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REGISTERED NUMBER: SC115649 (Scotland)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

CORTICK LTD

CORTICK LTD (REGISTERED NUMBER: SC115649)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


CORTICK LTD

COMPANY INFORMATION
for the year ended 31 DECEMBER 2023







DIRECTORS: T Cunningham
Mrs E Cunningham





SECRETARY: Mrs E Cunningham





REGISTERED OFFICE: Atlantic House
1a Cadogan Street
Glasgow
G2 6QE





REGISTERED NUMBER: SC115649 (Scotland)





ACCOUNTANTS: Thomas Barrie & Co LLP
Atlantic House
1a Cadogan Street
Glasgow
G2 6QE

CORTICK LTD (REGISTERED NUMBER: SC115649)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Investments 4 150,000 150,000

CURRENT ASSETS
Debtors 5 49,910 39,910
Cash at bank 69,562 30,494
119,472 70,404
CREDITORS
Amounts falling due within one year 6 (19,687 ) (20,439 )
NET CURRENT ASSETS 99,785 49,965
TOTAL ASSETS LESS CURRENT
LIABILITIES

249,785

199,965

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 249,685 199,865
SHAREHOLDERS' FUNDS 249,785 199,965

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 August 2024 and were signed on its behalf by:



T Cunningham - Director


CORTICK LTD (REGISTERED NUMBER: SC115649)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 DECEMBER 2023

1. STATUTORY INFORMATION

Cortick Ltd is a private company, limited by shares, registered in Scotland, registration number SC115649. The registered office is c/o Thomas Barrie & Co LLP, Atlantic House, 1a Cadogan Street, Glasgow G2 6QE.

The principal activity of the company is that of musician performance related services.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentational and functional currency of the financial statements is Pounds Sterling (£).

Significant judgements and estimates
In preparing these financial statements, the directors are required to make judgements, estimates and assumptions that affect the application of the Company's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

The only significant estimate used in the preparation of these accounts is in relation to the impairment of investments in subsidiaries.

Income recognition
Turnover is measured at the fair value of consideration received or receivable, taking into account the amount of any discounts and rebates allowed by the entity, but excluding value added tax and other sales taxes

Musician Services
Income from musician services is recognised when performed.

Royalties
Royalty income is recognised on receipt.

Investments in subsidiaries
Investments in subsidiary undertakings are initially recognised at cost and subsequently measured at cost less any accumulated impairment losses.

CORTICK LTD (REGISTERED NUMBER: SC115649)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents comprise cash balances, including bank overdrafts that are payable on demand and form an integral part of the company's cash management.

Creditors
Short term trade creditors are measured at the transaction price.

Provisions
Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

CORTICK LTD (REGISTERED NUMBER: SC115649)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 DECEMBER 2023

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 150,000
NET BOOK VALUE
At 31 December 2023 150,000
At 31 December 2022 150,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 49,910 39,910

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 18,488 19,164
Other creditors 1,199 1,275
19,687 20,439