Acorah Software Products - Accounts Production 16.6.950 false true 31 December 2023 1 January 2023 false 2 December 2025 1 January 2024 31 December 2024 31 December 2024 07548277 Mr Federico Sonnante Miss Gabi PRUTEANU Mr Terence TURNER iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07548277 2023-12-31 07548277 2024-12-31 07548277 2024-01-01 2024-12-31 07548277 frs-core:CurrentFinancialInstruments 2024-12-31 07548277 frs-core:Non-currentFinancialInstruments 2024-12-31 07548277 frs-core:CopyrightsPatentsTrademarksServiceOperatingRights 2024-12-31 07548277 frs-core:CopyrightsPatentsTrademarksServiceOperatingRights 2024-01-01 2024-12-31 07548277 frs-core:CopyrightsPatentsTrademarksServiceOperatingRights 2023-12-31 07548277 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-01 2024-12-31 07548277 frs-core:FurnitureFittings 2024-12-31 07548277 frs-core:FurnitureFittings 2024-01-01 2024-12-31 07548277 frs-core:FurnitureFittings 2023-12-31 07548277 frs-core:PlantMachinery 2024-12-31 07548277 frs-core:PlantMachinery 2024-01-01 2024-12-31 07548277 frs-core:PlantMachinery 2023-12-31 07548277 frs-core:ShareCapital 2024-12-31 07548277 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 07548277 frs-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 07548277 frs-bus:FilletedAccounts 2024-01-01 2024-12-31 07548277 frs-bus:SmallEntities 2024-01-01 2024-12-31 07548277 frs-bus:Audited 2024-01-01 2024-12-31 07548277 frs-bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 07548277 frs-core:UnlistedNon-exchangeTraded 2024-12-31 07548277 frs-core:UnlistedNon-exchangeTraded 2023-12-31 07548277 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-12-31 07548277 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2024-12-31 07548277 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-12-31 07548277 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2024-12-31 07548277 frs-bus:Director1 2024-01-01 2024-12-31 07548277 frs-bus:Director2 2024-01-01 2024-12-31 07548277 frs-bus:Director3 2024-01-01 2024-12-31 07548277 frs-countries:EnglandWales 2024-01-01 2024-12-31 07548277 2022-12-31 07548277 2023-12-31 07548277 2023-01-01 2023-12-31 07548277 frs-core:CurrentFinancialInstruments 2023-12-31 07548277 frs-core:Non-currentFinancialInstruments 2023-12-31 07548277 frs-core:ShareCapital 2023-12-31 07548277 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31
Registered number: 07548277
ARTEAK LIMITED
Financial Statements
For The Year Ended 31 December 2024
ARTEAK LIMITED
Contents
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—8
Page 1
ARTEAK LIMITED
Balance Sheet
As At 31 December 2024
Balance Sheet
Registered number: 07548277
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 115,633 134,609
Tangible Assets 5 23,746 25,458
Investments 6 182,612 182,612
321,991 342,679
CURRENT ASSETS
Debtors 7 2,412,813 3,233,374
Cash at bank and in hand 2,356,114 1,106,204
4,768,927 4,339,578
Creditors: Amounts Falling Due Within One Year 8 (1,310,961 ) (878,320 )
NET CURRENT ASSETS (LIABILITIES) 3,457,966 3,461,258
TOTAL ASSETS LESS CURRENT LIABILITIES 3,779,957 3,803,937
Creditors: Amounts Falling Due After More Than One Year 9 (354,514 ) -
PROVISIONS FOR LIABILITIES
Deferred Taxation (43,745 ) (52,100 )
NET ASSETS 3,381,698 3,751,837
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 3,381,598 3,751,737
SHAREHOLDERS' FUNDS 3,381,698 3,751,837
Page 1
Page 2
ARTEAK 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
Miss Gabi PRUTEANU
Director
01/12/2025
The notes on pages 3 to 8 form part of these financial statements.
Page 2
Page 3
ARTEAK LIMITED
Notes to the Financial Statements
For The Year Ended 31 December 2024
Notes to the Financial Statements
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Second Floor, 14 Devonshire Square, Bishopsgate, London, EC2M 4YT, England.
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 and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Change in Accounting Estimate – Amortisation Method
During the year, the company reviewed the estimated pattern of consumption of economic benefits for its Intangible Assets. As a result, the company has changed its method of amortisation for certain classes of assets from the straight-line method to the reducing balance method with effect from 01/01/2024.
Management considers that the reducing balance method provides a more appropriate reflection of the manner in which the future economic benefits of these assets are expected to be consumed.
The change has been accounted for prospectively as a change in accounting estimate.
The effect of this change on the amortisation charge for the year is an increase of £1,056 The effect on future periods is expected to be not material.
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
2024
2023
Software
15%
15%
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
2.4. Intangible Fixed Assets and Amortisation - Intellectual Property
Page 3
Page 4
ARTEAK LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.5. Tangible Fixed Assets and Depreciation
Change in Accounting Estimate – Depreciation Method
During the year, the company reviewed the estimated pattern of consumption of economic benefits for its property, plant and equipment. As a result, the company has changed its method of depreciation for certain classes of assets from the straight-line method to the reducing balance method with effect from 01/01/2024.
Management considers that the reducing balance method provides a more appropriate reflection of the manner in which the future economic benefits of these assets are expected to be consumed.
The change has been accounted for prospectively as a change in accounting estimate.
The effect of this change on the depreciation charge for the year is a decrease of £11,864. The effect on future periods is expected to be not material.
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the
extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery 50% reducing balance
Fixtures & Fittings 20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
2.6. Foreign Currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Page 4
Page 5
ARTEAK LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.7. Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items
recognised in other comprehensive income or directly in equity. In this case, tax is recognised in
other comprehensive income or directly in equity, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 12)
7 12
4. Intangible Assets
Software
£
Cost or Valuation
As at 1 January 2024 168,013
Additions 6,544
As at 31 December 2024 174,557
Amortisation
As at 1 January 2024 33,404
Provided during the period 25,520
As at 31 December 2024 58,924
Net Book Value
As at 31 December 2024 115,633
As at 1 January 2024 134,609
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 January 2024 92,194 42,596 134,790
Additions 7,572 745 8,317
As at 31 December 2024 99,766 43,341 143,107
Depreciation
As at 1 January 2024 85,258 24,074 109,332
Provided during the period 6,190 3,839 10,029
As at 31 December 2024 91,448 27,913 119,361
Net Book Value
As at 31 December 2024 8,318 15,428 23,746
As at 1 January 2024 6,936 18,522 25,458
Page 5
Page 6
ARTEAK LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
6. Investments
Unlisted
£
Cost or Valuation
As at 1 January 2024 182,612
As at 31 December 2024 182,612
Provision
As at 1 January 2024 -
As at 31 December 2024 -
Net Book Value
As at 31 December 2024 182,612
As at 1 January 2024 182,612
Page 6
Page 7
ARTEAK LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
Arteak South Africa:
Office Address: Unitzight Park Block B, Ground Floor Unit 5, Centurion, 0157, Republic of South
Africa Shares Held: 70.00% (700 shares @ 1 South African Rand each) Acquisition Date:
26/04/2016
Valuation: £33.67
Activity Status: Dormant since 2016
Safe Far East:
Office Address: 8A Stanley Street, Singapore 068727, Republic of Singapore Shares Held:
100.00% (100 shares @ Singapore dollar each) Acquisition Date: 30/12/2016
Valuation: 53.61 SGD
Business Activity: HSE Management Services
Activity (2022):
Profit: €21,659.01
Net Asset: €47,183.99
Arteak Advisory (Private) INC Philippines:
Office Address: Unit 1814 Cityland Condominium 10 Tower 1156, H.V. DELA Costa St, Bel-Air
1209, City of Makati, Philippines Shares Held: 99.998% (1,100,000 shares @ 10 Philippines Peso
each) Registration Date: 22/12/2022
Capital: $200,000.00 (11,000,000.00 PHP)
Valuation: 182,496.49 PHP
Business Activity: HSE Management Services
Activity (2022):
Profit/(Loss): (PHP173,738.00)
Net Asset: PHP11,826,262.00
Arteak Limited Canada:
Office Address: 2800 Skymark Avenue, 300 Mississauga, Ontario, L4W5A6, Canada Shares
Held: 100.00% (100 shares @ 0.10 Canadian Dollar each) Registration Date: 14/04/2022
Valuation: 6.02 CAD
Business Activity: HSE Management Services
Activity (2022): No activity
7. Debtors
2024 2023
as restated
£ £
Due within one year
Trade debtors 1,801,340 2,843,463
Other debtors 611,473 389,911
2,412,813 3,233,374
8. Creditors: Amounts Falling Due Within One Year
2024 2023
as restated
£ £
Trade creditors 318,218 692,964
Other creditors 857,683 107,470
Taxation and social security 135,060 77,886
1,310,961 878,320
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
as restated
£ £
Other creditors 354,514 -
Page 7
Page 8
ARTEAK LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
10. Share Capital
2024 2023
as restated
£ £
Allotted, Called up and fully paid 100 100
11. FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
12. Audit Information
The auditor's report on the accounts of ARTEAK LIMITED for the year ended 31 December 2024 was unqualified.
The auditor's report was signed by Tony Castagnetti (Senior Statutory Auditor) for and on behalf of Belluzzo Audit Limited , Statutory Auditor.
Belluzzo Audit Limited
Chartered Accountants and Statutory Auditors
38 Craven Street
London
WC2N 5NG
Page 8