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Registered number: 10448564
FISHTEK MARINE LIMITED
Unaudited Financial Statements
For The Year Ended 31 October 2025
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—9
Page 1
Statement of Financial Position
Registered number: 10448564
2025 2024
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1,393,678 700,406
Tangible Assets 5 348,836 278,750
1,742,514 979,156
CURRENT ASSETS
Stocks 6 647,725 594,600
Debtors 7 604,797 734,203
Cash at bank and in hand 104,014 76,182
1,356,536 1,404,985
Creditors: Amounts Falling Due Within One Year 8 (612,655 ) (364,028 )
NET CURRENT ASSETS (LIABILITIES) 743,881 1,040,957
TOTAL ASSETS LESS CURRENT LIABILITIES 2,486,395 2,020,113
Creditors: Amounts Falling Due After More Than One Year 9 (332,623 ) -
PROVISIONS FOR LIABILITIES
Deferred Taxation (17,592 ) (8,796 )
NET ASSETS 2,136,180 2,011,317
CAPITAL AND RESERVES
Called up share capital 11 1,269 1,269
Share premium account 1,589,651 1,589,651
Income Statement 545,260 420,397
SHAREHOLDERS' FUNDS 2,136,180 2,011,317
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For the year ending 31 October 2025 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 Income Statement.
On behalf of the board
Mr P Kibel
Director
17/07/2026
The notes on pages 3 to 9 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
FISHTEK MARINE LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 10448564 . The registered office is Unit 1a Webbers Way, Dartington, Totnes, Devon, TQ9 6JY.
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.
2.3. 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, which range from 3 to 10 years.
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.
2.4. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are patents.  They are amortised to the income statement over their estimated economic life.
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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:
Freehold Not depreciated
Plant & Machinery 15% reducing balance
Motor Vehicles 20% reducing balance
Fixtures & Fittings 20% reducing balance
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 income statement 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 income statement 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. Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
2.9. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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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2.10. 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.
2.11. Pensions
The company operates a defined pension contribution scheme.
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
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2.12. Government Grant
Government grants are recognised in the income statement 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 income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement 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 income statement over the useful life of the asset concerned.
All grants in the income statement are recognised when all conditions for receipt have been complied with.
2.13. Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
2.14. Impairment
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.
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 are largely independent of the cash inflows from other assets or groups of assets. 
3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2024: 11)
11 11
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4. Intangible Assets
Development Costs Intellectual Property Total
£ £ £
Cost
As at 1 November 2024 1,032,394 155,106 1,187,500
Additions 887,516 43,517 931,033
Disposals (40,423 ) - (40,423 )
As at 31 October 2025 1,879,487 198,623 2,078,110
Amortisation
As at 1 November 2024 434,959 52,135 487,094
Provided during the period 212,282 19,862 232,144
Disposals (34,806 ) - (34,806 )
As at 31 October 2025 612,435 71,997 684,432
Net Book Value
As at 31 October 2025 1,267,052 126,626 1,393,678
As at 1 November 2024 597,435 102,971 700,406
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 November 2024 177,413 113,902 23,750 24,788 339,853
Additions - 74,570 34,495 8,797 117,862
Disposals - - (23,750 ) - (23,750 )
As at 31 October 2025 177,413 188,472 34,495 33,585 433,965
Depreciation
As at 1 November 2024 - 42,189 5,938 12,976 61,103
Provided during the period - 21,942 3,900 4,122 29,964
Disposals - - (5,938 ) - (5,938 )
As at 31 October 2025 - 64,131 3,900 17,098 85,129
Net Book Value
As at 31 October 2025 177,413 124,341 30,595 16,487 348,836
As at 1 November 2024 177,413 71,713 17,812 11,812 278,750
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6. Stocks
2025 2024
£ £
Stock 352,725 204,600
Work in progress 295,000 390,000
647,725 594,600
7. Debtors
2025 2024
£ £
Due within one year
Trade debtors 31,512 108,963
Amounts owed by participating interests 458,969 387,743
Other debtors 114,316 237,497
604,797 734,203
Any loans with participating interests are repayable on demand. Interest is charged at 10%.
8. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 4,998 -
Trade creditors 214,460 114,565
Other loans 274,525 -
Other creditors 94,413 238,743
Taxation and social security 24,259 10,720
612,655 364,028
9. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 9,580 -
Other loans 102,453 -
Other grants 220,590 -
332,623 -
The Company received total grants of £283,750 in the year,  £245,100 of this relates to funding towards development costs, see note 4.  Grant income is capitalised and written off over the life of the project.
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10. Obligations Under Finance Leases and Hire Purchase
2025 2024
£ £
The future minimum finance lease payments are as follows:
Not later than one year 4,998 -
Later than one year and not later than five years 9,580 -
14,578 -
14,578 -
11. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 1,269 1,269
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 November 2024 Amounts advanced Amounts repaid Amounts written off As at 31 October 2025
£ £ £ £ £
Mr Pete Kibel 1,199 (75,688 ) 74,000 - (489 )
13. Related Party Transactions
The Company rents premises from Kibco Holdings Limited, a Company controlled by Mr P Kibel and Dr T Coe.  The rent charge in the year was £15,000 plus utilities.
14. Ultimate Controlling Party
The Company is under the effective control of its directors.
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