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Registered number: 03663631
Global Education Counselling Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2023
Mouktaris & Co Ltd
Chartered Accountants & Registered Auditors
156a Burnt Oak Broadway
Edgware
Middlesex
HA8 0AX
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 03663631
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,818 3,315
2,818 3,315
CURRENT ASSETS
Debtors 5 84,235 79,547
Cash at bank and in hand 9,301 9,621
93,536 89,168
Creditors: Amounts Falling Due Within One Year 6 (58,778 ) (51,877 )
NET CURRENT ASSETS (LIABILITIES) 34,758 37,291
TOTAL ASSETS LESS CURRENT LIABILITIES 37,576 40,606
Creditors: Amounts Falling Due After More Than One Year 7 (36,853 ) (36,962 )
PROVISIONS FOR LIABILITIES
Provisions For Charges (500 ) (3,000 )
NET ASSETS 223 644
CAPITAL AND RESERVES
Called up share capital 8 100 100
Income Statement 123 544
SHAREHOLDERS' FUNDS 223 644
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For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Theodoros Theodorou
Director
19 August 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Global Education Counselling Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 03663631 . The registered office is 156a Burnt Oak Broadway, Edgware, Middlesex, HA8 0AX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements are prepared in sterling, which is the functional currency of the entity.
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 rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
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. 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 15% reducing balance
2.4. 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.
2.5. Taxation
The tax expense represents the sum of the corporation 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 year 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 asset reflects 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 or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also 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: 1 (2022: 4)
1 4
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4. Tangible Assets
Computer Equipment
£
Cost
As at 1 December 2022 7,480
As at 30 November 2023 7,480
Depreciation
As at 1 December 2022 4,165
Provided during the period 497
As at 30 November 2023 4,662
Net Book Value
As at 30 November 2023 2,818
As at 1 December 2022 3,315
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 2,945 3,695
Other debtors - 3
Recoverable Tax (Section 455) 19,951 15,802
Director's loan account 61,339 60,047
84,235 79,547
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors - 6,000
Bank loans and overdrafts 6,115 6,115
Corporation tax 47,381 34,338
Other taxes and social security 3,293 3,293
Pensions liability 1,989 2,131
58,778 51,877
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 36,853 36,962
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 December 2022 Amounts advanced Amounts repaid Amounts written off As at 30 November 2023
£ £ £ £ £
Mr Theodoros Theodorou 60,047 1,292 - - 61,339
The above loan is unsecured, interest free and repayable on demand.
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