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 13071066 Mr Andrew Haehn Mr Samuel Hunt Materials Market Ltd 55 Charlotte Road, London, EC2A 3QF true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 13071066 2023-08-31 13071066 2024-08-31 13071066 2023-09-01 2024-08-31 13071066 frs-core:CurrentFinancialInstruments 2024-08-31 13071066 frs-core:Non-currentFinancialInstruments 2024-08-31 13071066 frs-core:BetweenOneFiveYears 2024-08-31 13071066 frs-core:ComputerEquipment 2024-08-31 13071066 frs-core:ComputerEquipment 2023-09-01 2024-08-31 13071066 frs-core:ComputerEquipment 2023-08-31 13071066 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-08-31 13071066 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-09-01 2024-08-31 13071066 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-08-31 13071066 frs-core:FurnitureFittings 2024-08-31 13071066 frs-core:FurnitureFittings 2023-09-01 2024-08-31 13071066 frs-core:FurnitureFittings 2023-08-31 13071066 frs-core:WithinOneYear 2024-08-31 13071066 frs-core:ShareCapital 2024-08-31 13071066 frs-core:RetainedEarningsAccumulatedLosses 2024-08-31 13071066 frs-bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 13071066 frs-bus:FilletedAccounts 2023-09-01 2024-08-31 13071066 frs-bus:SmallEntities 2023-09-01 2024-08-31 13071066 frs-bus:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 13071066 frs-bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 13071066 1 2023-09-01 2024-08-31 13071066 frs-bus:Director1 2023-09-01 2024-08-31 13071066 frs-bus:Director2 2023-09-01 2024-08-31 13071066 frs-countries:EnglandWales 2023-09-01 2024-08-31 13071066 2022-08-31 13071066 2023-08-31 13071066 2022-09-01 2023-08-31 13071066 frs-core:CurrentFinancialInstruments 2023-08-31 13071066 frs-core:Non-currentFinancialInstruments 2023-08-31 13071066 frs-core:BetweenOneFiveYears 2023-08-31 13071066 frs-core:WithinOneYear 2023-08-31 13071066 frs-core:ShareCapital 2023-08-31 13071066 frs-core:RetainedEarningsAccumulatedLosses 2023-08-31
Registered number: 13071066
Materials Market Trading UK Ltd
Unaudited Financial Statements
For The Year Ended 31 August 2024
Finerva
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 13071066
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 353,636 204,441
Tangible Assets 5 20,326 619
373,962 205,060
CURRENT ASSETS
Debtors 6 1,111,350 338,945
Cash at bank and in hand 976,743 388,525
2,088,093 727,470
Creditors: Amounts Falling Due Within One Year 7 (2,668,640 ) (1,750,251 )
NET CURRENT ASSETS (LIABILITIES) (580,547 ) (1,022,781 )
TOTAL ASSETS LESS CURRENT LIABILITIES (206,585 ) (817,721 )
Creditors: Amounts Falling Due After More Than One Year 8 (1,788,245 ) -
NET LIABILITIES (1,994,830 ) (817,721 )
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account (1,994,831 ) (817,722 )
SHAREHOLDERS' FUNDS (1,994,830) (817,721)
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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
Mr Samuel Hunt
Director
22 April 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
Materials Market Trading UK Ltd is a private company,  limited by shares, incorporated in England & Wales, registered number 13071066 . The registered office is 55 Charlotte Road, London, EC2A 3QF.
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 believe that notwithstanding net liabilities of £1,994,830 ( 2023: £817,721), the company’s financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support from its investors will be adequate to meet the company’s needs for a period of at least 12 months from the date of approval of these financial statements. The directors have reached this conclusion on the basis of the preparation of financial forecasts, including cashflow forecasts, which they have reasonable expectation of achieving.
2.3. Significant judgements and estimations
The preparation of financial statements requires management to make judgements, estimates and assumptions which affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates.
In preparing these financial statements, the directors have made the following judgements:
Share option charges
FRS 102 requires the grant date fair value of share-based payments awards granted to employees and contractors to be recognised as an expense, with a corresponding increase in equity, over the period in which the employees and contractors become unconditionally entitled to the awards. Share options issued by the parent company to the company’s employees and contractors will only be exercised on an exit event. At the date of these financial statements management has determined that an exit event is not probable and therefore no share-based payment charges have been recorded in these financial statements nor in the parent company's finanial statements.
2.4. 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.
Sale of goods
Turnover from the sale of goods is recognised in the profit and loss account on delivery when all risks and rewards of ownership have passed to the customer at invoice value less trade discounts allowed and customer rebates and excludes value added tax on delivery of the product.
Rendering of services - commissions on sold goods
Turnover from the commissions on sold goods is recognised when the goods are delivered and the service is complete.
2.5. Research and Development
Expenditure on research activities is recognised within profit or loss as an expense is incurred.
Development costs are capitalised only where they can be identified with a specific product or project that will generate probable future economic benefits, the costs can be reliably measured and all the criteria under FRS 102 are met. They are amortised on a straight line basis to profit or loss over their estimated useful life. Amortisation begins when the intangible asset is available for use. All other development costs are expenses as incurred.
Intangible assets and Research and Development
Capitalised development costs are reviewed annually, and where future benefits are deemed to have ceased or to be in doubt, the balance is written off to profit or loss.
Capitalised development costs are not treated as a realised loss for the purpose of determining the company’s
distributable profits as the costs meet the conditions permitting them to be treated as an asset under FRS 102.
All intangible assets are considered to have a finite useful life. The estimated useful lives are as follows:
...CONTINUED
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2.5. Research and Development - continued
Software development – 5 years on a straight line basis
At each reporting date the company assesses whether there is any indication of impairment. If such indications exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. Any impairment loss is recognised immediately as an expense within profit or loss.
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:
Office equipment 3 years on a straight line basis
Computer Equipment 3 years on a straight line basis
2.7. Financial Instruments
Trade and other debtors / creditors
Trade and other debtors are recognised initially at transaction prices less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.
Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised within profit or loss.
For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset’s carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.
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 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.
Current tax for the year is recognised in profit or loss.
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. Related party exemption
The company has taken advantage of the exemption available under FRS 102 not to disclose related party transactions with wholly owned subsidiaries in the group.
3. Average Number of Employees
Average number of employees, including directors, during the year was  31 (2023: 18)
31 18
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4. Intangible Assets
Development Costs
£
Cost
As at 1 September 2023 231,687
Additions 218,751
As at 31 August 2024 450,438
Amortisation
As at 1 September 2023 27,246
Provided during the period 69,556
As at 31 August 2024 96,802
Net Book Value
As at 31 August 2024 353,636
As at 1 September 2023 204,441
5. Tangible Assets
Office equipment Computer Equipment Total
£ £ £
Cost
As at 1 September 2023 - 857 857
Additions 25,714 - 25,714
As at 31 August 2024 25,714 857 26,571
Depreciation
As at 1 September 2023 - 238 238
Provided during the period 5,721 286 6,007
As at 31 August 2024 5,721 524 6,245
Net Book Value
As at 31 August 2024 19,993 333 20,326
As at 1 September 2023 - 619 619
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 546,154 154,298
Other debtors 565,196 184,647
1,111,350 338,945
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 2,058,982 862,300
Amounts owed to group undertakings - 439,706
Other creditors 501,168 363,880
Taxation and social security 108,490 84,365
2,668,640 1,750,251
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Accruals and deferred income 7,118 -
Amounts owed to group undertakings 1,781,127 -
1,788,245 -
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 77,482 -
Later than one year and not later than five years 20,867 -
98,349 -
11. Pension Commitments
The company operates a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £5,569 (2023: £4,211) were due to the fund. They are included in Other Creditors.
12. Ultimate Parent Undertaking and Controlling Party
The company's immediate parent undertaking is Materials Market Ltd . Materials Market Ltd was incorporated in England and Wales and its registered office address is 55 Charlotte Road, London, EC2A 3QF
There is no ultimate controlling party.
No consolidated financial statements have been prepared. 
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