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REGISTERED NUMBER: 02842513 (England and Wales)















CORTES LIMITED

Unaudited Financial Statements for the Year Ended 31 August 2024






CORTES LIMITED (REGISTERED NUMBER: 02842513)






Contents of the Financial Statements
for the year ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


CORTES LIMITED

Company Information
for the year ended 31 August 2024







DIRECTOR: H Cortes





SECRETARY: Mrs D Smith





REGISTERED OFFICE: Nightingale House
46-48 East Street
Epsom
Surrey
KT17 1HQ





REGISTERED NUMBER: 02842513 (England and Wales)





ACCOUNTANTS: Tudor John Limited
Nightingale House
46-48 East Street
Epsom
Surrey
KT17 1HQ

CORTES LIMITED (REGISTERED NUMBER: 02842513)

Balance Sheet
31 August 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,523 8,144
Investments 5 2,801,130 2,801,130
2,805,653 2,809,274

CURRENT ASSETS
Debtors 6 3,154 396
Cash at bank and in hand 488,304 397,174
491,458 397,570
CREDITORS
Amounts falling due within one year 7 59,122 74,735
NET CURRENT ASSETS 432,336 322,835
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,237,989

3,132,109

CAPITAL AND RESERVES
Called up share capital 6,100 6,100
Capital redemption reserve 3,900 3,900
Exchange revaluation reserve 481,116 481,116
Retained earnings 2,746,873 2,640,993
SHAREHOLDERS' FUNDS 3,237,989 3,132,109

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 11 October 2024 and were signed by:



H Cortes - Director


CORTES LIMITED (REGISTERED NUMBER: 02842513)

Notes to the Financial Statements
for the year ended 31 August 2024

1. STATUTORY INFORMATION

Cortes 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 represents net invoiced sales of goods, excluding value added tax.


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 - 15% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

INVESTMENTS IN SUBSIDIARIES
Investments in subsidiary undertakings are recognised at 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.

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.

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.

INVESTMENTS
Investments held as fixed assets are stated at cost less any provisions for impairment in value.


CORTES LIMITED (REGISTERED NUMBER: 02842513)

Notes to the Financial Statements - continued
for the year ended 31 August 2024

2. ACCOUNTING POLICIES - continued

FOREIGN CURRENCY
Foreign currency transactions are translated at the rates ruling when they occurred. Foreign currency monetary assets and liabilities are translated at the rates ruling at the balance sheet date. Any differences are taken to the profit and loss account.


FINANCIAL INSTRUMENTS
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 September 2023
and 31 August 2024 268,818 5,532 10,136 284,486
DEPRECIATION
At 1 September 2023 268,818 1,844 5,680 276,342
Charge for year - 1,383 2,238 3,621
At 31 August 2024 268,818 3,227 7,918 279,963
NET BOOK VALUE
At 31 August 2024 - 2,305 2,218 4,523
At 31 August 2023 - 3,688 4,456 8,144

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 September 2023
and 31 August 2024 2,801,130
NET BOOK VALUE
At 31 August 2024 2,801,130
At 31 August 2023 2,801,130

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,500 -
Other debtors 1,654 396
3,154 396

CORTES LIMITED (REGISTERED NUMBER: 02842513)

Notes to the Financial Statements - continued
for the year ended 31 August 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 17,615 -
Taxation and social security 39,007 57,027
Other creditors 2,500 17,708
59,122 74,735

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

As at 31st August 2024 Hernan Cortes (the director of the company) provided a personal guarantee of £500,000 in relation to the overdraft facility held by Cortes Ltd.

9. RELATED PARTY DISCLOSURES

At 31 August 2024 the company's ultimate controlling party was Mr H Cortes, the sole director of the company.

During the year, the company entered into the following related party transactions with businesses established in the Canary Islands, Spain:

Agents commission payable to Pilar Mesa Rodriguez £22,043 (2023: £22,687). A balance of £nil (2023: £nil) is outstanding at the year end included in trade creditors.

During the year the company purchased goods worth £1,041,396 (2023 - £777,368) from its subsidiary.

During the year the company purchased goods worth £772,016 (2023 - £1,707,686) from Invertia Market SL, a company for which H Cortes is also a director.

During the year the company purchased goods worth £Nil (2023 - £19,760) from Unextomates Limited, a company for which H Cortes is also a director.

As at year end the director owed the company £1,185 (2023: £1,063 owed to the director) and is included in other debtors.