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Registration number: SC350675

Core 3 Partners Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Core 3 Partners Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Core 3 Partners Limited

Company Information

Directors

Mr Brian Gray

Mr Stuart Latta

Registered office

27 North Bridge Street
Hawick
Scottish Borders
TD9 9BD

Accountants

Deans Accountants And Business Advisors Ltd
Chartered Accountants and Business Advisors
27 North Bridge Street
Hawick
Scottish Borders
TD9 9BD

 

DEANS

Chartered Accountants

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Core 3 Partners Limited for the Year Ended 31 October 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Core 3 Partners Limited for the year ended 31 October 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland (ICAS), we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/ethics/icas-code-of-ethics.

This report is made solely to the Board of Directors of Core 3 Partners Limited, as a body, in accordance with the terms of our engagement letter dated 16 December 2008. Our work has been undertaken solely to prepare for your approval the accounts of Core 3 Partners Limited and state those matters that we have agreed to state to the Board of Directors of Core 3 Partners Limited, as a body, in this report in accordance with ICAS guidance (www.icas.com/accountsprep/guidance). To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Core 3 Partners Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Core 3 Partners Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Core 3 Partners Limited. You consider that Core 3 Partners Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Core 3 Partners Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Deans Accountants And Business Advisors Ltd
Chartered Accountants and Business Advisors
27 North Bridge Street
Hawick
Scottish Borders
TD9 9BD

10 April 2024

 

Core 3 Partners Limited

(Registration number: SC350675)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

4,326

6,218

Current assets

 

Stocks

5

432

432

Debtors

6

90,391

85,832

Cash at bank and in hand

 

84,516

73,603

 

175,339

159,867

Creditors: Amounts falling due within one year

7

(38,498)

(40,799)

Net current assets

 

136,841

119,068

Total assets less current liabilities

 

141,167

125,286

Provisions for liabilities

(735)

(1,057)

Net assets

 

140,432

124,229

Capital and reserves

 

Called up share capital

8

4

4

Retained earnings

140,428

124,225

Shareholders' funds

 

140,432

124,229

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 April 2024 and signed on its behalf by:
 

.........................................
Mr Stuart Latta
Director

 

Core 3 Partners Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
27 North Bridge Street
Hawick
Scottish Borders
TD9 9BD
United Kingdom

The principal place of business is:
Carnarvon Street
Hawick
Roxburghshire
TD9 7EB
Scotland

These financial statements were authorised for issue by the Board on 10 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company is not directly impacted by Brexit.

The company has suffered financially from the pandemic. Where appropriate, government support in the forms of grants and loans were used to mitigate the impact of lockdowns etc. The directors will continue to assess the impact of the pandemic and make decisions accordingly.

The financial statements are presented in Sterling (£) and rounded to the nearest £1.

Judgements

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made included:

Useful economic lives of tangible assets – the annual depreciation charge for tangible assets is sensitive to change in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation, and the physical condition of the assets.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales value added tax, returns, rebates and discounts.

Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

 

Core 3 Partners Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% straight line

Office equipment

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Core 3 Partners Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of it’s liabilities.
 Recognition and measurement
Where shares are issued, any component that creates, a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as an interest expenses in the profit and loss account.
 Impairment
At the end of each reporting period financial instruments measured at fair value are assessed for objective evidence of impairment. The impairment loss is recognised in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Core 3 Partners Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Office equipment
£

Plant and machinery
 £

Total
£

Cost or valuation

At 1 November 2022

7,567

10,082

17,649

At 31 October 2023

7,567

10,082

17,649

Depreciation

At 1 November 2022

1,349

10,082

11,431

Charge for the year

1,892

-

1,892

At 31 October 2023

3,241

10,082

13,323

Carrying amount

At 31 October 2023

4,326

-

4,326

At 31 October 2022

6,218

-

6,218

5

Stocks

2023
£

2022
£

Other inventories

432

432

6

Debtors

Current

2023
£

2022
£

Trade debtors

27,703

32,601

Prepayments

277

89

Other debtors

62,411

53,142

 

90,391

85,832

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

15,904

26,675

Taxation and social security

19,671

12,487

Accruals and deferred income

1,613

1,463

Other creditors

1,310

174

38,498

40,799

 

Core 3 Partners Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

4

4

4

4

       

9

Related party transactions

Transactions with directors

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

Mr Stuart Latta

Loans are undated, unsecured and have no fixed repayment terms. Interest is charged at 2% per annum on monthly outstanding balances.

28,327

37,208

(31,742)

33,793

Mr Brian Gray

Loans are undated, unsecured and have no fixed repayment terms. Interest is charged at 2% per annum on monthly outstanding balances.

21,964

32,725

(28,000)

26,689

2022

At 1 November 2021
£

Advances to director
£

Repayments by director
£

At 31 October 2022
£

Mr Stuart Latta

Loans are undated, unsecured and have no fixed repayment terms. Interest is charged at 2% per annum on monthly outstanding balances.

28,970

28,327

(28,970)

28,327

Mr Brian Gray

Loans are undated, unsecured and have no fixed repayment terms. Interest is charged at 2% per annum on monthly outstanding balances.

23,816

21,964

(23,816)

21,964