Acorah Software Products - Accounts Production 16.3.350 false true 31 December 2023 1 January 2023 false 23 April 2025 1 January 2024 31 December 2024 31 December 2024 08255973 Mr Abigail Sarah Holland Mr Desmond Michael Quigley Mr Alan Evan Davies iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08255973 2023-12-31 08255973 2024-12-31 08255973 2024-01-01 2024-12-31 08255973 frs-core:CurrentFinancialInstruments 2024-12-31 08255973 frs-core:Non-currentFinancialInstruments 2024-12-31 08255973 frs-core:ComputerEquipment 2024-12-31 08255973 frs-core:ComputerEquipment 2024-01-01 2024-12-31 08255973 frs-core:ComputerEquipment 2023-12-31 08255973 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-01 2024-12-31 08255973 frs-core:FurnitureFittings 2024-12-31 08255973 frs-core:FurnitureFittings 2024-01-01 2024-12-31 08255973 frs-core:FurnitureFittings 2023-12-31 08255973 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-12-31 08255973 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 08255973 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-12-31 08255973 frs-core:OtherResidualIntangibleAssets 2024-12-31 08255973 frs-core:OtherResidualIntangibleAssets 2024-01-01 2024-12-31 08255973 frs-core:OtherResidualIntangibleAssets 2023-12-31 08255973 frs-core:CapitalRedemptionReserve 2024-12-31 08255973 frs-core:SharePremium 2024-12-31 08255973 frs-core:ShareCapital 2024-12-31 08255973 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 08255973 frs-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 08255973 frs-bus:FilletedAccounts 2024-01-01 2024-12-31 08255973 frs-bus:SmallEntities 2024-01-01 2024-12-31 08255973 frs-bus:Audited 2024-01-01 2024-12-31 08255973 frs-bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 08255973 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-12-31 08255973 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2024-12-31 08255973 frs-bus:Director1 2024-01-01 2024-12-31 08255973 frs-bus:Director2 2024-01-01 2024-12-31 08255973 frs-bus:Director3 2024-01-01 2024-12-31 08255973 frs-countries:EnglandWales 2024-01-01 2024-12-31 08255973 2022-12-31 08255973 2023-12-31 08255973 2023-01-01 2023-12-31 08255973 frs-core:CurrentFinancialInstruments 2023-12-31 08255973 frs-core:Non-currentFinancialInstruments 2023-12-31 08255973 frs-core:CapitalRedemptionReserve 2023-12-31 08255973 frs-core:SharePremium 2023-12-31 08255973 frs-core:ShareCapital 2023-12-31 08255973 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 08255973 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-12-31
Registered number: 08255973
INDOS FINANCIAL LIMITED
Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—4
Page 1
Balance Sheet
Registered number: 08255973
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 1,458
Tangible Assets 5 40,538 16,712
40,538 18,170
CURRENT ASSETS
Debtors 6 6,113,199 1,842,559
Cash at bank and in hand 1,842,336 1,307,245
7,955,535 3,149,804
Creditors: Amounts Falling Due Within One Year 7 (5,362,637 ) (907,142 )
NET CURRENT ASSETS (LIABILITIES) 2,592,898 2,242,662
TOTAL ASSETS LESS CURRENT LIABILITIES 2,633,436 2,260,832
NET ASSETS 2,633,436 2,260,832
CAPITAL AND RESERVES
Called up share capital 8 113,906 113,906
Share premium account 908,997 908,997
Capital redemption reserve 426,730 426,730
Fair value reserve 9 (15,368 ) 12,076
Profit and Loss Account 1,199,171 799,123
SHAREHOLDERS' FUNDS 2,633,436 2,260,832
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 Abigail Sarah Holland
Director
22nd April 2025
The notes on pages 2 to 4 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
INDOS FINANCIAL LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 08255973 . The registered office is The Scalpel, 18th Floor, 52 Lime Street, London, EC3M 7AF.
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.
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 - Other Intangible
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. They are amortised to profit and loss account over their estimated useful lives.
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:
Leasehold 3 years
Fixtures & Fittings 4 years
Computer Equipment 3 years
3. Average Number of Employees
Average number of employees, including directors, during the year was: 50 (2023: 50)
50 50
4. Intangible Assets
Other
£
Cost
As at 1 January 2024 155,119
As at 31 December 2024 155,119
Amortisation
As at 1 January 2024 153,661
Provided during the period 1,458
As at 31 December 2024 155,119
Net Book Value
As at 31 December 2024 -
As at 1 January 2024 1,458
Page 2
Page 3
5. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2024 7,517 21,111 119,093 147,721
Additions - 37,715 1,378 39,093
As at 31 December 2024 7,517 58,826 120,471 186,814
Depreciation
As at 1 January 2024 7,517 13,734 109,758 131,009
Provided during the period - 9,451 5,816 15,267
As at 31 December 2024 7,517 23,185 115,574 146,276
Net Book Value
As at 31 December 2024 - 35,641 4,897 40,538
As at 1 January 2024 - 7,377 9,335 16,712
6. Debtors
2024 2023
£ £
Due after more than one year
Trade debtors 6,113,199 1,842,559
(i) Trade receivables are stated after provisions for impairment of £20,067 (2023: £54,159). Write offs during the year amounted to £31,679 (2023: £Nil).
(ii) The loans receivable from sister company, JTCUK, and subsidiary company, IFIL, are unsecured, repayable on demand and interest bearing at a rate of 5% (2023: 5%).
(iii) Accrued income includes accumulated intercompany loan interest receivable of £181,104 (2023: £42,871) for the Group, and £266,354 (2023: 80,216) for the Company.
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 5,362,637 907,142
(i) The loan payable due to JTCG was an unsecured subordinated loan, repayable on demand (subject to the Company continuing to maintain an appropriate level of capital to satisfy its regulatory capital requirement) and interest bearing at a rate of 4% (2023: 4%).
(ii) The loan payable due to the immediate parent company is unsecured, repayable on demand and interest bearing at a rate of 5% (2023: 5%).
(iii) The loans payable to subsidiary company,  IFIDL, and sister company, JTCCSI, are unsecured, repayable on demand and interest bearing at a rate of 5% (2023: 5%).
(iv) Accruals includes accumulated intercompany loan interest payable of £228,230 (2023: £44,563) for the Group, and £193,082 (2023: 44,689) for the Company.
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 113,906 113,906
Page 3
Page 4
9. Reserves
Fair Value Reserve
£
As at 1 January 2024 12,076
Movements in fair value reserve (27,444)
As at 31 December 2024 (15,368 )
10. Related Party Transactions
Information on related parties is as follows:
(i) The parent company (JTCG) provides value driving activities including culture and leadership, strategic direction, support and infrastructure. For the year ended 31 December 2024, the Group paid JTCG a strategic management fee of £827,775 (2023: £580,898) and where employees of the Group contributed to the provision of JTCG functions, they received a fee of £874,695 (2023: £181,415). 
During the year, the Company's subsidiary, IFIL, charged the Company £1,507,187 (2023: £1,570,998) in relation to outsourcing service delivery fees. 
(ii)During the year, transfer pricing charges are invoiced and settled periodically for the services described above. At 31 December 2024, the Group had a transfer pricing debtor position of £1,726,598 (2023: £16,176). The Company had a transfer pricing creditor position of £1,839,970 (2023: £257,022) 
(iii)Loans with related parties have been disclosed in notes 6 and 7. 
11. FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
12. Events after the reporting period
There are no material subsequent events to disclose other than those already noted in the financial statements.
13. Audit Information
The auditor's report on the accounts of INDOS FINANCIAL LIMITED for the year ended 31 December 2024 was unqualified.
The auditor's report was signed by Hani Salem (Senior Statutory Auditor) for and on behalf of PricewaterhouseCoopers CI LLP, Chartered Accountants , Statutory Auditor.
Page 4