Acorah Software Products - Accounts Production 15.0.500 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 07002825 Mr Mathias Wild Mr Adam Soliman iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07002825 2022-12-31 07002825 2023-12-31 07002825 2023-01-01 2023-12-31 07002825 frs-core:CurrentFinancialInstruments 2023-12-31 07002825 frs-core:Non-currentFinancialInstruments 2023-12-31 07002825 frs-core:ComputerEquipment 2023-12-31 07002825 frs-core:ComputerEquipment 2023-01-01 2023-12-31 07002825 frs-core:ComputerEquipment 2022-12-31 07002825 frs-core:CopyrightsPatentsTrademarksServiceOperatingRights 2023-12-31 07002825 frs-core:CopyrightsPatentsTrademarksServiceOperatingRights 2023-01-01 2023-12-31 07002825 frs-core:CopyrightsPatentsTrademarksServiceOperatingRights 2022-12-31 07002825 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 07002825 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 07002825 frs-core:SharePremium 2023-12-31 07002825 frs-core:ShareCapital 2023-12-31 07002825 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 07002825 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07002825 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 07002825 frs-bus:SmallEntities 2023-01-01 2023-12-31 07002825 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 07002825 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07002825 frs-bus:Director1 2023-01-01 2023-12-31 07002825 frs-bus:Director1 2022-12-31 07002825 frs-bus:Director1 2023-12-31 07002825 frs-bus:Director2 2023-01-01 2023-12-31 07002825 frs-core:CurrentFinancialInstruments 3 2023-12-31 07002825 frs-countries:EnglandWales 2023-01-01 2023-12-31 07002825 2021-12-31 07002825 2022-12-31 07002825 2022-01-01 2022-12-31 07002825 frs-core:CurrentFinancialInstruments 2022-12-31 07002825 frs-core:Non-currentFinancialInstruments 2022-12-31 07002825 frs-core:SharePremium 2022-12-31 07002825 frs-core:ShareCapital 2022-12-31 07002825 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 07002825 frs-core:CurrentFinancialInstruments 3 2022-12-31
Registered number: 07002825
Global Tea And Coffee Exchange Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07002825
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 1,684 350
1,684 350
CURRENT ASSETS
Stocks 6 412,719 12,267
Debtors 7 345,817 127,160
Cash at bank and in hand 135,621 663,531
894,157 802,958
Creditors: Amounts Falling Due Within One Year 8 (544,460 ) (434,594 )
NET CURRENT ASSETS (LIABILITIES) 349,697 368,364
TOTAL ASSETS LESS CURRENT LIABILITIES 351,381 368,714
Creditors: Amounts Falling Due After More Than One Year 9 (24,379 ) (35,027 )
NET ASSETS 327,002 333,687
CAPITAL AND RESERVES
Called up share capital 10 303,589 309,061
Share premium account 39,093 214,218
Profit and Loss Account (15,680 ) (189,592 )
SHAREHOLDERS' FUNDS 327,002 333,687
Page 1
Page 2
For the year ending 31 December 2023 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 Adam Soliman
Director
09/08/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Global Tea And Coffee Exchange Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07002825 . The registered office is 12 Trident Park, Trident Way, Blackburn, BB1 3NU.
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. 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 ... on a straight line basis over their expected useful economic lives, which range from ... to ... 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 .... It is amortised to the profit and loss account over its estimated economic life of .... 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:
Computer Equipment 25% Straight line
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2.6. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2022: 4)
4 4
4. Intangible Assets
Development Costs Intellectual Property Total
£ £ £
Cost
As at 1 January 2023 6,293 155 6,448
As at 31 December 2023 6,293 155 6,448
Amortisation
As at 1 January 2023 6,293 155 6,448
As at 31 December 2023 6,293 155 6,448
Net Book Value
As at 31 December 2023 - - -
As at 1 January 2023 - - -
5. Tangible Assets
Computer Equipment
£
Cost
As at 1 January 2023 6,126
Additions 1,708
Disposals (5,769 )
As at 31 December 2023 2,065
Depreciation
As at 1 January 2023 5,776
Provided during the period 374
Disposals (5,769 )
As at 31 December 2023 381
Net Book Value
As at 31 December 2023 1,684
As at 1 January 2023 350
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6. Stocks
2023 2022
£ £
Stock 412,719 12,267
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 290,869 78,843
Prepayments and accrued income - 1,013
VAT 45,948 7,040
Directors' loan accounts - 1,120
Amounts owed by associates 9,000 39,144
345,817 127,160
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 513,550 413,697
Bank loans and overdrafts 5,318 7,071
Other taxes and social security 16,322 11,249
Net wages 2,466 823
Pensions payable 4,177 554
Accruals and deferred income 1,625 1,200
Directors' loan accounts 1,002 -
544,460 434,594
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 24,379 35,027
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 303,589 309,061
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11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr Adam Soliman 1,120 - 1,120 - -
The above loan is unsecured, interest free and repayable on demand.
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