Acorah Software Products - Accounts Production 16.2.850 false true true 30 September 2023 1 October 2022 false 1 October 2023 30 September 2024 30 September 2024 09036363 Alexander Horne Russell Oliver iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09036363 2023-09-30 09036363 2024-09-30 09036363 2023-10-01 2024-09-30 09036363 frs-core:CurrentFinancialInstruments 2024-09-30 09036363 frs-core:Non-currentFinancialInstruments 2024-09-30 09036363 frs-core:ComputerEquipment 2024-09-30 09036363 frs-core:ComputerEquipment 2023-10-01 2024-09-30 09036363 frs-core:ComputerEquipment 2023-09-30 09036363 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-09-30 09036363 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-10-01 2024-09-30 09036363 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-09-30 09036363 frs-core:PlantMachinery 2024-09-30 09036363 frs-core:PlantMachinery 2023-10-01 2024-09-30 09036363 frs-core:PlantMachinery 2023-09-30 09036363 frs-core:SharePremium 2024-09-30 09036363 frs-core:ShareCapital 2024-09-30 09036363 frs-core:RetainedEarningsAccumulatedLosses 2024-09-30 09036363 frs-bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 09036363 frs-bus:FilletedAccounts 2023-10-01 2024-09-30 09036363 frs-bus:SmallEntities 2023-10-01 2024-09-30 09036363 frs-bus:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 09036363 frs-bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 09036363 frs-bus:Director1 2023-10-01 2024-09-30 09036363 frs-bus:Director2 2023-10-01 2024-09-30 09036363 frs-countries:EnglandWales 2023-10-01 2024-09-30 09036363 2022-09-30 09036363 2023-09-30 09036363 2022-10-01 2023-09-30 09036363 frs-core:CurrentFinancialInstruments 2023-09-30 09036363 frs-core:Non-currentFinancialInstruments 2023-09-30 09036363 frs-core:SharePremium 2023-09-30 09036363 frs-core:ShareCapital 2023-09-30 09036363 frs-core:RetainedEarningsAccumulatedLosses 2023-09-30
Registered number: 09036363
I've Been Found Ltd
Unaudited Financial Statements
For The Year Ended 30 September 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 09036363
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 234,873 382,466
Tangible Assets 5 2,300 1,226
237,173 383,692
CURRENT ASSETS
Debtors 6 157,360 (62,037 )
Cash at bank and in hand 141,323 249,328
298,683 187,291
Creditors: Amounts Falling Due Within One Year 7 (337,144 ) (72,138 )
NET CURRENT ASSETS (LIABILITIES) (38,461 ) 115,153
TOTAL ASSETS LESS CURRENT LIABILITIES 198,712 498,845
Creditors: Amounts Falling Due After More Than One Year 8 (8,334 ) (18,333 )
NET ASSETS 190,378 480,512
CAPITAL AND RESERVES
Called up share capital 9 7,250 7,250
Share premium account 2,086,520 2,086,520
Profit and Loss Account (1,903,392 ) (1,613,258 )
SHAREHOLDERS' FUNDS 190,378 480,512
Page 1
Page 2
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 Profit and Loss Account.
On behalf of the board
Alexander Horne
Director
09/04/2025
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
I've Been Found Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09036363 . The registered office is Carlton House, 19 West Street, Epsom, KT18 7RL.
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 £.
The financial statements have been prepared under the historical cost convention, [modified to include the
revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
2.2. Going Concern Disclosure
The Directors maintain a rolling cash flow forecast alongside a live sales pipeline and regularly consider the overheads of business. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial
statements.
2.3. Turnover
The Company’s turnover is generated primarily from the licensing of its software product, the provision of
maintenance and support for those products. Turnover is stated net of VAT and trade discounts and is
recognized when the significant risks and rewards are considered to have been transferred to the buyer.
Where the licensee has the right to use specified technology for a specified period of time, turnover is
recognized on a straight line basis over the life of the contract to the extent that there is a right to
consideration and is recorded at the fair value of the consideration received or receivable. Where a contract
has only been partially completed at the Balance Sheet date, turnover represents the fair value of the service
provided to date, based on the stage of completion of the contract activity at the Balance Sheet date. Where
payments are received from customers in advance of services provided, the amounts are recorded as
deferred income and included as part of creditors due within one year. Where a contract includes onboarding
or set-up fees, such upfront cost is charged and recognised immediately on completion.
Maintenance and support turnover is recognised over the period the service is provided.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured
at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the
acquisition date where it is probable that the expected future economic benefits that are attributable to the
asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises
from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software - 3 years straight line
Page 3
Page 4
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of
depreciation and any impairment losses.
Depreciation is recognised so as towrite off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant & Machinery 3 years straight line
Computer Equipment 3 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Impairment of fixed assets
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
2.6. Leasing and Hire Purchase Contracts
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2.7. 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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
...CONTINUED
Page 4
Page 5
2.7. Financial Instruments - continued
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 if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2.8. Foreign Currencies
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2.9. Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit asreported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end 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.
2.10. Pensions
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes £4,984 (2023: £5,666).
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
2.11. Retirement benefits
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 7)
6 7
Page 5
Page 6
4. Intangible Assets
Development Costs
£
Cost
As at 1 October 2023 1,224,242
Additions 128,932
As at 30 September 2024 1,353,174
Amortisation
As at 1 October 2023 841,776
Provided during the period 276,525
As at 30 September 2024 1,118,301
Net Book Value
As at 30 September 2024 234,873
As at 1 October 2023 382,466
5. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 October 2023 3,563 5,320 8,883
Additions 1,376 944 2,320
Disposals - (583 ) (583 )
As at 30 September 2024 4,939 5,681 10,620
Depreciation
As at 1 October 2023 3,127 4,530 7,657
Provided during the period 571 562 1,133
Disposals - (470 ) (470 )
As at 30 September 2024 3,698 4,622 8,320
Net Book Value
As at 30 September 2024 1,241 1,059 2,300
As at 1 October 2023 436 790 1,226
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 101,150 (107,694 )
Other debtors 56,210 45,657
157,360 (62,037 )
Page 6
Page 7
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 86,194 45,025
Bank loans and overdrafts 10,000 10,000
Amounts owed to participating interests 195,457 61,657
Other creditors 48,317 10,998
Taxation and social security (2,824 ) (55,542 )
337,144 72,138
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 8,334 18,333
The Bank Loan is a ''Bounce Back Loan'' drawn down as part of a HM Government backed scheme in the wake of the COVID-19 pandemic. Loan is unsecured and repayable over a 5 year period ending in Jul 2026.
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 7,250 7,250
10. Related Party Transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
Aggregate compensation £57,346 (2023: £78,773).
Other information
Alinor Limited, a Company in which A Horne is a director and has a controlling interest, received £43,480 (2023:£77,325) of consultancy fees during the period.
PRE Consultants Ltd, a Company in which R Oliver is a director and has a controlling interest, received £57,282 (2023:£54,950) of consultancy fees during the period.
Page 7