Acorah Software Products - Accounts Production 16.8.310 false true 31 December 2023 1 January 2023 false 1 January 2024 31 December 2024 31 December 2024 09001817 Mr Joel Gibbard Mr Nicholas Hall Ms Samantha Payne Mr Andrew Bloxam Mr Hugh Miller Mr Michael Lewis iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09001817 2023-12-31 09001817 2024-12-31 09001817 2024-01-01 2024-12-31 09001817 frs-core:CurrentFinancialInstruments 2024-12-31 09001817 frs-core:Non-currentFinancialInstruments 2024-12-31 09001817 frs-core:ComputerEquipment 2024-12-31 09001817 frs-core:ComputerEquipment 2024-01-01 2024-12-31 09001817 frs-core:ComputerEquipment 2023-12-31 09001817 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-01 2024-12-31 09001817 frs-core:FurnitureFittings 2024-12-31 09001817 frs-core:FurnitureFittings 2024-01-01 2024-12-31 09001817 frs-core:FurnitureFittings 2023-12-31 09001817 frs-core:NetGoodwill 2024-12-31 09001817 frs-core:NetGoodwill 2024-01-01 2024-12-31 09001817 frs-core:NetGoodwill 2023-12-31 09001817 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-12-31 09001817 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 09001817 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-12-31 09001817 frs-core:OtherResidualIntangibleAssets 2024-12-31 09001817 frs-core:OtherResidualIntangibleAssets 2024-01-01 2024-12-31 09001817 frs-core:OtherResidualIntangibleAssets 2023-12-31 09001817 frs-core:PlantMachinery 2024-12-31 09001817 frs-core:PlantMachinery 2024-01-01 2024-12-31 09001817 frs-core:PlantMachinery 2023-12-31 09001817 frs-core:SharePremium 2024-12-31 09001817 frs-core:ShareCapital 2024-12-31 09001817 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 09001817 frs-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 09001817 frs-bus:FilletedAccounts 2024-01-01 2024-12-31 09001817 frs-bus:SmallEntities 2024-01-01 2024-12-31 09001817 frs-bus:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 09001817 frs-bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 09001817 frs-core:UnlistedNon-exchangeTraded 2024-12-31 09001817 frs-core:UnlistedNon-exchangeTraded 2023-12-31 09001817 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-12-31 09001817 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2024-12-31 09001817 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-12-31 09001817 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2024-12-31 09001817 frs-bus:Director1 2024-01-01 2024-12-31 09001817 frs-bus:Director1 2023-12-31 09001817 frs-bus:Director1 2024-12-31 09001817 frs-bus:Director2 2024-01-01 2024-12-31 09001817 frs-bus:Director3 2024-01-01 2024-12-31 09001817 frs-bus:Director4 2024-01-01 2024-12-31 09001817 frs-bus:Director5 2024-01-01 2024-12-31 09001817 frs-bus:Director6 2024-01-01 2024-12-31 09001817 frs-countries:EnglandWales 2024-01-01 2024-12-31 09001817 2022-12-31 09001817 2023-12-31 09001817 2023-01-01 2023-12-31 09001817 frs-core:CurrentFinancialInstruments 2023-12-31 09001817 frs-core:Non-currentFinancialInstruments 2023-12-31 09001817 frs-core:SharePremium 2023-12-31 09001817 frs-core:ShareCapital 2023-12-31 09001817 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31
Registered number: 09001817
Open Bionics Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2024
Open Bionics Ltd
Contents
Contents

| Page
--- | ---
Balance Sheet | 1—2
Notes to the Financial Statements | 3—6

Page 1
Open Bionics Ltd
Balance Sheet
As At 31 December 2024
Balance Sheet
Registered number: 09001817

| 2024 | 2023
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Intangible Assets | 4 |  | - |  | 2,073
Tangible Assets | 5 |  | 94,182 |  | 119,176
Investments | 6 |  | 21,583 |  | 21,583
|  |  | 115,765 |  | 142,832
CURRENT ASSETS
Stocks | 7 | 362,916 |  | 344,382 |
Debtors | 8 | 3,041,965 |  | 2,264,825 |
Cash at bank and in hand |  | 190,222 |  | 48,232 |
|  | 3,595,103 |  | 2,657,439 |
Creditors: Amounts Falling Due Within One Year | 9 | (1,173,584 ) |  | (700,682 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 2,421,519 |  | 1,956,757
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 2,537,284 |  | 2,099,589
Creditors: Amounts Falling Due After More Than One Year | 10 |  | (612,500 ) |  | (22,500 )
NET ASSETS |  |  | 1,924,784 |  | 2,077,089
CAPITAL AND RESERVES
Called up share capital | 12 |  | 2,890 |  | 2,787
Share premium account |  |  | 9,723,048 |  | 8,771,322
Profit and Loss Account |  |  | (7,801,154 ) |  | (6,697,020 )
SHAREHOLDERS' FUNDS |  |  | 1,924,784 |  | 2,077,089

Page 1
Page 2
Open Bionics Ltd
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

Mr Joel Gibbard Director
26 February 2026

The notes on pages 3 to 6 form part of these financial statements.
Page 2
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Open Bionics Ltd
Notes to the Financial Statements
For The Year Ended 31 December 2024
Notes to the Financial Statements
1. General Information
Open Bionics Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09001817 . The registered office is Programme, Tower Lane, Bristol, BS1 2NB.
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 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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are Catia Software. It is amortised to profit and loss account over its estimated economic life of 5 years.
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:

Leasehold | 10% Straight Line
Plant & Machinery | 33% Straight Line
Fixtures & Fittings | 33% Straight Line
Computer Equipment | 33% Straight Line

2.6. 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.
2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.8. 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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Open Bionics Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.9. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was 33 (2023: 37)
33 37
4. Intangible Assets

| Goodwill | Other | Total
--- | --- | --- | ---
| £ | £ | £
Cost
As at 1 January 2024 | 31,000 | 97,910 | 128,910
As at 31 December 2024 | 31,000 | 97,910 | 128,910
Amortisation
As at 1 January 2024 | 31,000 | 95,837 | 126,837
Provided during the period | - | 2,073 | 2,073
As at 31 December 2024 | 31,000 | 97,910 | 128,910
Net Book Value
As at 31 December 2024 | - | - | -
As at 1 January 2024 | - | 2,073 | 2,073

5. Tangible Assets

| Land & Property
--- | ---
| Leasehold | Plant & Machinery | Fixtures & Fittings | Computer Equipment | Total
| £ | £ | £ | £ | £
Cost
As at 1 January 2024 | 172,864 | 53,877 | 17,352 | 72,951 | 317,044
Additions | - | 1,888 | - | 2,953 | 4,841
Disposals | - | (14,551 ) | - | - | (14,551 )
As at 31 December 2024 | 172,864 | 41,214 | 17,352 | 75,904 | 307,334
Depreciation
As at 1 January 2024 | 72,248 | 46,337 | 15,925 | 63,358 | 197,868

...CONTINUED
Page 4
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Open Bionics Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024

Provided during the period | 17,982 | 3,240 | 612 | 6,219 | 28,053
Disposals | - | (12,769 ) | - | - | (12,769 )
As at 31 December 2024 | 90,230 | 36,808 | 16,537 | 69,577 | 213,152
Net Book Value
As at 31 December 2024 | 82,634 | 4,406 | 815 | 6,327 | 94,182
As at 1 January 2024 | 100,616 | 7,540 | 1,427 | 9,593 | 119,176

6. Investments

| Unlisted
--- | ---
| £
Cost or Valuation
As at 1 January 2024 | 21,583
As at 31 December 2024 | 21,583
Provision
As at 1 January 2024 | -
As at 31 December 2024 | -
Net Book Value
As at 31 December 2024 | 21,583
As at 1 January 2024 | 21,583

7. Stocks

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Materials | 362,916 |  | 344,382

8. Debtors

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Due within one year
Trade debtors | 152,797 |  | 276,298
Prepayments and accrued income | 92,729 |  | 123,152
Other debtors | 39,849 |  | 108,456
Corporation tax recoverable assets | 332,527 |  | 179,321
VAT | 46,822 |  | 32,713
Directors' loan accounts | 211 |  | -
Amounts owed by subsidiaries | 2,377,030 |  | 1,544,885
| 3,041,965 |  | 2,264,825

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Open Bionics Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
9. Creditors: Amounts Falling Due Within One Year

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Trade creditors | 218,526 |  | 169,070
Bank loans and overdrafts | 10,000 |  | 10,000
Other taxes and social security | 97,176 |  | 47,867
Other creditors | 75,090 |  | 54,032
Accruals and deferred income | 772,792 |  | 419,612
Directors' loan accounts | - |  | 101
| 1,173,584 |  | 700,682

10. Creditors: Amounts Falling Due After More Than One Year

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Bank loans | 612,500 |  | 22,500

12. Share Capital

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Allotted, Called up and fully paid | 2,890 |  | 2,787

13. Directors Advances, Credits and Guarantees
During the year, the director had a loan account with the company. As at 31/12/2024 the amount owed to the company by the director was £210.94 (2023: £101.06 owed to the director).

| As at 1 January 2024 | Amounts advanced | Amounts repaid | Amounts written off | As at 31 December 2024
--- | --- | --- | --- | --- | ---
| £ | £ | £ | £ | £
Mr Joel Gibbard | - | 211 | - | - | 211

The above loan is unsecured, interest free and repayable on demand.
14. Related Party Transactions
The company has transacted with the following related parties during the year by virtue of common ownership and/or directorship:
Open Bionic Inc.
As at the balance sheet date, Open Bionic Inc. owes the company £1,538,078 (PY23: £838,952). This balance arose from intercompany
transactions in the normal course of business.
The balance is unsecured, interest-free, and repayable on demand.
Open Bionic GmbH
As at the balance sheet date, Open Bionic GmbH owes the company £838,952 (PY23: £465,627).
This balance arose from intercompany trading and is unsecured, and repayable on demand.
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