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Registration number: 12393289

Core Diagnostics Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 January 2024

 

Core Diagnostics Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Core Diagnostics Limited

Company Information

Director

Mr Mark Fleming

Registered office

3 Stadium Court
Plantation Road
Bromborough
Merseyside
CH62 3QG

Accountants

G W Kelly & Company
Chartered Certified Accountants
3 Stadium Court
Plantation Road
Bromborough
Merseyside
CH62 3QG

 

Core Diagnostics Limited

(Registration number: 12393289)
Balance Sheet as at 30 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

471,793

211,725

Current assets

 

Stocks

5

74,125

64,292

Debtors

6

92,363

70,924

Cash at bank and in hand

 

304,909

551,907

 

471,397

687,123

Creditors: Amounts falling due within one year

7

(343,538)

(213,130)

Net current assets

 

127,859

473,993

Total assets less current liabilities

 

599,652

685,718

Creditors: Amounts falling due after more than one year

7

(15,495)

(22,801)

Provisions for liabilities

(78,746)

(52,931)

Net assets

 

505,411

609,986

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

505,410

609,985

Shareholders' funds

 

505,411

609,986

For the financial year ending 30 January 2024 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 October 2024
 

 

Core Diagnostics Limited

(Registration number: 12393289)
Balance Sheet as at 30 January 2024

.........................................
Mr Mark Fleming
Director

 

Core Diagnostics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 January 2024

1

General information

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

The address of its registered office is:
3 Stadium Court
Plantation Road
Bromborough
Merseyside
CH62 3QG

These financial statements were authorised for issue by the director on 28 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Core Diagnostics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 January 2024

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 income 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.

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

Office Equipment

33% Reducing balance

Furniture and fittings

10% Reducing Balance

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.

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.

 

Core Diagnostics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 January 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

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 Diagnostics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 January 2024

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2023 - 8).

 

Core Diagnostics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 January 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 31 January 2023

323,618

-

-

323,618

Additions

281,416

15,096

49,001

345,513

At 30 January 2024

605,034

15,096

49,001

669,131

Depreciation

At 31 January 2023

111,893

-

-

111,893

Charge for the year

82,014

-

3,431

85,445

At 30 January 2024

193,907

-

3,431

197,338

Carrying amount

At 30 January 2024

411,127

15,096

45,570

471,793

At 30 January 2023

211,725

-

-

211,725

5

Stocks

2024
£

2023
£

Other inventories

74,125

64,292

6

Debtors

Current

2024
£

2023
£

Trade debtors

45,567

54,480

Prepayments

24,796

16,444

Other debtors

22,000

-

 

92,363

70,924

7

Creditors

Creditors: amounts falling due within one year

 

Core Diagnostics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 January 2024

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

7,499

7,499

Trade creditors

 

58,118

22,108

Taxation and social security

 

155,365

169,099

Accruals and deferred income

 

118,099

13,254

Other creditors

 

4,457

1,170

 

343,538

213,130

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

15,495

22,801

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

1

1

1

1

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

15,495

22,801

Current loans and borrowings

2024
£

2023
£

Bank borrowings

7,499

7,499

10

Related party transactions

 

Core Diagnostics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 January 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

143,980

43,750

Contributions paid to money purchase schemes

220

-

144,200

43,750