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Registered number: 11713830
Foodsteps 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: 11713830
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 433,150 -
Tangible Assets 5 20,249 21,425
453,399 21,425
CURRENT ASSETS
Debtors 6 169,786 456,597
Cash at bank and in hand 149,168 544,995
318,954 1,001,592
Creditors: Amounts Falling Due Within One Year 7 (332,061 ) (297,906 )
NET CURRENT ASSETS (LIABILITIES) (13,107 ) 703,686
TOTAL ASSETS LESS CURRENT LIABILITIES 440,292 725,111
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (4,814 ) (5,174 )
NET ASSETS 435,478 719,937
CAPITAL AND RESERVES
Called up share capital 9 33 31
Share premium account 3,351,992 3,351,992
Capital contribution reserve 2,307,133 -
Profit and Loss Account (5,223,680 ) (2,632,086 )
SHAREHOLDERS' FUNDS 435,478 719,937
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Page 2
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
M F Empey
Director
30/09/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Foodsteps Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11713830 . The registered office is Providence House, 141-145 Princes Street, Ipswich, Suffolk, IP1 1QJ.
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 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
Internally generated intangible fixed assets are recognised where the recognition criteria of FRS 102 are met. Such assets are initially measured at cost and are amortised on a straight line basis to the profit and loss account over their estimated useful economic life of 7 years. The carrying amounts are reviewed at each reporting date for indicators of impairment, and adjusted where necessary.
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:
Computer Equipment 25% straight line
2.5. 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.
2.6. 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.
2.7. 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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2.8. 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.
2.9. 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.
2.10. 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.
2.11. 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.
2.12. 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 a present value basis.
2.13. Research and Development
Expenditure on research and development is written off against profits in the year in which it is incurred.  
3. Average Number of Employees
Average number of employees, including directors, during the year was 32 (2023: 30)
32 30
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4. Intangible Assets
Development Costs
£
Cost
As at 1 January 2024 -
Additions 450,214
As at 31 December 2024 450,214
Amortisation
As at 1 January 2024 -
Provided during the period 17,064
As at 31 December 2024 17,064
Net Book Value
As at 31 December 2024 433,150
As at 1 January 2024 -
5. Tangible Assets
Computer Equipment
£
Cost
As at 1 January 2024 35,431
Additions 6,953
As at 31 December 2024 42,384
Depreciation
As at 1 January 2024 14,006
Provided during the period 8,129
As at 31 December 2024 22,135
Net Book Value
As at 31 December 2024 20,249
As at 1 January 2024 21,425
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 133,602 107,258
Prepayments and accrued income 36,184 29,206
Corporation tax recoverable - 320,133
169,786 456,597
The company has an unprovided deferred tax asset of £899,893 (2023: £399,396) in relation to unrelieved tax losses.
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 85,231 -
Other taxes and social security 74,454 55,109
VAT 29,284 41,518
Other creditors 15,853 16,300
Accruals and deferred income 126,463 184,390
Directors' loan accounts 776 589
332,061 297,906
8. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 4,814 5,174
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 33 31
10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 9,450 113,400
9,450 113,400
11. 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 £15,853 (2023: £16,301) were due to the fund. They are included in other creditors.
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