REGISTERED NUMBER: |
Unaudited Financial Statements For The Year Ended 31 December 2023 |
for |
Coreco Group Limited |
REGISTERED NUMBER: |
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: |
Registered office: |
Registered number: |
Accountants: |
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 |
Investments | 6 |
Current assets |
Debtors | 7 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 8 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
Provisions for liabilities | 10 | ( |
) | ( |
) |
Net assets |
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 |
Share premium |
Capital redemption reserve |
Retained earnings |
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 were approved by the Board of Directors and authorised for issue on |
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 |
2. | Accounting policies |
Basis of preparing the financial statements |
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 |
Plant and machinery etc | - |
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 |
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 |
Additions |
Disposals | ( |
) |
At 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
6. | Fixed asset investments |
Shares |
,group |
undertaki |
£ |
Cost |
At 1 January 2023 |
and 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
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 |
Amounts owed by group undertakings |
Amounts owed by participating interests |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
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 |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
9. | Creditors: amounts falling due after more than one year |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans |
10. | Provisions for liabilities |
31.12.23 | 31.12.22 |
£ | £ |
Other provisions |
Deferred | Other |
tax | provisions |
£ | £ |
Balance at 1 January 2023 |
Credit to Income statement during year | ( |
) | ( |
) |
Balance at 31 December 2023 | ( |
) |
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 |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
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 |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
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. |