REGISTERED NUMBER: |
Report of the Directors and |
Audited Financial Statements |
for the Period |
1 May 2022 to 31 December 2022 |
for |
Coris U.K. Limited |
REGISTERED NUMBER: |
Report of the Directors and |
Audited Financial Statements |
for the Period |
1 May 2022 to 31 December 2022 |
for |
Coris U.K. Limited |
Coris U.K. Limited (Registered number: 02193754) |
Contents of the Financial Statements |
for the Period 1 May 2022 to 31 December 2022 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Report of the Independent Auditors | 5 |
Statement of Income and Retained Earnings | 9 |
Balance Sheet | 10 |
Notes to the Financial Statements | 11 |
Coris U.K. Limited |
Company Information |
for the Period 1 May 2022 to 31 December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
& Registered Auditor |
Old Printers Yard |
156 South Street |
Dorking |
Surrey |
RH4 2HF |
Coris U.K. Limited (Registered number: 02193754) |
Report of the Directors |
for the Period 1 May 2022 to 31 December 2022 |
The directors present their report with the financial statements of the company for the period 1 May 2022 to 31 December 2022. The directors’ report has been prepared in accordance with the provisions applicable to companies entitled to the small companies’ exemption. The company is exempt from preparing a strategic report. |
PRINCIPAL ACTIVITY |
The principal activity of the company continues to be that of international loss adjusters. There are no branches outside the UK. |
REVIEW OF BUSINESS |
The results for the period are shown on the Statement of Income & Retained Earnings on page 9. The loss after taxation was £33,568 (Year ended 30 April 2022: £127,301 loss). No dividend was paid during the period (Year ended 30 April 2022: £500,000). |
GOING CONCERN |
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the forseeable future. Thus, they continue to adopt the going concern basis in preparing the financial statements. |
At the 31st December 2022 the Company was a member of the Irwin Mitchell Holdings Limited group of companies (“the Group”) whose ultimate parent entity is Irwin Mitchell Holdings Limited (“IMH”). The Company benefited from Group support when needed. |
On the 19th April 2023 the Company was acquired by CCN Insurance Services AG (CCN). The Company benefits from support from CCN, when needed. |
In addition the directors have received confirmation that the parent, CCN, will provide support to the Company, for at least 12 months from the date of signing these financial statements, should it be required. |
FUTURE DEVELOPMENTS |
The directors expect figures to improve over the course of the year to 31 December 2023 as new case numbers increase. |
POST BALANCE SHEET EVENTS |
Information relating to events since the end of the period is given in the notes to the financial statements. |
DIRECTORS |
Coris U.K. Limited (Registered number: 02193754) |
Report of the Directors |
for the Period 1 May 2022 to 31 December 2022 |
FINANCIAL INSTRUMENTS |
Financial risk management objectives and policies |
The Company’s activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. |
Credit risk |
The Company’s principal financial assets are cash, trade and other receivables. The Company’s credit risk is primarily attributable to its trade receivables. The amounts presented in the Balance Sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. |
The Company does not have any derivative financial instruments. |
The Company has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers. |
Cash flow risk |
The Company’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The Company does not use interest rate swap contracts to hedge these exposures. A liquidity review is completed at least annually, including a review of any financing arrangements to reduce this risk where possible. The Company does not consider that it is exposed to significant exchange rate risk. Working capital is managed at a Group level with funding provided via intercompany balances as necessary. |
Liquidity risk |
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, all cash is held at call and loans made are repayable upon demand. |
DIRECTORS AND OFFICERS INSURANCE |
The Company has made qualifying third-party indemnity provisions for the benefit of its directors which remain in force at the date of this report. |
DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | 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. |
Coris U.K. Limited (Registered number: 02193754) |
Report of the Directors |
for the Period 1 May 2022 to 31 December 2022 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
Ernst & Young LLP were not reappointed when their term of office in relation to year ended 30 April 2022 came to an end. The directors appointed Bullimores LLP as auditor for the period ended 31st December 2022. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Coris U.K. Limited |
Opinion |
We have audited the financial statements of Coris U.K. Limited (the 'company') for the period ended 31 December 2022 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its loss for the period then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Coris U.K. Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
Responsibilities of directors |
As explained more fully in the Directors' Responsibilities Statement set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Coris U.K. Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant which are directly relevant to specific assertions in the financial statements are those related to the reporting frameworks, FRS102, the Companies Act 2006 and the relevant tax compliance regulations in the UK) |
- We communicated relevant laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit; |
- We understood how the Company is complying with those legal and regulatory frameworks by making inquiries of management and those charged with governance; |
- These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it; |
- We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur, by making enquires of management and those charged with governance. We utilised internal and external information to corroborate these enquiries and to perform a fraud risk assessment for the Company as a whole. We considered the risk of fraud to be higher through the potential for management override of controls. |
Audit procedures performed by the engagement team on the areas where fraud might occur included: |
- evaluation of management's internal processes designed to prevent and detect irregularities |
- journals entries testing, with a focus on manual entries and entries determined to be large or relating to unusual transactions |
- review of revenue data to detect unusual transactions |
Assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team's: |
- understanding of, and practical experience with audit engagements of a similar nature and complexity through the appropriate training and participation |
- knowledge of the industry in which the company operates |
- understanding of the legal and regulatory requirements specific to the company |
We did not identify any matters relating to non-compliance with laws and regulation or relating to fraud. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Coris U.K. Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
& Registered Auditor |
Old Printers Yard |
156 South Street |
Dorking |
Surrey |
RH4 2HF |
Coris U.K. Limited (Registered number: 02193754) |
Statement of Income and |
Retained Earnings |
for the Period 1 May 2022 to 31 December 2022 |
Period |
1.5.22 |
to | Year Ended |
31.12.22 | 30.4.22 |
as restated |
Notes | £ | £ |
TURNOVER | 5 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT/(LOSS) | ( |
) |
Interest receivable and similar income |
PROFIT/(LOSS) BEFORE TAXATION | 7 | ( |
) |
Tax on profit/(loss) | 8 | ( |
) |
LOSS FOR THE FINANCIAL PERIOD | ( |
) | ( |
) |
Retained earnings at beginning of period as previously reported |
434,340 |
1,063,065 |
Dividends | 9 | ( |
) |
Prior year adjustment - corrections of material errors |
10 |
1,424 |
- |
RETAINED EARNINGS AT END OF PERIOD |
402,196 |
435,764 |
Coris U.K. Limited (Registered number: 02193754) |
Balance Sheet |
31 December 2022 |
31.12.22 | 30.4.22 |
as restated |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 13 | 100 | 100 |
Retained earnings | 14 | 402,196 | 435,764 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Coris U.K. Limited (Registered number: 02193754) |
Notes to the Financial Statements |
for the Period 1 May 2022 to 31 December 2022 |
1. | CHANGE IN ACCOUNTING PERIOD LENGTH |
These financial statements cover a period of 8 months 1 May 2022 to 31 December 2022 (Year ended 30 April 2022: 12 months). The comparatives are therefore not entirely comparable. This change in the accounting period length follows the acquisition of the company by CCN Insurance Services AG. (CCN) from it's previous parent, Irwin Mitchell Holdings Limited, which was completed on 19 April 2023. |
2. | STATUTORY INFORMATION |
Coris U.K. Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historic cost convention. |
During the period 1 May 2022 to 31 December 2022, the company transitioned back from FRS 101 to FRS 102, with a transition date of 1 May 2021. In the financial statements for the previous accounting period, the year to 30 April 2022, the company transitioned from FRS 102 to the FRS 101. The transition back follows the acquisition of the company by CCN Insurance Services AG. (CCN), which was completed on 19 April 2023. An explanation of how the transition to FRS 102 has affected the reported financial position and financial performance of the Company is provided in note 10. |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 3.17(d); |
• | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
• | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A; |
• | the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23; |
• | the requirement of paragraph 33.7; |
• | the requirements of paragraph 24(b) of IFRS 6. |
Where required, equivalent disclosures are given in the consolidated financial statements of Irwin Mitchell Holdings Limited for the year to 30 April 2023. The consolidated financial statements are available to the public and can be obtained as set out in note 15. |
Going concern |
Due to the recent losses the Directors have obtained a letter of support from the parent company providing comfort that they are able and willing to financially support the Company if required, for a period of at least 12 months from the date these accounts were approved. |
Accordingly, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly they continue to adopt the going concern basis in preparing the annual financial statements with no material uncertainty. |
Coris U.K. Limited (Registered number: 02193754) |
Notes to the Financial Statements - continued |
for the Period 1 May 2022 to 31 December 2022 |
3. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is stated net of VAT and is recognised when the service has been fully provided to the defendant. This can include partial completion of the service where there is a right to consideration and a reliable estimate can be made of the anticipated final fee based on the experience of previous contracts. Factors considered include the age of the case, attrition rate, average work done given the age of the case and the average & minimum fee level. |
Unbilled disbursements relating to cases in progression are recognised as other debtors and are released when the final invoice is sent to the defendant. |
Coris U.K. Limited (Registered number: 02193754) |
Notes to the Financial Statements - continued |
for the Period 1 May 2022 to 31 December 2022 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument. |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. |
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Financial assets and liabilities |
Financial assets and liabilities are only offset in the Balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. |
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. |
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. |
Accrued income |
Accrued income has been measured at the fair value of the consideration receivable from the transaction by reference to the stage of completion of the transaction at the end of the reporting period. Contingent revenue is only recognised when the contingency is resolved. |
Impairment of assets |
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below. |
Non-financial assets |
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. |
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. |
Financial assets |
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate. |
Coris U.K. Limited (Registered number: 02193754) |
Notes to the Financial Statements - continued |
for the Period 1 May 2022 to 31 December 2022 |
3. | ACCOUNTING POLICIES - continued |
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date. |
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. |
Taxation |
Taxation for the period comprises current and deferred tax. 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 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. There is no liability or asset for deferred tax at the balance sheet date. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
Coris U.K. Limited (Registered number: 02193754) |
Notes to the Financial Statements - continued |
for the Period 1 May 2022 to 31 December 2022 |
4. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
In the application of the Company’s accounting policies, which are described in note 3, 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 in applying the Company’s accounting policies |
The following are the critical judgements, apart from those involving estimations (which are dealt with separately below), that the directors have made in the process of applying Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements. |
Accrued income |
The calculation of accrued income involves the use of certain estimates of case length, attrition rates and average fee levels which involve both judgement and estimation uncertainty. The accrued income balance was £124,744 (Year ended 30 April 2022: £106,482) and is included in prepayments and accrued income note 11. |
Key source of estimation uncertainty |
Disbursement provisioning |
Provisions for irrecoverable disbursements are calculated on a percentage basis using historical disbursement write off data. This is considered to be a key source of estimation uncertainty due to the materiality of the figures involved. The disbursement balance of £155,535 (Year ended 30 April 2022: £96,539) is included in other debtors in note 11. Also included in the other debtors is the provision for irrecoverable disbursement figure of £2,562 (Year ended 30 April 2022: £5,088). |
5. | TURNOVER |
The turnover and profit (2022 - loss) before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
Period |
1.5.22 |
to | Year Ended |
31.12.22 | 30.4.22 |
as restated |
£ | £ |
United Kingdom |
Europe |
Asia |
The directors consider that during both the current period and prior years, only one class of business was conducted. The income received is from UK and European customers, split as above. |
Coris U.K. Limited (Registered number: 02193754) |
Notes to the Financial Statements - continued |
for the Period 1 May 2022 to 31 December 2022 |
6. | EMPLOYEES AND DIRECTORS |
Period |
1.5.22 |
to | Year Ended |
31.12.22 | 30.4.22 |
as restated |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the period was as follows: |
Period |
1.5.22 |
to | Year Ended |
31.12.22 | 30.4.22 |
as restated |
Sales |
No remuneration has been paid to the directors in position at 31 December 2022 (Year ended 30 April 2022: £nil), their costs being borne by other group companies and not recharged to the company. |
7. | PROFIT/(LOSS) BEFORE TAXATION |
The profit (2022 - loss) is stated after charging: |
Period |
1.5.22 |
to | Year Ended |
31.12.22 | 30.4.22 |
as restated |
£ | £ |
Auditors' remuneration |
Coris U.K. Limited (Registered number: 02193754) |
Notes to the Financial Statements - continued |
for the Period 1 May 2022 to 31 December 2022 |
8. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the period was as follows: |
Period |
1.5.22 |
to | Year Ended |
31.12.22 | 30.4.22 |
as restated |
£ | £ |
Current tax: |
UK corporation tax | ( |
) |
Tax on profit/(loss) | ( |
) |
9. | DIVIDENDS |
Period |
1.5.22 |
to | Year Ended |
31.12.22 | 30.4.22 |
as restated |
£ | £ |
Ordinary shares of 1 each |
Interim |
Coris U.K. Limited (Registered number: 02193754) |
Notes to the Financial Statements - continued |
for the Period 1 May 2022 to 31 December 2022 |
10. | PRIOR YEAR ADJUSTMENT |
As described above, for this reporting period, the company has transitioned back from applying FRS 101 to FRS 102. It had previously transitioned from FRS 102 to FRS 101 in the previous year to 30 April 2022. Following the acquisition of the company, completed on 19 April 2023, new directors have been appointed. They have decided that the policies of FRS 102 provide more reliable information. |
Therefore, the affected comparative figures shown in these accounts have been restated in accordance with FRS 102 Section 10 for the changes in accounting policy that this has induced. |
The figures that have been restated are detailed below. |
Balance Sheet |
30.4.22 | 30.4.22 |
Per prior year accounts | FRS 101 to FRS 102 transition adjustments | Restated (as shown in the Balance Sheet | ) |
Trade debtors | 99,897 | 2,149 | 102,046 |
Other debtors | 91,541 | (90 | ) | 91,451 |
Accrued income | 106,783 | (301 | ) | 106,482 |
Corporation tax asset | 36,652 | (334 | ) | 36,318 |
Retained earnings: |
- Balance at 1 May 2021 | 1,061,400 | 1,665 | 1,063,065 |
- (Loss after tax) | (127,060 | ) | (241 | ) | (127,301 | ) |
- Dividends | (500,000 | ) | - | (500,000 | ) |
- Balance at 30 April 2022 | 434,340 | 1,424 | 435,764 |
Profit |
30.4.22 | 30.4.22 |
Per prior year accounts | FRS 101 to FRS 102 transition adjustments | Restated (as shown in the Income Statement | ) |
Bad debts | (19,830 | ) | (298 | ) | (20,128 | ) |
Tax | (29,804 | ) | (57 | ) | (29,861 | ) |
(Loss after tax) | (127,060 | ) | (241 | ) | (127,301 | ) |
The transition to FRS 102 has led to a change in the policy for the measurement of allowances for irrecoverable amounts from the IFRS 9 expected credit loss model to the incurred loss impairment model applied under FRS 102. The changes in the values of the allowances have affected the balances of receivable accounts in the balance sheet for the comparative period, the year to 30 April 2022. This has also led to an effect on tax. |
Under IFRS 9, impairment is determined by calculating an expected value based on the differing risk profiles of debts, i.e. the ‘expected lifetime credit loss’ (or in some cases a ‘12-month expected credit loss’). Financial assets are classified by how many days they are past due, and the expected value used is based on these classifications weighted by probability percentages according to the amounts in each class. Under FRS 102, impairment losses are calculated once objective evidence of impairment of a financial asset has arisen. |
Coris U.K. Limited (Registered number: 02193754) |
Notes to the Financial Statements - continued |
for the Period 1 May 2022 to 31 December 2022 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 30.4.22 |
as restated |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Tax |
Prepayments and accrued income |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 30.4.22 |
as restated |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Accruals and deferred income |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.22 | 30.4.22 |
value: | as restated |
£ | £ |
Ordinary | 1 | 100 | 100 |
14. | RESERVES |
Retained |
earnings |
£ |
At 1 May 2022 | 434,340 |
Prior year adjustment |
435,764 |
Deficit for the period | ( |
) |
At 31 December 2022 | 402,196 |
Coris U.K. Limited (Registered number: 02193754) |
Notes to the Financial Statements - continued |
for the Period 1 May 2022 to 31 December 2022 |
15. | ULTIMATE PARENT COMPANY |
CCN Insurance Services AG (CCN) (incorporated in the Netherlands ) is regarded by the directors as being the company's ultimate parent company. |
The ultimate parent company at the 31 December 2022 was Irwin Mitchell Holdings Limited, 26 New Street, St. Helier, Jersey, JE2 3RA. |
16. | RELATED PARTY DISCLOSURES |
These amounts all relate to trading balances except for short-term loans to Irwin Mitchell Holdings Limited of £212,761 (Year ended 30 April 2022: £212,761). |
All amounts are repayable on demand, no interest is payable on group balances. |
The transactions with related parties were as follows: | £ |
Amount owed to Irwin Mitchell LLP by the Company at 30 April 2022 | (241,642 | ) |
Payments made on behalf of Coris by Irwin Mitchell LLP | (167,926 | ) |
Payments received by Irwin Mitchell LLP on behalf of Coris | 12,328 |
Invoices raised by Irwin Mitchell LLP to Coris | (80,232 | ) |
Payments made to Irwin Mitchell LLP by Coris | 236,354 |
Amount owed to Irwin Mitchell LLP by the Company at 31 December 2022 | (241,118 | ) |
17. | POST BALANCE SHEET EVENTS |
After 31 December 2022, the company was acquired from its previous parent, Irwin Mitchell Holdings Limited, by its new parent, CCN Insurance Services AG (CCN). The acquisition was completed on 19 April 2023. |
The financial effects of this are impracticable to estimate. |
18. | ULTIMATE CONTROLLING PARTY |
The controlling party is C Werff. |