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REGISTERED NUMBER: 06832270 (England and Wales)















Unaudited Financial Statements For The Year Ended 31 December 2023

for

Coreco Group Limited

Coreco Group Limited (Registered number: 06832270)

Contents of the Financial Statements
For The Year Ended 31 December 2023










Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


Coreco Group Limited

Company Information
For The Year Ended 31 December 2023







Directors: J C Ingall
A M Montlake





Registered office: Suite B, Unit 8
327 Southchurch Road
Southend-on-Sea
SS1 2PE





Registered number: 06832270 (England and Wales)





Accountants: R Vann Ltd
Chartered Certified Accountants
Ironstone House
Ironstone Way
Brixworth
Northamptonshire
NN6 9UD

Coreco Group Limited (Registered number: 06832270)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
Fixed assets
Intangible assets 4 - -
Tangible assets 5 22,914 29,422
Investments 6 3,002 3,002
25,916 32,424

Current assets
Debtors 7 852,639 636,542
Cash at bank and in hand 143,549 448,144
996,188 1,084,686
Creditors
Amounts falling due within one year 8 623,106 743,435
Net current assets 373,082 341,251
Total assets less current liabilities 398,998 373,675

Creditors
Amounts falling due after more than
one year

9

(23,415

)

(33,332

)

Provisions for liabilities 10 (59,556 ) (60,962 )
Net assets 316,027 279,381

Coreco Group Limited (Registered number: 06832270)

Balance Sheet - continued
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
Capital and reserves
Called up share capital 11,689 11,689
Share premium 97,947 97,947
Capital redemption reserve 2,455 2,455
Retained earnings 203,936 167,290
316,027 279,381

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 29 August 2024 and were signed on its behalf by:





A M Montlake - Director


Coreco Group Limited (Registered number: 06832270)

Notes to the Financial Statements
For The Year Ended 31 December 2023


1. Statutory information

Coreco Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income comprises commissions, client fees and other income. These are accounted for when it is certain that the transaction will complete.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on 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 balance sheet date.


Coreco Group Limited (Registered number: 06832270)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023


2. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 32 (2022 - 43 ) .

4. Intangible fixed assets

Goodwill with an original cost of £25,000 had been fully amortised and had a book value of £nil at both the beginning and end of the year.

Coreco Group Limited (Registered number: 06832270)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023


5. Tangible fixed assets
Plant and
machinery
etc
£   
Cost
At 1 January 2023 147,401
Additions 4,772
Disposals (89,973 )
At 31 December 2023 62,200
Depreciation
At 1 January 2023 117,979
Charge for year 11,280
Eliminated on disposal (89,973 )
At 31 December 2023 39,286
Net book value
At 31 December 2023 22,914
At 31 December 2022 29,422

6. Fixed asset investments
Shares
,group
undertaki
£   
Cost
At 1 January 2023
and 31 December 2023 3,002
Net book value
At 31 December 2023 3,002
At 31 December 2022 3,002

Coreco Group Limited (Registered number: 06832270)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023


6. Fixed asset investments - continued

The company owned the entire issued share capital of the following subsidiary companies:

Coreco Specialist Finance Limited
Country of incorporation: England & Wales
Nature of business: providers of specialist financial services

Coreco Lifetime Limited
Country of incorporation: England & Wales
Nature of business: dormant

Mortgages Dot Online Limited
Country of incorporation: England & Wales
Nature of business: providers of specialist financial services

7. Debtors
31.12.23 31.12.22
£    £   
Amounts falling due within one year:
Trade debtors 293,506 260,735
Amounts owed by group undertakings 367,574 205,846
Amounts owed by participating interests 56,934 56,934
Other debtors 73,892 113,027
791,906 636,542

Amounts falling due after more than one year:
Other debtors 60,733 -

Aggregate amounts 852,639 636,542

Other debtors falling due after one year comprises a deferred tax asset.

Coreco Group Limited (Registered number: 06832270)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023


8. Creditors: amounts falling due within one year
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 9,918 10,000
Trade creditors 34,711 41,031
Amounts owed to group undertakings 457,001 457,634
Taxation and social security 12,553 22,428
Other creditors 108,923 212,342
623,106 743,435

9. Creditors: amounts falling due after more than one year
31.12.23 31.12.22
£    £   
Bank loans 23,415 33,332

10. Provisions for liabilities
31.12.23 31.12.22
£    £   
Other provisions 59,556 60,962

Deferred Other
tax provisions
£    £   
Balance at 1 January 2023 - 60,962
Credit to Income statement during year (60,733 ) (1,406 )
Balance at 31 December 2023 (60,733 ) 59,556

11. Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
J C Ingall
Balance outstanding at start of year (8,995 ) (8,995 )
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (8,995 ) (8,995 )

Coreco Group Limited (Registered number: 06832270)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023


11. Directors' advances, credits and guarantees - continued

A M Montlake
Balance outstanding at start of year (26,938 ) (26,938 )
Amounts advanced 169 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (26,769 ) (26,938 )

12. Related party disclosures

Certain shareholders in Mortgage Advice Bureau Limited are also shareholders in the company.
Mortgage Advice Bureau Limited provides franchise services to the company on an arm's length basis.

The company is a partner in Coreco Partners LLP and receives a profit share from that entity on an arm's length basis.