Company registration number 04550605 (England and Wales)
CORBENYAH LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
CORBENYAH LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 1 -

The directors are responsible for preparing the annual report 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). 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:

 

 

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.

CORBENYAH LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
35,897
28,047
Tangible assets
4
275,949
249,064
Investments
5
7,005
4,065
318,851
281,176
Current assets
Debtors
6
2,961,083
2,388,235
Cash at bank and in hand
90,645
51,716
3,051,728
2,439,951
Creditors: amounts falling due within one year
7
(7,787,327)
(6,319,133)
Net current liabilities
(4,735,599)
(3,879,182)
Net liabilities
(4,416,748)
(3,598,006)
Capital and reserves
Called up share capital
1
1
Other reserves
(62,615)
(70,549)
Profit and loss reserves
8
(4,354,134)
(3,527,458)
Total equity
(4,416,748)
(3,598,006)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 29 July 2024 and are signed on its behalf by:
Mr T D Ellis
Director
Company Registration No. 04550605
CORBENYAH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information

Corbenyah Limited is a private company limited by shares incorporated in England and Wales. The registered office is Jubilee House, East Beach, Lytham St. Annes, FY8 5FT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that thetrue company has adequate resources to continue in operational existence for the foreseeable future. The directors have reached this conclusion on the basis that payment of certain amounts in other creditors will not be requested until such time the company has sufficient resources available. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Turnover is recognised once amounts have been invoiced for services provided.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents & licences
10% straight line
Development costs
33.33% straight line
CORBENYAH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Property improvements
10% reducing balance
Fixtures and fittings
20% reducing balance
Computer equipment
25% reducing balance
Motor vehicles
15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

 

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

CORBENYAH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

CORBENYAH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 6 -
1.14
Retirement benefits

For defined contribution schemes the amount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
12
8
3
Intangible fixed assets
Patents & licences
Development costs
Total
£
£
£
Cost
At 1 November 2022
27,224
3,000
30,224
Additions
-
0
15,750
15,750
At 31 October 2023
27,224
18,750
45,974
Amortisation and impairment
At 1 November 2022
2,177
-
0
2,177
Amortisation charged for the year
2,723
5,177
7,900
At 31 October 2023
4,900
5,177
10,077
Carrying amount
At 31 October 2023
22,324
13,573
35,897
At 31 October 2022
25,047
3,000
28,047
CORBENYAH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
4
Tangible fixed assets
Property improvements
Plant and machinery etc
Total
£
£
£
Cost
At 1 November 2022
181,712
264,974
446,686
Additions
27,276
43,350
70,626
At 31 October 2023
208,988
308,324
517,312
Depreciation and impairment
At 1 November 2022
49,700
147,922
197,622
Depreciation charged in the year
14,828
28,913
43,741
At 31 October 2023
64,528
176,835
241,363
Carrying amount
At 31 October 2023
144,460
131,489
275,949
At 31 October 2022
132,012
117,052
249,064
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
7,005
4,065
Movements in fixed asset investments
Shares in subsidiaries and joint ventures
£
Cost or valuation
At 1 November 2022
4,065
Additions
3,000
Disposals
(60)
At 31 October 2023
7,005
Carrying amount
At 31 October 2023
7,005
At 31 October 2022
4,065
CORBENYAH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 8 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
12,300
6,509
Amounts owed by group undertakings
2,227,065
1,801,293
Other debtors
439,935
315,981
2,679,300
2,123,783
2023
2022
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
281,783
264,452
Total debtors
2,961,083
2,388,235

The company has made a loan of £335,000 to a company in which it has a participating interest. This is included in amounts owed by group undertakings. The loan has been discounted to its net present value. A rate of 3% has been applied. It is expected to be repaid in full on or before 2 December 2030.

 

7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
21,876
35,465
Amounts owed to group undertakings
243,701
199,123
Taxation and social security
16,711
18,243
Other creditors
7,505,039
6,066,302
7,787,327
6,319,133
8
Reserves
Profit and loss reserves

This reserve reflects cumulative profits and losses net of distributions to owners.

Other reserve
This reserve reflects the effect of the discounting of a loan to its net present value. This reserve is released to the profit and loss reserve in line with the unwinding of the discount.
CORBENYAH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 9 -
9
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
187,500
276,667
10
Related party transactions

Included in other debtors is £7,623 (2022: £5,559) due from companies under common control. No interest was charged on this balance. The movement relates to net amounts advanced.

11
Directors' transactions

Included in other creditors is £7,357,485 (2022: £5,918,474) owed to a director. During the year amounts totalling £2,962,480 (2022: £2,534,940) were introduced to the company and £1,523,469 (2022: £1,236,786) was paid by the company on behalf of the director.

12
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Ian Harrison BA (Hons) FCA
Statutory Auditor:
Rawcliffe & Co Limited
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