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Registered number: 11461678









GOODCORE SOFTWARE LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2024

 
GOODCORE SOFTWARE LIMITED
REGISTERED NUMBER: 11461678

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
27,107
31,813

  
27,107
31,813

Current assets
  

Debtors: amounts falling due within one year
 5 
122,279
184,324

Cash at bank and in hand
 6 
84,247
46,949

  
206,526
231,273

Creditors: amounts falling due within one year
 7 
(296,313)
(323,928)

Net current liabilities
  
 
 
(89,787)
 
 
(92,655)

Total assets less current liabilities
  
(62,680)
(60,842)

  

Net liabilities
  
(62,680)
(60,842)


Capital and reserves
  

Called up share capital 
  
100
100

Share premium account
  
4,900
4,900

Profit and loss account
  
(67,680)
(65,842)

  
(62,680)
(60,842)


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 by: 




Yasin Altaf
Director
Date: 16 April 2025

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
GOODCORE SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

The entity is a private company limited by shares and incorporated in England & Wales. The company’s
registered office and registration number are on company information page.
The company’s principal activity is software development.

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

Going concern

The financial statements have been prepared on a going concern basis, which the directors consider to be appropriate. For the year ended 31 July 2024, the company reported a loss of £1,838 (2023: £68,147) and net current liabilities of £89,787 (2023: £92,655).
Subsequent to the year end, £188,576 of the £198,000 liabilities outstanding at the reporting date had been settled by 24 March 2025. Furthermore, the company has received a written letter of financial support from its associated and parent company confirming ongoing financial backing for at least 12 months from the date of signing the financial statements.
Based on these factors, alongside improvements in gross margin and operating performance, the directors have concluded that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements do not include any adjustments that may be required should the company be unable to continue as a going concern.

Page 2

 
GOODCORE SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
GOODCORE SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
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

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
GOODCORE SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
20%
Office equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

2024
2023
£
£

Wages and salaries
27,416
51,153

Social security costs
2,421
6,315

29,837
57,468


The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 5

 
GOODCORE SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

4.


Tangible fixed assets





Motor vehicles
Office equipment
Total

£
£
£



Cost or valuation


At 1 August 2023
31,980
2,640
34,620


Additions
-
2,220
2,220



At 31 July 2024

31,980
4,860
36,840



Depreciation


At 1 August 2023
1,066
1,741
2,807


Charge for the year on owned assets
6,396
530
6,926



At 31 July 2024

7,462
2,271
9,733



Net book value



At 31 July 2024
24,518
2,589
27,107



At 31 July 2023
30,914
899
31,813

Page 6

 
GOODCORE SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

5.


Debtors

2024
2023
£
£


Trade debtors
109,493
172,008

Amounts owed by group undertakings
6,405
6,407

Other debtors
276
2,073

Prepayments and accrued income
6,105
3,836

122,279
184,324



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
84,247
46,949

84,247
46,949



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
12,472
21,505

Amounts owed to group undertakings
-
98,792

Amounts owed to associates
205,263
133,933

Other taxation and social security
66,507
43,311

Other creditors
2,643
-

Accruals and deferred income
9,428
26,387

296,313
323,928



8.


Related party transactions

The company has taken advantage of the exemption under paragraph 33.1A of Financial Reporting
Standard 102 not to disclose transactions with other wholly owned members of the group.

Page 7

 
GOODCORE SOFTWARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

9.


Controlling party

The company is a 100% subsidiary of Goodcore Software SDN Bhd, a company incorporated in
Malaysia. The parent company’s registered office is situated at 15A, Jalan Merak 2A, Bandar Puchong
Jaya, 47170 Puchong, Selangor, Malaysia.


10.


Auditors' information

The auditors' report on the financial statements for the year ended 31 July 2024 was unqualified.

The audit report was signed on 16 April 2025 by R M Asif Rafique (Senior Statutory Auditor) on behalf of Accendo Consulting Ltd.

Page 8