Acorah Software Products - Accounts Production 16.5.460 false true true 31 December 2023 1 January 2023 false 3 September 2025 1 January 2024 31 December 2024 31 December 2024 03593941 Ms Lorraine Smyth Mrs Samantha Love Mr Gyles Marshall Phoenix Asset Management Partners Limited, 64-66 Glentham Road, Barnes, London, SW13 9JJ true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 03593941 2023-12-31 03593941 2024-12-31 03593941 2024-01-01 2024-12-31 03593941 frs-core:CurrentFinancialInstruments 2024-12-31 03593941 frs-core:ComputerEquipment 2024-12-31 03593941 frs-core:ComputerEquipment 2024-01-01 2024-12-31 03593941 frs-core:ComputerEquipment 2023-12-31 03593941 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-12-31 03593941 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-01 2024-12-31 03593941 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 03593941 frs-core:FurnitureFittings 2024-12-31 03593941 frs-core:FurnitureFittings 2024-01-01 2024-12-31 03593941 frs-core:FurnitureFittings 2023-12-31 03593941 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-12-31 03593941 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 03593941 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-12-31 03593941 frs-core:WithinOneYear 2024-12-31 03593941 frs-core:RevaluationReserve 2023-12-31 03593941 frs-core:RevaluationReserve 2024-12-31 03593941 frs-core:SharePremium 2024-12-31 03593941 frs-core:ShareCapital 2024-12-31 03593941 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 03593941 frs-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 03593941 frs-bus:FilletedAccounts 2024-01-01 2024-12-31 03593941 frs-bus:SmallEntities 2024-01-01 2024-12-31 03593941 frs-bus:Audited 2024-01-01 2024-12-31 03593941 frs-bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 03593941 1 2024-01-01 2024-12-31 03593941 frs-bus:Director1 2024-01-01 2024-12-31 03593941 frs-bus:Director2 2024-01-01 2024-12-31 03593941 frs-bus:Director3 2024-01-01 2024-12-31 03593941 frs-countries:EnglandWales 2024-01-01 2024-12-31 03593941 2022-12-31 03593941 2023-12-31 03593941 2023-01-01 2023-12-31 03593941 frs-core:CurrentFinancialInstruments 2023-12-31 03593941 frs-core:BetweenOneFiveYears 2023-12-31 03593941 frs-core:WithinOneYear 2023-12-31 03593941 frs-core:RevaluationReserve 2023-12-31 03593941 frs-core:SharePremium 2023-12-31 03593941 frs-core:ShareCapital 2023-12-31 03593941 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31
Registered number: 03593941
Rawnet Limited
Financial Statements
For The Year Ended 31 December 2024
The Wow Company UK Ltd
3rd Floor, 86-90 Paul Street
London
EC2A 4NE
Rawnet Limited
Contents
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—8
Page 1
Rawnet Limited
Balance Sheet
As At 31 December 2024
Balance Sheet
Registered number: 03593941
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 314 3,118
Tangible Assets 5 6,946 54,818
7,260 57,936
CURRENT ASSETS
Debtors 6 617,468 1,048,309
Cash at bank and in hand 44,530 131,270
661,998 1,179,579
Creditors: Amounts Falling Due Within One Year 7 (1,644,126 ) (1,492,536 )
NET CURRENT ASSETS (LIABILITIES) (982,128 ) (312,957 )
TOTAL ASSETS LESS CURRENT LIABILITIES (974,868 ) (255,021 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,647 ) (6,647 )
NET LIABILITIES (976,515 ) (261,668 )
CAPITAL AND RESERVES
Called up share capital 8 252 252
Share premium account 24,764 24,764
Revaluation reserve 10 84 84
Profit and Loss Account (1,001,615 ) (286,768 )
SHAREHOLDERS' FUNDS (976,515) (261,668)
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Rawnet Limited
Balance Sheet (continued)
As At 31 December 2024
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
Ms Lorraine Smyth
Director
Mr Gyles Marshall
Director
1 September 2025
The notes on pages 3 to 8 form part of these financial statements.
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Rawnet Limited
Notes to the Financial Statements
For The Year Ended 31 December 2024
Notes to the Financial Statements
1. General Information
Rawnet Limited is a private company, limited by shares, incorporated in England & Wales, the registered number is 03593941 . The registered office is Rawnet Limited, Greenwood, London Road, Bracknell, England, RG12 2AA.
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. The presentational currency of the company is GBP. 
2.2. Going Concern Disclosure
The directors believe the company to be a going concern and will continue to give their support to the company over the next 12 month. The parent company has also given their support by way of providing a letter of support confirming financial support to the company. 
2.3. Significant judgements and estimations
The preparation of financial statements requires management to make judgments, estimates, and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Management bases its judgments on historical experience, current conditions, and various other factors it believes to be reasonable under the circumstances. These judgments primarily relate to the application of accounting policies and the assessment of uncertainties affecting the amounts recognised in the financial statements.
a) Going concern
In determining the appropriate basis of preparation of the financial statements, the directors are required to consider whether the Company can continue in operational existence for the foreseeable future. The Company had cash and cash equivalents of £44,530 and net current liabilities of £982,128 as at 31 December 2024.
The Directors have based their opinions on the ongoing support of the parent company, as described in note 2.2. 
b) Property, plant and equipment
Property, plant and equipment is depreciated over the useful lives of the assets. Useful lives are based on the management’s estimates of the period that the assets will generate revenue, which are reviewed annually for continued appropriateness. The carrying values are tested for impairment when there is an indication that the value of the assets might be impaired. When carrying out impairment tests these would be based upon future cash flow forecasts and these forecasts would be based upon management judgement. Future events could cause the assumptions to change, therefore this could have an adverse effect on the future results of the Company.
2.4. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of value added taxes. Turnover includes revenue earned from the provision of services and is recogonised at the point of invoice. If the provision of services spans the financial year end, it is measured by reviewing the actual services performed against the total services to be provided and is only recognised if it can be estimated reliably. The company has a policy to recognise any losses that arise from onerous contracts at the point when they recognise that the contract is going to become onerous. 
2.5. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are development costs. It is amortised to the profit and loss account over its estimated economic life of 5 years.
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Rawnet Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.6. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised to the profit and loss account on a straight line basis over their expected useful economic lives.
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
2.7. 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:
Improvement to property 20% straight line
Fixtures, fittings and equipment 33% straight line
Computer equipment 25% straight line
2.8. Financial Instruments
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
(i) Financial assets and liabilities
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle
on a net basis, or to realise the asset and settle the liability simultaneously. Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:
(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.
(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.
(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).
(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods. 
(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.
...CONTINUED
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Rawnet Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.8. Financial Instruments - continued
(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c). 
Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment. With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss. Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.
Financial assets are derecognised when and only when (a) the contractual rights to the cash flows from the financial asset expire or are settled, (b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or (c) the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
(ii) Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs.
2.9. Foreign Currencies
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.
2.10. Taxation
The taxation expense represents the sum of the tax currently payable and deferred tax. 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.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account 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
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.
...CONTINUED
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Rawnet Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.10. Taxation - continued
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.
2.11. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 45 (2023: 66)
45 66
4. Intangible Assets
Development costs
£
Cost
As at 1 January 2024 14,020
As at 31 December 2024 14,020
Amortisation
As at 1 January 2024 10,902
Provided during the period 2,804
As at 31 December 2024 13,706
Net Book Value
As at 31 December 2024 314
As at 1 January 2024 3,118
5. Tangible Assets
Land & Property
Improvement to property Fixtures, fittings and equipment Computer equipment Total
£ £ £ £
Cost
As at 1 January 2024 117,657 170,098 130,368 418,123
Disposals (45,967 ) - (130,368 ) (176,335 )
As at 31 December 2024 71,690 170,098 - 241,788
Depreciation
As at 1 January 2024 92,911 140,026 130,368 363,305
...CONTINUED
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Page 7
Rawnet Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
Provided during the period 9,193 23,126 - 32,319
Disposals (30,414 ) - (130,368 ) (160,782 )
As at 31 December 2024 71,690 163,152 - 234,842
Net Book Value
As at 31 December 2024 - 6,946 - 6,946
As at 1 January 2024 24,746 30,072 - 54,818
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 252,353 549,035
Amounts owed by group undertakings 8,480 34,644
Other debtors 356,635 464,630
617,468 1,048,309
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 31,938 20,265
Amounts owed to group undertakings 885,255 872,255
Other creditors 434,330 380,690
Taxation and social security 292,603 219,326
1,644,126 1,492,536
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 252 252
The shares have been allotted by way of 252,000 ordinary shares at a nominal value of £0.001 per share amounting to a value of £252. 
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Rawnet Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 18,334 110,004
Later than one year and not later than five years - 18,334
18,334 128,338
10. Reserves
Revaluation Reserve
£
As at 1 January 2024 84
As at 31 December 2024 84
11. Related Party Transactions
The amount due to a company under common control at the year end was £885,255 (2023: £872,255)
The amount due from group undertakings at the year end was £8,480 (2023: £34,644)
12. Ultimate Controlling Party
The company's parent entity is Castelnau Group Limited, Trafalgar Court, Les Banques, St. Peter Port, Guernsey, Channel Islands, GY1 3QL by virtue of it's ownership of 100% of the issued share capital in the company. The largest individual shareholder of Castelnau Group Limited is the Phoenix UK Fund (‘PUK’), a collective investment vehicle managed by Phoenix Asset Management Partners Ltd in its capacity as Investment Manager. No individual investor within the PUK fund holds a 25% or greater ownership interest in Castelnau Group Limited.
13. Audit Information
The auditor's report on the accounts of Rawnet Limited for the year ended 31 December 2024 was unqualified.
The auditor's report was signed by Philippa Duckworth BSc FCCA (Senior Statutory Auditor) for and on behalf of WP Audit Limited , Statutory Auditor.
WP Audit Limited
TOR
Saint-Cloud Way
Maidenhead
Berkshire
SL6 8BN
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