12 false false false false false false false false false false true false false false false false false No description of principal activity 2022-09-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 12180559 2022-09-01 2023-08-31 12180559 2023-08-31 12180559 2022-08-31 12180559 2021-09-01 2022-08-31 12180559 2022-08-31 12180559 2021-08-31 12180559 core:FurnitureFittings 2022-09-01 2023-08-31 12180559 bus:Director1 2022-09-01 2023-08-31 12180559 core:FurnitureFittings 2023-08-31 12180559 core:WithinOneYear 2023-08-31 12180559 core:WithinOneYear 2022-08-31 12180559 core:AfterOneYear 2023-08-31 12180559 core:AfterOneYear 2022-08-31 12180559 core:ShareCapital 2023-08-31 12180559 core:ShareCapital 2022-08-31 12180559 core:SharePremium 2023-08-31 12180559 core:SharePremium 2022-08-31 12180559 core:RetainedEarningsAccumulatedLosses 2023-08-31 12180559 core:RetainedEarningsAccumulatedLosses 2022-08-31 12180559 bus:SmallEntities 2022-09-01 2023-08-31 12180559 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 12180559 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 12180559 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 12180559 bus:FullAccounts 2022-09-01 2023-08-31 12180559 core:OfficeEquipment 2022-09-01 2023-08-31 12180559 core:ComputerEquipment 2022-09-01 2023-08-31 12180559 core:OfficeEquipment 2023-08-31 12180559 core:ComputerEquipment 2023-08-31 12180559 bus:Director1 1 2022-09-01 2023-08-31
COMPANY REGISTRATION NUMBER: 12180559
Corkk Ltd
Filleted Unaudited Financial Statements
31 August 2023
Corkk Ltd
Financial Statements
Year ended 31 August 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Corkk Ltd
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
57,309
Current assets
Stocks
60,000
15,000
Debtors
6
3,620
14,796
Cash at bank and in hand
29,221
120,488
--------
---------
92,841
150,284
Creditors: amounts falling due within one year
7
26,563
18,834
--------
---------
Net current assets
66,278
131,450
---------
---------
Total assets less current liabilities
123,587
131,450
Creditors: amounts falling due after more than one year
8
70,183
52,486
---------
---------
Net assets
53,404
78,964
---------
---------
Capital and reserves
Called up share capital
133
130
Share premium account
216,476
191,469
Profit and loss account
( 163,205)
( 112,635)
---------
---------
Shareholders funds
53,404
78,964
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Corkk Ltd
Statement of Financial Position (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 2 August 2024 , and are signed on behalf of the board by:
Mr J C Piggins
Director
Company registration number: 12180559
Corkk Ltd
Notes to the Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ripple Farm, Crundale, Canterbury, CT4 7EB, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These accounts have been prepared on a going concern basis. The directors are satisfied that the company will continue to meet its current obligations for at least the next 12 months.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. For the rendering of services, revenue is recognised when the services are transferred. When the outcome of a transaction can be estimated reliably, revenue is recognised based on the stage of completion of the transaction at the end of the reporting period. If the outcome of the transaction involving the rendering of services cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Income tax
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
33% straight line
Equipment
-
33% straight line
Leased equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it it becomes receivable.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 3 ).
5. Tangible assets
Fixtures and fittings
Equipment
Leased equipment
Total
£
£
£
£
Cost
At 1 September 2022
Additions
34,152
12,310
32,917
79,379
--------
--------
--------
--------
At 31 August 2023
34,152
12,310
32,917
79,379
--------
--------
--------
--------
Depreciation
At 1 September 2022
Charge for the year
11,384
4,103
6,583
22,070
--------
--------
--------
--------
At 31 August 2023
11,384
4,103
6,583
22,070
--------
--------
--------
--------
Carrying amount
At 31 August 2023
22,768
8,207
26,334
57,309
--------
--------
--------
--------
At 31 August 2022
--------
--------
--------
--------
6. Debtors
2023
2022
£
£
Other debtors
3,620
14,796
-------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
17,010
16,834
Social security and other taxes
970
Other creditors
8,583
2,000
--------
--------
26,563
18,834
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
34,770
51,783
Social security and other taxes
14,702
703
Other creditors
20,711
--------
--------
70,183
52,486
--------
--------
9. Director's advances, credits and guarantees
At the year end date, the director owed the company £3,219 (2022: £12,624).