Registered number
10452273
Kortical Ltd
Filleted Accounts
31 October 2023
Kortical Ltd
Registered number: 10452273
Balance Sheet
as at 31 October 2023
Notes 31/10/23 31/3/23
£ £
Fixed assets
Intangible assets 3 697,242 671,789
Tangible assets 4 16,622 11,430
713,864 683,219
Current assets
Debtors 5 125,218 184,066
Cash at bank and in hand 42,675 116,013
167,893 300,079
Creditors: amounts falling due within one year 6 (241,320) (405,862)
Net current liabilities (73,427) (105,783)
Total assets less current liabilities 640,437 577,436
Creditors: amounts falling due after more than one year 7 (560,932) (524,290)
Net assets 79,505 53,146
Capital and reserves
Called up share capital 117 117
Share premium 1,240,737 1,240,737
Profit and loss account (1,161,349) (1,187,708)
Shareholders' funds 79,505 53,146
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 April 2023 to 31 October 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 31/10/23 31/3/23
Number Number
Average number of persons employed by the company 8 8
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 1,461,398
Additions 193,674
At 31 October 2023 1,655,072
Amortisation
At 1 April 2023 789,609
Provided during the period 168,221
At 31 October 2023 957,830
Net book value
At 31 October 2023 697,242
At 31 March 2023 671,789
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 April 2023 57,356
Additions 6,373
At 31 October 2023 63,729
Depreciation
At 1 April 2023 45,926
Charge for the period 1,181
At 31 October 2023 47,107
Net book value
At 31 October 2023 16,622
At 31 March 2023 11,430
5 Debtors 31/10/23 31/3/23
£ £
Trade debtors 52,473 126,904
Prepayments and accrued income 36,903 21,320
Other debtors 35,842 35,842
125,218 184,066
6 Creditors: amounts falling due within one year 31/10/23 31/3/23
£ £
Bank loans and overdrafts 5,890 5,414
Trade creditors 52,306 33,875
Taxation and social security costs 114,656 156,676
Other creditors 68,468 209,897
241,320 405,862
7 Creditors: amounts falling due after one year 31/10/23 31/3/23
£ £
Other creditors 560,932 524,290
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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