Acorah Software Products - Accounts Production 16.2.850 false true true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 12607772 Mr Syed Naqi Mr James Bridges Mr Andrew Rogers iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12607772 2022-12-31 12607772 2023-12-31 12607772 2023-01-01 2023-12-31 12607772 frs-core:CurrentFinancialInstruments 2023-12-31 12607772 frs-core:ComputerEquipment 2023-12-31 12607772 frs-core:ComputerEquipment 2023-01-01 2023-12-31 12607772 frs-core:ComputerEquipment 2022-12-31 12607772 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 12607772 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 12607772 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 12607772 frs-core:OtherReservesSubtotal 2023-12-31 12607772 frs-core:SharePremium 2023-12-31 12607772 frs-core:ShareCapital 2023-12-31 12607772 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 12607772 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12607772 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 12607772 frs-bus:SmallEntities 2023-01-01 2023-12-31 12607772 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 12607772 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 12607772 frs-core:CostValuation 2022-12-31 12607772 frs-core:AdditionsToInvestments 2023-12-31 12607772 frs-core:CostValuation 2023-12-31 12607772 frs-core:ProvisionsForImpairmentInvestments 2022-12-31 12607772 frs-core:ProvisionsForImpairmentInvestments 2023-12-31 12607772 frs-bus:Director1 2023-01-01 2023-12-31 12607772 frs-bus:Director2 2023-01-01 2023-12-31 12607772 frs-bus:Director3 2023-01-01 2023-12-31 12607772 frs-countries:EnglandWales 2023-01-01 2023-12-31 12607772 2021-12-31 12607772 2022-12-31 12607772 2022-01-01 2022-12-31 12607772 frs-core:CurrentFinancialInstruments 2022-12-31 12607772 frs-core:OtherReservesSubtotal 2022-12-31 12607772 frs-core:SharePremium 2022-12-31 12607772 frs-core:ShareCapital 2022-12-31 12607772 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 12607772
Inside The Pocket Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Amber Adelphi Accountancy
3A Coldharbour Lane
Bushey
Hertfordshire
WD23 4NR
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—7
Page 1
Balance Sheet
Registered number: 12607772
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 734,629 866,181
Tangible Assets 5 2,411 2,519
Investments 6 385,999 381,974
1,123,039 1,250,674
CURRENT ASSETS
Debtors 7 114,559 188,125
Cash at bank and in hand 653 109,310
115,212 297,435
Creditors: Amounts Falling Due Within One Year 8 (439,483 ) (415,621 )
NET CURRENT ASSETS (LIABILITIES) (324,271 ) (118,186 )
TOTAL ASSETS LESS CURRENT LIABILITIES 798,768 1,132,488
NET ASSETS 798,768 1,132,488
CAPITAL AND RESERVES
Called up share capital 9 174,481 174,481
Share premium account 3,961,942 3,961,942
Other reserves 1,270,000 900,000
Profit and Loss Account (4,607,655 ) (3,903,935 )
SHAREHOLDERS' FUNDS 798,768 1,132,488
For the year ending 31 December 2023 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
Mr Syed Naqi
Director
11/04/2025
The notes on pages 2 to 7 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Inside The Pocket Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12607772 . The registered office is 12607772 - Companies House Default Address, PO Box 4385, Cardiff, CF14 8LH.
The financial statements are presented in Sterling (£), which is the functional currency of the company.
Monetary amounts in these financial statements are rounded to the nearest £.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention unless otherwise
specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting
Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies
Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than
where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
2.2. Going Concern Disclosure
After making enquiries, the directors have a reasonable expectation that the company has adequate
resources to continue in operational existence and meet its liabilities as they fall due for the
foreseeable future, being a period of at least twelve months from the date these financial statements
were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial
statements.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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.
2.4. 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 is 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 to ... on a straight line basis over their expected useful economic lives, which range from 3 to 6 years.
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.
2.5. 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 20%
Page 2
Page 3
2.6. Financial Instruments
The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes party to the
contractual provisions of the instrument.
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.
The company’s policies for its major classes of financial assets and financial liabilities are set out
below.
Financial assets
Basic financial assets, including other debtors and cash and bank balances, are initially recognised at
transaction price, 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 for a
similar debt instrument. Financing transactions are those in which payment is deferred beyond
normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any
impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors, 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 for a
similar debt instrument. Financing transactions are those in which payment is deferred beyond
normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting
period for objective evidence of impairment. If objective evidence of impairment is found, an
impairment loss is recognised in the profit and loss account.
For financial assets measured at cost less impairment, the impairment loss is measured as the
difference between the asset's carrying amount and the best estimate of the amount the company
would receive for the asset if it were to be sold at the reporting date.
For financial assets measured at amortised cost, the impairment loss is measured as the difference
between the asset's carrying amount and the present value of estimated cash flows discounted at the
asset's original effective interest rate. If the financial asset has a variable interest rate, the discount
rate for measuring any impairment loss is the current effective interest rate determined under the
contract.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was
recognised, the impairment is reversed. The reversal is such that the current carrying amount does
not exceed what the carrying amount would have been had the impairment not previously been
recognised. The impairment reversal is recognised in profit or loss.
Page 3
Page 4
2.7. Foreign Currencies
Functional and presentation currency
The company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange
rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary
items measured at historical cost are translated using the exchange rate at the date of the
transaction and non-monetary items measured at fair value are measured using the exchange rate
when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the
translation at period-end exchange rates of monetary assets and liabilities denominated in foreign
currencies are recognised in profit or loss account except when deferred in other comprehensive
income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are
presented in the profit and loss account within 'interest receivable and similar income' or 'interest
payable and similar expenses'. All other foreign exchange gains and losses are presented in profit or
loss within 'administrative expenses'.
2.8. Pensions
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a
pension plan under which the company pays fixed contributions into a separate entity. Once the
contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid
are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately
from the company in independently administered funds.
2.9. Accounting policies (continued)
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset
expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are
transferred to another party or (c) despite having retained some significant risks and rewards of
ownership, control of the asset has been transferred to another party who has the practical ability to
unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual
obligation is discharged, cancelled or expires.
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when
there is an 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.
Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the company but are
presented separately due to their size or incidence.
2.10. Accounting policies (continued)
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty
on notice of not more than 24 hours.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 4)
2 4
Page 4
Page 5
4. Intangible Assets
Development Costs
£
Cost
As at 1 January 2023 1,239,113
Additions 128,998
As at 31 December 2023 1,368,111
Amortisation
As at 1 January 2023 372,932
Provided during the period 260,550
As at 31 December 2023 633,482
Net Book Value
As at 31 December 2023 734,629
As at 1 January 2023 866,181
Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible
assets are measured at cost less any accumulated amortisation and any accumulated impairment
losses.
At each reporting date the company assesses whether there is any indication of impairment. If such
indication exists, the recoverable amount of the asset is determined which is the higher of its fair
value less costs to sell and its value in use. An impairment loss is recognised where the carrying
amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life
cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following bases:
Development expenditure - 20 %
5. Tangible Assets
Computer Equipment
£
Cost
As at 1 January 2023 3,199
Additions 636
As at 31 December 2023 3,835
Depreciation
As at 1 January 2023 680
Provided during the period 744
As at 31 December 2023 1,424
Net Book Value
As at 31 December 2023 2,411
As at 1 January 2023 2,519
Page 5
Page 6
Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated
depreciation and any accumulated impairment losses. Historical cost includes expenditure that is
directly attributable to bringing the asset to the location and condition necessary for it to be capable of
operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their
estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Computer equipment - 20%
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted
prospectively if appropriate, or if there is an indication of a significant change since the last reporting
date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount
and are recognised in profit or loss.
6. Investments
Other
£
Cost
As at 1 January 2023 1,045,337
Additions 4,025
As at 31 December 2023 1,049,362
Provision
As at 1 January 2023 663,363
As at 31 December 2023 663,363
Net Book Value
As at 31 December 2023 385,999
As at 1 January 2023 381,974
Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
7. Debtors
2023 2022
£ £
Due within one year
Other debtors 110,146 183,712
Due after more than one year
Other debtors 4,413 4,413
114,559 188,125
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8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 72,721 60,588
Other creditors 309,552 309,369
Taxation and social security 57,210 45,664
439,483 415,621
Related party transactions
Included in other creditors due within one year is an amount due to the director of £294,010 (2022 -
£301,449). This amount is unsecured, interest free and repayable on demand.
The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party
Disclosures" from disclosing transactions with entities which are a wholly owned part of the group of
which the company is a member.
9. Share Capital
2023 2022
£ £
Called Up Share Capital not Paid 100,000 100,000
Called Up Share Capital has been paid up 74,481 74,481
Amount of Allotted, Called Up Share Capital 174,481 174,481
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new
ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
10. Reserves
Share premium account
Share premium represents the amount paid in excess of the nominal value of shares issued.
Other reserves
Other reserves represent advance funding for shares to be issued at a future date, depending on future
funding rounds.
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