Acorah Software Products - Accounts Production 16.3.350 false true true 31 August 2023 1 September 2022 false 1 September 2023 31 August 2024 31 August 2024 08645601 J Muller N Redwood iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08645601 2023-08-31 08645601 2024-08-31 08645601 2023-09-01 2024-08-31 08645601 frs-core:CurrentFinancialInstruments 2024-08-31 08645601 frs-core:Non-currentFinancialInstruments 2024-08-31 08645601 frs-core:ComputerEquipment 2024-08-31 08645601 frs-core:ComputerEquipment 2023-09-01 2024-08-31 08645601 frs-core:ComputerEquipment 2023-08-31 08645601 frs-core:OtherReservesSubtotal 2024-08-31 08645601 frs-core:SharePremium 2024-08-31 08645601 frs-core:ShareCapital 2024-08-31 08645601 frs-core:RetainedEarningsAccumulatedLosses 2024-08-31 08645601 frs-bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 08645601 frs-bus:FilletedAccounts 2023-09-01 2024-08-31 08645601 frs-bus:SmallEntities 2023-09-01 2024-08-31 08645601 frs-bus:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 08645601 frs-bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 08645601 frs-bus:OrdinaryShareClass1 2023-09-01 2024-08-31 08645601 frs-bus:OrdinaryShareClass1 2024-08-31 08645601 frs-bus:OrdinaryShareClass2 2023-09-01 2024-08-31 08645601 frs-bus:OrdinaryShareClass2 2024-08-31 08645601 frs-core:CostValuation 2023-08-31 08645601 frs-core:CostValuation 2024-08-31 08645601 frs-core:ProvisionsForImpairmentInvestments 2023-08-31 08645601 frs-core:ProvisionsForImpairmentInvestments 2024-08-31 08645601 frs-bus:Director1 2023-09-01 2024-08-31 08645601 frs-bus:Director2 2023-09-01 2024-08-31 08645601 frs-countries:EnglandWales 2023-09-01 2024-08-31 08645601 2022-08-31 08645601 2023-08-31 08645601 2022-09-01 2023-08-31 08645601 frs-core:CurrentFinancialInstruments 2023-08-31 08645601 frs-core:Non-currentFinancialInstruments 2023-08-31 08645601 frs-core:ComputerEquipment 2022-09-01 2023-08-31 08645601 frs-core:OtherReservesSubtotal 2023-08-31 08645601 frs-core:SharePremium 2023-08-31 08645601 frs-core:ShareCapital 2023-08-31 08645601 frs-core:RetainedEarningsAccumulatedLosses 2023-08-31 08645601 frs-bus:OrdinaryShareClass1 2022-09-01 2023-08-31 08645601 frs-bus:OrdinaryShareClass2 2022-09-01 2023-08-31
Registered number: 08645601
Pivigo Limited
Financial Statements
For The Year Ended 31 August 2024
Gravitate Accounting
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08645601
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,943 5,691
Investments 5 26,409 26,409
28,352 32,100
CURRENT ASSETS
Debtors 6 333,137 355,548
Cash at bank and in hand 8,426 290,117
341,563 645,665
Creditors: Amounts Falling Due Within One Year 7 (158,102 ) (279,871 )
NET CURRENT ASSETS (LIABILITIES) 183,461 365,794
TOTAL ASSETS LESS CURRENT LIABILITIES 211,813 397,894
Creditors: Amounts Falling Due After More Than One Year 8 (423,262 ) (393,951 )
NET (LIABILITIES)/ASSETS (211,449 ) 3,943
CAPITAL AND RESERVES
Called up share capital 10 867 867
Share premium account 5,144,708 5,144,708
Other reserves 11,417 11,417
Profit and Loss Account (5,368,441 ) (5,153,049 )
SHAREHOLDERS' FUNDS (211,449) 3,943
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For the year ending 31 August 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
J Muller
Director
28th May 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
Pivigo Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08645601 . The registered office is Electric Works, 3 Concourse Way, Sheffield, S1 2BJ.
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 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.
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. 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. 
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 50% Straight Line
2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.7. Financial Instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and loans with related parties and investments in ordinary shares.
All financial assets and liabilities are initially measured at transaction price and subsequently measured at amortised cost.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.
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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 operating profit.
2.9. 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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. Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
2.12. Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the profit and loss account in the year that the company becomes aware of the obligation and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.
2.13. Finance costs
Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 18)
4 18
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4. Tangible Assets
Computer Equipment
£
Cost
As at 1 September 2023 16,374
As at 31 August 2024 16,374
Depreciation
As at 1 September 2023 10,683
Provided during the period 3,748
As at 31 August 2024 14,431
Net Book Value
As at 31 August 2024 1,943
As at 1 September 2023 5,691
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Computer Equipment 1,943 5,187
5. Investments
Subsidiaries
£
Cost
As at 1 September 2023 26,409
As at 31 August 2024 26,409
Provision
As at 1 September 2023 -
As at 31 August 2024 -
Net Book Value
As at 31 August 2024 26,409
As at 1 September 2023 26,409
Investments represent the companies 100% shareholding in Pivigo GmbH.
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,212 38,368
Prepayments and accrued income 5,255 20,493
Other debtors 319,795 295,220
Amounts owed by group undertakings 6,875 1,467
333,137 355,548
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 1,956 3,293
Trade creditors 7,385 22,685
Bank loans and overdrafts 4,652 9,847
Other loans 82,400 -
Other taxes and social security 4,275 100,064
Net wages 8,717 29,409
Other creditors 35,785 34,263
Accruals and deferred income 12,932 80,310
158,102 279,871
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 1,966
Bank loans 23,757 23,098
Convertible loans 399,505 368,887
423,262 393,951
9. Secured Creditors
On 11th December 2023, the company entered into a loan facility with Rocking Horse Solutions UK Limited. The oustanding balance at the end of the reporting period, including the principal sum and accrued interest amounts to £86,000.  The loan is secured by a fixed and floating charge over the company's assets. Interest is charged at 18% per annum. The loan is guaranteed by Enterprise Ventures (General Partner NPIF YHTV Equity) Limited, a majority shareholder in the company. The guarantee was provided on commercial terms and no amounts are payable to the guarantor by the company.
On 18 August 2023, a convertible loan was issued of £368,000. The lender may convert the outstanding principal and all interest accrued thereon into shares at an exit or fundraising event. In certain circumstances the lender may declare that the outstanding principal and all accrued but unpaid interest along with the redemption premium is repaid. Subject to prior repayment or prior conversion the outstanding principal together with all accrued but unpaid interest thereon and the redemption premium shall be repaid in full. The loan is secured by debenture and interest is charged at 8% per annum.
Net obligations under hire purchase contracts are secured against the assets to which they relate.
Of the creditors the following amounts are secured.
2024 2023
£ £
Other Creditors 481,905 368,887
10. Share Capital
2024 2023
Allotted, called up and fully paid £ £
259,919 Ordinary Shares of £ 0.001 each 260 260
607,510 Ordinary A shares of £ 0.001 each 607 607
867 867
The A Ordinary and Ordinary shares rank pari passu.
11. Related Party Transactions
Included within Other Creditors are loans from related parties amounting to £16,983 (2023: £16,983). These loans are unsecured, interest free and repayable on demand.
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