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COMPANY REGISTRATION NUMBER: 12178545
Corema 1 Ltd
Filleted Unaudited Financial Statements
31 October 2023
Corema 1 Ltd
Financial Statements
Year ended 31 October 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Corema 1 Ltd
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
2,383
4,983
Tangible assets
6
2,445
3,977
-------
-------
4,828
8,960
Current assets
Debtors
7
20,223
21,997
Cash at bank and in hand
87,693
57,467
---------
--------
107,916
79,464
Creditors: amounts falling due within one year
8
261,700
139,444
---------
---------
Net current liabilities
153,784
59,980
---------
--------
Total assets less current liabilities
( 148,956)
( 51,020)
Provisions
Taxation including deferred tax
611
756
---------
--------
Net liabilities
( 149,567)
( 51,776)
---------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 149,568)
( 51,777)
---------
--------
Shareholders deficit
( 149,567)
( 51,776)
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Corema 1 Ltd
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 17 October 2024 , and are signed on behalf of the board by:
N Firman
Director
Company registration number: 12178545
Corema 1 Ltd
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 65 High Street, Tunbridge Wells, Kent, TN1 1XX, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis which relies upon the continuing support of the director.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
Patents, trademarks and licences
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Intangible assets
Goodwill
Patents, trademarks and licences
Total
£
£
£
Cost
At 1 November 2022 and 31 October 2023
3,000
10,000
13,000
-------
--------
--------
Amortisation
At 1 November 2022
1,850
6,167
8,017
Charge for the year
600
2,000
2,600
-------
--------
--------
At 31 October 2023
2,450
8,167
10,617
-------
--------
--------
Carrying amount
At 31 October 2023
550
1,833
2,383
-------
--------
--------
At 31 October 2022
1,150
3,833
4,983
-------
--------
--------
6. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 November 2022 and 31 October 2023
4,256
5,939
10,195
-------
-------
--------
Depreciation
At 1 November 2022
2,122
4,096
6,218
Charge for the year
534
998
1,532
-------
-------
--------
At 31 October 2023
2,656
5,094
7,750
-------
-------
--------
Carrying amount
At 31 October 2023
1,600
845
2,445
-------
-------
--------
At 31 October 2022
2,134
1,843
3,977
-------
-------
--------
7. Debtors
2023
2022
£
£
Trade debtors
16,658
18,725
Other debtors
3,565
3,272
--------
--------
20,223
21,997
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,334
9,334
Trade creditors
36,492
28,658
Corporation tax
4,305
Social security and other taxes
1,767
10,299
Other creditors
214,107
86,848
---------
---------
261,700
139,444
---------
---------
9. Related party transactions
At the year end the company owed the director £144,827 (2022: £17,360). At the year end the company owed £67,380 (2022: £67,688) to a company associated by common control.