS (44,651 ) 5
CAPITAL AND RESERVES
Called up share capital 8 3 3
Income Statement (44,654 ) 2
SHAREHOLDERS' FUNDS (44,651) 5
For the year 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 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 Income Statement.
On behalf of the board
Mr A Russell
Director
24/03/2025
The notes on pages 2 to 4 form part of these financial statements.
Page 1
Page 2
Riiot Digital Ltd
Notes to the Financial Statements
For The Year Ended 30 September 2024
Notes to the Financial Statements
1. General Information
Riiot Digital Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC673189 . The registered office is 22 Montrose Street, Glasgow, G1 1RE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The financial statements are prepared in UK sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest UK pound.
The principle accounting policies adopted are set below.
2.2. Going Concern Disclosure
The directors have considered the prospect of the business for the next twelve months and beyond and has arrived at a reasonable expectation the company will continue to meet its obligations as they fall due. The director has also pledged their financial support to assist with this if required. On this basis, the director will continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3. Turnover
Turnover is measured at 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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer Equipment 33% Straight Line
Tangible assets are initially recorded at cost and subsequently stated at cost less accumulated depreciation and impairment losses.
2.5. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred Tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2.6. Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
2.7. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Page 2
Page 3
Riiot Digital Ltd
Notes to the Financial Statements (continued)
For The Year Ended 30 September 2024
2.8. Critical Accounting Judgements And Key Sources of Estimation Uncertainty
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual outcomes may differ from these estimates.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised.
The key areas of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
Accrued Expenditure
The company includes a provision for invoices which are yet to be received from and amounts paid in advance to suppliers.These provisions are estimated based upon the expected values of the invoices which are issued and service received following the period end.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 4)
3 4
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 October 2023 12,880
As at 30 September 2024 12,880
Depreciation
As at 1 October 2023 4,293
Provided during the period 4,293
As at 30 September 2024 8,586
Net Book Value
As at 30 September 2024 4,294
As at 1 October 2023 8,587
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 9,567 12,803
Directors' loan accounts - 15,816
9,567 28,619
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 35,731 10,330
Corporation tax 26,749 35,108
VAT 18,015 27,764
Directors' loan accounts 9,797 -
90,292 73,202
Page 3
Page 4
Riiot Digital Ltd
Notes to the Financial Statements (continued)
For The Year Ended 30 September 2024
7. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 816 1,890
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 3 3
The nominal value per share is £1 and as at year end there are 3 Ordinary shares in issue.
9. Related Party Transactions
The Directors loan account balance of Mr D Sime, a director and shareholder of the company, totalled £8,088 as at the year-end, which is a current liability, interest-free and repayable on demand.
The Directors loan account balance of Mr A Russell, a director and shareholder of the company, totalled £828 as at the year-end, which is a current liability, interest is payable at a rate of 2.25% per annum and repayable on demand.
The Directors loan account balance of Mr T Rafferty, a director and shareholder of the company, totalled £881 as at the year-end, which is a current liability, interest is payable at a rate of 2.25% per annum and repayable on demand.
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