Company registration number 12377485 (England and Wales)
CORETONOMY LIMITED
PREVIOUSLY KNOWN AS GROBLOX LIMITED
PRIOR TO THIS IT WAS KNOWN AS ECOMSILVER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CORETONOMY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CORETONOMY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
762
45
Current assets
Debtors
4
23,746
3,547
Cash at bank and in hand
47,563
9,984
71,309
13,531
Creditors: amounts falling due within one year
5
(1,195,787)
(500,856)
Net current liabilities
(1,124,478)
(487,325)
Total assets less current liabilities
(1,123,716)
(487,280)
Creditors: amounts falling due after more than one year
6
(64,167)
(74,167)
Net liabilities
(1,187,883)
(561,447)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(1,187,983)
(561,547)
Total equity
(1,187,883)
(561,447)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 20 August 2024 and are signed on its behalf by:
R Sales
Director
Company registration number 12377485 (England and Wales)
CORETONOMY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Coretonomy Limited is a private company limited by shares incorporated in England and Wales. The registered office is 166 College Road, Harrow, Middlesex, HA1 1RA.
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.
1.2
Going concern
The financial statements have been prepared on a going concern basis even though at the balance sheet date the company's truetotal liabilities exceeded its total assets by £1,187,883 (2022: £561,547).
The directors consider the going concern basis to be appropriate because, in their opinion, the company will continue to obtain sufficient funding to enable it to pay its debts as they fall due.
If the company was unable to continue to obtain sufficient funding to enable it to pay its debts as they fell due, it would be unable to continue trading and adjustments would have to be made to reduce the value of assets to their realisable amount, to provide for any further liabilities which might arise, and to re-classify fixed assets and long term liabilities as current assets and liabilities.
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.
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
Tangible fixed assets
Tangible fixed assets are measured at cost, 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:
Plant and equipment
3 years straight line
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.
CORETONOMY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
1.7
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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
6
5
CORETONOMY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
727
Additions
857
At 31 December 2023
1,584
Depreciation and impairment
At 1 January 2023
682
Depreciation charged in the year
140
At 31 December 2023
822
Carrying amount
At 31 December 2023
762
At 31 December 2022
45
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,307
3,062
Other debtors
19,439
485
23,746
3,547
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
3,877
4,420
Amounts owed to group undertakings
127,751
113,793
Taxation and social security
6,280
11,471
Other creditors
1,047,879
361,172
1,195,787
500,856
CORETONOMY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
14,167
24,167
Other creditors
50,000
50,000
64,167
74,167
Included in bank loans within one year and after more than one year is £24,167 (2022: £34,167) in respect of a bank loan which is guaranteed by the government under the Bounce Back Loan Scheme.
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
10,000
10,000
100
100
8
Related party transactions
Included in other creditors after more than one year is an amount of £50,000 (2022: £50,000) owed to L & DJ Sales who are connected to the directors.
Included in other creditors within one year is an amount of £1,013,247 (2022: £317,000) owed to Nutt Holding Co Limited which has common control.
Included in other creditors within one year is an amount of £28,377 (2022: £39,041) owed to shareholders as at the balance sheet date.
9
Parent company
Coretonomy Limited is a wholly owned subsidiary of Mardy Cow Limited registered office is at 166 College Road, Harrow, Middlesex, HA1 1RA.