Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-01-01falsetruetruefalseinternational money transfer,foreign exchange transactions and other money matters22 09447723 2023-01-01 2023-12-31 09447723 2022-01-01 2022-12-31 09447723 2023-12-31 09447723 2022-12-31 09447723 c:Director2 2023-01-01 2023-12-31 09447723 d:CurrentFinancialInstruments 2023-12-31 09447723 d:CurrentFinancialInstruments 2022-12-31 09447723 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 09447723 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 09447723 d:ShareCapital 2023-12-31 09447723 d:ShareCapital 2022-12-31 09447723 d:RetainedEarningsAccumulatedLosses 2023-12-31 09447723 d:RetainedEarningsAccumulatedLosses 2022-12-31 09447723 c:OrdinaryShareClass1 2023-01-01 2023-12-31 09447723 c:OrdinaryShareClass1 2023-12-31 09447723 c:FRS102 2023-01-01 2023-12-31 09447723 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 09447723 c:FullAccounts 2023-01-01 2023-12-31 09447723 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09447723 e:USDollar 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 09447723














COVERCY EUROPE LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
COVERCY EUROPE LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1
Notes to the Financial Statements
 
2 - 4


 
COVERCY EUROPE LIMITED
REGISTERED NUMBER:09447723

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
$
$

  

Current assets
  

Debtors: amounts falling due within one year
 4 
894,826
790,771

Cash at bank and in hand
  
783,484
644,314

  
1,678,310
1,435,085

Current liabilities
  

Creditors: amounts falling due within one year
 5 
(1,314,481)
(1,118,837)

Net current assets
  
 
 
363,829
 
 
316,248

  

Net assets
  
363,829
316,248


Capital and reserves
  

Called up share capital 
 6 
88,818
88,818

Profit and loss account
  
275,011
227,430

  
363,829
316,248


The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 September 2024.




E S Rudnick
Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1

 
COVERCY EUROPE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Covercy Europe Limited is a private limited liability company incorporated in England and Wales. Its registered office address is at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD, and its business address is at 5-7 Tanner Street, London, SE1 3LE.
The principal activity of the company is that of international money transfer, foreign exchange transactions and other money matters.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises exchange rate differences and transaction fees from the provision of money transfer services. Revenue is recognised in the period in which the services are provided.

 
2.3

Basic financial instruments

The company only enters into transactions that result in basic financial instruments such as other debtors, trade and other creditors, cash at bank and in hand and loans to and from related parties.
Other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of other debtors and loans to related parties.
Cash at bank and in hand comprise cash balances and call deposits.

 
2.4

Foreign currency translation

The company's functional and presentational currency is US Dollar.
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 the Statement of Comprehensive Income.

Page 2

 
COVERCY EUROPE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

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 capital instrument.

 
2.6

Taxation

Tax is recognised in the Statement of Comprehensive Income, 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.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
1) The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
2) Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. 


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Debtors

2023
2022
$
$


Amounts owed by group undertakings
863,242
790,280

Prepayments and accrued income
31,584
491

894,826
790,771


Page 3

 
COVERCY EUROPE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Creditors: Amounts falling due within one year

2023
2022
$
$

Trade creditors
-
89,839

Amounts owed to group undertakings
1,257,030
998,427

Corporation tax
13,986
17,415

Other creditors
-
4,197

Accruals and deferred income
43,465
8,959

1,314,481
1,118,837



6.


Share capital

2023
2022
$
$
Allotted, called up and fully paid



60,000 Ordinary shares of £1 each
88,818
88,818



7.


Controlling party

The immediate and ultimate parent entity is Covercy Limited, a company registered in Israel.

 
Page 4