Company registration number 10930364 (England and Wales)
CONVEX HOLDING LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
CONVEX HOLDING LIMITED
COMPANY INFORMATION
Directors
Eldar Banjina
Bobby Williams
Secretary
CSC CLS (UK) Limited
Company number
10930364
Registered office
1 Bartholomew Lane
London
United Kingdom
EC2N 2AX
Bankers
Mirabaud Bank
Bd Georges-Favon 29
1204 Genève
Switzerland
MBH Bank Zrt
Vaci u. 38
1056 Budapest
Hungary
Currency Cloud
The Steward Building 12
Steward Street
London E1 6FQ
United Kingdom
CONVEX HOLDING LIMITED
CONTENTS
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Statement of comprehensive income
4
Statement of financial position
5
Statement of changes in equity
6
Statement of cash flows
7
Notes to the financial statements
8 - 17
CONVEX HOLDING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 DECEMBER 2024
- 1 -
The Directors present their annual report on the affairs of Convex Holding Limited (the "Company"), together with the unaudited financial statements, for the year ended 30 December 2024.
Principal activities
The principal activity of the Company continued to be that of an investment holding company.
Results and dividends
The results for the year are set out on page 4.
Ordinary dividends were paid amounting to £55,989 (2023: £nil).
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Eldar Banjina
Bobby Williams
Qualifying third party indemnity provisions
The Company has granted the directors with qualifying third-party indemnity provisions within the meaning given to the term by section 234 and 235 of the Companies Act 2006. This is in respect of liabilities to which they may become liable in their capacity as director of the company. Such indemnities were in force throughout the financial year and will remain in force at the date of this report.
Political donations
The Company made no political or charitable donations during the year (2023: £nil).
Domicile and legal form
The Company is limited by shares and registered in England and Wales. The Company is UK tax resident.
Going concern
The Directors, after carrying out necessary enquiries, believe that the Company has adequate sources of funding to meet its future investments and the payment of its expenses and is well placed to manage its business risk successfully.
After making enquiries, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least 12 months from the date of approval of these financial statements. Accordingly, the Company has adopted the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in note 3 to the financial statements.
Treasury Policies
The objectives of the Company are to manage the Company's financial risk, secure cost effective funding for the Company's operations, and to minimise the adverse effects of fluctuations in the financial markets on the company's financial assets and liabilities, on reported profitability and on the cash flows of the Company.
The Company finances its activities with shareholders' equity and loans. Other financial assets and liabilities such as trade and other receivables, borrowings and trade payables and other current liabilities, arise directly from the Company's operating activities. The Company does not trade in financial instruments and has no other form of derivatives.
CONVEX HOLDING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
- 2 -
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Eldar Banjina
Director
16 July 2025
CONVEX HOLDING LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 DECEMBER 2024
- 3 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. Under company law the directors must not approve the financial statements unless they are 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, International Accounting Standard 1 requires that directors:
properly select and apply accounting policies;
present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;
provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and
make an assessment of the company's ability to continue as a going concern.
The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006.
They are 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.
CONVEX HOLDING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 DECEMBER 2024
- 4 -
2024
2023
Notes
£
£
Administrative expenses
(7,507)
(28,623)
Operating loss
(7,507)
(28,623)
Income tax income
7
1,197
43,534
(Loss)/profit and total comprehensive income for the year
14
(6,310)
14,911
There were no components of 'other comprehensive income' which are required to be separately disclosed during the current year and prior year.
All of the amounts above are in respect of continuing operations.
The notes on pages 8 to 17 form part of these financial statements.
CONVEX HOLDING LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 DECEMBER 2024
30 December 2024
- 5 -
2024
2023
Notes
£
£
Non-current assets
Investments
8
3,452,751
3,452,751
Current assets
Trade and other receivables
10
192,888
651,200
Cash and cash equivalents
249,750
66,648
442,638
717,848
Current liabilities
Trade and other payables
12
1,619,703
1,832,614
Net current liabilities
(1,177,065)
(1,114,766)
Net assets
2,275,686
2,337,985
Equity
Called up share capital
13
1,200
1,200
Retained earnings
14
2,274,486
2,336,785
Total equity
2,275,686
2,337,985
The notes on pages 8 to 17 form part of these financial statements.
For the financial year ended 30 December 2024 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 members have 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 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 16 July 2025 and are signed on its behalf by:
Eldar Banjina
Director
Company registration number 10930364 (England and Wales)
CONVEX HOLDING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 DECEMBER 2024
- 6 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 31 December 2022
1,200
2,321,874
2,323,074
Year ended 30 December 2023:
Profit and total comprehensive income
14
-
14,911
14,911
Balance at 30 December 2023
1,200
2,336,785
2,337,985
Year ended 30 December 2024:
Loss and total comprehensive income
14
-
(6,310)
(6,310)
Transactions with owners:
Dividends
-
(55,989)
(55,989)
Balance at 30 December 2024
1,200
2,274,486
2,275,686
The notes on pages 8 to 17 form part of these financial statements.
CONVEX HOLDING LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
18
237,894
(13,094)
Income taxes refunded
1,197
43,534
Net cash inflow from operating activities
239,091
30,440
Financing activities
Dividends paid
(55,989)
Net cash used in financing activities
(55,989)
-
Net increase in cash and cash equivalents
183,102
30,440
Cash and cash equivalents at beginning of year
66,648
36,208
Cash and cash equivalents at end of year
249,750
66,648
The notes on pages 8 to 17 form part of these financial statements.
CONVEX HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
- 8 -
1
Accounting policies
Company information
Convex Holding Limited is a private company limited by shares incorporated and domiciled in United Kingdom and registered in England and Wales. The registered office is 1 Bartholomew Lane, London, United Kingdom, EC2N 2AX.
The Company is a holding entity and was established to raise funding through issuance of share capital and funding from its ultimate beneficiary shareholders to finance its holding activities.
1.1
Accounting convention
The financial statements for the period ended 30 December 2024 have been prepared in accordance with United Kingdom Company law adopted International Financial Reporting Standards ("IFRSs") and interpretations issued by the IFRS Interpretations Committee (IFRS IC). The standards applied by the Company are those endorsed by United Kingdom Company law and effective at the date the financial statements are approved by the Board. All the accounting policies have been consistently applied in the financial statements.
The Company's financial statements are presented in GBP ("£"), which is also the Company's functional currency and all values are rounded to the nearest pound sterling unit, unless otherwise indicated.
The financial statements have been prepared on a historical cost basis, except for:
The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held on call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within current liabilities in the statement of financial position unless they form part of a cash pooling arrangement where there is an intention to settle on a net basis, in which case they are reported net of related cash balances.
1.4
Financial assets
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.
At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.
Classification of financial assets
Debt instruments, including loans, receivables and cash, that meet the following conditions are measured subsequently at amortised cost:
the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and
the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
CONVEX HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
1
Accounting policies
(Continued)
- 9 -
Classification of financial assets (continued)
Debt instruments that meet the following conditions are measured subsequently at fair value through other
comprehensive income ("FVTOCI"):
the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling the financial assets; and
the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
By default, all other financial assets are measured subsequently at fair value through profit or loss ("FVTPL"). Despite the foregoing, the Company may make the following irrevocable election / designation at initial recognition of a financial asset:
the Company may irrevocably elect to present subsequent changes in fair value of an equity investment in other comprehensive income if certain criteria are met; and
the Company may irrevocably designate a debt investment that meets the amortised cost or FVTOCI criteria as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch.
Amortised cost and effective interest method
The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period.
The amortised cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. The gross carrying amount of a financial asset is the amortised cost of a financial asset before adjusting for any loss allowance.
Impairment of financial assets
In relation to the impairment of receivables, IFRS 9 requires an expected credit loss model which requires the Company to account for expected credit losses and changes in those expected credit losses at each reporting date to reflect changes in credit risk since initial recognition of the financial assets. It is therefore not necessary for a credit event to have occurred before credit losses are recognised.
The company has assessed the 12 months expected credit losses for its receivables as required and permitted under IFRS 9, and identified no material impact to the receivables amount.
Derecognition of financial assets
The company derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity.
1.5
Financial liabilities and equity
Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangement.
Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the company are recognised at the proceeds received, net of direct issue costs.
Financial liabilities
The company classifies non-derivative financial liabilities into the ‘other financial liabilities’ category.
CONVEX HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
1
Accounting policies
(Continued)
- 10 -
Other financial liabilities
Other financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs and subsequently at amortised cost. The company derecognises financial liabilities when, and only when, the company’s obligations are discharged, cancelled or they expire.
1.6
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is provided in full, using the liability method, on temporary differences at the reporting date arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax is calculated using tax rates that are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the reporting date.
Deferred tax assets are recognised only to the extent that it is probable that sufficient future taxable profits will be available to allow all or part of the deferred tax asset to be utilised. Where an entity has been loss-making, deferred tax assets are only recognised if there is convincing evidence supporting its future utilisation.
1.8
Foreign exchange
Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the foreign exchange rate ruling at that date. Foreign exchange differences are recognised in profit and loss within ‘Finance income’ or ‘Finance costs’.
Non-monetary assets and liabilities that are measured at historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated at foreign exchange rates ruling at the dates the fair value was determined.
1.9
Expenses are recognised in the profit and loss in the period in which they are incurred and include administration expenses such as marketing expenses, professional fees, service charge expenses, legal fees, management fees, advisory fees and other operating expenses.
1.10
Operating profit is stated after charging administrative expenses but before finance income and share of results of associate.
CONVEX HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -
1.11
Finance income and costs comprise of investment income and expenses and are recognised using the effective interest rate method ("EIR"), except for borrowing costs relating to qualifying assets, which are capitalized as part of the cost of that asset.
Realised and unrealised foreign exchange results on intercompany transactions are also shown in finance costs or finance income.
Capital management
For the purpose of the Company's capital management, capital includes issued share capital and retained earnings attributable to the Company's shareholders. The Company's objectives when managing capital are to safeguard the Company's ability to continue as a going concern in order to provide returns for the shareholders.
2
Adoption of new and revised standards and changes in accounting policies
Amendments to IFRSs that are mandatorily effective for the current period
In the current year, the Company has applied a number of new standards and amendments to existing IFRSs issued by the International Accounting Standards Board (IASB) that are mandatorily effective for an accounting period that begins on or after 1 January 2024. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements.
Lease liability in a Sale and Leaseback (Amendments to IFRS 16) (Effective 1 January 2024)
Non-current Liabilities with Covenants and Classification of Liabilities as Current or Non-current (Amendments to IAS 1) (Effective 1 January 2024)
Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) (Effective 1 January 2024)
IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate related disclosures (Effective 1 January 2024)
All of the amendments listed above did not have any impact on the amounts recognised in current period and are not expected to significantly affect future periods.
There are no other IFRSs or IFRS IC interpretations that are effective for the first time for the financial year beginning on or after 1 January 2024 that would be expected to have a material impact on the Company.
Standards which are in issue but not yet effective
As at the date of authorisation of these financial statements, the following key standards and amendments were in issue but not yet effective. The Company has not applied these standards and interpretations in the preparation of these financial statements.
Lack of Exchangeability (Amendments to IAS 21) (Effective 1 January 2025)
Amendments to the Classification and Measurement of Financial Instruments) (Amendments to IFRS 9 and IFRS 7) (Effective 1 January 2026)
Annual Improvements to IFRS Accounting Standards (Volume 11) (Effective 1 January 2026)
Contracts referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7) (Effective 1 January 2026)
Presentation and Disclosure in Financial Statements (IFRS 18) (Effective 1 January 2027)
Subsidiaries without Public Accountability: Disclosures (IFRS 19) (Effective 1 January 2027)
None of the IFRSs or IFRS IC interpretations that are in issue but not yet effective are expected to have a material impact on the Company.
CONVEX HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
- 12 -
3
Critical accounting estimates and judgements
In the application of the Company’s accounting policies, which are described in note 2, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Critical judgements
Going concern
The Company made a loss in the year and has net assets. The Company is dependent on the support from the shareholders to continue as a going concern. The financial statements have been prepared on a going concern basis because there are no material uncertainties related to events or conditions that may cast significant doubt about the Company's ability to continue as a going concern.
The Company should be able to continue to operate within the level of its current cash at bank over the next 12 month period from the date of approval of these financial statements, as the level of operating expenses is not expected to change significantly from current levels.
Consequently, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least 12 months from the date of approval of these financial statements. Accordingly, the Company has adopted the going concern basis in preparing the financial statements.
4
Administrative Expenses
Operating loss for the year is stated after charging/(crediting):
2024
2023
£
£
Legal and professional fees
1,319
1,383
Taxation compliance services
600
1,800
Accountancy
4,409
19,006
Bank charges
1,963
1,938
Profit or loss on foreign exchange
(784)
4,496
7,507
28,623
5
Directors' remuneration
The Directors' remuneration for the current and prior year was borne by other affiliate companies. No recharge was made to the Company for the services of the Directors in the during the current and prior year, as it is not possible to make an accurate apportionment of emoluments in respect of services to the Company.
6
Staff cost
There were no staff costs during the current and prior year. The average number of employees, excluding directors during the current and prior year were nil.
CONVEX HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
- 13 -
7
Income tax expense
2024
2023
£
£
Current tax
Other taxes
(1,197)
(43,534)
The charge for the year can be reconciled to the loss per the income statement as follows:
2024
2023
£
£
Loss before taxation
(7,507)
(28,623)
Expected tax credit based on a corporation tax rate of 25.00% (2023: 19.00%)
(1,877)
(5,438)
Change in unrecognised deferred tax assets
1,877
5,438
Prior year tax charges
(1,197)
(43,534)
Taxation credit for the year
(1,197)
(43,534)
No deferred tax assets have been recognised for the carry-forward of unused tax losses and deductible temporary differences as management do not believe that it is possible that future taxable profit will be available against unused tax losses and deductible temporary differences.
8
Investments
2024
2023
£
£
Investments in equity
3,452,751
3,452,751
9
Equity investments
Details of the company's equity investments at 30 December 2024 are as follows:
Name of undertaking
Registered office
Principal activities
Class of
shares held
M Plus Croatia d.o.o.
Heinzelova uk. 62a, 10000, Zagreb, Croatia
Business process outsourcing
Ordinary shares
Intone Networks Inc.
10 Austin Ave, Iselin, New Jersey, 08830, United States
IT consulting
Ordinary shares
CONVEX HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
- 14 -
10
Trade and other receivables
2024
2023
£
£
Unpaid share capital
1,200
1,200
Earn out bonuses
191,688
650,000
192,888
651,200
The Directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.
11
Cash and cash equivalents
31 December 2023
Cash flows
30 December 2024
£
£
£
Cash at bank and in hand
66,648
183,102
249,750
31 December 2022
Cash flows
30 December 2023
Prior year:
£
£
£
Cash at bank and in hand
36,208
30,440
66,648
12
Trade and other payables
2024
2023
£
£
Trade payables
2,285
4,506
Accruals
6,750
17,177
Amounts owed to shareholders
1,610,668
1,810,931
1,619,703
1,832,614
The Directors consider that the carrying amount of Trade creditors and other current liabilities approximates to their fair value.
Loans: Interest-free Shareholder loans provided by Boris Vujičić, Eldar Banjica and Aleksandar Bakoč ("Ultimate Beneficiary Shareholders").
13
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 each
1,200
1,200
1,200
1,200
CONVEX HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
13
Share capital
(Continued)
- 15 -
The Company has one class of ordinary shares which carries no right to fixed income.
The capital of the Company is represented by the net assets attributable to the shareholders. The Company’s objective when managing the capital is to safeguard the ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain a strong capital base to support the development of the investment activities of the Company. As at the year end the Company has net assets which is funded by the shareholders.
The holders of ordinary shares are entitled to receive dividends as declared from time to time as long as there are sufficient distributable reserves and are entitled to one vote per share at meetings of the Company.
14
Retained earnings
2024
2023
£
£
At the beginning of the year
2,336,785
2,321,874
(Loss)/profit for the year
(6,310)
14,911
Dividends
(55,989)
At the end of the year
2,274,486
2,336,785
15
Related party transactions
During the year the company entered into the following transactions with related parties:
2024
2023
£
£
Aleksandar Bakoc
64,059
-
Eldar Banjica
64,059
-
Boris Vujicic
64,059
-
Marko Kovacevic
8,085
-
200,262
-
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Aleksandar Bakoc
(539,611)
(603,670)
Eldar Banjica
(530,478)
(594,538)
Boris Vujicic
(540,579)
(604,638)
Marko Kovacevic
(8,085)
(1,610,668)
(1,810,931)
CONVEX HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
15
Related party transactions
(Continued)
- 16 -
There were no transactions with key management personnel during the financial year (2023: £nil).
The amounts outstanding are unsecured and will be settled in cash. No guarantees have been given or received. No provisions have been made for doubtful debts in respect of the amounts owed by related parties.
16
Capital commitments
The Company does not have any capital commitments or contingent liabilities that have not been included in these financial statements.
17
Financial risk management
The table below summarises the company’s non-derivative financial liabilities into relevant maturity profiles, based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.
| | Between 3 months and 1 year | | | |
| | | | | |
Interest-free loans and borrowings Trade and other payables | | | | | |
| | | | | |
| | Between 3 months and 1 year | | | |
| | | | | |
Interest-free loans and borrowings Trade and other payables | | | | | |
| | | | | |
18
Cash generated from/(absorbed by) operations
2024
2023
£
£
Loss for the year before income tax
(7,507)
(28,623)
Movements in working capital:
Decrease in trade and other receivables
458,312
12,821
(Decrease)/increase in trade and other payables
(212,911)
2,708
Cash generated from/(absorbed by) operations
237,894
(13,094)
CONVEX HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
- 17 -
19
Events after the reporting date
On 31st March 2025, the Company approved payments totalling EUR 180,000 to the shareholders in partial settlement of amounts owed. The amount was divided equally among Aleksandar Bakoc, Eldar Banjica and Boris Vujicic.
20
Controlling party
It is considered that there is no ultimate controlling party.
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