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Registration number: 06778884

Core Integrated Solutions Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Core Integrated Solutions Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Core Integrated Solutions Limited

(Registration number: 06778884)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

           

Fixed assets

   

 

Tangible assets

4

 

412,035

 

257,713

Current assets

   

 

Debtors

5

887,885

 

674,718

 

Cash at bank and in hand

 

34,699

 

140,480

 

 

922,584

 

815,198

 

Creditors: Amounts falling due within one year

6

(539,221)

 

(453,072)

 

Net current assets

   

383,363

 

362,126

Total assets less current liabilities

   

795,398

 

619,839

Creditors: Amounts falling due after more than one year

6

 

(155,462)

 

(75,549)

Provisions for liabilities

 

(103,000)

 

(64,000)

Net assets

   

536,936

 

480,290

Capital and reserves

   

 

Called up share capital

7

1,000

 

1,000

 

Retained earnings

535,936

 

479,290

 

Shareholders' funds

   

536,936

 

480,290

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 16 April 2024 and signed on its behalf by:
 

.........................................
J Bailey
Director

 

Core Integrated Solutions Limited

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 & Wales.

The address of its registered office is:
Unit 4 Centurion Way
Cleckheaton
Bradford
BD19 3QB

These financial statements were authorised for issue by the Board on 16 April 2024.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A 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.

The company's functional and presentation currency is pound sterling.

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.

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 corporation 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.

 

Core Integrated Solutions Limited

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

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

Plant and machinery

20% reducing balance basis

Motor vehicles

25% reducing balance basis

Fixtures and fittings

20% reducing balance basis

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Core Integrated Solutions Limited

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

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.

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 29 (2022 - 27).

 

Core Integrated Solutions Limited

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

4

Tangible assets

Plant and machinery

Fixtures and fittings
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

65,010

30,290

453,863

549,163

Additions

-

3,373

251,098

254,471

Disposals

-

-

(61,756)

(61,756)

At 31 December 2023

65,010

33,663

643,205

741,878

Depreciation

At 1 January 2023

31,777

19,585

240,088

291,450

Charge for the year

7,086

2,794

72,765

82,645

Eliminated on disposal

-

-

(44,252)

(44,252)

At 31 December 2023

38,863

22,379

268,601

329,843

Carrying amount

At 31 December 2023

26,147

11,284

374,604

412,035

At 31 December 2022

33,233

10,705

213,775

257,713

5

Debtors

Current

2023
£

2022
£

Trade debtors

833,265

645,323

Prepayments

21,888

13,054

Other debtors

32,732

16,341

 

887,885

674,718

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

94,567

133,283

Trade creditors

303,010

234,106

Taxation and social security

114,250

59,177

Accruals and deferred income

21,795

20,135

Other creditors

5,599

6,371

539,221

453,072

 

Core Integrated Solutions Limited

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

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

155,462

75,549

Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

The aggregate amount of secured liabilities is £225,863 (2022: £133,509).

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

760 A ordinary shares of £1 each

760

760

760

760

240 B ordinary shares of £1 each

240

240

240

240

 

1,000

1,000

1,000

1,000

8

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 £469,499 (2022 - £506,498). The financial commitment is in respect of operating leases.

 

Core Integrated Solutions Limited

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

9

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Directors loan account

10,000

10,215

(10,000)

10,215

         
       

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Directors loan account

13,000

10,000

(13,000)

10,000

         
       

 

Income and receivables from related parties

2023

Other related parties
£

Amounts receivable from related party

18,602

2022

Other related parties
£

Amounts receivable from related party

4,506

The balances above are interest free and repayable on demand.

Expenditure with and payables to related parties

2022

Key management
£

Amounts payable to related party

41,160

The balances above are interest free and repayable on demand.