Acorah Software Products - Accounts Production 16.4.675 false true true 31 October 2023 1 November 2022 false 1 November 2023 31 October 2024 31 October 2024 09821157 Lena Ng Paul Tasker iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09821157 2023-10-31 09821157 2024-10-31 09821157 2023-11-01 2024-10-31 09821157 frs-core:CurrentFinancialInstruments 2024-10-31 09821157 frs-core:Non-currentFinancialInstruments 2024-10-31 09821157 frs-core:ComputerEquipment 2024-10-31 09821157 frs-core:ComputerEquipment 2023-11-01 2024-10-31 09821157 frs-core:ComputerEquipment 2023-10-31 09821157 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-11-01 2024-10-31 09821157 frs-core:OtherResidualIntangibleAssets 2024-10-31 09821157 frs-core:OtherResidualIntangibleAssets 2023-10-31 09821157 frs-core:SharePremium 2024-10-31 09821157 frs-core:ShareCapital 2024-10-31 09821157 frs-core:RetainedEarningsAccumulatedLosses 2024-10-31 09821157 frs-bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 09821157 frs-bus:FilletedAccounts 2023-11-01 2024-10-31 09821157 frs-bus:SmallEntities 2023-11-01 2024-10-31 09821157 frs-bus:AuditExempt-NoAccountantsReport 2023-11-01 2024-10-31 09821157 frs-bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 09821157 frs-bus:Director1 2023-11-01 2024-10-31 09821157 frs-bus:Director2 2023-11-01 2024-10-31 09821157 frs-countries:EnglandWales 2023-11-01 2024-10-31 09821157 2022-10-31 09821157 2023-10-31 09821157 2022-11-01 2023-10-31 09821157 frs-core:CurrentFinancialInstruments 2023-10-31 09821157 frs-core:Non-currentFinancialInstruments 2023-10-31 09821157 frs-core:SharePremium 2023-10-31 09821157 frs-core:ShareCapital 2023-10-31 09821157 frs-core:RetainedEarningsAccumulatedLosses 2023-10-31
Registered number: 09821157
Dataswyft Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2024
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 09821157
2024 2023
Notes £ £ £ £
FIXED ASSETS
CURRENT ASSETS
Debtors 6 245,557 329,244
Cash at bank and in hand 62,616 26,151
308,173 355,395
Creditors: Amounts Falling Due Within One Year 7 (1,293,485 ) (809,393 )
NET CURRENT ASSETS (LIABILITIES) (985,312 ) (453,998 )
TOTAL ASSETS LESS CURRENT LIABILITIES (985,312 ) (453,998 )
Creditors: Amounts Falling Due After More Than One Year 8 (1,621,863 ) (1,621,863 )
NET LIABILITIES (2,607,175 ) (2,075,861 )
CAPITAL AND RESERVES
Called up share capital 9 39,687 39,687
Share premium account 3,278,494 3,278,494
Income Statement (5,925,356 ) (5,394,042 )
SHAREHOLDERS' FUNDS (2,607,175) (2,075,861)
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For the year ending 31 October 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
Paul Tasker
Director
21 May 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
Dataswyft Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09821157 . The registered office is 75 Ermine Way, Arrington, Royston, SG8 0AG.
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 company is dependant on securing funding. The term sheet offered in September 2022 did not result in an investment, although some funding was raised by selling a minority stake in Dataswyft Sdn Bhd and from directors' loans.  Operating costs have been further reduced and directors remain confident that alternative investment, grant and loan fundung will be realised in the near future, enabling the accounts to be prepared on the going concern basis.
2.3. 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.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are the cost of the website and trademark developments. They are amortised to income statement over their estimated economic lives of 3 years and 20 years respectively.
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:
Computer and Office Equipment 3 years on cost
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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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2.7. 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 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was 3 (2023: 8)
3 8
4. Intangible Assets
Other
£
Cost
As at 1 November 2023 9,098
As at 31 October 2024 9,098
Amortisation
As at 1 November 2023 9,098
As at 31 October 2024 9,098
Net Book Value
As at 31 October 2024 -
As at 1 November 2023 -
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5. Tangible Assets
Computer and Office Equipment
£
Cost
As at 1 November 2023 1,803
Disposals (1,803 )
As at 31 October 2024 -
Depreciation
As at 1 November 2023 1,803
Disposals (1,803 )
As at 31 October 2024 -
Net Book Value
As at 31 October 2024 -
As at 1 November 2023 -
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,519 1,209
Amounts owed by group undertakings 171,698 226,882
Other debtors 72,340 101,153
245,557 329,244
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 150,013 139,876
Amounts owed to participating interests 34,963 118
Other creditors 1,107,869 668,649
Taxation and social security 640 750
1,293,485 809,393
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other creditors 1,621,863 1,621,863
Creditors include £1.6m for a convertible loan which will automatically convert to shares upon the the next round of fundraising.
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 39,687 39,687
10. Related Party Transactions
Dataswift IncA company incorporated in the United States of America and is wholly owned by Dataswyft LtdAt the balance sheet date, Dataswift Inc owed Dataswyft Ltd £171,628 (2023: £170,587).

Dataswift Inc

A company incorporated in the United States of America and is wholly owned by Dataswyft Ltd

At the balance sheet date, Dataswift Inc owed Dataswyft Ltd £171,628 (2023: £170,587).

Innovorsa LimitedA company in which Irene Ng, director, is also a director and shareholder.During the year, Innovorsa Limited provided technical contractors, project management, technical oversight and administrative services. At the balance sheet date, Dataswyft Ltd owed Innovorsa Limited £122,443 (2023: £119,980)

Innovorsa Limited

A company in which Irene Ng, director, is also a director and shareholder.

During the year, Innovorsa Limited provided technical contractors, project management, technical oversight and administrative services. At the balance sheet date, Dataswyft Ltd owed Innovorsa Limited £122,443 (2023: £119,980)

Dataswyft Network LtdA company in which Irene Ng is also a directorAt the balance sheet date, Dataswyft Network Ltd owed Dataswyft Ltd £69.

Dataswyft Network Ltd

A company in which Irene Ng is also a director

At the balance sheet date, Dataswyft Network Ltd owed Dataswyft Ltd £69.

Hat Community FoundationA company in which Paul Tasker is also a directorAt the balance sheet date, Dataswift Limited owed Hat Community Foundation £3,118 (2022: £117).

Hat Community Foundation

A company in which Paul Tasker is also a director

At the balance sheet date, Dataswift Limited owed Hat Community Foundation £3,118 (2022: £117).

Dataswyft Sdn BhdA company incorporated in Malaysia and is wholly owned by Dataswyft LtdAt the balance sheet date, Dataswyft Ltd owed Dataswyft Sdn Bhd £31,846 (2023: £56,294).

Dataswyft Sdn Bhd

A company incorporated in Malaysia and is wholly owned by Dataswyft Ltd

At the balance sheet date, Dataswyft Ltd owed Dataswyft Sdn Bhd £31,846 (2023: £56,294).

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