Acorah Software Products - Accounts Production 16.4.660 false true true 31 December 2023 1 January 2023 false 9 July 2025 1 January 2024 31 December 2024 31 December 2024 12830871 Mr Alexander M G Asseily Mr Edward Asseily Mr Gustavo Bassetti Mr Daniel J M Mouen Makoua true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12830871 2023-12-31 12830871 2024-12-31 12830871 2024-01-01 2024-12-31 12830871 frs-core:CurrentFinancialInstruments 2024-12-31 12830871 frs-core:ComputerEquipment 2024-12-31 12830871 frs-core:ComputerEquipment 2024-01-01 2024-12-31 12830871 frs-core:ComputerEquipment 2023-12-31 12830871 frs-core:FurnitureFittings 2024-12-31 12830871 frs-core:FurnitureFittings 2024-01-01 2024-12-31 12830871 frs-core:FurnitureFittings 2023-12-31 12830871 frs-core:MotorVehicles 2024-12-31 12830871 frs-core:MotorVehicles 2024-01-01 2024-12-31 12830871 frs-core:MotorVehicles 2023-12-31 12830871 frs-core:WithinOneYear 2024-12-31 12830871 frs-core:OtherReservesSubtotal 2024-12-31 12830871 frs-core:SharePremium 2024-12-31 12830871 frs-core:ShareCapital 2024-12-31 12830871 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 12830871 frs-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 12830871 frs-bus:FilletedAccounts 2024-01-01 2024-12-31 12830871 frs-bus:SmallEntities 2024-01-01 2024-12-31 12830871 frs-bus:Audited 2024-01-01 2024-12-31 12830871 frs-bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 12830871 frs-bus:OrdinaryShareClass1 2024-01-01 2024-12-31 12830871 frs-bus:OrdinaryShareClass1 2024-12-31 12830871 frs-bus:OrdinaryShareClass2 2024-01-01 2024-12-31 12830871 frs-bus:OrdinaryShareClass2 2024-12-31 12830871 1 2024-01-01 2024-12-31 12830871 frs-core:CostValuation 2023-12-31 12830871 frs-core:CostValuation 2024-12-31 12830871 frs-core:ProvisionsForImpairmentInvestments 2023-12-31 12830871 frs-core:ProvisionsForImpairmentInvestments 2024-12-31 12830871 frs-bus:Director1 2024-01-01 2024-12-31 12830871 frs-bus:Director2 2024-01-01 2024-12-31 12830871 frs-bus:Director3 2024-01-01 2024-12-31 12830871 frs-bus:Director4 2024-01-01 2024-12-31 12830871 frs-countries:EnglandWales 2024-01-01 2024-12-31 12830871 2022-12-31 12830871 2023-12-31 12830871 2023-01-01 2023-12-31 12830871 frs-core:CurrentFinancialInstruments 2023-12-31 12830871 frs-core:WithinOneYear 2023-12-31 12830871 frs-core:OtherReservesSubtotal 2023-12-31 12830871 frs-core:SharePremium 2023-12-31 12830871 frs-core:ShareCapital 2023-12-31 12830871 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 12830871 frs-bus:OrdinaryShareClass1 2023-01-01 2023-12-31 12830871 frs-bus:OrdinaryShareClass2 2023-01-01 2023-12-31
Registered number: 12830871
Zulu Forest Ltd
Financial Statements
For The Year Ended 31 December 2024
Daly Accounting
The Cobalt Building
1600 Eureka Park, Lower Pemberton
Ashford
Kent
TN25 4BF
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—6
Page 1
Balance Sheet
Registered number: 12830871
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 47,581 25,393
Investments 5 80 80
47,661 25,473
CURRENT ASSETS
Debtors 6 325,366 151,639
Cash at bank and in hand 941,757 3,822,737
1,267,123 3,974,376
Creditors: Amounts Falling Due Within One Year 7 (401,429 ) (713,407 )
NET CURRENT ASSETS (LIABILITIES) 865,694 3,260,969
TOTAL ASSETS LESS CURRENT LIABILITIES 913,355 3,286,442
NET ASSETS 913,355 3,286,442
CAPITAL AND RESERVES
Called up share capital 8 153 152
Share premium account 8,848,888 8,848,821
Other reserves 107,660 73,045
Profit and Loss Account (8,043,346 ) (5,635,576 )
SHAREHOLDERS' FUNDS 913,355 3,286,442
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 Edward Asseily
Director
9th July 2025
The notes on pages 2 to 6 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Zulu Forest Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12830871. The registered office is 23 Cobalt Building, 1600 Eureka Park, Ashford, Kent, United Kingdom, TN25 4BF. The Principal activity of the company is Business and domestic software development and environmental consulting activities.
The presentation currency of the financial statements is the Pound Sterling (£).
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements contain information about Zulu Forest Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. 
2.2. Going Concern Disclosure
Due to the significant investment in research and development costs in the past years the Company has incurred losses and has a deficit in the retained earnings of £8,043,346 (2023: £5,635,576). However, due to funds introduced by investors the company has cash at bank of £941,757 and a surplus of shareholders funds of £913,355 at 31 December 2024.
The Directors have produced cash flow forecasts that show that the Company will have sufficient funds for at least 12 months from the date of approval of these accounts and are planning a new round of funding in 2025.
On this basis the accounts have been prepared on a going concern basis.
2.3. Turnover
Turnover comprises revenue recognised by the company in respect of services supplied in the year exclusive of trade discounts and excluding Value Added Tax.
Revenue is recognised when a service is provided. Innovate UK grants are accounted for on a receivable basis.
2.4. Research and Development
Expenditure on research and development is written off in the year in which it is incurred.
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:
Motor Vehicles 25% on cost
Fixtures & Fittings 33% on cost
Computer Equipment 33% on cost
2.6. Leasing and Hire Purchase Contracts
Rentals paid under operating leases are charged to profit and loss on a straight-line basis over the period of the lease.
2.7. Financial Instruments
The Company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand, loans to/from related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
Page 2
Page 3
2.8. 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.
2.9. Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Research and development credits are recognised as income in the period necessary to match them with the related costs they are intended to incentivise and when all relevant qualifying conditions have been met.
2.10. Pensions
Defined contribution pension plan
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 into 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 when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
2.11. Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
2.12. Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
2.13. Share-based Payments
The Company issues equity-settled share options to certain employees. Equity-settled share-based payment transactions are measured at fair value (excluding the effect of non market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company's estimate of shares that will eventually vest and adjusted for the effect of non market-based vesting conditions.
Fair value is measured by use of the Black Scholes pricing model which is considered by management to be the most appropriate method of valuation. The expected life used in the model has been adjusted, based on management's best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.
The fair value of options offered under equity settled share based payment schemes is determined at grant date and expensed in the profit and loss account over the vesting period with a corresponding credit to retained earnings.
Where vesting conditions apply, the expense is allocated over the vesting period, based on the best available estimate of the number of share options expected to vest. Non-market vesting conditions are included in assumptions about the number of options that are expected to become exercisable.
Estimates are subsequently revised if there is any indication that the number of share options expected to vest differs from previous estimates. Any adjustment to cumulative share-based compensation resulting from a revision is recognised in the current period.
The number of vested options ultimately exercised by holders does not impact the expense recorded in any period.
Upon exercise of share options, the proceeds received, net of any directly attributable transaction costs, are allocated to share capital up to the nominal value of the shares issued with any difference allocated to the share premium account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 27 (2023: 17)
27 17
Page 3
Page 4
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2024 - 1,769 56,510 58,279
Additions 17,500 - 26,591 44,091
Disposals - - (7,657 ) (7,657 )
As at 31 December 2024 17,500 1,769 75,444 94,713
Depreciation
As at 1 January 2024 - 1,040 31,846 32,886
Provided during the period 1,458 590 19,682 21,730
Disposals - - (7,484 ) (7,484 )
As at 31 December 2024 1,458 1,630 44,044 47,132
Net Book Value
As at 31 December 2024 16,042 139 31,400 47,581
As at 1 January 2024 - 729 24,664 25,393
5. Investments
Subsidiaries
£
Cost
As at 1 January 2024 80
As at 31 December 2024 80
Provision
As at 1 January 2024 -
As at 31 December 2024 -
Net Book Value
As at 31 December 2024 80
As at 1 January 2024 80
The Company's investment relates to 100% ownership in Nature Capital Limited.
6. Debtors
2024 2023
as restated
£ £
Due within one year
Trade debtors 104,918 71,500
Prepayments and accrued income 33,356 6,395
Other debtors 112,054 31,766
Corporation tax recoverable assets 75,038 -
VAT - 41,978
325,366 151,639
Page 4
Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
as restated
£ £
Trade creditors 127,923 166,536
Other loans - 266,667
Other taxes and social security 61,141 42,554
VAT 2,608 -
Other creditors 80 80
Accruals and deferred income 31,120 55,273
Directors' loan accounts - 17
Amounts owed to group undertakings 178,557 182,280
401,429 713,407
8. Share Capital
2024 2023
as restated
Allotted, called up and fully paid £ £
1,037,030 Ordinary Shares of £ 0.0001 each 104 103
487,602 Ordinary A shares of £ 0.0001 each 49 49
153 152
Shares issued during the period: £
6,774 Ordinary Shares of £ 0.0001 each 1
9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
as restated
£ £
Not later than one year 77,550 99,630
77,550 99,630
The above leases relate to company's business premises.
10. Pension Commitments
The Company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £26,741 (2023 - £16,399). 
Contributions totaling £6,950 (2023 - £4,667) were payable to the fund at the reporting date and are included in creditors.
11. Related Party Transactions
The creditors due within one year include an amount due to a company under common control, Zulu Group Ltd of £117,186 (2023:£117,186) and due to the subsidiary company Nature Capital Limited of £61,371 (2023:£65,094).
12. Ultimate Controlling Party
The ultimate controlling party is Mr Alexander M G Asseily by virtue of his controlling shareholding held personally and via Zulu Group Ltd, who hold shares as nominee.
13. Share-based payments
Page 5
Page 6
The Company has a share option scheme for certain employees. The total number of employees of the Company that share options have been granted to is 14 (2023: 18 ). 
In certain circumstances the options may lapse if the relevant individual ceases to be an employee of the Company. 
The total number of share options outstanding at 31st December 2024 was 169,751 with a weighted average exercise price of £1.24.
During the year, the company issued nil (2023: 57,260) options and 4,965 (2023: nil) options lapsed in the year. 
Options are generally exercisable at a price equal to the estimated fair value of the Company's shares on the date of grant. The vesting period is four years. If the options remain unexercised after a period of ten years from the date of grant, the options expire. 
The fair value of the share options at the grant date was calculated using the Black Scholes model, which is considered to be the most appropriate generally accepted valuation method of measuring fair value. 
The Company recognised total expenses of £34,615 (2023: £24,927) related to equity-settled share-based payment transactions. 
14. Audit Information
The auditor's report on the accounts of Zulu Forest Ltd for the year ended 31 December 2024 was unqualified.
The auditor's report was signed by Shahid Hameed FCA FCCA (Senior Statutory Auditor) for and on behalf of THP Limited, Chartered Accountants and Statutory Auditors , Statutory Auditor.
THP Limited, Chartered Accountants and Statutory Auditors
34-40 High Street
Wanstead
London
E11 2RJ
Page 6