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Registration number: 11716557

Core Supplies Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 December 2021

 

Core Supplies Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

Core Supplies Ltd

Company Information

Directors

Mr A Bates

Mr L Bates

Ms T Veenstra

Ms H Bates

Ms A Veenstra

Ms P Kublickas

Registered office

Mey House
Bridport Road
Poundbury
Dorset
DT1 3QY

Accountants

Spirare Limited
Chartered Certified
Mey House
Bridport Road
Poundbury
Dorset
DT1 3QY

 

Core Supplies Ltd

(Registration number: 11716557)
Abridged Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

2,885

1,683

Current assets

 

Debtors

3,919

20,497

Cash at bank and in hand

 

77,031

59,820

 

80,950

80,317

Prepayments and accrued income

 

-

350

Creditors: Amounts falling due within one year

(30,721)

(25,277)

Net current assets

 

50,229

55,390

Total assets less current liabilities

 

53,114

57,073

Provisions for liabilities

(548)

(320)

Accruals and deferred income

 

(1,500)

(1,000)

Net assets

 

51,066

55,753

Capital and reserves

 

Called up share capital

5

108

102

Profit and loss account

50,958

55,651

Shareholders' funds

 

51,066

55,753

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 20 June 2022 and signed on its behalf by:
 

 

Core Supplies Ltd

(Registration number: 11716557)
Abridged Balance Sheet as at 31 December 2021

.........................................
Mr A Bates
Director

 

Core Supplies Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Mey House
Bridport Road
Poundbury
Dorset
DT1 3QY

These financial statements were authorised for issue by the Board on 20 June 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Core Supplies Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2021

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered 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 reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

33% straight line

Office equipment

33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

Core Supplies Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2021

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2020 - 1).

 

Core Supplies Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2021

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2021

2,101

2,101

Additions

2,350

2,350

At 31 December 2021

4,451

4,451

Depreciation

At 1 January 2021

418

418

Charge for the year

1,148

1,148

At 31 December 2021

1,566

1,566

Carrying amount

At 31 December 2021

2,885

2,885

At 31 December 2020

1,683

1,683

5

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary A of £1 each

100

100

100

100

Ordinary B of £1 each

1

1

1

1

Ordinary C of £1 each

1

1

1

1

Ordinary D of £1 (2020 - £0) each

1

1

-

-

Ordinary E of £1 (2020 - £0) each

1

1

-

-

Ordinary F of £1 (2020 - £0) each

1

1

-

-

Ordinary G of £1 (2020 - £0) each

1

1

-

-

Ordinary H of £1 (2020 - £0) each

1

1

-

-

Ordinary I of £1 (2020 - £0) each

1

1

-

-

 

108

108

102

102

 

Core Supplies Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2021

6

Related party transactions

Transactions with directors

2021

At 1 January 2021
£

Advances to directors
£

Repayments by director
£

At 31 December 2021
£

Mr A Bates

The director maintains an interest free loan account which is repayable on demand

2,898

(2,898)

504

504

         
       

Mr L Bates

The directors maintain an interest free loan account with the company which is repayable on demand

-

(1)

10

9

         
       

Ms T Veenstra

The directors maintain an interest free loan account with the company which is repayeble on demand

-

(2)

10

8

         
       

Ms H Bates

The directors maintain an interest free loan account with the company which is repayable on demand

-

(1)

10

9

         
       

Ms A Veenstra

The directors maintain an interest free loan account with the company which is repayable on demand

-

(1)

10

9

         
       

Ms P Kublickas

The directors maintain an interest free loan account with the company which is repayable on demand

-

(1)

10

9

         
       

 

2020

At 1 January 2020
£

Advances to directors
£

Repayments by director
£

At 31 December 2020
£

Mr A Bates

The director maintains an interest free loan account which is repayable on demand

-

(102)

3,000

2,898

         
       

 

 

Core Supplies Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2021

Directors' remuneration

The directors' remuneration for the year was as follows:

2021
£

2020
£

Remuneration

122,568

5,247