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REGISTERED NUMBER: 10969092 (England and Wales)







FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

KORE LABS LIMITED

KORE LABS LIMITED (REGISTERED NUMBER: 10969092)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


KORE LABS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: Mrs S Del Prete
D Tavana
S J Clark
Mrs G Hepburn





REGISTERED OFFICE: The Old Police Station
Whitburn Street
Bridgnorth
WV16 4QP





REGISTERED NUMBER: 10969092 (England and Wales)





ACCOUNTANTS: Stanton Ralph & Co Limited
Chartered Accountants
The Old Police Station
Whitburn Street
Bridgnorth
Shropshire
WV16 4QP

KORE LABS LIMITED (REGISTERED NUMBER: 10969092)

BALANCE SHEET
31ST DECEMBER 2023

31.12.22 31.12.23
£    £    Notes £    £   
FIXED ASSETS
27,336 Tangible assets 4 24,693

CURRENT ASSETS
992,776 Debtors 5 1,033,846
436,396 Cash at bank 1,547,940
1,429,172 2,581,786
CREDITORS
1,134,552 Amounts falling due within one year 6 932,069
294,620 NET CURRENT ASSETS 1,649,717
321,956 TOTAL ASSETS LESS CURRENT LIABILITIES 1,674,410

CREDITORS

28,271
Amounts falling due after more than one
year

7

18,215
293,685 NET ASSETS 1,656,195

CAPITAL AND RESERVES
276 Called up share capital 325
4,753,784 Share premium 8,403,918
199,916 Share based payment reserve 438,403
(4,660,291 ) Retained earnings (7,186,451 )
293,685 1,656,195

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9th February 2024 and were signed on its behalf by:



Mrs S Del Prete - Director


KORE LABS LIMITED (REGISTERED NUMBER: 10969092)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. STATUTORY INFORMATION

Kore Labs 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 (£).


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.

Transition to FRS102
As the company exceeded the micro entity limits for the period ended 31 December 2022 and the year ended 31 December 2023, the company can no longer preparing accounts under FRS105. As a result of this, the company now prepares accounts under the small companies regime in line with FRS 102 Section 1A. The date of transition is deemed to be 1 October 2021, the first day of the prior period. In preparing these financial statements the directors have considered the balance sheet at both the transition date and the prior period end date, 31 December 2022, for balances which may be treated differently between the accounting standards. Where differences have been identified these are disclosed on pages 7 to 9.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The directors consider income received in respect of grants to be a key part of the company's operations. As a result income received from grants is included within turnover in line with the costs incurred under the terms of the grant.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on reducing balance

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.

KORE LABS LIMITED (REGISTERED NUMBER: 10969092)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Share based payments
The company offers multiple share option schemes to its employees and suppliers. At each reporting date, a charge is recorded in the income statement based on the fair value of the options, determined at the grant date, spread evenly over the period which the company receives a service. In calculating the total charge only options expected to vest are considered.

Where the options contain non-market based performance conditions, the number of options expected to vest is altered to reflect the probability of the conditions being satisfied. Where this estimate is revised between periods, the change is reflected in the current period results.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2022 - 17 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st January 2023 29,682
Additions 6,002
Disposals (3,498 )
At 31st December 2023 32,186
DEPRECIATION
At 1st January 2023 2,346
Charge for year 6,239
Eliminated on disposal (1,092 )
At 31st December 2023 7,493
NET BOOK VALUE
At 31st December 2023 24,693
At 31st December 2022 27,336

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 810,626 750,326
Other debtors 223,220 242,450
1,033,846 992,776

KORE LABS LIMITED (REGISTERED NUMBER: 10969092)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 10,035 9,808
Trade creditors 148,885 210,484
Taxation and social security 77,085 88,935
Other creditors 696,064 825,325
932,069 1,134,552

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 18,215 28,271

8. CHANGE IN ACCOUNTING POLICY - GRANTS

The directors consider income from grants to be a key part of the company's operations and have therefore revised the accounting policy in respect of grants to include such income within turnover. Previously, income from grants was treated as other operating income. As a result of the change in policy other income in the prior year has reduced by £289,854 with turnover increasing by an equal amount. The change in policy has no impact on the loss for the period or the net assets present at the balance sheet date.

An amount of £113,412 is included within turnover for the year ended 31 December 2023 in respect of income received under grant claims.