Acorah Software Products - Accounts Production 16.3.350 false true true 31 May 2023 1 June 2022 false 1 June 2023 31 May 2024 31 May 2024 11339711 Dr Richard John Parmee Professor Sembukuttiarachilage Ravi Pradip Silva Mr Daniel Peter Cathie Mr Gareth Paul John Llewellyn Mr Perry William Duffill Professor Sembukuttiarachilage Ravi Pradip Silva iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11339711 frs-core:CurrentFinancialInstruments frs-core:WithinOneYear 2024-05-31 11339711 frs-core:Non-currentFinancialInstruments frs-core:BetweenOneFiveYears 2024-05-31 11339711 2023-05-31 11339711 2024-05-31 11339711 2023-06-01 2024-05-31 11339711 frs-core:CurrentFinancialInstruments 2024-05-31 11339711 frs-core:Non-currentFinancialInstruments 2024-05-31 11339711 frs-core:ComputerEquipment 2024-05-31 11339711 frs-core:ComputerEquipment 2023-06-01 2024-05-31 11339711 frs-core:ComputerEquipment 2023-05-31 11339711 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-01 2024-05-31 11339711 frs-core:FurnitureFittings 2024-05-31 11339711 frs-core:FurnitureFittings 2023-06-01 2024-05-31 11339711 frs-core:FurnitureFittings 2023-05-31 11339711 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-05-31 11339711 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 11339711 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-05-31 11339711 frs-core:OtherResidualIntangibleAssets 2024-05-31 11339711 frs-core:OtherResidualIntangibleAssets 2023-06-01 2024-05-31 11339711 frs-core:OtherResidualIntangibleAssets 2023-05-31 11339711 frs-core:PlantMachinery 2024-05-31 11339711 frs-core:PlantMachinery 2023-06-01 2024-05-31 11339711 frs-core:PlantMachinery 2023-05-31 11339711 frs-core:OtherReservesSubtotal 2024-05-31 11339711 frs-core:SharePremium 2024-05-31 11339711 frs-core:ShareCapital 2024-05-31 11339711 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 11339711 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 11339711 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 11339711 frs-bus:SmallEntities 2023-06-01 2024-05-31 11339711 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 11339711 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 11339711 frs-bus:OrdinaryShareClass1 2023-06-01 2024-05-31 11339711 frs-bus:OrdinaryShareClass1 2024-05-31 11339711 frs-bus:Director1 2023-06-01 2024-05-31 11339711 frs-bus:Director2 2023-06-01 2024-05-31 11339711 frs-bus:Director3 2023-06-01 2024-05-31 11339711 frs-bus:Director4 2023-06-01 2024-05-31 11339711 frs-bus:Director5 2023-06-01 2024-05-31 11339711 frs-bus:CompanySecretary1 2023-06-01 2024-05-31 11339711 frs-countries:EnglandWales 2023-06-01 2024-05-31 11339711 frs-core:CurrentFinancialInstruments frs-core:WithinOneYear 2023-05-31 11339711 frs-core:Non-currentFinancialInstruments frs-core:BetweenOneFiveYears 2023-05-31 11339711 2022-05-31 11339711 2023-05-31 11339711 2022-06-01 2023-05-31 11339711 frs-core:CurrentFinancialInstruments 2023-05-31 11339711 frs-core:Non-currentFinancialInstruments 2023-05-31 11339711 frs-core:OtherReservesSubtotal 2023-05-31 11339711 frs-core:SharePremium 2023-05-31 11339711 frs-core:ShareCapital 2023-05-31 11339711 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31 11339711 frs-bus:OrdinaryShareClass1 2022-06-01 2023-05-31
Registered number: 11339711
Silverray Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
Max Accountants Ltd
Ketton Suite
The King Centre
Oakham
Rutland
LE15 7WD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11339711
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 29,016 9,671
Tangible Assets 5 168,237 122,836
197,253 132,507
CURRENT ASSETS
Debtors 6 436,076 248,498
Cash at bank and in hand 151,644 947,015
587,720 1,195,513
Creditors: Amounts Falling Due Within One Year 7 (174,309 ) (78,715 )
NET CURRENT ASSETS (LIABILITIES) 413,411 1,116,798
TOTAL ASSETS LESS CURRENT LIABILITIES 610,664 1,249,305
Creditors: Amounts Falling Due After More Than One Year 8 (5,960 ) (10,430 )
NET ASSETS 604,704 1,238,875
CAPITAL AND RESERVES
Called up share capital 10 20 20
Share premium account 1,850,274 1,850,274
Other reserves 470,873 57,585
Profit and Loss Account (1,716,463 ) (669,004 )
SHAREHOLDERS' FUNDS 604,704 1,238,875
Page 1
Page 2
For the year ending 31 May 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 Daniel Peter Cathie
Director
27 May 2025
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Silverray Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11339711 . The registered office is Unit F8 (5th Floor) Pear Mill Industrial Estate, Stockport Road West, Stockport, Greater Manchester, SK6 2BP.
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 £.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. Therefore the financial statements have been prepared on a going concern basis which assumes the Company will continue in operational existence for the foreseeable future. 
The Company is involved in research and development activities and is working towards achieving a sustainable revenue generating activity. The directors have considered the basis of the financial statements and are satisfied that a combination of business growth and further investment commitments will enable the Company to meet its liabilities as they fall due.
2.3. Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets contains Patents. It is amortised to profit and loss account over its estimated economic life of 10 years.
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:
Leasehold 5 years straight line
Plant & Machinery 3 years straight line
Fixtures & Fittings 5 years straight line
Computer Equipment 5 years straight line
2.6. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
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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.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.
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, are recognised at transaction price including transaction costs.
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.
2.8. 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 profit / loss before taxation.
2.9. Taxation
Tax is recognised in profit or loss except that a charge is attributable to an item of income and expense recognised as other comphrehensive income or to an item recognised directly in equity is also recognised in other comphrehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
2.10. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.11. 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 shall be 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 on a straight-line basis over their useful economic lives. 
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. 
2.12. Share Based Payments
The company operates an equity-settled, share-based compensation plan, under which the entity received services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. 
The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised. 
3. Average Number of Employees
Average number of employees, including directors, during the year was: 13 (2023: 9)
13 9
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4. Intangible Assets
Other
£
Cost
As at 1 June 2023 14,741
Additions 22,444
As at 31 May 2024 37,185
Amortisation
As at 1 June 2023 5,070
Provided during the period 3,099
As at 31 May 2024 8,169
Net Book Value
As at 31 May 2024 29,016
As at 1 June 2023 9,671
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 June 2023 4,807 115,433 10,989 23,775 155,004
Additions 25,415 70,065 2,041 3,460 100,981
As at 31 May 2024 30,222 185,498 13,030 27,235 255,985
Depreciation
As at 1 June 2023 630 25,967 1,405 4,166 32,168
Provided during the period 4,971 43,254 2,395 4,960 55,580
As at 31 May 2024 5,601 69,221 3,800 9,126 87,748
Net Book Value
As at 31 May 2024 24,621 116,277 9,230 18,109 168,237
As at 1 June 2023 4,177 89,466 9,584 19,609 122,836
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 251,857 106,558
Other debtors 4,624 -
Corporation tax recoverable assets 169,036 131,551
VAT 10,559 10,389
436,076 248,498
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 19,411 12,347
Bank loans and overdrafts 4,470 4,470
Other taxes and social security 16,959 17,666
Other creditors 8,789 3,028
Accruals and deferred income 124,680 40,580
Directors' loan accounts - 624
174,309 78,715
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 5,960 10,430
9. Loans
An analysis of the maturity of loans is given below:
2024 2023
£ £
Amounts falling due within one year or on demand:
Bank loans 4,470 4,470
2024 2023
£ £
Amounts falling due between one and five years:
Bank loans 5,960 10,430
10. Share Capital
2024 2023
Allotted, called up and fully paid £ £
1,964,449 Ordinary Shares of £ 0.00001 each 20 20
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