Accounts Convenet Ltd
Registered number 12921479
Prepared as at 31 December 2022
Convenet Ltd
Registered number: 12921479
Directors' Report
The directors present their report and accounts for the period ended 31 December 2022.
Principal activities
The company's principal activity during the year continued to be the provision of information technology services.
Directors
The following persons served as directors during the period:
Mr A R Bailey (Appointed: 26 Aug 2022) (Resigned: 23 Apr 2023)
Mr A V Bailey (Resigned: 26 Aug 2022)
Mr M Burwell (Appointed: 26 Aug 2022) (Resigned: 31 Oct 2022)
Mr T May (Appointed: 26 Aug 2022) (Resigned: 31 Dec 2022)
Mr C J Turner (Resigned: 26 Aug 2022) (Reappointed: 18 Jan 2023)
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 25 October 2023 and signed on its behalf.
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Mr J Garcia, Director
Convenet Ltd
Balance Sheet as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 6,245 -
Current assets
Debtors 4 1,200 19,041
Cash at bank and in hand 43,657 29,414
44,857 48,455
Creditors: amounts falling due within one year 5 (214,195) (74,791)
Net current liabilities (169,338) (26,336)
Net liabilities (163,093) (26,336)
Capital and reserves
Called up share capital 2 2
Profit and loss account (163,095) (26,338)
Shareholders' deficit (163,093) (26,336)
The Balance Sheet is to be read in conjunction with the Notes to the Financial Statements, which form part of the financial statements.
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
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 Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
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Mr J Garcia, Director
Approved by the Board on 25 October 2023
Convenet Ltd
Notes to the Accounts for the period from 1 November 2021 to 31 December 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
The Directors have considered whether the going concern basis is an appropriate basis on which to prepare the financial statements. There is not significant uncertainty as to whether the company will continue to trade, and accordingly the going concern basis of accounting is considered to be appropriate.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses.
Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.
Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period, foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the profit and loss in the period arising.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery
£
Cost
Additions 6,665
At 31 December 2022 6,665
Depreciation
Charge for the period 420
At 31 December 2022 420
Net book value
At 31 December 2022 6,245
4 Debtors 2022 2021
£ £
Trade debtors 1,200 3,600
Other debtors - 15,441
1,200 19,041
5 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 270 -
Other taxes and social security costs 1,109 3,400
Other creditors 212,816 71,391
214,195 74,791
6 Related party transactions 2022 2021
£ £
Compensation paid to key management personnel 134,305 -
Entities with control over the entity
Entities exercising control over the company have advanced funds to the company for its working capital purposes. Such advances are unsecured, have no fixed date for repayment and do not attract interest.
Amount due from (to) the related party (105,000) -
Other related parties
Entities under common control have advanced funds to the company for its working capital purposes. Such advances are unsecured, have no fixed date for repayment and do not attract interest.
Amount due from (to) the related party (96,451) -
7 Accounting periods
The current year accounting data presented in these accounts relates to the period 1 November 2021 through 31 December 2022 (both dates inclusive). Comparative data relates to the period 2 October 2020 through 31 October 2021 (both dates inclusive).
8 Other information
Heracles Parent, LLC is the ultimate controlling party of the company by virtue of a controlling interest in the voting shares of the company.
Smart Holdings Corp is the parent entity of the company by virtue of a controlling interest in the voting shares of the company.
Convenet Ltd is a private company limited by shares and incorporated in England. Its registered office is:
C/- Adauxi Ltd B4 Parkside Knowledge Gateway
Nesfield Road
Colchester
Essex
CO4 3ZL
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