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Registered number: 10980651
Smart Power Networks Ltd.
Unaudited Financial Statements
For The Year Ended 30 September 2024
Mouktaris & Co Ltd
Chartered Accountants & Registered Auditors
156a Burnt Oak Broadway
Edgware
Middlesex
HA8 0AX
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 10980651
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1,053,144 998,122
Tangible Assets 5 29,220 26,816
Investments 6 5,200 -
1,087,564 1,024,938
CURRENT ASSETS
Debtors 7 98,503 89,041
Cash at bank and in hand 1,598,832 788,299
1,697,335 877,340
Creditors: Amounts Falling Due Within One Year 8 (690,878 ) (680,510 )
NET CURRENT ASSETS (LIABILITIES) 1,006,457 196,830
TOTAL ASSETS LESS CURRENT LIABILITIES 2,094,021 1,221,768
Creditors: Amounts Falling Due After More Than One Year 9 (97,728 ) (93,422 )
NET ASSETS 1,996,293 1,128,346
CAPITAL AND RESERVES
Called up share capital 10 154 131
Share premium account 2,759,486 1,234,958
Other reserves 3,625 3,277
Income Statement (766,972 ) (110,020 )
SHAREHOLDERS' FUNDS 1,996,293 1,128,346
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For the year ending 30 September 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 Income Statement.
On behalf of the board
Mr Anastasios Oulis Rousis
Director
27 June 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
Smart Power Networks Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 10980651 . The registered office is 65 More Close, London, W14 9BN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 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 entity.
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 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.
2.3. Research and Development
Expenditures on research or on the research phase of an internal project are recognised as an expense when incurred. The intangible assets arising from the development phase of an internal project are recognised if, and only if, the following conditions apply:
  • it is technically feasible to complete the asset for use by the company
  • the company has the intention of completing the asset for either use or resale
  • the company has the ability to either use or sell the asset
  • it is possible to estimate how the asset will generate income
  • the company has adequate financial, technical and other resources to develop and use the asset
  • the expenditure incurred to develop the asset is measurable
If no intangible asset can be recognised based on the above, then development costs are recognised in profit and loss in the period in which they are incurred.
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:
Computer Equipment 20% reducing balance
2.5. Taxation
The tax expense represents the sum of the corporation 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 year 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 asset reflects 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 or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.6. Government Grant
Government grants are recognised in the income statement in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement over that period.
Grants towards fixed assets (including development costs), are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income statement over the useful life of the asset concerned.
All grants in the income statement are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 5)
4 5
4. Intangible Assets
Development Costs
£
Cost
As at 1 October 2023 998,122
Additions 55,022
As at 30 September 2024 1,053,144
Net Book Value
As at 30 September 2024 1,053,144
As at 1 October 2023 998,122
Intangible assets are internally generated development costs related to "Omega" and related capital expenditure. Omega is a system including proprietary software with data processing, communication and energy system control functionalities. The software algorithms embedded within Omega perform supervisory monitoring, dynamic control, protection, data analysis and optimisation of energy assets installed in power, heat and transport networks in a coordinated and unified manner.
Intangible assets are initially recorded at cost and are subsequently stated at cost less any accumulated amortisation and impairment losses. The cost of internally generated intangible assets include directly attributable costs of labour, both directors' and employees', necessary to generate the asset.
Intangible assets are amortised from the date they are available for use. Amortisation is charged to the Income Statement on a straight-line basis over the estimated useful life of the intangible asset, which is 20 years. Intangible assets with an indefinite useful life are tested for impairment annually. Amortisation periods and methods are reviewed annually and adjusted if appropriate.
Any intangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
5. Tangible Assets
Computer Equipment
£
Cost
As at 1 October 2023 39,818
Additions 9,709
As at 30 September 2024 49,527
...CONTINUED
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Depreciation
As at 1 October 2023 13,002
Provided during the period 7,305
As at 30 September 2024 20,307
Net Book Value
As at 30 September 2024 29,220
As at 1 October 2023 26,816
6. Investments
Subsidiaries
£
Cost
As at 1 October 2023 -
Additions 5,200
As at 30 September 2024 5,200
Provision
As at 1 October 2023 -
As at 30 September 2024 -
Net Book Value
As at 30 September 2024 5,200
As at 1 October 2023 -
The Company accounts for its investments in Subsidiaries at cost, adjusted for any accumulated impairment losses.
Under the provision of section 399 of the Companies Act 2006, the Company is exempt from preparing group accounts and has not done so, therefore the accounts show information about the Company as an individual entity.
7. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 64,864 33,383
Other debtors 17,751 33,102
Corporation tax recoverable assets 7,614 22,556
VAT 8,274 -
98,503 89,041
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,884 773
Bank loans and overdrafts 42 -
Other taxes and social security 12,242 16,073
VAT - 634
Other creditors 3,332 1,088
Accruals and deferred income 673,378 661,942
690,878 680,510
Deferred income of £671,818 (2023: £658,102) represents grants received to subsidise the company's development costs.
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Directors loan account 97,728 93,422
10. Share Capital
2024 2023
Allotted, called up and fully paid £ £
1,538,508 Ordinary Shares of £ 0.0001 each 154 131
Shares issued during the period: £
231,297 Ordinary Shares of £ 0.0001 each 23
Shares issued during the period were Seed Series Shares. In the event of any liquidation, dissolution or winding up of the company, the proceeds shall be paid first to the Seed Series shareholders.
11. Reserves
Other reserves totalling £3,625 (2023: £3,277) comprise the fair value of share options vesting to employees and advisors during the period. The options vest monthly over a vesting period of 48 months from the grant date with a cliff period of 12 months before the first options vest for employees. There is no cliff period for advisors. Employees can only exercise vested options at the time of a sale or listing of the company. Advisors can exercise vested options anytime during their period of engagement with the company. The weighted average exercise price is £0.1011138947.
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