Acorah Software Products - Accounts Production 16.2.850 false true true 31 July 2023 1 August 2022 false 1 August 2023 31 July 2024 31 July 2024 07329573 Mr R Dighero Mr A Hill Mr C Tarrant Mr P Gelenbe the directors false iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07329573 2023-07-31 07329573 2024-07-31 07329573 2023-08-01 2024-07-31 07329573 frs-core:CurrentFinancialInstruments 2024-07-31 07329573 frs-core:Non-currentFinancialInstruments 2024-07-31 07329573 frs-core:FurnitureFittings 2024-07-31 07329573 frs-core:FurnitureFittings 2023-08-01 2024-07-31 07329573 frs-core:FurnitureFittings 2023-07-31 07329573 frs-core:PlantMachinery 2024-07-31 07329573 frs-core:PlantMachinery 2023-08-01 2024-07-31 07329573 frs-core:PlantMachinery 2023-07-31 07329573 frs-core:SharePremium 2024-07-31 07329573 frs-core:ShareCapital 2024-07-31 07329573 frs-core:RetainedEarningsAccumulatedLosses 2024-07-31 07329573 frs-bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 07329573 frs-bus:FilletedAccounts 2023-08-01 2024-07-31 07329573 frs-bus:SmallEntities 2023-08-01 2024-07-31 07329573 frs-bus:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 07329573 frs-bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 07329573 1 2023-08-01 2024-07-31 07329573 frs-core:UnlistedNon-exchangeTraded 2024-07-31 07329573 frs-core:UnlistedNon-exchangeTraded 2023-07-31 07329573 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-07-31 07329573 frs-core:DisposalsRepaymentsInvestments frs-core:UnlistedNon-exchangeTraded 2024-07-31 07329573 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2024-07-31 07329573 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-07-31 07329573 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2024-07-31 07329573 frs-bus:Director1 2023-08-01 2024-07-31 07329573 frs-bus:Director2 2023-08-01 2024-07-31 07329573 frs-bus:Director3 2023-08-01 2024-07-31 07329573 frs-bus:Director4 2023-08-01 2024-07-31 07329573 frs-countries:EnglandWales 2023-08-01 2024-07-31 07329573 2022-07-31 07329573 2023-07-31 07329573 2022-08-01 2023-07-31 07329573 frs-core:CurrentFinancialInstruments 2023-07-31 07329573 frs-core:Non-currentFinancialInstruments 2023-07-31 07329573 frs-core:SharePremium 2023-07-31 07329573 frs-core:ShareCapital 2023-07-31 07329573 frs-core:RetainedEarningsAccumulatedLosses 2023-07-31
Registered number: 07329573
On Device Research Limited
Unaudited Financial Statements
For The Year Ended 31 July 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07329573
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 12,489 23,161
Investments 5 25,936 34,293
38,425 57,454
CURRENT ASSETS
Debtors 6 2,446,996 2,566,689
Cash at bank and in hand 521,187 167,892
2,968,183 2,734,581
Creditors: Amounts Falling Due Within One Year 7 (2,508,453 ) (2,089,684 )
NET CURRENT ASSETS (LIABILITIES) 459,730 644,897
TOTAL ASSETS LESS CURRENT LIABILITIES 498,155 702,351
Creditors: Amounts Falling Due After More Than One Year 8 (62,500 ) (112,500 )
NET ASSETS 435,655 589,851
CAPITAL AND RESERVES
Called up share capital 9 181 181
Share premium account 1,050,726 1,050,726
Profit and Loss Account (615,252 ) (461,056 )
SHAREHOLDERS' FUNDS 435,655 589,851
Page 1
Page 2
For the year ending 31 July 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
Mr A Hill
Director
08/04/2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
On Device Research Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07329573 . The registered office is Summit House, 12 Red Lion Square, London, WC1R 4QH.
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. Going Concern Disclosure
These financial statements have been prepared on a going concern basis.
The directors have carefully considered any uncertainty when looking at their future trading projections which cover a period of at least 12 months form the date of signing these financial statements and the extent to which they might affect the preparation of the financial statements on a going concern basis.
Based on their assessment, the directors consider that the company maintains an appropriate level of liquidity, sufficient to meet the demands of the business including any capital servicing obligations. 
In addition, the companies assets are assessed for recoverability on a regular basis and the directors consider that the company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis.
Therefore the directors have continued to adopt the going concern basis of accounting in preparing these 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 rendering of services from contracts.  
Rendering of services from contracts
Turnover from the rendering of services from contracts is recognised by reference to the stage of completion of the contract. In the case when a customer is invoiced upfront for a contract the revenue will be deferred until such point the contractual revenue has been earnt.
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:
Plant & Machinery 33% Straight line
Fixtures & Fittings 25% Straight line
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 after arriving at the operating profit.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
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.
2.8. Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less accumulated impairment losses. The directors undertake impairment reviews on investments annually.
2.9. Provisions
Provisions are recognised when there is a present obligation (legal or constructive) as a result of a past event, it is probable that the obligation will be required to be settled and a reliable estimate can be made of the amount of the obligation. The amount recognised in the provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting date, taking into account the risks and uncertainties surrounding the obligation. Provisions are discounted when the time value of money is material.
2.10. Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include deposits held at call with banks.
Financial instruments
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Company will not be able to collect all amounts due.
Financial liabilities and equity instruments issued by the Company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 50 (2023: 39)
50 39
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4. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 August 2023 94,661 7,298 101,959
Additions 8,559 - 8,559
As at 31 July 2024 103,220 7,298 110,518
Depreciation
As at 1 August 2023 76,974 1,824 78,798
Provided during the period 17,041 2,190 19,231
As at 31 July 2024 94,015 4,014 98,029
Net Book Value
As at 31 July 2024 9,205 3,284 12,489
As at 1 August 2023 17,687 5,474 23,161
5. Investments
Unlisted
£
Cost
As at 1 August 2023 34,293
Disposals (8,357 )
As at 31 July 2024 25,936
Provision
As at 1 August 2023 -
As at 31 July 2024 -
Net Book Value
As at 31 July 2024 25,936
As at 1 August 2023 34,293
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 2,144,455 2,352,818
Amounts owed by group undertakings 52,682 8,443
Other debtors 249,859 205,428
2,446,996 2,566,689
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 673,628 533,504
Bank loans and overdrafts 50,000 50,000
Amounts owed to group undertakings 252,952 182,064
Other creditors 557,297 693,713
Taxation and social security 974,576 630,403
2,508,453 2,089,684
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 62,500 112,500
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 181 181
10. Controlling Party
The company's controlling party is the directors by virtue of their 51% ownership of the issued share capital in the company.
11. Share based payments
Enterprise Management Incentive Scheme share options
Company employees have been granted share options under an Enterprise Management Incentive Scheme at an average exercise price of £0.37 which entitles the holder to options on shares in the Company at a future date. The options granted were approved with HMRC. The company also has granted share options under an unapproved share scheme at a price of £0.34 per share.
The directors assess the fair value of the shares granted to be the same as the grant price on the basis that there is too much uncertainty and volatility over the future share price.
The following table shows the movement during the year:
Share option EMI Unapproved Total
167,352 39,825 207,177
Opening value at 1 August 2023 (48,035) - (48,035)
Lapsed during the period - - -
Granted during the period - - -
Issued during the period - - -
Exercised during the period - - -
Balance at 31 July 2024 119,317 39,825 159,142
Of which is vested 67,127 18,324 85,451
Unvested 52,190 21,501 73,692
Balance at 31 July 2024 119,317 39,825 159,142
The average remaining vesting period of the EMI scheme is 19 months and the unapproved scheme is 20 months.
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