Acorah Software Products - Accounts Production 16.2.850 false true 31 December 2023 1 January 2023 false 1 January 2024 31 December 2024 31 December 2024 SC666714 Mr Jarett Carson Mr Richard Hopkins Mr Jonathan Reeves Mr Peter Sharpe Mrs Rabindra Soni iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC666714 2023-12-31 SC666714 2024-12-31 SC666714 2024-01-01 2024-12-31 SC666714 frs-core:CurrentFinancialInstruments 2024-12-31 SC666714 frs-core:Non-currentFinancialInstruments 2024-12-31 SC666714 frs-core:ComputerEquipment 2024-12-31 SC666714 frs-core:ComputerEquipment 2024-01-01 2024-12-31 SC666714 frs-core:ComputerEquipment 2023-12-31 SC666714 frs-core:CopyrightsPatentsTrademarksServiceOperatingRights 2024-12-31 SC666714 frs-core:CopyrightsPatentsTrademarksServiceOperatingRights 2024-01-01 2024-12-31 SC666714 frs-core:CopyrightsPatentsTrademarksServiceOperatingRights 2023-12-31 SC666714 frs-core:FurnitureFittings 2024-12-31 SC666714 frs-core:FurnitureFittings 2024-01-01 2024-12-31 SC666714 frs-core:FurnitureFittings 2023-12-31 SC666714 frs-core:NetGoodwill 2024-12-31 SC666714 frs-core:NetGoodwill 2024-01-01 2024-12-31 SC666714 frs-core:NetGoodwill 2023-12-31 SC666714 frs-core:MotorVehicles 2024-12-31 SC666714 frs-core:MotorVehicles 2024-01-01 2024-12-31 SC666714 frs-core:MotorVehicles 2023-12-31 SC666714 frs-core:PlantMachinery 2024-12-31 SC666714 frs-core:PlantMachinery 2024-01-01 2024-12-31 SC666714 frs-core:PlantMachinery 2023-12-31 SC666714 frs-core:CapitalRedemptionReserve 2024-12-31 SC666714 frs-core:ShareCapital 2024-12-31 SC666714 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 SC666714 frs-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 SC666714 frs-bus:FilletedAccounts 2024-01-01 2024-12-31 SC666714 frs-bus:SmallEntities 2024-01-01 2024-12-31 SC666714 frs-bus:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 SC666714 frs-bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 SC666714 frs-bus:Director1 2024-01-01 2024-12-31 SC666714 frs-bus:Director2 2024-01-01 2024-12-31 SC666714 frs-bus:Director3 2024-01-01 2024-12-31 SC666714 frs-bus:Director4 2024-01-01 2024-12-31 SC666714 frs-bus:Director5 2024-01-01 2024-12-31 SC666714 frs-core:CurrentFinancialInstruments 9 2024-12-31 SC666714 frs-countries:Scotland 2024-01-01 2024-12-31 SC666714 2022-12-31 SC666714 2023-12-31 SC666714 2023-01-01 2023-12-31 SC666714 frs-core:CurrentFinancialInstruments 2023-12-31 SC666714 frs-core:Non-currentFinancialInstruments 2023-12-31 SC666714 frs-core:CapitalRedemptionReserve 2023-12-31 SC666714 frs-core:ShareCapital 2023-12-31 SC666714 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 SC666714 frs-core:CurrentFinancialInstruments 9 2023-12-31
Registered number: SC666714
CSignum Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2024
Kennedys Accounting Limited
160 Eureka Park
Kennington
Ashford
Kent
TN25 4AZ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: SC666714
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 769,200 826,900
Tangible Assets 5 49,690 69,205
818,890 896,105
CURRENT ASSETS
Stocks 6 - 67,361
Debtors 7 1,067,877 800,135
Investments 8 1 1
Cash at bank and in hand 168,494 26,243
1,236,372 893,740
Creditors: Amounts Falling Due Within One Year 9 (3,015,992 ) (234,265 )
NET CURRENT ASSETS (LIABILITIES) (1,779,620 ) 659,475
TOTAL ASSETS LESS CURRENT LIABILITIES (960,730 ) 1,555,580
Creditors: Amounts Falling Due After More Than One Year 10 - (374,675 )
NET (LIABILITIES)/ASSETS (960,730 ) 1,180,905
CAPITAL AND RESERVES
Called up share capital 11 42 2
Capital redemption reserve 1,082,859 1,082,859
Profit and Loss Account (2,043,631 ) 98,044
SHAREHOLDERS' FUNDS (960,730) 1,180,905
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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 Jarett Carson
Director
03/06/2025
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
CSignum Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC666714 . The registered office is Unit 9b Pyramids Business Park, Bathgate, West Lothian , Scotland, EH48 2EH.
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. 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 when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are .... It is amortised to the profit and loss account over its estimated economic life of .... 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:
Plant & Machinery 25% Reducing Balance
Motor Vehicles 5 year straight line
Fixtures & Fittings 5 year straight line
Computer Equipment 5 year straight line
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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.
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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 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2023: 25)
11 25
4. Intangible Assets
Goodwill Intellectual Property Total
£ £ £
Cost
As at 1 January 2024 577,000 423,000 1,000,000
As at 31 December 2024 577,000 423,000 1,000,000
Amortisation
As at 1 January 2024 173,100 - 173,100
Provided during the period 57,700 - 57,700
As at 31 December 2024 230,800 - 230,800
Net Book Value
As at 31 December 2024 346,200 423,000 769,200
As at 1 January 2024 403,900 423,000 826,900
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5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2024 25,226 21,507 36,449 31,429 114,611
Additions - - - 2,344 2,344
As at 31 December 2024 25,226 21,507 36,449 33,773 116,955
Depreciation
As at 1 January 2024 11,178 6,104 14,023 14,101 45,406
Provided during the period 3,512 4,302 7,290 6,755 21,859
As at 31 December 2024 14,690 10,406 21,313 20,856 67,265
Net Book Value
As at 31 December 2024 10,536 11,101 15,136 12,917 49,690
As at 1 January 2024 14,048 15,403 22,426 17,328 69,205
6. Stocks
2024 2023
£ £
Stock - 67,361
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 15,000 16
Prepayments and accrued income 35,033 72,842
R&D Tax Credits 855,045 568,627
VAT 31,122 37,373
Amounts owed by subsidiaries 131,677 121,277
1,067,877 800,135
8. Current Asset Investments
2024 2023
£ £
Shares in subsidiaries 1 1
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9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 95,846 138,459
Bridging Loans 734,687 -
Other taxes and social security 26,602 41,818
Other creditors - 11,290
Convertible Loan Notes 1,913,877 -
Accruals and deferred income 244,980 42,698
3,015,992 234,265
10. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Convertible Loan Note - 186,407
Bridging Loans due > 1 Year - 188,268
- 374,675
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 42 2
12. Exceptional Items
Series A Equity Investment 
After the year end, the company finalised an investment round which closed on 15 April 2025 and achieved further equity investment totalling £4.2m. This investment round also resulted in the conversion of all outstanding convertible loan notes into equity and repayment of all outstanding bridge loans in full.
Accruals
Included within accruals are the following provisions for estimated expenses which have been incurred during this (or prior) accounting period:
Backdated travel expenses - £35,000
Due to ongoing cashflow strain on the business the directors have not reclaimed expenses for travel undertaken on behalf of the business. In 2025 travel claims have been raised for all travel expenses incurred up to date. 
Directors Remuneration -£36,000 (2023)
The company is still in the early stage and funds are being prioritised for crucial functions within the business. As such, in 2023 the directors have not received their agreed remuneration package. These costs have been accrued into 2023 and will be paid to the directors in 2025. 
Legal Expenses - £165,000
As part of the work undertaken by the directors in 2024 to secure the Series A Equity  investment, significant legal expenses have been incurred during the period which are expected to be invoiced around the closing of the Series A Equity Investment in 2025. 
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