Acorah Software Products - Accounts Production 15.0.600 false true true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 11768853 Mr Peter Shanley Mr Eric Powell iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11768853 2022-12-31 11768853 2023-12-31 11768853 2023-01-01 2023-12-31 11768853 frs-core:SharePremium 2023-12-31 11768853 frs-core:ShareCapital 2023-12-31 11768853 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 11768853 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11768853 frs-bus:AbridgedAccounts 2023-01-01 2023-12-31 11768853 frs-bus:SmallEntities 2023-01-01 2023-12-31 11768853 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 11768853 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 11768853 frs-core:CostValuation 2022-12-31 11768853 frs-core:CostValuation 2023-12-31 11768853 frs-bus:Director1 2023-01-01 2023-12-31 11768853 frs-bus:Director2 2023-01-01 2023-12-31 11768853 frs-countries:EnglandWales 2023-01-01 2023-12-31 11768853 2021-12-31 11768853 2022-12-31 11768853 2022-01-01 2022-12-31 11768853 frs-core:SharePremium 2022-12-31 11768853 frs-core:ShareCapital 2022-12-31 11768853 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 11768853
Accordant Global Partners Ltd
ABRIDGED Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—6
Page 1
Abridged Balance Sheet
Registered number: 11768853
2023 2022
Notes $ $ $ $
FIXED ASSETS
Investments 5 5,070 5,070
5,070 5,070
CURRENT ASSETS
Debtors 6 339,438 506,719
Cash at bank and in hand 15,097 30,333
354,535 537,052
Creditors: Amounts Falling Due Within One Year (3,232 ) (158,268 )
NET CURRENT ASSETS (LIABILITIES) 351,303 378,784
TOTAL ASSETS LESS CURRENT LIABILITIES 356,373 383,854
NET ASSETS 356,373 383,854
CAPITAL AND RESERVES
Called up share capital 7 10,427 10,427
Share premium account 548,767 548,767
Profit and Loss Account (202,821 ) (175,340 )
SHAREHOLDERS' FUNDS 356,373 383,854
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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.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 December 2023 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr Peter Shanley
Director
23/09/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Abridged Financial Statements
1. General Information
Accordant Global Partners Ltd is a private company, limited by shares, incorporated in England & Wales on 15 January 2019 with registered number 11768853 . The registered office is 7 Albert Buildings, 49 Queen Victoria Street, London, EC4N 4SA.
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.
The accounts are presented in US Dollar (US$), which is the functional currency of the Company.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
The financial statements have been prepared on the going concern basis, in accordance with the Companies Act 2006 and applicable accounting standards in the United Kingdom. In considereing the going concern assumption, the directors have considered the cash flow requirements of the Company. The directors are confident that the Company has adequate resources to continue in operation existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3. 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.
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.
2.4. Financial Instruments
All financial assets and liabilities are initially measured at transaction price, including transaction costs, except for those financial assets classified at fair value through profit or loss, which are initially measured at fair value (at transaction price excluding transaction costs) unless the arrangement constitutes a financing transaction.
Financial assets and financial liabilities are only offset in the Company balance sheet when, and only when, there is a legally enforceable right to set off the recognised amounts and the Company intends to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Debt instruments (other than those repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently amortised using the effective interest method.
Creditors
Short-term creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are subsequently measured at amortised cost using the effective interest method.
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 subsequently measured at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash is represented by cash on hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments which mature in no more than three months from the date of acquisition and which are readily convertible into known amounts of cash with insignificant risk of change in value.
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 financial instrument.
...CONTINUED
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2.4. Financial Instruments - continued
Impairment
Financial assets measured at 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 profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s 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, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Derecognition
Financial assets are derecognised when and only when:
• the contractual rights to the cash flows from the financial asset expire or are settled; or
• the Company transfers substantially all of the risks and rewards of ownership of the financial asset
to another party; or
• the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
2.5. Foreign Currencies
The accounts are presented in US Dollar (US$), which is the functional currency of the Company.
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 US Dollar at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the 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 years 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 assets reflect 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: NIL (2022: NIL)
- -
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4. Interest Payable and Similar Charges
2023 2022
$ $
Bank loans and overdrafts - 575
Foreign exchange charges (1,275 ) 13,915
(1,275) 14,490
5. Investments
Total
$
Cost
As at 1 January 2023 5,070
As at 31 December 2023 5,070
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 5,070
As at 1 January 2023 5,070
Investments in subsidiaries are measured at cost less accumulated impairment.
Accordant Global Partners Ltd. holds 100% of Accordant Global Partners North America, Inc., a Delaware corporation, which was incorporated in 2019 in the United States. It operates as a non-financial risk and security consulting firm that provides risk management consulting services in North America.
Accordant Global Partners Ltd. holds 100% of Accordant Global Partners PTY LTD, a Western Australia company which was incorporated in 2019.It operates as a non-financial risk and security consulting firm that provides risk management consulting services in Australia.
6. Debtors
2023 2022
$ $
Due after more than one year
Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment.
Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
7. Share Capital
2023 2022
$ $
Allotted, Called up and fully paid 10,427 10,427
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8. Related Party Transactions
During 2023 the Company had no transactions with its subsidiary Accordant Global Partners North America, Inc (2022: the Company invoiced AGP NA for Management Fees of $279,169).
By the end of December 2023 the Company had a receivable amounts from its subsidiaries: from Accordant Global Partners North America for $82,361 (2022: $250,361) and from Accordant Global Partners PTY LTD for $253,639 (2022: $254,124).
9. Transition to FRS 102
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 Company transitioned to FRS 102 on 1 January 2021 and thus these are the first set of accounts under that standard. The prior period accounts were prepared under FRS 105 The Financial Reporting
Standard applicable to the Micro-entities Regime. The comparatives were not restated as there is no material difference
between FRS 102 and FRS 105 as applied to these accounts.
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