Acorah Software Products - Accounts Production 14.6.300 false true true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 12921479 Mr J Garcia Mr N Sassali Ms K Stalmack iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12921479 2022-12-31 12921479 2023-12-31 12921479 2023-01-01 2023-12-31 12921479 frs-core:CurrentFinancialInstruments 2023-12-31 12921479 frs-core:ComputerEquipment 2023-12-31 12921479 frs-core:ComputerEquipment 2023-01-01 2023-12-31 12921479 frs-core:ComputerEquipment 2022-12-31 12921479 frs-core:ShareCapital 2023-12-31 12921479 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 12921479 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12921479 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 12921479 frs-bus:SmallEntities 2023-01-01 2023-12-31 12921479 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 12921479 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 12921479 frs-bus:Director1 2023-01-01 2023-12-31 12921479 frs-bus:Director2 2023-01-01 2023-12-31 12921479 frs-bus:Director3 2023-01-01 2023-12-31 12921479 frs-countries:EnglandWales 2023-01-01 2023-12-31 12921479 2021-12-31 12921479 2022-12-31 12921479 2022-01-01 2022-12-31 12921479 frs-core:CurrentFinancialInstruments 2022-12-31 12921479 frs-core:ShareCapital 2022-12-31 12921479 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 12921479
Convenet Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Adauxi Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12921479
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 8,349 6,245
8,349 6,245
CURRENT ASSETS
Debtors 5 33,056 15,181
Cash at bank and in hand 117,317 43,657
150,373 58,838
Creditors: Amounts Falling Due Within One Year 6 (2,250,647 ) (228,176 )
NET CURRENT ASSETS (LIABILITIES) (2,100,274 ) (169,338 )
TOTAL ASSETS LESS CURRENT LIABILITIES (2,091,925 ) (163,093 )
NET LIABILITIES (2,091,925 ) (163,093 )
CAPITAL AND RESERVES
Called up share capital 7 2 2
Profit and Loss Account (2,091,927 ) (163,095 )
SHAREHOLDERS' FUNDS (2,091,925) (163,093)
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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.
On behalf of the board
Mr N Sassali
Director
25/09/2024
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
Convenet Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12921479 . The registered office is C/- Adauxi Ltd B4 Parkside Knowledge Gateway,, Nesfield Road, Colchester, Essex, England, CO4 3ZL.
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. Going Concern Disclosure
The Directors have considered whether the going concern basis is an appropriate basis on which to prepare the financial statements. There is not significant uncertainty as to whether the company will continue to trade, and accordingly the going concern basis of accounting is considered to be appropriate.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.4. 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 method
2.5. Foreign Currencies
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period, foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the profit and loss in the period arising.
2.6. Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.
Current and deferred tax assets and liabilities are not discounted.
2.7. Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2.8. Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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2.9. Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.10. Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2022: 2)
5 2
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 January 2023 6,665
Additions 4,361
As at 31 December 2023 11,026
Depreciation
As at 1 January 2023 420
Provided during the period 2,257
As at 31 December 2023 2,677
Net Book Value
As at 31 December 2023 8,349
As at 1 January 2023 6,245
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 17,880 1,200
Other debtors 15,176 13,981
33,056 15,181
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 1,693 271
Other creditors 2,225,614 212,815
Taxation and social security 23,340 15,090
2,250,647 228,176
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7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
8. Related Party Transactions
                                                                                                                                               2023                   2022
                                                                                                                                               £                         £
Compensation paid to key management personnel                                                                  385,556              134,305
Entities with control over the entity
Entities exercising control over the company have advanced funds 
to the company for its working capital purposes. Such advances are 
unsecured, have no fixed date for repayment and do not attract 
interest.
Amount due from (to) the related party                                                                                  (780,000)           (105,000)
Other related parties  
Entities under common control have advanced funds to the 
company for its working capital purposes. Such advances are 
unsecured, have no fixed date for repayment and do not attract 
interest.
Amount due from (to) the related party                                                                                  (92,361)              (96,451)
9. Other information
Heracles Parent, LLC is the ultimate controlling party of the company by virtue of a controlling interest in the voting shares of the company.
Smart Holdings Corp is the parent entity of the company by virtue of a controlling interest in the voting shares of the company.
Convenet Ltd is a private company limited by shares and incorporated in England. Its registered office is:
          C/- Adauxi Limited
          B4 Parkside Knowledge Gateway
          Nesfield Road
          Colchester
           CO4 3ZL
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