Caseware UK (AP4) 2022.0.179 2022.0.179 2023-04-302023-04-30true2022-05-01falseThe principal activity of the company is that of providing trade finance and foreign exchange services.88true 01966411 2022-05-01 2023-04-30 01966411 2021-05-01 2022-04-30 01966411 2023-04-30 01966411 2022-04-30 01966411 c:Director2 2022-05-01 2023-04-30 01966411 c:Director3 2022-05-01 2023-04-30 01966411 d:MotorVehicles 2022-05-01 2023-04-30 01966411 d:MotorVehicles 2023-04-30 01966411 d:MotorVehicles 2022-04-30 01966411 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 01966411 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-05-01 2023-04-30 01966411 d:FurnitureFittings 2022-05-01 2023-04-30 01966411 d:FurnitureFittings 2023-04-30 01966411 d:FurnitureFittings 2022-04-30 01966411 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 01966411 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2022-05-01 2023-04-30 01966411 d:OfficeEquipment 2022-05-01 2023-04-30 01966411 d:OfficeEquipment 2023-04-30 01966411 d:OfficeEquipment 2022-04-30 01966411 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 01966411 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2022-05-01 2023-04-30 01966411 d:ComputerEquipment 2022-05-01 2023-04-30 01966411 d:ComputerEquipment 2023-04-30 01966411 d:ComputerEquipment 2022-04-30 01966411 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 01966411 d:ComputerEquipment d:LeasedAssetsHeldAsLessee 2022-05-01 2023-04-30 01966411 d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 01966411 d:LeasedAssetsHeldAsLessee 2022-05-01 2023-04-30 01966411 d:CurrentFinancialInstruments 2023-04-30 01966411 d:CurrentFinancialInstruments 2022-04-30 01966411 d:Non-currentFinancialInstruments 2023-04-30 01966411 d:Non-currentFinancialInstruments 2022-04-30 01966411 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 01966411 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 01966411 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 01966411 d:Non-currentFinancialInstruments d:AfterOneYear 2022-04-30 01966411 d:ShareCapital 2023-04-30 01966411 d:ShareCapital 2022-04-30 01966411 d:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 01966411 d:RetainedEarningsAccumulatedLosses 2023-04-30 01966411 d:RetainedEarningsAccumulatedLosses 2022-04-30 01966411 c:OrdinaryShareClass1 2022-05-01 2023-04-30 01966411 c:OrdinaryShareClass1 2023-04-30 01966411 c:OrdinaryShareClass1 2022-04-30 01966411 c:OrdinaryShareClass2 2022-05-01 2023-04-30 01966411 c:OrdinaryShareClass2 2023-04-30 01966411 c:OrdinaryShareClass2 2022-04-30 01966411 c:FRS102 2022-05-01 2023-04-30 01966411 c:Audited 2022-05-01 2023-04-30 01966411 c:FullAccounts 2022-05-01 2023-04-30 01966411 c:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 01966411 d:HirePurchaseContracts d:WithinOneYear 2023-04-30 01966411 d:HirePurchaseContracts d:WithinOneYear 2022-04-30 01966411 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-04-30 01966411 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-04-30 01966411 d:HirePurchaseContracts d:MoreThanFiveYears 2023-04-30 01966411 d:HirePurchaseContracts d:MoreThanFiveYears 2022-04-30 01966411 c:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 01966411 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-04-30 01966411 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-04-30 01966411 d:LeasedAssetsHeldAsLessee 2023-04-30 01966411 d:LeasedAssetsHeldAsLessee 2022-04-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 01966411









CONANCE LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2023

 
CONANCE LIMITED
REGISTERED NUMBER: 01966411

BALANCE SHEET
AS AT 30 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
150,583
173,708

  
150,583
173,708

Current assets
  

Debtors: amounts falling due after more than one year
 5 
290,000
277,500

Debtors: amounts falling due within one year
 5 
6,176,683
6,193,146

Cash at bank and in hand
 6 
438,537
767,865

  
6,905,220
7,238,511

Creditors: amounts falling due within one year
 7 
(3,513,846)
(4,030,046)

Net current assets
  
 
 
3,391,374
 
 
3,208,465

Total assets less current liabilities
  
3,541,957
3,382,173

Creditors: amounts falling due after more than one year
 8 
(96,533)
(118,988)

Net assets
  
3,445,424
3,263,185


Capital and reserves
  

Called up share capital 
 10 
2,501,399
2,501,399

Profit and loss account
 11 
944,025
761,786

  
3,445,424
3,263,185


Page 1

 
CONANCE LIMITED
REGISTERED NUMBER: 01966411
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




G D Sands
S H Saffer
Director
Director


Date: 23 November 2023
Date:23 November 2023

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
CONANCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

Conance Limited is a private limited company limited by shares incorporated in England and Wales. The registered office is  Hatherley House, 15 - 17 Wood Street, Barnet, Hertfordshire, EN5 4AT.
The principal activity of the Company continued to be that of providing trade finance and foreign exchange services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis which assumes that the
company will be able to continue trading for the foreseeable future. The company has net assets of
£3,445,424 at the balance sheet date.
The directors are therefore satisfied that the going concern basis is appropriate for the preparation of these financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
CONANCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
CONANCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
CONANCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
Over the term of the lease
Fixtures and fittings
-
10%
Office equipment
-
25%
Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Financial instruments

The Company only 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 banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt
Page 6

 
CONANCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

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 amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

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 balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet 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.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2022 - 8).

Page 7

 
CONANCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 May 2022
162,509
89,275
6,872
25,091
283,747


Additions
-
678
-
6,364
7,042



At 30 April 2023

162,509
89,953
6,872
31,455
290,789



Depreciation


At 1 May 2022
11,416
75,136
2,030
21,457
110,039


Charge for the year on owned assets
-
2,088
1,293
2,338
5,719


Charge for the year on financed assets
24,448
-
-
-
24,448



At 30 April 2023

35,864
77,224
3,323
23,795
140,206



Net book value



At 30 April 2023
126,645
12,729
3,549
7,660
150,583



At 30 April 2022
151,093
14,139
4,842
3,634
173,708

Page 8

 
CONANCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

           4.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£


Motor vehicles
126,645
151,093

126,645
151,093


5.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
90,000
90,000

Deferred tax asset
200,000
187,500

290,000
277,500


2023
2022
£
£

Due within one year

Trade debtors
6,082,923
6,126,378

Other debtors
40,140
33,890

Prepayments and accrued income
53,620
32,878

6,176,683
6,193,146


Bills receivable of £1,737,003 (2022 - £2,449,017) have been pledged to secure bank loans. 


6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
438,537
767,865

Less: bank overdrafts
(1,737,003)
(2,449,017)

(1,298,466)
(1,681,152)


Page 9

 
CONANCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
1,737,003
2,449,017

Trade creditors
354,055
437,302

Corporation tax
162,525
199,400

Other taxation and social security
11,134
12,272

Obligations under finance lease and hire purchase contracts
23,836
22,134

Other creditors
1,120,816
832,841

Accruals and deferred income
104,477
77,080

3,513,846
4,030,046



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
96,533
118,988

96,533
118,988



9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
20,634
22,134

Between 1-2 years
19,438
22,169

Bteween 2-5 years
64,128
96,819

104,200
141,122

Hire purchase and finance leases are secured over the assets to which they relate.

Page 10

 
CONANCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,399 (2022 - 1,399) Ordinary Share Capital shares of £1.00 each
1,399
1,399
250,000 (2022 - 250,000) Preference Share Capital shares of £10.00 each
2,500,000
2,500,000

2,501,399

2,501,399



11.


Reserves

Profit and loss account

The "Profit and loss account" represents retained profits and losses. 


12.


Contingent liabilities

In the normal course of business the Company has entered into commitments in respect of letter of credits. The amounts outstanding as at the year end are $3,383,237 (2022: $2,908,512), £136,383 (2022: £941,154) and ¥Nil (2022: ¥22,775,975) respectively. When these commitments crystallise, the Company will either have amounts due by way of bills receivable or a lien over goods with a value of at least the same amount. 
In addition, the Company has entered into forward contracts on behalf of its customers. It is envisaged that no loss will arise from these transactions that would become chargebale to the Company's profit and loss account. 


13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £41,594 (2022 - £52,686). Contributions totalling £Nil (2022 - £Nil) were payable to the fund at the balance sheet date.


14.


Related party transactions

During the year, rent of £90,000 (2022: £90,000) was paid to a Company controlled by the directors. In addition, debtors include a rent deposit of £90,000 (2022: £90,000) and an interest free loan of £18,995 (2022: £9,085). Both these sums are due from a related Company. 


15.


Controlling party

The Company has no ultimate controlling party. 

Page 11

 
CONANCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

16.


Auditors' information

The auditors' report on the financial statements for the year ended 30 April 2023 was unqualified.

The audit report was signed on 23 November 2023 by Alexander Chrysaphiades, FCA (Senior Statutory Auditor) on behalf of Adler Shine LLP.

 
Page 12