REGISTERED NUMBER: |
CORTES LIMITED |
Unaudited Financial Statements for the Year Ended 31 August 2023 |
REGISTERED NUMBER: |
CORTES LIMITED |
Unaudited Financial Statements for the Year Ended 31 August 2023 |
CORTES LIMITED (REGISTERED NUMBER: 02842513) |
Contents of the Financial Statements |
for the year ended 31 August 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
CORTES LIMITED |
Company Information |
for the year ended 31 August 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Nightingale House |
46-48 East Street |
Epsom |
Surrey |
KT17 1HQ |
CORTES LIMITED (REGISTERED NUMBER: 02842513) |
Balance Sheet |
31 August 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve |
Exchange revaluation reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
CORTES LIMITED (REGISTERED NUMBER: 02842513) |
Notes to the Financial Statements |
for the year ended 31 August 2023 |
1. | STATUTORY INFORMATION |
Cortes Limited is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
TURNOVER |
Turnover represents net invoiced sales of goods, excluding value added tax. |
TANGIBLE FIXED ASSETS |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
INVESTMENTS IN SUBSIDIARIES |
Investments in subsidiary undertakings are recognised at cost. |
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. |
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
INVESTMENTS |
Investments held as fixed assets are stated at cost less any provisions for impairment in value. |
CORTES LIMITED (REGISTERED NUMBER: 02842513) |
Notes to the Financial Statements - continued |
for the year ended 31 August 2023 |
2. | ACCOUNTING POLICIES - continued |
FOREIGN CURRENCY |
Foreign currency transactions are translated at the rates ruling when they occurred. Foreign currency monetary assets and liabilities are translated at the rates ruling at the balance sheet date. Any differences are taken to the profit and loss account. |
FINANCIAL INSTRUMENTS |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 September 2022 |
Disposals | ( |
) | ( |
) |
At 31 August 2023 |
DEPRECIATION |
At 1 September 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 September 2022 |
and 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
CORTES LIMITED (REGISTERED NUMBER: 02842513) |
Notes to the Financial Statements - continued |
for the year ended 31 August 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
As at 31st August 2023 Hernan Cortes (the director of the company) provided a personal guarantee of £500,000 in relation to the overdraft facility held by Cortes Ltd. |
9. | RELATED PARTY DISCLOSURES |
At 31 August 2023 the company's ultimate controlling party was Mr H Cortes, the sole director of the company. |
During the year, the company entered into the following related party transactions with businesses established in the Canary Islands, Spain: |
Agents commission payable to Pilar Mesa Rodriguez £22,687 (2022: £2 465). A balance of £nil (2022: £nil) is outstanding at the year end included in trade creditors. |
During the year the company purchased goods worth £883,273 (2022 - £1,192,654) from its subsidiary. |
During the year the company purchased goods worth £1,938,527 (2022 - £470,008) from Invertia Market SL, a company for which H Cortes is also a director. |
During the year the company purchased goods worth £22,352 (2022 - £nil) from Unextomates Limited, a company for which H Cortes is also a director. |
As at year end the director was owed by the company £1,063 (2022: £116,691 owed the company) and is included in other creditors. |