Acorah Software Products - Accounts Production 16.0.110 false true true 31 December 2023 1 January 2023 false 1 January 2024 31 December 2024 31 December 2024 12404413 Mr Leo George Albert Bartle Mr Nicholas David Browne Mr Stephen James Browne Mr Edward David Clayton Mr Jorge Erick Martinez Plata iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12404413 2023-12-31 12404413 2024-12-31 12404413 2024-01-01 2024-12-31 12404413 frs-core:CurrentFinancialInstruments 2024-12-31 12404413 frs-core:Non-currentFinancialInstruments 2024-12-31 12404413 frs-core:ComputerEquipment 2024-12-31 12404413 frs-core:ComputerEquipment 2024-01-01 2024-12-31 12404413 frs-core:ComputerEquipment 2023-12-31 12404413 frs-core:PlantMachinery 2024-12-31 12404413 frs-core:PlantMachinery 2024-01-01 2024-12-31 12404413 frs-core:PlantMachinery 2023-12-31 12404413 frs-core:SharePremium 2024-12-31 12404413 frs-core:ShareCapital 2024-12-31 12404413 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 12404413 frs-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 12404413 frs-bus:FilletedAccounts 2024-01-01 2024-12-31 12404413 frs-bus:SmallEntities 2024-01-01 2024-12-31 12404413 frs-bus:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 12404413 frs-bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 12404413 frs-bus:OrdinaryShareClass1 2024-01-01 2024-12-31 12404413 frs-bus:OrdinaryShareClass1 2024-12-31 12404413 frs-bus:Director1 2024-01-01 2024-12-31 12404413 frs-bus:Director2 2024-01-01 2024-12-31 12404413 frs-bus:Director3 2024-01-01 2024-12-31 12404413 frs-bus:Director4 2024-01-01 2024-12-31 12404413 frs-bus:Director5 2024-01-01 2024-12-31 12404413 frs-countries:EnglandWales 2024-01-01 2024-12-31 12404413 2022-12-31 12404413 2023-12-31 12404413 2023-01-01 2023-12-31 12404413 frs-core:CurrentFinancialInstruments 2023-12-31 12404413 frs-core:Non-currentFinancialInstruments 2023-12-31 12404413 frs-core:SharePremium 2023-12-31 12404413 frs-core:ShareCapital 2023-12-31 12404413 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 12404413 frs-bus:OrdinaryShareClass1 2023-01-01 2023-12-31
Registered number: 12404413
DEVYCE LIMITED
Unaudited Financial Statements
For The Year Ended 31 December 2024
Daly Accounting
The Cobalt Building
1600 Eureka Park, Lower Pemberton
Ashford
Kent
TN25 4BF
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12404413
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 15,434 8,084
15,434 8,084
CURRENT ASSETS
Debtors 5 35,196 54,713
Cash at bank and in hand 96,142 169,367
131,338 224,080
Creditors: Amounts Falling Due Within One Year 6 (130,373 ) (89,262 )
NET CURRENT ASSETS (LIABILITIES) 965 134,818
TOTAL ASSETS LESS CURRENT LIABILITIES 16,399 142,902
Creditors: Amounts Falling Due After More Than One Year 7 (682,270 ) (959,352 )
NET LIABILITIES (665,871 ) (816,450 )
CAPITAL AND RESERVES
Called up share capital 8 230 137
Share premium account 1,390,859 468,358
Profit and Loss Account (2,056,960 ) (1,284,945 )
SHAREHOLDERS' FUNDS (665,871) (816,450)
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For the year ending 31 December 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 Stephen James Browne
Director
12th May 2025
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
DEVYCE LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 12404413 . The registered office is Scott House,Suite 1, The Concourse, Waterloo Station, London, SE1 7LY.
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
The Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The financial statements have therefore been prepared on the going concern basis.
The Company incurred a loss during the year of £772,015 (2023: £735,841).The company's losses have to date been funded by the company's parent company, Devyce Inc.
Devyce Inc. has indicated a willingness to continue to provide further financial support to the Company for the foreseeable future and at least for 12 months from the approval of these financial statements.
The Directors having assessed the current financial position of Devyce Inc. and the overall group and have a reasonable expectation that the Company will have adequate resources to continue as going concern and pay its liabilities as they fall due for the foreseeable future being a period of at least one year from the date of approval of these accounts by the board of directors.
On this basis, the directors consider it appropriate to prepare the accounts on the going concern basis.
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.
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. 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 Over 5 years
Computer Equipment Over 3 years
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 in arriving at the operating profit.
2.6. Taxation
The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are
recognised when tax paid exceeds the tax payable and when the realisation of tax repayment claim is probable.
Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date
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2.7. Share Based Payments
The Company reflects the economic cost of awarding share options to employees by recording an expense in the Profit and Loss Account equal to the estimated fair value of the benefit awarded at the time of the award. The expense is recognised in the Profit and Loss Account on a straight line basis over the vesting period.
The amounts charged to Profit and Loss are reflected in reserves as the options are equity settled.
3. Average Number of Employees
Average number of employees, including directors, during the period was 11 (2023: 9)
11 9
4. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 January 2024 1,628 10,979 12,607
Additions - 13,304 13,304
As at 31 December 2024 1,628 24,283 25,911
Depreciation
As at 1 January 2024 833 3,690 4,523
Provided during the period 265 5,689 5,954
As at 31 December 2024 1,098 9,379 10,477
Net Book Value
As at 31 December 2024 530 14,904 15,434
As at 1 January 2024 795 7,289 8,084
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 14,422 12,847
Prepayments and accrued income 13,274 17,771
Other debtors 7,500 7,500
Corporation tax recoverable assets - 16,595
35,196 54,713
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 40,084 22,756
Other taxes and social security 32,795 4,923
VAT 16,390 2,234
Other creditors 7,374 16,435
Accruals and deferred income 12,690 9,219
Directors' loan accounts 21,040 33,695
130,373 89,262
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7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Amounts owed to group undertakings 682,270 959,352
8. Share Capital
2024 2023
Allotted, called up and fully paid £ £
2,296,552 Ordinary Shares of £ 0.0001 each 230 137
Shares issued during the period: £
922,593 Ordinary Shares of £ 0.0001 each 93
9. Related Party Transactions
The company is 100% owned by Devyce Inc by virtue of its ownership of 100% of the issued share capital in the company. At the year end, the company owed Devyce Inc £682,270 (2023 : £959,352).
Stour Marine Limited, a company controlled by a director and shareholder of the company provided telecommunications services of £126,678 to the company during the year.
10. Share Bassed Payment
The parent company operates an equity-settled share-based payment scheme. This scheme has been provided to certain employees, contractors, and advisors. At the date of the financial statements a total of 38,792 options had been granted over common stock in the parent company at an average exercise price of $0.35. Vesting periods vary from one to four years in equal instalments. At the date of the financial statements a total of 18,205 options had vested.
As disclosed in the accounting policy notes the fair value of any vested share options are charged to Profit and Loss over the vesting period.
No share based payment charge has been recognised in the year as any such expense would not be material to the financial
statements.
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