Acorah Software Products - Accounts Production 16.3.350 false true true false 3 November 2023 31 December 2024 31 December 2024 15259143 Mr R N Barawid Ms N M Goulimis false iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 15259143 2023-11-02 15259143 2024-12-31 15259143 2023-11-03 2024-12-31 15259143 frs-core:CurrentFinancialInstruments 2024-12-31 15259143 frs-core:ComputerEquipment 2024-12-31 15259143 frs-core:ComputerEquipment 2023-11-03 2024-12-31 15259143 frs-core:ComputerEquipment 2023-11-02 15259143 frs-core:PlantMachinery 2024-12-31 15259143 frs-core:PlantMachinery 2023-11-03 2024-12-31 15259143 frs-core:PlantMachinery 2023-11-02 15259143 frs-core:ShareCapital 2024-12-31 15259143 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 15259143 frs-bus:PrivateLimitedCompanyLtd 2023-11-03 2024-12-31 15259143 frs-bus:FilletedAccounts 2023-11-03 2024-12-31 15259143 frs-bus:SmallEntities 2023-11-03 2024-12-31 15259143 frs-bus:AuditExempt-NoAccountantsReport 2023-11-03 2024-12-31 15259143 frs-bus:SmallCompaniesRegimeForAccounts 2023-11-03 2024-12-31 15259143 1 2023-11-03 2024-12-31 15259143 frs-bus:Director1 2023-11-03 2024-12-31 15259143 frs-bus:Director2 2023-11-03 2024-12-31 15259143 frs-countries:EnglandWales 2023-11-03 2024-12-31
Registered number: 15259143
Tunic & Co UK Limited
Unaudited Financial Statements
For the Period 3 November 2023 to 31 December 2024
Agile Accountants
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—5
Page 1
Balance Sheet
Registered number: 15259143
31 December 2024
Notes £ £
FIXED ASSETS
Tangible Assets 4 22,879
22,879
CURRENT ASSETS
Debtors 5 327,365
Cash at bank and in hand 34,045
361,410
Creditors: Amounts Falling Due Within One Year 6 (1,489,947 )
NET CURRENT ASSETS (LIABILITIES) (1,128,537 )
TOTAL ASSETS LESS CURRENT LIABILITIES (1,105,658 )
NET LIABILITIES (1,105,658 )
CAPITAL AND RESERVES
Called up share capital 7 1
Profit and Loss Account (1,105,659 )
SHAREHOLDERS' FUNDS (1,105,658)
For the period 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.
The financial statements were approved by the board of directors on 27 May 2025 and were signed on its behalf by:
Mr R N Barawid
Director
27 May 2025
The notes on pages 2 to 5 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Tunic & Co UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 15259143 . The registered office is 6-7 St John's Lane, London, EC1M 4BJ.
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 current year losses as well as net current liabilities and net liabilities of £1,105,658, 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 a connected company supported by external 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.
2.3. 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. All other development costs are expenses as incurred.
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.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at historical cost less accumulated depreciation and any impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged to profit or loss over the estimated useful economic lives as follows -
Plant & Machinery over 3 years on a straight line basis
Computer Equipment over 3 years on a straight line basis
The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. 
Repairs and maintenance costs are charged to profit or loss during the period in which they are incurred. 
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. 
At each reporting date the company assesses whether there is any indication of impairment. If such indication 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 the profit or loss.
2.5. Leasing and Hire Purchase Contracts
Leases in which the company assumes substantially all the risks and rewards of ownership of the leased asset are classified as finance leases. All other leases are classified as operating leases.
Payments (excluding costs for services and insurance) made under operating leases are recognised in the profit and loss account on a straight-line basis over the term of the lease unless the payments to the lessor are structured to increase in line with expected general inflation; in which case the payments related to the structured increases are recognised as incurred. Lease incentives received are recognised in profit and loss over the term of the lease an an integral part of the total lease expenses.
Page 2
Page 3
2.6. 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.
2.7. 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 and deferred tax are recognised in profit or loss for the period, 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.
2.9. Pensions
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions in a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in profit or loss in the periods during which services are rendered by employees.
2.10. 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 within the group.
Preparation of consolidated financial statements
The company is exempt under Section 399 of the Companies Act from the requirement to prepare consolidated financial statements by virtue of the fact it is subject to the small companies regime. These financial statements contain information the company as an individual undertaking and not about this group.
3. Average Number of Employees
Average number of employees, including directors, during the period was: 6
6
Page 3
Page 4
4. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 3 November 2023 - - -
Additions 635 26,594 27,229
As at 31 December 2024 635 26,594 27,229
Depreciation
As at 3 November 2023 - - -
Provided during the period 174 4,176 4,350
As at 31 December 2024 174 4,176 4,350
Net Book Value
As at 31 December 2024 461 22,418 22,879
As at 3 November 2023 - - -
5. Debtors
31 December 2024
£
Due within one year
Prepayments and accrued income 33,400
Other debtors 34,638
Corporation tax recoverable assets 208,438
VAT 50,889
327,365
6. Creditors: Amounts Falling Due Within One Year
31 December 2024
£
Trade creditors 13,080
Other creditors 2,906
Accruals and deferred income 20,844
Amounts owed to parent undertaking 1,453,117
1,489,947
The company operates a defined contribution pension scheme for 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 amount to £1,174 were due to the fund and included in Other Creditors.
7. Share Capital
31 December 2024
£
Allotted, Called up and fully paid 1
Page 4
Page 5
8. Related Party Transactions
The company is a subsidiary of Tunic & Co. whose registered office is Corporation Trust Centre, 1209 Orange Street, Wilmington, Delaware.
No consolidated financial statements are drawn up for any group of which the company is a member.
9. Parent Undertaking and Controlling Party
The company's immediate and parent undertaking is Tunic & Co.. Tunic & Co. was incorporated in Delaware, USA. There is no individual or entity with ultimate control of Tunic & Co UK Limited, as such there is no ultimate controlling party. 
Page 5