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REGISTERED NUMBER: 09890676 (England and Wales)










Unaudited Financial Statements

for the Year Ended 30 November 2022

for

Core Pi Limited

Core Pi Limited (Registered number: 09890676)






Contents of the Financial Statements
for the Year Ended 30 November 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Core Pi Limited

Company Information
for the Year Ended 30 November 2022







DIRECTORS: N W Naumann
H S Reading





REGISTERED OFFICE: Airport House
Suite 43 - 45
Purley Way
Croydon
Surrey
CR0 0XZ





REGISTERED NUMBER: 09890676 (England and Wales)






Core Pi Limited (Registered number: 09890676)

Balance Sheet
30 November 2022

2022 2021
Notes £    £   
CURRENT ASSETS
Stocks 4 4,846,020 2,596,890
Debtors 5 59,066 105,206
Cash at bank 1,710 4,831
4,906,796 2,706,927
CREDITORS
Amounts falling due within one year 6 (2,103,353 ) (1,997,043 )
NET CURRENT ASSETS 2,803,443 709,884
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,803,443

709,884

CREDITORS
Amounts falling due after more than one year 7 (3,480,218 ) (1,013,795 )
NET LIABILITIES (676,775 ) (303,911 )

CAPITAL AND RESERVES
Called up share capital 300 300
Retained earnings 8 (677,075 ) (304,211 )
(676,775 ) (303,911 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Core Pi Limited (Registered number: 09890676)

Balance Sheet - continued
30 November 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 November 2023 and were signed on its behalf by:





H S Reading - Director


Core Pi Limited (Registered number: 09890676)

Notes to the Financial Statements
for the Year Ended 30 November 2022

1. STATUTORY INFORMATION

Core Pi Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The principal activity of the company continued to be that of Construction of domestic buildings.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

STOCKS
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

FINANCIAL INSTRUMENTS
The company only enters into basic financial transactions that result in recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from bank and other third parties, loans to related parties and investments in non-puttable ordinary shares.

CURRENT TAX
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

PROVISIONS FOR LIABILITIES
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the statement of income and retained earnings in the year that the company becomes aware of the obligation and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in Balance sheet.

Core Pi Limited (Registered number: 09890676)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2022

2. ACCOUNTING POLICIES - continued

GOING CONCERN
At the balance sheet date, liabilities exceed assets by £676,775 (2021 - £303,911). However the financial statements have been prepared on a going concern basis as the company has the continuing support from its directors and majority shareholders, The directors are therefore satisfied that the financial statements have been correctly prepared on the going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4. STOCKS
2022 2021
£    £   
Work-in-progress 4,846,020 2,596,890

Work-in-progress includes cost of purchase of land and developments costs at Chatham Street.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Other debtors 59,066 105,206

The directors consider the carrying value of trade and other receivables approximate to their fair values.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 144,905 154,498
Amounts owed to associate companies 1,726,883 1,625,177
Other creditors 231,565 217,368
2,103,353 1,997,043

The directors consider the carrying amounts of current liabilities approximate to their fair values.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank loans 3,480,218 1,013,795

Loan is secured by Atelier Capital Partners Limited via negative pledge and fixed and floating charges over all the property or undertaking of the company.

The directors consider the carrying amounts of long term liabilities approximate to their fair values.

Core Pi Limited (Registered number: 09890676)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2022

8. RESERVES

PROFIT AND LOSS RESERVES

The Profit and loss account comprises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholders. This is a distributable reserve.

9. RELATED PARTY DISCLOSURES

As at the balance sheet date included in other creditors were amounts due to directors of £35,826 (2021 - £35,826) to Howard Reading and £61,052 (2021 : £21,052) to Nicholas Naumann.

At the balance sheet date, included in amount due to associate companies were amount of £856,748 (2021 - £809,543) due to Strata Property Ltd, a company in which Howard Reading is director and shareholder.

At the balance sheet date, included in amount due to associate companies were amount of £870,134 (2021 - £815,634) due to TCN Homes Ltd, a company in which Nicholas Naumann is director and shareholder.