Company No:
Contents
2023 | 2022 | |||
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Current assets | ||||
Debtors | 3 |
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Cash at bank and in hand |
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60,388 | 111,061 | |||
Creditors: amounts falling due within one year | 4 | (
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Net current assets | 28,691 | 77,761 | ||
Total assets less current liabilities | 28,691 | 77,761 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital | 5 |
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Profit and loss account | (
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of AlgoEngineering Europe Ltd (registered number:
R S Habib
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
The principal activity of the company is that of the provision of software licenses, technical support and maintenance services. The company ceased trading in March 2020.
The Company is a private company limited by shares and is incorporated in England and Wales.
The Registered Office address is 35 Ballards Lane, London N3 1XW.
The Directors do not consider the company to be a going concern because the company is no longer trading and have therefore prepared the financial statements on a basis other than going concern. There has been no financial impairment of the company's assets as a result of this basis of valuation.
The Company made a loss for the year ended 31 December 2023 of £37,170 and as at this date had net assets of £28,691. The directors believe that the company has sufficient resources to meet its liabilities as they fall due during this period of inactivity.
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 Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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.
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 reporting date in the countries where the Company operates and generates income.
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to related parties.
Financial assets
Basic financial assets, including other debtors and loans to related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.
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Monthly average number of persons employed by the company during the year, including directors |
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Amounts owed by group undertakings |
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Amounts owed by related parties |
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Other debtors |
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Trade creditors |
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Other taxation and social security |
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Other creditors |
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Allotted, called-up and fully-paid | |||
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50,000 | 50,000 |
Included within debtors due within one year is a loan of £62 (2022: £11,790) due from a director. The balance is unsecured, repayable on demand and bears interest at the rate of 2% per annum on any overdrawn amount. Interest of £172 has been charged in the year ended 31 December 2023.
Also included in other debtors due within one year are balances owed by companies incorporated in Malta and ultimately controlled by a Director amounting to £18,220 after translation of the EUR balance at year-end exchange rates (2022: £40,598). These balances are unsecured, interest-free and repayable on demand. One of the balances was written off during the period following the winding up of the company.
Included within other creditors due within one year is a loan from a company incorporated in Gibraltar and controlled by a Director. The balance in GBP remaining at 31 December 2023 (after translation of the EUR balance at year-end exchange rates) amounted to £7,547 (2022: £7,990). This balance is unsecured, repayable on demand and interest-free.