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REGISTRAR OF COMPANIES

Registration number: 07293592

CORE Nuclear Solutions Ltd

Unaudited Financial Statements

31 December 2023

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CORE Nuclear Solutions Ltd

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
CORE Nuclear Solutions Ltd
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of CORE Nuclear Solutions Ltd for the year ended 31 December 2023 as set out on pages 2 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of CORE Nuclear Solutions Ltd, as a body, in accordance with the terms of our engagement letter dated 7 September 2022. Our work has been undertaken solely to prepare for your approval the accounts of CORE Nuclear Solutions Ltd and state those matters that we have agreed to state to the Board of Directors of CORE Nuclear Solutions Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than CORE Nuclear Solutions Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that CORE Nuclear Solutions Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of CORE Nuclear Solutions Ltd. You consider that CORE Nuclear Solutions Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of CORE Nuclear Solutions Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

30 April 2024

 

CORE Nuclear Solutions Ltd

(Registration number: 07293592)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

225,599

211,232

Current assets

 

Debtors

5

1,304,801

1,344,258

Cash at bank and in hand

 

2,568,667

1,179,229

 

3,873,468

2,523,487

Creditors: Amounts falling due within one year

6

(916,820)

(712,391)

Net current assets

 

2,956,648

1,811,096

Total assets less current liabilities

 

3,182,247

2,022,328

Provisions for liabilities

(55,190)

(49,709)

Net assets

 

3,127,057

1,972,619

Capital and reserves

 

Allotted, called up and fully paid share capital

102

102

Share premium reserve

427,883

427,883

Profit and loss account

2,699,072

1,544,634

Total equity

 

3,127,057

1,972,619

 

CORE Nuclear Solutions Ltd

(Registration number: 07293592)
Balance Sheet as at 31 December 2023 (continued)

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 April 2024 and signed on its behalf by:
 

.........................................

J McGibbon

Director

 

CORE Nuclear Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The company was formerly known as PAR Systems Limited.

The address of its registered office is:
Unit 1 Joseph Noble Road
Lillyhall
WORKINGTON
CA14 4JX

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.


Government grants
Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.

Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable.

 

CORE Nuclear Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

15 year straight line basis

Plant and machinery

20% straight line basis

Motor vehicles

20% straight line basis

Furniture, fittings and office equipment

20% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

CORE Nuclear Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 23 (2022 - 15).

 

CORE Nuclear Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost

At 1 January 2023

83,759

241,382

35,283

106,600

467,024

Additions

9,030

31,227

25,951

35,647

101,855

At 31 December 2023

92,789

272,609

61,234

142,247

568,879

Depreciation

At 1 January 2023

30,704

142,200

6,811

76,077

255,792

Charge for the year

5,974

52,305

8,057

21,152

87,488

At 31 December 2023

36,678

194,505

14,868

97,229

343,280

Carrying amount

At 31 December 2023

56,111

78,104

46,366

45,018

225,599

At 31 December 2022

53,055

99,182

28,472

30,523

211,232

 

CORE Nuclear Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

5

Debtors

2023
£

2022
£

Trade debtors

486,042

659,033

Amounts owed by group undertakings and undertakings in which the company has a participating interest

480,557

324,739

Other debtors

338,202

360,486

1,304,801

1,344,258

6

Creditors

2023
£

2022
£

Due within one year

 

Trade creditors

 

286,809

164,644

Taxation and social security

 

168,316

115,916

Corporation tax liability

 

351,510

235,627

Other creditors

 

110,185

196,204

 

916,820

712,391

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £548,400 (2022 - £653,400). This is in relation to property leases expiring in January 2028 and December 2032.

The company has a signed agreement in place to pay royalties at a rate of 1.5% of turnover to PAR Systems LLC until April 2024. Per the agreement, turnover is defined as being the annual aggregate turnover of the company for the financial year, excluding the total value of goods and services procured from PAR Systems LLC within that year. No amounts have been provided for in the accounts other than the amount due for the period 01/05/2022 to 31/12/2023 as the value of any further amounts are unknown at this time.

8

Off-balance sheet arrangements

Provision of security
The company has provided security to PAR Systems LLC in respect of deferred consideration owed to PAR Systems LLC by the company's parent company Nuclear Site Services Group Ltd.