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REGISTERED NUMBER: 08071879 (England and Wales)
















CONGA EUROPE LTD

STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024






CONGA EUROPE LTD (REGISTERED NUMBER: 08071879)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024










Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


CONGA EUROPE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTOR: M N Goggin



SECRETARY:



REGISTERED OFFICE: Framework House
1-3 Church Lane
Snaith
GOOLE
East Yorkshire
DN14 9HN



REGISTERED NUMBER: 08071879 (England and Wales)



SENIOR STATUTORY AUDITOR: Trevor Mark Rackham



AUDITORS: Rackham's
Chartered Certified Accountants
Registered Auditors
3 Melton Park
Redcliff Road
Melton
East Yorkshire
HU14 3RS

CONGA EUROPE LTD (REGISTERED NUMBER: 08071879)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024


The director presents his strategic report for the year ended 31 January 2024.

REVIEW OF BUSINESS
We aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties we face.

The turnover in the year is £17,995,011 (2023: £15,619,221) which is an increase of 15% on 2023. The gross profit margin has increased to 20.7% compared with 19.6% in the prior year. Overall, after taking into consideration a reduction in administrative expenses of £165,589 this has led to the operating profit increasing to £1,325,770 (2023: £497,781).

PRINCIPAL RISKS AND UNCERTAINTIES
Financial Risk Management and Policies

The main financial risks of the company relate to foreign exchange and credit (in relation to trade receivables).

Foreign exchange risk

Currency risk management relating to transactional business, if significant, is dealt with through the use of foreign currency accounts.

Credit risk (trade receivables)

The company's credit risk is primarily attributable to trade receivables. The company regularly monitors the creditworthiness of its customers, adjusting credit policies, and limits as needed. The company reviews accounts receivable to estimate the potential of any account being uncollectible and establishes an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical collection experience, and other relevant factors. Any accounts that are determined to be uncollectible are included in an allowance for doubtful accounts.The amounts presented in the balance sheet are net of allowances for doubtful debts.

KEY PERFORMANCE INDICATORS
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover, gross profit and operating profit.

MATTERS OF STRATEGIC IMPORTANCE
As for many companies of our size, the business environment in which we operate continues to be challenging given the current global slowdown. With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control. However we will continue to show flexibility and respond to market conditions and opportunities as they arise.

ON BEHALF OF THE BOARD:





M N Goggin - Director


23 October 2024

CONGA EUROPE LTD (REGISTERED NUMBER: 08071879)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 JANUARY 2024


The director presents his report with the financial statements of the company for the year ended 31 January 2024.

DIVIDENDS
No dividends will be distributed for the year ended 31 January 2024.

DIRECTOR
M N Goggin held office during the whole of the period from 1 February 2023 to the date of this report.

The director shown below was in office at 31 January 2024 but did not hold any interest in the Ordinary shares of 0.1p each at 1 February 2023 or 31 January 2024.

M N Goggin

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





M N Goggin - Director


23 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CONGA EUROPE LTD


Opinion
We have audited the financial statements of Conga Europe Ltd (the 'company') for the year ended 31 January 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 January 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CONGA EUROPE LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CONGA EUROPE LTD


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and the regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. These included but were not limited to compliance with Companies Act 2006 and FRS 102, "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

We focused on laws and regulations that could give rise to material misstatement in the financial statements. Our tests included but were not limited to:

agreement of the financial statement disclosures to underlying supporting documentation;

enquiries of management; and

considering the effectiveness of the control environment and monitoring compliance with laws and regulations.

We also communicated relevant identified laws and regulations and potential fraud risk to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all of our audits we addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the director that represented a risk of material misstatement due to fraud.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CONGA EUROPE LTD


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Trevor Mark Rackham (Senior Statutory Auditor)
for and on behalf of Rackham's
Chartered Certified Accountants
Registered Auditors
3 Melton Park
Redcliff Road
Melton
East Yorkshire
HU14 3RS

23 October 2024

CONGA EUROPE LTD (REGISTERED NUMBER: 08071879)

INCOME STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024

2024 2023
Notes £    £   

TURNOVER 3 17,995,011 15,619,221

Cost of sales 14,271,097 12,557,707
GROSS PROFIT 3,723,914 3,061,514

Administrative expenses 2,398,144 2,563,733
OPERATING PROFIT 5 1,325,770 497,781

Restructuring costs 6 330,674 -
995,096 497,781

Interest receivable and similar income 2,257 488
PROFIT BEFORE TAXATION 997,353 498,269

Tax on profit 7 382,125 113,794
PROFIT FOR THE FINANCIAL YEAR 615,228 384,475

CONGA EUROPE LTD (REGISTERED NUMBER: 08071879)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 615,228 384,475


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

615,228

384,475

CONGA EUROPE LTD (REGISTERED NUMBER: 08071879)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 144,132 107,269

CURRENT ASSETS
Debtors 9 9,070,201 9,430,154
Cash at bank 287,503 262,417
9,357,704 9,692,571
CREDITORS
Amounts falling due within one year 10 1,658,408 2,606,275
NET CURRENT ASSETS 7,699,296 7,086,296
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,843,428

7,193,565

PROVISIONS FOR LIABILITIES 11 34,635 -
NET ASSETS 7,808,793 7,193,565

CAPITAL AND RESERVES
Called up share capital 12 1 1
Retained earnings 13 7,808,792 7,193,564
SHAREHOLDERS' FUNDS 7,808,793 7,193,565

The financial statements were approved by the director and authorised for issue on 23 October 2024 and were signed by:





M N Goggin - Director


CONGA EUROPE LTD (REGISTERED NUMBER: 08071879)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 February 2022 1 6,809,089 6,809,090

Changes in equity
Total comprehensive income - 384,475 384,475
Balance at 31 January 2023 1 7,193,564 7,193,565

Changes in equity
Total comprehensive income - 615,228 615,228
Balance at 31 January 2024 1 7,808,792 7,808,793

CONGA EUROPE LTD (REGISTERED NUMBER: 08071879)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 312,504 434,139
Tax paid (185,000 ) (305,021 )
Net cash from operating activities 127,504 129,118

Cash flows from investing activities
Purchase of tangible fixed assets (104,675 ) (83,044 )
Interest received 2,257 488
Net cash from investing activities (102,418 ) (82,556 )

Increase in cash and cash equivalents 25,086 46,562
Cash and cash equivalents at beginning of
year

2

262,417

215,855

Cash and cash equivalents at end of year 2 287,503 262,417

CONGA EUROPE LTD (REGISTERED NUMBER: 08071879)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 997,353 498,269
Depreciation charges 67,812 38,496
Deferred tax (143,509 ) 53,450
Finance income (2,257 ) (488 )
919,399 589,727
Decrease/(increase) in trade and other debtors 394,588 (393,937 )
(Decrease)/increase in trade and other creditors (1,001,483 ) 238,349
Cash generated from operations 312,504 434,139

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 January 2024
31.1.24 1.2.23
£    £   
Cash and cash equivalents 287,503 262,417
Year ended 31 January 2023
31.1.23 1.2.22
£    £   
Cash and cash equivalents 262,417 215,855


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.23 Cash flow At 31.1.24
£    £    £   
Net cash
Cash at bank 262,417 25,086 287,503
262,417 25,086 287,503
Total 262,417 25,086 287,503

CONGA EUROPE LTD (REGISTERED NUMBER: 08071879)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024


1. STATUTORY INFORMATION

Conga Europe Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - Straight line over 3 years
Computer equipment - Straight line over 3 years

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

CONGA EUROPE LTD (REGISTERED NUMBER: 08071879)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United States of America 17,995,011 15,619,221
17,995,011 15,619,221

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 11,741,489 9,854,792
Social security costs 1,583,093 1,599,299
13,324,582 11,454,091

The average number of employees during the year was as follows:
2024 2023

Sales and marketing 104 93

2024 2023
£    £   
Director's remuneration - -

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 67,812 38,496
Auditors' remuneration 10,300 10,000
Foreign exchange differences (19,420 ) 192,753

6. EXCEPTIONAL ITEMS
2024 2023
£    £   
Restructuring costs (330,674 ) -

CONGA EUROPE LTD (REGISTERED NUMBER: 08071879)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 238,616 167,244

Deferred tax 143,509 (53,450 )
Tax on profit 382,125 113,794

UK corporation tax has been charged at 24.03% .

8. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 February 2023 125 315,993 316,118
Additions - 104,675 104,675
At 31 January 2024 125 420,668 420,793
DEPRECIATION
At 1 February 2023 125 208,724 208,849
Charge for year - 67,812 67,812
At 31 January 2024 125 276,536 276,661
NET BOOK VALUE
At 31 January 2024 - 144,132 144,132
At 31 January 2023 - 107,269 107,269

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 3,081,295 3,095,554
Other debtors 5,804,460 6,088,559
VAT 18,448 34,313
Deferred tax asset - 108,874
Prepayments and accrued income 165,600 102,254
Deposits 398 600
9,070,201 9,430,154

CONGA EUROPE LTD (REGISTERED NUMBER: 08071879)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 50,927 198,025
Tax 86,165 32,549
Accruals and deferred income 1,521,316 2,375,701
1,658,408 2,606,275

11. PROVISIONS FOR LIABILITIES
2024
£   
Deferred tax 34,635

Deferred
tax
£   
Balance at 1 February 2023 (108,874 )
Provided during year 14,254
Accelerated capital allowances
Deferred commission (Goodwill) 129,255
Balance at 31 January 2024 34,635

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary 0.1p 1 1

13. RESERVES
Retained
earnings
£   

At 1 February 2023 7,193,564
Profit for the year 615,228
At 31 January 2024 7,808,792

14. ULTIMATE PARENT COMPANY

Conga Corporation (incorporated in USA ) is regarded by the director as being the company's ultimate parent company.