Acorah Software Products - Accounts Production 16.8.200 false true true 31 December 2023 1 January 2023 false 1 January 2024 31 December 2024 31 December 2024 10035569 Diego Bacigalupo Cristobal Hurtado Franco Mellafe Angellini Jose Perez Jose Weiffenbach iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10035569 2023-12-31 10035569 2024-12-31 10035569 2024-01-01 2024-12-31 10035569 frs-core:CurrentFinancialInstruments 2024-12-31 10035569 frs-core:Non-currentFinancialInstruments 2024-12-31 10035569 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-01 2024-12-31 10035569 frs-core:OtherResidualIntangibleAssets 2024-12-31 10035569 frs-core:OtherResidualIntangibleAssets 2024-01-01 2024-12-31 10035569 frs-core:OtherResidualIntangibleAssets 2023-12-31 10035569 frs-core:PlantMachinery 2024-12-31 10035569 frs-core:PlantMachinery 2024-01-01 2024-12-31 10035569 frs-core:PlantMachinery 2023-12-31 10035569 frs-core:OtherReservesSubtotal 2024-12-31 10035569 frs-core:SharePremium 2024-12-31 10035569 frs-core:ShareCapital 2024-12-31 10035569 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 10035569 frs-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 10035569 frs-bus:FilletedAccounts 2024-01-01 2024-12-31 10035569 frs-bus:SmallEntities 2024-01-01 2024-12-31 10035569 frs-bus:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 10035569 frs-bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 10035569 frs-core:CostValuation 2023-12-31 10035569 frs-core:CostValuation 2024-12-31 10035569 frs-core:ProvisionsForImpairmentInvestments 2023-12-31 10035569 frs-core:ProvisionsForImpairmentInvestments 2024-12-31 10035569 frs-bus:Director1 2024-01-01 2024-12-31 10035569 frs-bus:Director2 2024-01-01 2024-12-31 10035569 frs-bus:Director3 2024-01-01 2024-12-31 10035569 frs-bus:Director4 2024-01-01 2024-12-31 10035569 frs-bus:Director5 2024-01-01 2024-12-31 10035569 frs-countries:EnglandWales 2024-01-01 2024-12-31 10035569 2022-12-31 10035569 2023-12-31 10035569 2023-01-01 2023-12-31 10035569 frs-core:CurrentFinancialInstruments 2023-12-31 10035569 frs-core:Non-currentFinancialInstruments 2023-12-31 10035569 frs-core:OtherReservesSubtotal 2023-12-31 10035569 frs-core:SharePremium 2023-12-31 10035569 frs-core:ShareCapital 2023-12-31 10035569 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31
Registered number: 10035569
Karun World Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
Broadwing Accountancy Services Limited
Karun World Limited
Contents
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—8
Page 1
Karun World Limited
Balance Sheet
As At 31 December 2024
Balance Sheet
Registered number: 10035569
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 5 215,697 250,585
Investments 7 1,064,645 1,064,645
1,280,342 1,315,230
CURRENT ASSETS
Debtors 8 12,557,810 12,593,920
Cash at bank and in hand 7,240 6,888
12,565,050 12,600,808
Creditors: Amounts Falling Due Within One Year 9 (16,273,070 ) (1,774,830 )
NET CURRENT ASSETS (LIABILITIES) (3,708,020 ) 10,825,978
TOTAL ASSETS LESS CURRENT LIABILITIES (2,427,678 ) 12,141,208
Creditors: Amounts Falling Due After More Than One Year 10 - (13,808,618 )
NET LIABILITIES (2,427,678 ) (1,667,410 )
CAPITAL AND RESERVES
Called up share capital 11 228 228
Share premium account 10,204,421 10,204,421
Other reserves 567,255 537,152
Profit and Loss Account (13,199,582 ) (12,409,211 )
SHAREHOLDERS' FUNDS (2,427,678) (1,667,410)
Page 1
Page 2
Karun World Limited
Balance Sheet (continued)
As At 31 December 2024
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
Diego Bacigalupo
Director
30/12/2025
The notes on pages 3 to 8 form part of these financial statements.
Page 2
Page 3
Karun World Limited
Notes to the Financial Statements
For The Year Ended 31 December 2024
Notes to the Financial Statements
1. General Information
Karun World Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10035569 . The registered office is The Beren, Blisworth Hill Business Park, Stoke Road, Blisworth, Northamptonshire, NN7 3DB.
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. Going Concern Disclosure
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.
2.3. Significant judgements and estimations
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Directors' opinion there are no significant judgements and no key sources of estimation uncertainty.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Type of Intangible Asset
Estimated Useful Life
Software
10
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:
Plant & Machinery 33% Straight Line
2.6. Financial Instruments
The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
...CONTINUED
Page 3
Page 4
Karun World Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.6. Financial Instruments - continued
Convertible Loan Notes
On 1 January 2017, the company issued €121,919 of convertible loan notes, maturing on 18th March 2025, with an annual interest rate of 5%. The loan notes are convertible into ordinary shares of the company at any time before maturity at the option of the holder. The interest is accrued annually.
  • Liability component: $112,397
  • Equity component: $9,522
  • Conversion terms: The loan, including the accrued interest is converted into £0.0001 shares at a price per share of £0.27
On 1st November 2017, the company issued €50,000 of convertible loan notes, maturing on 18th March 2025, with an annual interest rate of 5%. The loan notes are convertible into ordinary shares of the company at any time before maturity at the option of the holder. The interest is accrued annually.
  • Liability component: $44,567
  • Equity component: $27,215
  • Conversion terms: The loan, including the accrued interest is converted into £0.0001 shares at a price per share of £0.27  
On 24th October 2019, the company issued €500,000.00 of convertible loan notes, maturing on 18th March 2025, with an annual interest rate of 2%. The loan notes are convertible into ordinary shares of the company at any time before maturity at the option of the holder. The interest is accrued annually.
  • Liability component: $404,769
  • Equity component: $149,204
  • Conversion terms: The loan, including the accrued interest is converted into £0.0001 shares at a price per share of £0.27
On 23rd March 2020, the company issued €500,000.00 of convertible loan notes, maturing on 18th March 2025, with an annual interest rate of 2%. The loan notes are convertible into ordinary shares of the company at any time before maturity at the option of the holder. The interest is accrued annually.
  • Liability component: €401,640
  • Equity component: $148,138
  • Conversion terms: The loan, including the accrued interest is converted into £0.0001 shares at a price per share of £0.27
On 10th November 2022, the company issued $1,000,000 of convertible loan notes, maturing on 18th March 2025, with an annual interest rate of 5%. The loan notes are convertible into ordinary shares of the company at any time before maturity at the option of the holder. The interest is accrued annually.
  • Liability component: $973,694
  • Equity component:    $141583.45
  • Conversion terms: The loan, including the accrued interest is converted into £0.0001 shares at a price per share of £0.31
...CONTINUED
Page 4
Page 5
Karun World Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.6. Financial Instruments - continued
On 15th March 2023, the company issued $100,000 of convertible loan notes, maturing on 18th March 2025, with an annual interest rate of 5%. The loan notes are convertible into ordinary shares of the company at any time before maturity at the option of the holder. The interest is accrued annually.
  • Liability component: $97,769
  • Equity component: $16,585
  • Conversion terms: The loan, including the accrued interest is converted into £0.0001 shares at a price per share of £0.31
On 4th April 2023, the company issued $100,000 of convertible loan notes, maturing on 18th March 2025, with an annual interest rate of 5%. The loan notes are convertible into ordinary shares of the company at any time before maturity at the option of the holder. The interest is accrued annually.
  • Liability component: $97,661
  • Equity component: $11,852
  • Conversion terms: The loan, including the accrued interest is converted into £0.0001 shares at a price per share of £0.31
On 5th April 2023, the company issued $800,000 of convertible loan notes, maturing on 18th March 2025, with an annual interest rate of 5%. The loan notes are convertible into ordinary shares of the company at any time before maturity at the option of the holder. The interest is accrued annually.
  • Liability component: $759,322
  • Equity component: $116,678
  • Conversion terms: The loan, including the accrued interest is converted into £0.0001 shares at a price per share of £0.31
On 24th April 2023, the company issued $70,000 of convertible loan notes, maturing on 18th March 2025, with an annual interest rate of 5%. The loan notes are convertible into ordinary shares of the company at any time before maturity at the option of the holder. The interest is accrued annually.
  • Liability component: $66,280
  • Equity component: $10,185
  • Conversion terms: The loan, including the accrued interest is converted into £0.0001 shares at a price per share of £0.31
On 30th March 2024, the company issued $300,000 of convertible loan notes, maturing on 18th March 2025, with an annual interest rate of 2%. The loan notes are convertible into ordinary shares of the company at any time before maturity at the option of the holder. The interest is accrued annually.
  • Liability component: $298,225
  • Equity component: $28,775
  • Conversion terms: The loan, including the accrued interest is converted into £0.0001 shares at a price per share of £0.38
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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Karun World Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.8. Trade Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Prior Period Adjustment
During the current year, the Group/Company reassessed the classification and measurement of its convertible loan notes. In line with the applicable accounting framework, an equity component has now been recognised for the instrument’s conversion feature. The remaining component is classified as a financial liability measured at amortised cost using the effective interest rate (EIR) method. There were also other changes to correct the interest that had been recorded as charged on other financial instuments.
The change has been applied retrospectively, and comparative figures have been restated to reflect the correct allocation between equity and liability components and to align finance‑cost recognition with EIR.
The comparative period has been restated as follows:
Balance Sheet Account
Previously Reported
Restated figure
Equity - other reserves
£0
£537,152
Retained Earnings B/fwd
(£7,822,631)
(£9,105,351)
Other Creditors (non-current)
£7,631,512
£731,308
Other Creditors (current)
£5,969,032
£13,808,618
Profit and Loss Account
Previously Reported
Restated figure
Other Interest Payable
£219,469
£535,765
Foreign exchange losses
£662,480
£539,997
5. Intangible Assets
Other
£
Cost
As at 1 January 2024 348,910
As at 31 December 2024 348,910
Amortisation
As at 1 January 2024 98,325
Provided during the period 34,888
As at 31 December 2024 133,213
Net Book Value
As at 31 December 2024 215,697
As at 1 January 2024 250,585
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Page 7
Karun World Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
6. Tangible Assets
Plant & Machinery
£
Cost
As at 1 January 2024 203,952
As at 31 December 2024 203,952
Depreciation
As at 1 January 2024 203,952
As at 31 December 2024 203,952
Net Book Value
As at 31 December 2024 -
As at 1 January 2024 -
7. Investments
Subsidiaries
£
Cost or Valuation
As at 1 January 2024 1,064,645
As at 31 December 2024 1,064,645
Provision
As at 1 January 2024 -
As at 31 December 2024 -
Net Book Value
As at 31 December 2024 1,064,645
As at 1 January 2024 1,064,645
Interests in subsidiaries 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.
8. Debtors
2024 2023
as restated
£ £
Due within one year
Amounts owed by group undertakings 12,098,118 12,232,570
Other debtors 459,692 361,350
12,557,810 12,593,920
Page 7
Page 8
Karun World Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
9. Creditors: Amounts Falling Due Within One Year
2024 2023
as restated
£ £
Trade creditors 1,061,181 1,043,522
Other creditors 15,211,889 731,308
16,273,070 1,774,830
10. Creditors: Amounts Falling Due After More Than One Year
2024 2023
as restated
£ £
Other creditors - 13,808,618
11. Share Capital
2024 2023
as restated
£ £
Allotted, Called up and fully paid 228 228
12. Dividends
There were no dividends paid or proposed in either the current year or previous year.
13. Post Balance Sheet Events
Subsequent to the reporting date, the company converted certain financial liabilities into equity in accordance with the agreed terms. These conversions included:
  • Convertible loan notes, together with any accrued interest up to the conversion date; and
  • Other loans held by the company.
These events occurred after the balance sheet date and do not affect the amounts recognised in these financial statements. The impact of these conversions will be reflected in the next reporting period.
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