Acorah Software Products - Accounts Production 16.3.350 false true true 31 December 2023 1 April 2023 false 1 January 2024 31 March 2025 31 March 2025 09108913 Dr Daniel Alexander Sprague Dr Marcus Alexander Ong Mr Robert Brady Mr Michael Burnett iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09108913 frs-core:CurrentFinancialInstruments frs-core:WithinOneYear 2025-03-31 09108913 2023-12-31 09108913 2025-03-31 09108913 2024-01-01 2025-03-31 09108913 frs-core:CurrentFinancialInstruments 2025-03-31 09108913 frs-core:Non-currentFinancialInstruments 2025-03-31 09108913 frs-core:ComputerEquipment 2025-03-31 09108913 frs-core:ComputerEquipment 2024-01-01 2025-03-31 09108913 frs-core:ComputerEquipment 2023-12-31 09108913 frs-core:FurnitureFittings 2025-03-31 09108913 frs-core:FurnitureFittings 2024-01-01 2025-03-31 09108913 frs-core:FurnitureFittings 2023-12-31 09108913 frs-core:WithinOneYear 2025-03-31 09108913 frs-core:OtherReservesSubtotal 2025-03-31 09108913 frs-core:SharePremium 2025-03-31 09108913 frs-core:ShareCapital 2025-03-31 09108913 frs-core:RetainedEarningsAccumulatedLosses 2025-03-31 09108913 frs-bus:PrivateLimitedCompanyLtd 2024-01-01 2025-03-31 09108913 frs-bus:FilletedAccounts 2024-01-01 2025-03-31 09108913 frs-bus:SmallEntities 2024-01-01 2025-03-31 09108913 frs-bus:AuditExempt-NoAccountantsReport 2024-01-01 2025-03-31 09108913 frs-bus:SmallCompaniesRegimeForAccounts 2024-01-01 2025-03-31 09108913 frs-bus:OrdinaryShareClass1 2024-01-01 2025-03-31 09108913 frs-bus:OrdinaryShareClass1 2025-03-31 09108913 frs-bus:OrdinaryShareClass2 2024-01-01 2025-03-31 09108913 frs-bus:OrdinaryShareClass2 2025-03-31 09108913 frs-bus:OrdinaryShareClass3 2024-01-01 2025-03-31 09108913 frs-bus:OrdinaryShareClass3 2025-03-31 09108913 frs-bus:Director1 2024-01-01 2025-03-31 09108913 frs-bus:Director2 2024-01-01 2025-03-31 09108913 frs-bus:Director3 2024-01-01 2025-03-31 09108913 frs-bus:Director4 2024-01-01 2025-03-31 09108913 frs-core:CurrentFinancialInstruments 1 2025-03-31 09108913 frs-countries:EnglandWales 2024-01-01 2025-03-31 09108913 frs-core:CurrentFinancialInstruments frs-core:WithinOneYear 2023-12-31 09108913 frs-core:Non-currentFinancialInstruments frs-core:BetweenOneFiveYears 2023-12-31 09108913 2023-03-31 09108913 2023-12-31 09108913 2023-04-01 2023-12-31 09108913 frs-core:CurrentFinancialInstruments 2023-12-31 09108913 frs-core:Non-currentFinancialInstruments 2023-12-31 09108913 frs-core:WithinOneYear 2023-12-31 09108913 frs-core:OtherReservesSubtotal 2023-12-31 09108913 frs-core:SharePremium 2023-12-31 09108913 frs-core:ShareCapital 2023-12-31 09108913 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 09108913 frs-bus:OrdinaryShareClass1 2023-04-01 2023-12-31 09108913 frs-bus:OrdinaryShareClass2 2023-04-01 2023-12-31 09108913 frs-bus:OrdinaryShareClass3 2023-04-01 2023-12-31 09108913 frs-core:CurrentFinancialInstruments 1 2023-12-31
Registered number: 09108913
Patchs Health Limited
Unaudited Financial Statements
For the Period 1 January 2024 to 31 March 2025
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: 09108913
31 March 2025 31 December 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 28,574 15,442
28,574 15,442
CURRENT ASSETS
Debtors 5 481,764 208,287
Cash at bank and in hand 363,119 40,059
844,883 248,346
Creditors: Amounts Falling Due Within One Year 6 (281,547 ) (329,885 )
NET CURRENT ASSETS (LIABILITIES) 563,336 (81,539 )
TOTAL ASSETS LESS CURRENT LIABILITIES 591,910 (66,097 )
Creditors: Amounts Falling Due After More Than One Year 7 - (39,873 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (5,429 ) (2,934 )
NET ASSETS/(LIABILITIES) 586,481 (108,904 )
CAPITAL AND RESERVES
Called up share capital 9 171 124
Share premium account 3,141,620 782,148
Other reserves 319,961 96,742
Profit and Loss Account (2,875,271 ) (987,918 )
SHAREHOLDERS' FUNDS 586,481 (108,904)
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For the period ending 31 March 2025 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
Dr Marcus Alexander Ong
Director
10 June 2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Patchs Health Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09108913 . The registered office is 70 Gracechurch Street, London, EC3V 0HR.
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 £.
Disclosure of long or short period
The financial period was lengthened from 31 December 2024 to 31 March 2025 and the prior financial period was shortened from 31 March 2024 to 31 December 2023 therefore the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
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. 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:
Fixtures & Fittings 20% Reducing balance
Computer Equipment 20% Reducing balance
2.5. 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.
2.6. 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.
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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 profit / loss before taxation.
2.8. 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.
2.9. 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.
2.10. 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 cirteria 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.
2.11. Share Based Payments
The company operates an equity-settled, share-based compensation plan, under which the entity receives 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 period was: 21 (2023: 15)
21 15
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 January 2024 2,420 26,779 29,199
Additions - 19,423 19,423
As at 31 March 2025 2,420 46,202 48,622
Depreciation
As at 1 January 2024 774 12,983 13,757
Provided during the period 395 5,896 6,291
As at 31 March 2025 1,169 18,879 20,048
Net Book Value
As at 31 March 2025 1,251 27,323 28,574
As at 1 January 2024 1,646 13,796 15,442
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5. Debtors
31 March 2025 31 December 2023
£ £
Due within one year
Trade debtors 121,252 72,237
Prepayments and accrued income 114,843 63,911
Other debtors 55,523 15,479
Corporation tax recoverable assets 190,146 56,660
481,764 208,287
6. Creditors: Amounts Falling Due Within One Year
31 March 2025 31 December 2023
£ £
Trade creditors 90,936 2,176
Bank loans and overdrafts 28,997 121,201
Other taxes and social security 39,911 22,094
VAT 21,118 30,425
Net wages 286 -
Other creditors 71,903 32,416
Investment monies received 180 20,000
Accruals and deferred income 28,216 99,390
Directors' loan accounts - 2,183
281,547 329,885
7. Creditors: Amounts Falling Due After More Than One Year
31 March 2025 31 December 2023
£ £
Bank loans - 39,873
8. Loans
An analysis of the maturity of loans is given below:
31 March 2025 31 December 2023
£ £
Amounts falling due within one year or on demand:
Bank loans 28,997 121,201
31 March 2025 31 December 2023
£ £
Amounts falling due between one and five years:
Bank loans - 39,873
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9. Share Capital
31 March 2025 31 December 2023
Allotted, called up and fully paid £ £
113,162 Ordinary shares of £ 0.001 each 113 112
45,983 Ordinary A shares of £ 0.001 each 46 -
12,222 Ordinary B shares of £ 0.001 each 12 12
171 124
Shares issued during the period: £
1,099 Ordinary shares of £ 0.001 each 1
45,983 Ordinary A shares of £ 0.001 each 46
47
On 18th March 2024, 570 Ordinary shares of £0.001 each were allotted and fully paid at a price of £35.03 per share.
On 3rd April 2024 the following transactions took place:
- 35,493 A Ordinary shares of £0.001 each were allotted anf fully paid at a price of £49.76 per share
- 594 Ordinary shares of £0.001 each were allotted and fully paid at a price of £33.71 per share
- 941 Ordinary shares of £0.001 each were allotted and fully paid at a price of £49.76 per share
On 9th April 2024, 4,019 A Ordinary shares of £0.001 each were allotted and fully paid at a price of £49.76 per share.
On 10th April 2024, 168 A Ordinary shares of £0.001 each were allotted and fully paid at a price of £49.76 per share.
On 31st May 2024, 655 A Ordinary shares of £0.001 each were allotted and fully paid at a price of £49.76 per share.
On 22nd August 2024, 4,642 A Ordinary shares of £0.001 each were allotted and fully paid at a price of £57.224 per share.
On 14th October 2024, 1,006 Ordinary shares of £ 0.001 each were redesignated as A Ordinary shares of the same value.
10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
31 March 2025 31 December 2023
£ £
Not later than one year 26,640 14,250
26,640 14,250
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