Acorah Software Products - Accounts Production 16.3.350 false true true 31 December 2023 1 January 2023 false 1 January 2024 31 December 2024 31 December 2024 09201312 Mr Luca Barassi Mr Marco Bettelli Mr David Sharpe Mr Adam Barker Mrs Abolanle Abioye false iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09201312 2023-12-31 09201312 2024-12-31 09201312 2024-01-01 2024-12-31 09201312 frs-core:CurrentFinancialInstruments 2024-12-31 09201312 frs-core:Non-currentFinancialInstruments 2024-12-31 09201312 frs-core:BetweenOneFiveYears 2024-12-31 09201312 frs-core:ComputerEquipment 2024-12-31 09201312 frs-core:ComputerEquipment 2024-01-01 2024-12-31 09201312 frs-core:ComputerEquipment 2023-12-31 09201312 frs-core:CopyrightsPatentsTrademarksServiceOperatingRights 2024-12-31 09201312 frs-core:CopyrightsPatentsTrademarksServiceOperatingRights 2024-01-01 2024-12-31 09201312 frs-core:CopyrightsPatentsTrademarksServiceOperatingRights 2023-12-31 09201312 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-01 2024-12-31 09201312 frs-core:FurnitureFittings 2024-12-31 09201312 frs-core:FurnitureFittings 2024-01-01 2024-12-31 09201312 frs-core:FurnitureFittings 2023-12-31 09201312 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-12-31 09201312 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 09201312 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-12-31 09201312 frs-core:MoreThanFiveYears 2024-12-31 09201312 frs-core:OtherResidualIntangibleAssets 2024-12-31 09201312 frs-core:OtherResidualIntangibleAssets 2024-01-01 2024-12-31 09201312 frs-core:OtherResidualIntangibleAssets 2023-12-31 09201312 frs-core:PlantMachinery 2024-12-31 09201312 frs-core:PlantMachinery 2024-01-01 2024-12-31 09201312 frs-core:PlantMachinery 2023-12-31 09201312 frs-core:WithinOneYear 2024-12-31 09201312 frs-core:ShareCapital 2024-12-31 09201312 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 09201312 frs-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 09201312 frs-bus:FilletedAccounts 2024-01-01 2024-12-31 09201312 frs-bus:SmallEntities 2024-01-01 2024-12-31 09201312 frs-bus:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 09201312 frs-bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 09201312 1 2024-01-01 2024-12-31 09201312 frs-core:UnlistedNon-exchangeTraded 2024-12-31 09201312 frs-core:UnlistedNon-exchangeTraded 2023-12-31 09201312 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-12-31 09201312 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2024-12-31 09201312 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-12-31 09201312 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2024-12-31 09201312 frs-bus:Director1 2024-01-01 2024-12-31 09201312 frs-bus:Director2 2024-01-01 2024-12-31 09201312 frs-bus:Director3 2024-01-01 2024-12-31 09201312 frs-bus:Director4 2024-01-01 2024-12-31 09201312 frs-bus:CompanySecretary1 2024-01-01 2024-12-31 09201312 frs-core:Non-currentFinancialInstruments 1 2024-12-31 09201312 frs-core:CurrentFinancialInstruments 2 2024-12-31 09201312 frs-countries:EnglandWales 2024-01-01 2024-12-31 09201312 2022-12-31 09201312 2023-12-31 09201312 2023-01-01 2023-12-31 09201312 frs-core:CurrentFinancialInstruments 2023-12-31 09201312 frs-core:Non-currentFinancialInstruments 2023-12-31 09201312 frs-core:BetweenOneFiveYears 2023-12-31 09201312 frs-core:MoreThanFiveYears 2023-12-31 09201312 frs-core:WithinOneYear 2023-12-31 09201312 frs-core:ShareCapital 2023-12-31 09201312 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 09201312 frs-core:Non-currentFinancialInstruments 1 2023-12-31 09201312 frs-core:CurrentFinancialInstruments 2 2023-12-31
Registered number: 09201312
Abbey Road Training Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 09201312
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 44,322 88,245
Tangible Assets 5 2,489,266 2,828,641
Investments 6 377,554 377,554
2,911,142 3,294,440
CURRENT ASSETS
Debtors 7 80,768 115,275
Cash at bank and in hand 156,424 277,990
237,192 393,265
Creditors: Amounts Falling Due Within One Year 8 (1,290,438 ) (1,323,053 )
NET CURRENT ASSETS (LIABILITIES) (1,053,246 ) (929,788 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,857,896 2,364,652
Creditors: Amounts Falling Due After More Than One Year 9 (5,671,973 ) (5,822,812 )
NET LIABILITIES (3,814,077 ) (3,458,160 )
CAPITAL AND RESERVES
Called up share capital 10 2 2
Profit and Loss Account (3,814,079 ) (3,458,162 )
SHAREHOLDERS' FUNDS (3,814,077) (3,458,160)
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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 Luca Barassi
Director
26th May 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
Abbey Road Training Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09201312 . The registered office is 4 Pancras Square, London, N1C 4AG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

The Company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the Company as an individual undertaking and not about its group.

The Company has taken advantage of the exemptions under FRS Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17(d), alongside Section 33 Related Party Disclosures paragraph 33.7.

The directors have voluntarily decided to adopt an accounting policy that follows International Financial Reporting Standard 16 (IFRS 16) for the recognition, measurement, and presentation of leases. as set out in note 1.10 and the effect on the financial statements is set out in note 13. Having reviewed the requirements of FRS102 and IFRS16, in the directors view, it is more appropriate to adopt these policies to reflect the financial position of the Company.
2.2. Going Concern Disclosure
The financial statements have been prepared on the going concern basis. The directors are of the opinion that the shareholders will continue to support the business and provide adequate funding when necessary to enable it to meet its obligations for the foreseeable future, being for a period of at least twelve months from the date of approval of the financial statements.
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.

Turnover from a contract to provide services is recognised in the year in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
  • the amount of turnover can be measured reliably;
  • it is probable that the company will receive the consideration due under the contract;
  • the stage of completion of the contract at the end of the reporting year can be measured reliably; and
  • the costs incurred and the costs to complete the contract can be measured reliably.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets relate to the Company's franchise arrangements and they are amortised to the profit and loss account over their estimated economic life of 5 years.
2.5. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are amortised to the profit and loss account over their estimated economic life of 10 years.
2.6. 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 general improvements are not depreciated and subject to continued review. Right-of-use assets are depreciated over the life of the lease.
Plant & Machinery 15% on a reducing balance basis
Fixtures & Fittings 15% on a reducing balance basis
Computer Equipment 25% on a reducing balance basis
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2.7. 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.
2.8. 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 relate 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.
2.9. Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.10. Leases
The Company recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Company by the end of the lease term or the cost of the right-of-use asset reflects that the Company will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the discount rate.

The Company determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased.

Lease payments included in the measurement of the lease liability comprise the following:
  • fixed payments, including in-substance fixed payments;
  • variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;
  • amounts expected to be payable under a residual value guarantee; and
  • the exercise price under a purchase option that the Company is reasonably certain to exercise, lease payments in an optional renewal period if the Company is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Company is reasonably certain not to terminate early.

...CONTINUED
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2.10. Leases - continued
The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company’s estimate of the amount expected to be payable under a residual value guarantee, if the Company changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment.

When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The Company presents right-of-use assets in ‘Land & Buildings - Leasehold Improvements’ and lease liabilities in ‘loans and borrowings’ in the statement of financial position.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2023: 9)
9 9
4. Intangible Assets
Other Intellectual Property Total
£ £ £
Cost
As at 1 January 2024 258,188 94,977 353,165
As at 31 December 2024 258,188 94,977 353,165
Amortisation
As at 1 January 2024 223,763 41,157 264,920
Provided during the period 34,425 9,498 43,923
As at 31 December 2024 258,188 50,655 308,843
Net Book Value
As at 31 December 2024 - 44,322 44,322
As at 1 January 2024 34,425 53,820 88,245
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2024 3,169,821 616,902 129,657 128,561 4,044,941
Additions - 56,078 2,271 - 58,349
As at 31 December 2024 3,169,821 672,980 131,928 128,561 4,103,290
Depreciation
As at 1 January 2024 825,969 277,279 46,842 66,210 1,216,300
Provided during the period 312,869 56,428 12,839 15,588 397,724
As at 31 December 2024 1,138,838 333,707 59,681 81,798 1,614,024
Net Book Value
As at 31 December 2024 2,030,983 339,273 72,247 46,763 2,489,266
As at 1 January 2024 2,343,852 339,623 82,815 62,351 2,828,641
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6. Investments
Unlisted
£
Cost
As at 1 January 2024 377,554
As at 31 December 2024 377,554
Provision
As at 1 January 2024 -
As at 31 December 2024 -
Net Book Value
As at 31 December 2024 377,554
As at 1 January 2024 377,554
Details of undertakings

The Company is the sole member of Abbey Road Institute LLC whose registered office is at:

1209 Orange Street
Wilmington
New Castle County
Delaware
19801


7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 41,437 65,495
Prepayments and accrued income 38,287 49,091
Other debtors 1,044 689
80,768 115,275
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 7,917 10,474
VAT 69,757 78,301
Loans and other borrowings 502,110 438,211
Accruals and deferred income 710,654 796,067
1,290,438 1,323,053
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Loans and other borrowing 1,094,113 1,375,060
Amounts owed to related parties 4,577,860 4,447,752
5,671,973 5,822,812
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10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 250,000 250,000
Later than one year and not later than five years 1,030,000 1,022,500
Later than five years 259,904 517,404
1,539,904 1,789,904
12. Related Party Transactions
The company has taken advantage of the exemption available in Paragraph 1AC.35 of FRS 102 whereby it has not disclosed transactions with any wholly owned subsidiary undertaking of the group. 
Abbey Road Training Limited ("ART") is the sole member of Abbey Road Institute LLC ("ARI LLC"). At the balance sheet date, included within Amounts owed to related parties due after more than one year is £247,426 (2023: £267,318).
Virgin Records Limited is a shareholder in ART. At the balance sheet date, the total balance owed to Virgin Records Limited was £2,165,217 (2023: £2,090,217).
Heritage Investments FZE ("HIF") is a shareholder in ART. At the balance sheet date, the total balance owed to HIF was £2,165,217 (2023: £2,090,217).
13. Controlling Party
The company does not have an ultimate controlling party.
14. Right-of-use Assets
During 2021, the Company entered into a lease for the use of new premises. The directors have decided to adopt IFR16 to account for the lease as set out in note 2.10 and with the details below highlight the effect this has had on the financial statements.
This Right-of-use asset is contained within Land & Property - Leasehold Improvements within Tangible Fixed Assets.
During the year: 
  • There were no additions in the year (2023: £nil)
  • Depreciation charged to the Income Statement was: £209,566 (2023: £209,566)
  • At 31st December 2023, the net book value was: £1,309,788 (2023: £1,519,354)
  • Interest charged to the Income Statement was: £32,952 (2023: £37,321)
Contained within Loans and other borrowings is £1,596,223 (2023: £1,813,271) relating to liabilities associated with Right-of-use assets. 
If the lease were accounted for under FRS102, this would result in a charge to the Income Statement in the year of £216,250 (2023: £216,250).
Note 11 sets out a maturity analysis of lease payables, showing the undiscounted lease payments to be paid after the reporting date.
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