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Registered number: 11545298
Rap Tech Studios Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11545298
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 4,786 4,155
Investments 5 7 7
4,793 4,162
CURRENT ASSETS
Debtors 6 627,928 293,693
Cash at bank and in hand 1,115,569 1,359,326
1,743,497 1,653,019
Creditors: Amounts Falling Due Within One Year 7 (158,862 ) (117,362 )
NET CURRENT ASSETS (LIABILITIES) 1,584,635 1,535,657
TOTAL ASSETS LESS CURRENT LIABILITIES 1,589,428 1,539,819
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (1,196 ) (1,039 )
NET ASSETS 1,588,232 1,538,780
CAPITAL AND RESERVES
Called up share capital 9 10 10
Share premium account 1,673,723 1,673,723
Profit and Loss Account (85,501 ) (134,953 )
SHAREHOLDERS' FUNDS 1,588,232 1,538,780
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For the year 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.
On behalf of the board
A Patapava
Director
25/06/2025
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
Rap Tech Studios Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11545298 . The registered office is 85 Great Portland Street, London, W1W 7LT.
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.
Functional and Presentational Currency
The company's funcitonal and presentational currency is GBP.
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.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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. 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:
Fixtures & Fittings 33% straight line
Computer Equipment 25% straight line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.5. Financial Instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.  Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
2.6. 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.
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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 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 year, 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.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.9. Government Grant
Government grants are recognised in the profit and loss account 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 profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.10. Investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.  The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.  A subsidiary is an entity controlled by the company.  Control is the power to govern the financial and operating policies of the entity so as to obtain benefit from its activities.  An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence.  The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.  Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
2.11. Research and Development Costs
Expenditure on research is written off against profits in the year in which it is incurred.  Development expenditure is capitalised and amortised over its useful life.
2.12. Additional Accounting Policies
Cash and Cash Equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Share Capital
Ordinary shares are classified as equity.  Equity instruments are measured at the fair value of the cash or other resources received or receivable net of the direct costs of issuing the equity instruments.  If payment is deferred and the time value of money is material, the initial measurement is on the present value basis.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2023: 7)
8 7
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 January 2024 1,940 15,086 17,026
Additions - 2,634 2,634
Disposals - (2,633 ) (2,633 )
As at 31 December 2024 1,940 15,087 17,027
Depreciation
As at 1 January 2024 457 12,414 12,871
Provided during the period 647 1,356 2,003
Disposals - (2,633 ) (2,633 )
As at 31 December 2024 1,104 11,137 12,241
Net Book Value
As at 31 December 2024 836 3,950 4,786
As at 1 January 2024 1,483 2,672 4,155
5. Investments
Subsidiaries
£
Cost
As at 1 January 2024 7
As at 31 December 2024 7
Provision
As at 1 January 2024 -
As at 31 December 2024 -
Net Book Value
As at 31 December 2024 7
As at 1 January 2024 7
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 263,591 224,927
Prepayments and accrued income 42,363 18,741
Other debtors 264,386 -
Corporation tax recoverable assets 52,074 40,703
VAT 5,514 9,322
627,928 293,693
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 54,465 39,354
Other creditors 929 878
Accruals and deferred income 48,096 21,758
Directors' loan accounts 55,372 55,372
158,862 117,362
8. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 1,196 1,039
9. Share Capital
2024 2023
Allotted, called up and fully paid £ £
100,811 Ordinary Shares of £ 0.0001 each 10 10
10. Pension Commitments
The company operates a defined contribution pension scheme.  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 of £929 (PY: £868) were due to the fund. They are included in other creditors.
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