Registered number
10452273
Kortical Ltd
Filleted Accounts
31 March 2023
Kortical Ltd
Registered number: 10452273
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 671,789 668,604
Tangible assets 4 11,430 10,305
683,219 678,909
Current assets
Debtors 5 184,066 238,341
Cash at bank and in hand 116,013 106,488
300,079 344,829
Creditors: amounts falling due within one year 6 (405,862) (314,062)
Net current (liabilities)/assets (105,783) 30,767
Total assets less current liabilities 577,436 709,676
Creditors: amounts falling due after more than one year 7 (524,290) (528,484)
Net assets 53,146 181,192
Capital and reserves
Called up share capital 117 117
Share premium 1,240,737 1,240,737
Profit and loss account (1,187,708) (1,059,662)
Shareholders' funds 53,146 181,192
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
B Johnson
Director
Approved by the board on 22 February 2024
Kortical Ltd
Notes to the Accounts
for the period from 1 November 2022 to 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 8 8
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2022 1,357,476
Additions 103,922
At 31 March 2023 1,461,398
Amortisation
At 1 November 2022 688,872
Provided during the period 100,737
At 31 March 2023 789,609
Net book value
At 31 March 2023 671,789
At 31 October 2022 668,604
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 56,676
Additions 5,461
Disposals (4,781)
At 31 March 2023 57,356
Depreciation
At 1 November 2022 46,371
Charge for the period 1,738
On disposals (2,183)
At 31 March 2023 45,926
Net book value
At 31 March 2023 11,430
At 31 October 2022 10,305
5 Debtors 2023 2022
£ £
Trade debtors 126,904 169,282
Prepayments and accrued income 21,320 33,217
Other debtors 35,842 35,842
184,066 238,341
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 5,414 5,122
Trade creditors 33,875 37,480
Taxation and social security costs 156,676 148,614
Other creditors 209,897 122,846
405,862 314,062
7 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 524,290 528,484
8 Other information
Kortical Ltd is a private company limited by shares and incorporated in England. Its registered office is:
41 Swaffield Road
London
England
SW18 3AQ
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