Company registration number 07049364 (England and Wales)
CONVEY365 LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CONVEY365 LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
CONVEY365 LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
2
1,751,387
1,465,536
Current assets
Debtors
4
607,966
601,746
Cash at bank and in hand
17,608
29,256
625,574
631,002
Creditors: amounts falling due within one year
5
(237,030)
(222,767)
Net current assets
388,544
408,235
Total assets less current liabilities
2,139,931
1,873,771
Provisions for liabilities
(251,869)
(251,869)
Net assets
1,888,062
1,621,902
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
1,888,060
1,621,900
Total equity
1,888,062
1,621,902
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 15 October 2024 and are signed on its behalf by:
Mr J L Davies
Director
Company registration number 07049364 (England and Wales)
CONVEY365 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Convey365 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Maxwell Chambers, 34-38 Stow Hill, Newport, South Wales, United Kingdom, NP20 1JE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for services provided.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development Costs
20% straight line
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
20% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
CONVEY365 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
2
Intangible fixed assets
Other
£
Cost
At 1 January 2023
1,913,710
Additions
668,593
At 31 December 2023
2,582,303
Amortisation and impairment
At 1 January 2023
448,174
Amortisation charged for the year
382,742
At 31 December 2023
830,916
Carrying amount
At 31 December 2023
1,751,387
At 31 December 2022
1,465,536
3
Tangible fixed assets
Computer equipment
£
Cost
At 1 January 2023 and 31 December 2023
7,636
Depreciation and impairment
At 1 January 2023 and 31 December 2023
7,636
Carrying amount
At 31 December 2023
At 31 December 2022
CONVEY365 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
607,964
601,744
Other debtors
2
2
607,966
601,746
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
228,452
Taxation and social security
3,237
50,288
Other creditors
5,341
172,479
237,030
222,767
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2
2
2
2
7
Parent company
The parent company of Convey365 Limited is Convey365 Group Limited and its registered office is Maxwell Chambers,34-38 Stow Hill, Newport, South Wales, NP20 1JE.