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Company registration number: 03812840
Coregeo Limited
Filleted financial statements
30 June 2023
Coregeo Limited
Contents
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
Coregeo Limited
Directors responsibilities statement
Year ended 30 June 2023
The directors are responsible for preparing the directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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.
Coregeo Limited
Statement of financial position
30 June 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 3 23,693 40,361
_______ _______
23,693 40,361
Current assets
Debtors 4 2,490,585 1,527,323
Cash at bank and in hand 1,723,431 1,704,482
_______ _______
4,214,016 3,231,805
Creditors: amounts falling due
within one year 5 ( 2,122,572) ( 1,294,567)
_______ _______
Net current assets 2,091,444 1,937,238
_______ _______
Total assets less current liabilities 2,115,137 1,977,599
Provisions for liabilities ( 5,923) ( 8,560)
_______ _______
Net assets 2,109,214 1,969,039
_______ _______
Capital and reserves
Called up share capital 7 100 100
Profit and loss account 8 2,109,114 1,968,939
_______ _______
Shareholders funds 2,109,214 1,969,039
_______ _______
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 12 September 2023 , and are signed on behalf of the board by:
Mr Andre Medeiros
Director
Company registration number: 03812840
Coregeo Limited
Notes to the financial statements
Year ended 30 June 2023
1. General information
Coregeo Limited (Company number 03812840 ) is a private company limited by shares, registered in England & Wales. The address of the registered office is 11 Albion Place, Maidstone, Kent, ME14 5DY.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for royalty income earned, net of discounts and Value Added Tax.
Revenue from the above stated service is measured by reference to the reliable estimate of the stage of completion of the services provided at the end of the reporting period. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities, such as trade and other debtors and creditors, and loans to third parties.
2. Employee numbers
The average number of persons employed by the company, including directors, during the year amounted to 26 (2022: 24).
3. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 July 2022 141,496 141,496
Additions 6,016 6,016
_______ _______
At 30 June 2023 147,512 147,512
_______ _______
Depreciation
At 1 July 2022 101,135 101,135
Charge for the year 22,684 22,684
_______ _______
At 30 June 2023 123,819 123,819
_______ _______
Carrying amount
At 30 June 2023 23,693 23,693
_______ _______
At 30 June 2022 40,361 40,361
_______ _______
4. Debtors
2023 2022
£ £
Trade debtors 2,467,861 1,282,513
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 169,996
Other debtors 22,724 74,814
_______ _______
2,490,585 1,527,323
_______ _______
5. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 848,360 328,307
Amounts owed to group undertakings and undertakings in which the company has a participating interest 80,070 -
Social security and other taxes 111,328 68,502
Other creditors 1,082,814 897,758
_______ _______
2,122,572 1,294,567
_______ _______
Other creditors includes an amount of £903,216 (2022 - £729,637) in respect of Pink Lady promotional funds.
6. Obligations under finance leases
Company lessee
The total future minimum lease payments under finance lease agreements are as follows:
2023 2022
£ £
Not later than 1 year 29,600 29,600
Later than 1 year and not later than 5 years 75,338 104,938
_______ _______
104,938 134,538
_______ _______
Present value of minimum lease payments 104,938 134,538
_______ _______
7. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 0.25 each 300 75 300 75
'B' Ordinary Shares shares of £ 0.25 each 100 25 100 25
_______ _______ _______ _______
400 100 400 100
_______ _______ _______ _______
8. Reserves
The profit and loss reserve brought forward consists of the accumulation of the company's profit or loss since the company was incorporated. The movements within this reserve in the year is the profit during the year.
9. Summary audit opinion
The auditor's report for the year dated ............................ 14 September 2023 was unqualified .
The senior statutory auditor was Michael Fanning FCCA for and on behalf of Henry Reeves & Co Limited
10. Directors advances, credits and guarantees
There were no advances, credits or guarantees made to any of the directors during the year.
11. Controlling party
The ultimate parent undertaking is Apple and Pear Australia Limited, a company incorporated in Australia. Copies of its accounts can be obtained from Suite G.02, 128 Joliment Road, East Melbourne, Victoria 3002 .