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Registration number: 10783864

Corelco Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Corelco Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Corelco Ltd

Company Information

Directors

Mr J J P Priestley

Mr A D Beevers

Registered office

Oxo House
4 Joiner Street
Sheffield
S3 8GW

Accountants

CHF Accountancy Limited
Courtwood House
Silver Street Head
Sheffield
South Yorkshire
S1 2DD

 

Corelco Ltd

(Registration number: 10783864)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Current assets

 

Debtors

4

624

4,776

Cash at bank and in hand

 

653

2,866

 

1,277

7,642

Creditors: Amounts falling due within one year

5

(2,413)

(5,549)

Net (liabilities)/assets

 

(1,136)

2,093

Capital and reserves

 

Called up share capital

6

2

2

Retained earnings

(1,138)

2,091

Shareholders' (deficit)/funds

 

(1,136)

2,093

For the financial year ending 31 January 2024 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 5 October 2024 and signed on its behalf by:
 

.........................................
Mr J J P Priestley
Director

 

Corelco Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
Oxo House
4 Joiner Street
Sheffield
S3 8GW
United Kingdom

These financial statements were authorised for issue by the Board on 5 October 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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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.

 

Corelco Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold 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. Accounts payable 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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Debtors

Current

2024
£

2023
£

Prepayments

116

2,118

Other debtors

508

2,658

 

Corelco Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 January 2024

5

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

1,781

2,349

Accruals and deferred income

632

3,200

2,413

5,549

6

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         

Allotted, called up and not fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         

7

Related party transactions

Summary of transactions with entities with joint control or significant interest

During the year, the company paid consultancy fees totalling £18250 (2023 : £49,173) excluding VAT to each of the following companies:

OXO House Associates Limited, jointly controlled by AD Beevers
Tokenmarket Limited, controlled by JJP Priestley