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Registration number: 11423020

Core Europe Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Core Europe Ltd

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 12

iXBRL Detailed Profit and Loss Account

13

 

Core Europe Ltd

Company Information

Directors

Husain Abbas Kuvawala

Murtaza Huseni Rupawala

Registered office

71-75 Shelton Street
London
WC2H 9JQ

Accountants

ZAS Accountancy & Tax Ltd
Chartered Certified Accountants
Suite 427 Legacy Centre
Hampton Road West
Feltham
Middlesex
TW13 6DH

 

Core Europe Ltd

Directors' Report for the Year Ended 31 October 2023

The directors present their report and the financial statements for the year ended 31 October 2023.

Directors of the company

The directors who held office during the year were as follows:

Husain Abbas Kuvawala

Murtaza Huseni Rupawala

Principal activity

The principal activity of the company is engineering related scientific and technical consulting.

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 26 July 2024 and signed on its behalf by:
 

.........................................
Husain Abbas Kuvawala
Director

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Core Europe Ltd
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 Europe Ltd for the year ended 31 October 2023 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Core Europe Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Core Europe Ltd and state those matters that we have agreed to state to the Board of Directors of Core Europe Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Core Europe Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Core Europe Ltd 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 Europe Ltd. You consider that Core Europe Ltd 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 Europe Ltd. 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.

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

ZAS Accountancy & Tax Ltd
Chartered Certified Accountants
Suite 427 Legacy Centre
Hampton Road West
Feltham
Middlesex
TW13 6DH

26 July 2024

 

Core Europe Ltd

Profit and Loss Account for the Year Ended 31 October 2023

Note

2023
£

2022
£

Turnover

 

68,000

135,945

Cost of sales

 

(9,811)

(51,911)

Gross profit

 

58,189

84,034

Administrative expenses

 

(52,419)

(66,153)

Operating profit

 

5,770

17,881

Profit before tax

4

5,770

17,881

Tax on profit

 

(711)

(3,532)

Profit for the financial year

 

5,059

14,349

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Core Europe Ltd

Statement of Comprehensive Income for the Year Ended 31 October 2023

2023
£

2022
£

Profit for the year

5,059

14,349

Total comprehensive income for the year

5,059

14,349

 

Core Europe Ltd

(Registration number: 11423020)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

2,059

33

Current assets

 

Debtors

6

60,157

49,772

Cash at bank and in hand

 

9,009

12,790

 

69,166

62,562

Creditors: Amounts falling due within one year

7

(33,528)

(29,958)

Net current assets

 

35,638

32,604

Net assets

 

37,697

32,637

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

37,597

32,537

Shareholders' funds

 

37,697

32,637

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.

Approved and authorised by the Board on 26 July 2024 and signed on its behalf by:
 

.........................................
Husain Abbas Kuvawala
Director

 

Core Europe Ltd

Statement of Changes in Equity for the Year Ended 31 October 2023

Share capital
£

Retained earnings
£

Total
£

At 1 November 2022

100

32,538

32,638

Profit for the year

-

5,059

5,059

At 31 October 2023

100

37,597

37,697

Share capital
£

Retained earnings
£

Total
£

At 1 November 2021

100

18,188

18,288

Profit for the year

-

14,349

14,349

At 31 October 2022

100

32,537

32,637

 

Core Europe Ltd

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 England.

The address of its registered office is:
71-75 Shelton Street
London
WC2H 9JQ
United Kingdom

These financial statements were authorised for issue by the Board on 26 July 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 presentational currency of the financial statements is Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Core Europe Ltd

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

Tax

The tax expense for the period comprises current 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.

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

Office equipment

over 3 years

Furniture & fittings

over 4 years

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.

 

Core Europe Ltd

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

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.

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.

3

Staff numbers

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

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

187

800

 

Core Europe Ltd

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

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 November 2022

227

1,951

2,178

Additions

-

2,117

2,117

At 31 October 2023

227

4,068

4,295

Depreciation

At 1 November 2022

227

1,918

2,145

Charge for the year

-

91

91

At 31 October 2023

227

2,009

2,236

Carrying amount

At 31 October 2023

-

2,059

2,059

At 31 October 2022

-

33

33

 

Core Europe Ltd

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

6

Debtors

Current

2023
£

2022
£

Trade debtors

58,000

40,000

Other debtors

2,157

9,772

 

60,157

49,772

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

942

6,290

Accruals and deferred income

2,400

1,750

Other creditors

30,186

21,918

33,528

29,958

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       
 

Core Europe Ltd

iXBRL Detailed Profit and Loss Account for the Year Ended 31 October 2023

2023
£

2022
£

Turnover/revenue

68,000

135,945

Cost of sales

Opening stock/inventories

-

-

Purchase of raw materials and consumables

(9,811)

(51,911)

Closing stock/inventories

-

-

Gross profit

58,189

84,034

Distribution costs

Administrative expenses

Audit and accountancy other services

(2,400)

(1,855)

Depreciation of fixed assets

(187)

(800)

Wages and salaries excluding directors

(15,658)

(29,640)

Salaries and fees, directors

(24,564)

(24,000)

Telecommunications

(600)

(600)

Printing, postage and stationery

-

(258)

Other costs

(9,010)

(9,000)

Other operating income

Other items

Profit on ordinary activities before taxation

5,770

17,881

Tax on profit or loss on ordinary activities

(711)

(3,532)

Profit for the financial year

5,059

14,349