Company Registration No. 13444853 (England and Wales)
CONNECT EARTH LTD
Annual Report and Unaudited Financial Statements
for the year ended 30 June 2024
CONNECT EARTH LTD
Annual Report and Unaudited Financial Statements
Contents
CONNECT EARTH LTD
Company Information
for the year ended 30 June 2024
Directors
Stewart George Holness
Alexander Wilhelm Lempka
Nicolas Carmont Zaragoza
Caroline Sylvia Geraldine Fickling
Company Number
13444853 (England and Wales)
Registered Office
60 CANNON STREET
LONDON
EC4N 6NP
ENGLAND
Accountants
Vicente Kewley Accountancy Limited
71-75 Shelton Street
London
WC2H 9JQ
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of CONNECT EARTH LTD for the year ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
CONNECT EARTH LTD for the year ended
30 June 2024 as set out on pages
5 -
7 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the Board of Directors of CONNECT EARTH LTD, as a body, in accordance with the terms of our engagement letter dated 13 October 2023. Our work has been undertaken solely to prepare for your approval the accounts of CONNECT EARTH LTD and state those matters that we have agreed to state to the Board of Directors of CONNECT EARTH LTD, as a body, in this report in accordance with AAF 07/16 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than CONNECT EARTH LTD and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that CONNECT EARTH LTD has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of CONNECT EARTH LTD. You consider that CONNECT EARTH LTD is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of CONNECT EARTH LTD. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Vicente Kewley Accountancy Limited
Chartered Accountants
71-75 Shelton Street
London
WC2H 9JQ
30 July 2024
CONNECT EARTH LTD
Statement of financial position
as at 30 June 2024
Tangible assets
19,040
15,869
Cash at bank and in hand
2,560,565
4,353,466
Creditors: amounts falling due within one year
(238,031)
(86,267)
Net current assets
2,409,424
4,331,438
Net assets
2,428,464
4,347,307
Called up share capital
220
220
Share premium
5,745,543
5,745,543
Profit and loss account
(3,317,299)
(1,398,456)
Shareholders' funds
2,428,464
4,347,307
For the year ending 30 June 2024 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.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by
Alexander Wilhelm Lempka
Director
Company Registration No. 13444853
CONNECT EARTH LTD
Notes to the Accounts
for the year ended 30 June 2024
CONNECT EARTH LTD is a private company, limited by shares, registered in England and Wales, registration number 13444853. The registered office is 60 CANNON STREET, LONDON, EC4N 6NP, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
33% straight line
At 30 June 2024, the company was loss making.
Despite this, the company has a net asset position at the date of the balance sheet and directors have confirmed that in their opinion the company will be able to meet all its liabilities as they fall due for the forseeable future (being a period not less than twelve months).
Consequently, the financial statements have been prepared on a going concern
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
CONNECT EARTH LTD
Notes to the Accounts
for the year ended 30 June 2024
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments excced the contribution due for service, the excess is recognised as a prepayment.
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
4
Tangible fixed assets
Total
5
Average number of employees
During the year the average number of employees was 9 (2023: 9).