Acorah Software Products - Accounts Production 16.1.300 false true 30 April 2023 1 May 2022 false 1 May 2023 30 April 2024 30 April 2024 03042398 Mr Murugesu Thangarajah Mr Satheesh Ananthalingam Mr Murugesu Sivananthan iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 03042398 2023-04-30 03042398 2024-04-30 03042398 2023-05-01 2024-04-30 03042398 frs-core:CurrentFinancialInstruments 2024-04-30 03042398 frs-core:Non-currentFinancialInstruments 2024-04-30 03042398 frs-core:CopyrightsPatentsTrademarksServiceOperatingRights 2024-04-30 03042398 frs-core:CopyrightsPatentsTrademarksServiceOperatingRights 2023-05-01 2024-04-30 03042398 frs-core:CopyrightsPatentsTrademarksServiceOperatingRights 2023-04-30 03042398 frs-core:FurnitureFittings 2024-04-30 03042398 frs-core:FurnitureFittings 2023-05-01 2024-04-30 03042398 frs-core:FurnitureFittings 2023-04-30 03042398 frs-core:NetGoodwill 2024-04-30 03042398 frs-core:NetGoodwill 2023-05-01 2024-04-30 03042398 frs-core:NetGoodwill 2023-04-30 03042398 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-04-30 03042398 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 03042398 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-04-30 03042398 frs-core:ShareCapital 2024-04-30 03042398 frs-core:RetainedEarningsAccumulatedLosses 2024-04-30 03042398 frs-bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 03042398 frs-bus:FilletedAccounts 2023-05-01 2024-04-30 03042398 frs-bus:SmallEntities 2023-05-01 2024-04-30 03042398 frs-bus:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 03042398 frs-bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 03042398 frs-bus:Director1 2023-05-01 2024-04-30 03042398 frs-bus:Director2 2023-05-01 2024-04-30 03042398 frs-bus:Director3 2023-05-01 2024-04-30 03042398 frs-countries:EnglandWales 2023-05-01 2024-04-30 03042398 2022-04-30 03042398 2023-04-30 03042398 2022-05-01 2023-04-30 03042398 frs-core:CurrentFinancialInstruments 2023-04-30 03042398 frs-core:Non-currentFinancialInstruments 2023-04-30 03042398 frs-core:ShareCapital 2023-04-30 03042398 frs-core:RetainedEarningsAccumulatedLosses 2023-04-30
Registered number: 03042398
Global Exchange Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 03042398
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 208 229
Tangible Assets 5 1,038,072 1,065,490
1,038,280 1,065,719
CURRENT ASSETS
Debtors 6 432,278 803,519
Cash at bank and in hand 5,429,349 4,951,336
5,861,627 5,754,855
Creditors: Amounts Falling Due Within One Year 7 (2,664,093 ) (2,673,609 )
NET CURRENT ASSETS (LIABILITIES) 3,197,534 3,081,246
TOTAL ASSETS LESS CURRENT LIABILITIES 4,235,814 4,146,965
Creditors: Amounts Falling Due After More Than One Year 8 (150,636 ) (160,559 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (6,791 ) (7,705 )
NET ASSETS 4,078,387 3,978,701
CAPITAL AND RESERVES
Called up share capital 10 2 2
Profit and Loss Account 4,078,385 3,978,699
SHAREHOLDERS' FUNDS 4,078,387 3,978,701
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For the year ending 30 April 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
Mr Murugesu Thangarajah
Director
30 January 2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Global Exchange Limited Registered number 03042398 is a limited by shares company incorporated in England & Wales. The Registered Office is C206 Cunningham House, 19-21 Westfield Lane, Harrow, HA3 9ED.
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. Turnover
Turnover is recognised in line with Section 23 of FRS 102 - Revenue Recognition to reflect the actual turnover of the company, which is providing a foreign exchange service and receiving either commission or profit on the exchange rates.
Turnover and other incomeTurnover is measured at the fair value of the consideration received or receivable.Turnover is also measured net of the estimated value of customer returns and volume rebates.Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
● the company has transferred all the significant risks and rewards of ownership of the goods to the buyer;
●the company retains neither continuing managerial involvement, nor effective control, over the goods to the degree usually associated with ownership;
●the amount of the revenue can be reliably measured;
●it is probable that the economic benefits associated with the sale will flow to the entity; and
●the costs (to be) incurred in respect of the transaction can be reliably measured.
Turnover is recognised on despatch of goods which is the point at which the company transfers the significant risks and rewards of ownership of the goods to the customer. The company retains legal title of the goods until the customer pays, but this does not constitute a retention of the significant risks and rewards of ownership. Amounts received in advance of shipping goods to customers are recognised as deferred income and presented within creditors: amounts falling due within one year. 
Other income relates to rent and interest receivable. Rental income is recognised when the company is entitled to receive income based on the contractual agreement in force. Interest income is recognised using the effective interest method.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of ten years.
2.4. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are trademark. It is amortised to the profit and loss account over its estimated economic life of 12 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. 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:
Freehold 2% per annum on cost
Fixtures & Fittings 25% per annum on reducing balance basis
2.6. Leasing and Hire Purchase Contracts
Assets acquired under finance leases are capitalised in the balance sheet and depreciated over the shorter of the lease term and the expected useful life of the asset. A lease is treated as a finance lease when, substantially, all the risks and rewards of ownership of the asset transfer from the lessor to the company. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.
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2.7. Stocks and Work in Progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, freight, irrecoverable taxes and other directly attributable costs which are incurred by the entity in bringing the stock to its present location and condition. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss.
2.8. Financial Instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Debtors and creditors

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
administrative expenses.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs.
Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.
If an arrangement constitutes a financing transaction it is measured at the present value of future payments.

2.9. Foreign Currencies
Transactions in currencies other than the functional currency are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated to the functional currency at the exchange rate prevailing at the balance sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. All exchange differences are taken to profit or loss.
2.10. Taxation
Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods and is recognised in respect of all timing differences; although with certain exceptions. Timing differences are differences between taxable profit and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are only recognised to the extent that it is probable that they will be recoverable 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on investment property (and other non-depreciable tangible fixed assets) is measured using the tax rates and allowances which will apply to the sale of the asset.Amounts of current and deferred tax are generally recognised in profit or loss, except when they relate to items which are recognised in other comprehensive income or directly in equity and in such cases the amounts are also recognised in other comprehensive or equity as the case may be.
2.11. Pensions
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee’s services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
2.12. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
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3. Average Number of Employees
Average number of employees, including directors, during the year was 30 (2023: 28)
30 28
4. Intangible Assets
Goodwill Intellectual Property Total
£ £ £
Cost
As at 1 May 2023 10,000 250 10,250
As at 30 April 2024 10,000 250 10,250
Amortisation
As at 1 May 2023 10,000 21 10,021
Provided during the period - 21 21
As at 30 April 2024 10,000 42 10,042
Net Book Value
As at 30 April 2024 - 208 208
As at 1 May 2023 - 229 229
5. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Total
£ £ £
Cost
As at 1 May 2023 1,178,886 259,802 1,438,688
Additions - 5,492 5,492
As at 30 April 2024 1,178,886 265,294 1,444,180
Depreciation
As at 1 May 2023 145,232 227,966 373,198
Provided during the period 23,578 9,332 32,910
As at 30 April 2024 168,810 237,298 406,108
Net Book Value
As at 30 April 2024 1,010,076 27,996 1,038,072
As at 1 May 2023 1,033,654 31,836 1,065,490
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 423,143 799,364
Other debtors 9,135 4,155
432,278 803,519
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 2,278,048 2,202,116
Bank loans and overdrafts 11,751 13,818
Other creditors 295,457 262,766
Taxation and social security 78,837 194,909
2,664,093 2,673,609
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 150,636 160,559
The aggregate amount of creditors for which security has been given included within and more than one year amounted to £ 162,387 (2023 - £ 174,377).
Total amounts repayable by instalments which are due in more than five years amounted to £ 103,632 (2023 - £ 105,286)
9. Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances.
2024 2023
£ £
Other timing differences 6,791 7,705
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
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