Acorah Software Products - Accounts Production 15.0.600 false true true 31 May 2023 1 June 2022 false 1 June 2023 31 May 2024 31 May 2024 12145317 S L Constancon D A Kane iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12145317 2023-05-31 12145317 2024-05-31 12145317 2023-06-01 2024-05-31 12145317 frs-core:CurrentFinancialInstruments 2024-05-31 12145317 frs-core:Non-currentFinancialInstruments 2024-05-31 12145317 frs-core:ComputerEquipment 2024-05-31 12145317 frs-core:ComputerEquipment 2023-06-01 2024-05-31 12145317 frs-core:ComputerEquipment 2023-05-31 12145317 frs-core:ShareCapital 2024-05-31 12145317 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 12145317 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 12145317 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 12145317 frs-bus:SmallEntities 2023-06-01 2024-05-31 12145317 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 12145317 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 12145317 frs-bus:Director1 2023-06-01 2024-05-31 12145317 frs-bus:Director2 2023-06-01 2024-05-31 12145317 frs-core:CurrentFinancialInstruments 1 2024-05-31 12145317 frs-core:Non-currentFinancialInstruments 2 2024-05-31 12145317 frs-countries:EnglandWales 2023-06-01 2024-05-31 12145317 2022-05-31 12145317 2023-05-31 12145317 2022-06-01 2023-05-31 12145317 frs-core:CurrentFinancialInstruments 2023-05-31 12145317 frs-core:Non-currentFinancialInstruments 2023-05-31 12145317 frs-core:ShareCapital 2023-05-31 12145317 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31 12145317 frs-core:CurrentFinancialInstruments 1 2023-05-31 12145317 frs-core:Non-currentFinancialInstruments 2 2023-05-31
Registered number: 12145317
Constancon Currencies Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12145317
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 218 366
218 366
CURRENT ASSETS
Debtors 5 22,930 28,502
Cash at bank and in hand 155 1,526
23,085 30,028
Creditors: Amounts Falling Due Within One Year 6 (53,992 ) (30,708 )
NET CURRENT ASSETS (LIABILITIES) (30,907 ) (680 )
TOTAL ASSETS LESS CURRENT LIABILITIES (30,689 ) (314 )
Creditors: Amounts Falling Due After More Than One Year 7 (2,979 ) (3,718 )
NET LIABILITIES (33,668 ) (4,032 )
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account (33,669 ) (4,033 )
SHAREHOLDERS' FUNDS (33,668) (4,032)
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For the year ending 31 May 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.
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
S L Constancon
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
Constancon Currencies Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12145317 . The registered office is Cournswood House, Clappins Lane, High Wycombe, HP14 4NW.
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 identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate.
The board of directors draws attention to the statement of changes in equity in the financial statements which indicates that the company incurred a net loss of £26,444 during the year ended 31 May 2024, and as of that date, the company's total liabilities exceeded its total assets by £33,668. These conditions indicate the existence of uncertainty which may cast doubt about the company's ability to continue as a going concern.
The annual financial statements of the South African branch have not been prepared on a going concern basis, since the board of directors has decided to cease all operations and deregister the branch in the 2025 financial year. The financial statements of the brach have therefore been prepared on an accrual basis and in accordance with the historical cost convention, except for certain assets and liabilities at fair value.
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 rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
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. 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 33.33% on cost
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2.5. Foreign Currencies
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 rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 June 2023 425
As at 31 May 2024 425
Depreciation
As at 1 June 2023 59
Provided during the period 148
As at 31 May 2024 207
Net Book Value
As at 31 May 2024 218
As at 1 June 2023 366
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 3,207 500
Prepayments and accrued income 2,536 -
Other debtors 17,187 28,002
22,930 28,502
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6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 3,086 171
Bank loans and overdrafts 6,446 6,362
Corporation tax - (171 )
VAT 1,609 8,027
Other creditors - 893
Bounce back loan - due <1 year 1,379 1,379
Accrued expenses 1,540 -
Directors' loan accounts 39,932 14,047
53,992 30,708
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bounce back loan - due 1-2 years 1,379 1,379
Bounce back loan - due 2-5 years 1,600 2,339
2,979 3,718
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
9. Related Party Transactions
At the balance sheet date, included within creditors due within one year, is an amount of £39,932 (2023: 314,047) owed to the director, S L Constancon. THis loan is interest-free, of no fixed term and repayable on demand.
Included under debtors are amounts owed by related party entities:
Genius Boards Limited: £3,656 (2023: £872)
Genius Methods Limited: £2,162 (2023: £893 owed by the company to the related party)
Valufin Limited: £11,369 (2023: £27,129)
All amounts owed by related parties are unsecured and have no fixed terms of repayment.
The controlling party is the company director, S L Constancon, by virtue of their shareholding.
10. Taxation
The company has carried forward losses of £32,965 (2023: £3,477) which can be offset against future taxable profits.
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