Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-07-01falseConsultancy and management services2128truetrue 03446796 2023-07-01 2024-06-30 03446796 2022-07-01 2023-06-30 03446796 2024-06-30 03446796 2023-06-30 03446796 c:Director4 2023-07-01 2024-06-30 03446796 d:FurnitureFittings 2023-07-01 2024-06-30 03446796 d:FurnitureFittings 2024-06-30 03446796 d:FurnitureFittings 2023-06-30 03446796 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03446796 d:CurrentFinancialInstruments 2024-06-30 03446796 d:CurrentFinancialInstruments 2023-06-30 03446796 d:Non-currentFinancialInstruments 2024-06-30 03446796 d:Non-currentFinancialInstruments 2023-06-30 03446796 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 03446796 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 03446796 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 03446796 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 03446796 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-06-30 03446796 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-06-30 03446796 d:ShareCapital 2024-06-30 03446796 d:ShareCapital 2023-06-30 03446796 d:SharePremium 2024-06-30 03446796 d:SharePremium 2023-06-30 03446796 d:RetainedEarningsAccumulatedLosses 2024-06-30 03446796 d:RetainedEarningsAccumulatedLosses 2023-06-30 03446796 c:FRS102 2023-07-01 2024-06-30 03446796 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 03446796 c:FullAccounts 2023-07-01 2024-06-30 03446796 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 03446796 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Registered number: 03446796










ICORE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
ICORE LIMITED
REGISTERED NUMBER: 03446796

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,155
4,126

  
2,155
4,126

Current assets
  

Debtors: amounts falling due within one year
 5 
1,913,766
2,109,768

Cash at bank and in hand
 6 
87,198
104,809

  
2,000,964
2,214,577

Creditors: amounts falling due within one year
 7 
(768,756)
(616,052)

Net current assets
  
 
 
1,232,208
 
 
1,598,525

Total assets less current liabilities
  
1,234,363
1,602,651

Creditors: amounts falling due after more than one year
 8 
(12,379)
(20,000)

  

Net assets
  
1,221,984
1,582,651


Capital and reserves
  

Called up share capital 
  
120,218
120,218

Share premium account
  
641,547
641,547

Profit and loss account
  
460,219
820,886

  
1,221,984
1,582,651

Page 1

 
ICORE LIMITED
REGISTERED NUMBER: 03446796
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A T Marland
Director

Date: 29 October 2024

The notes on pages 3 to 9 form part of these financial statements.
Page 2

 
ICORE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

The company is a private company limited by shares and is incorporated in England and Wales. The address of its registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Rendering of services
Revenue from the rendering of services is recognised in the period in which the services are provided to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
ICORE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
ICORE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 

Page 5

 
ICORE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 21 (2023 - 28).

Page 6

 
ICORE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Tangible fixed assets





Fixtures and fittings

£



Cost 


At 1 July 2023
32,548



At 30 June 2024

32,548



Depreciation


At 1 July 2023
28,422


Charge for the year on owned assets
1,971



At 30 June 2024

30,393



Net book value



At 30 June 2024
2,155



At 30 June 2023
4,126


5.


Debtors

2024
2023
£
£


Trade debtors
453,582
637,253

Amounts owed by group undertakings
1,433,634
1,447,354

Other debtors
-
6,601

Prepayments and accrued income
26,550
18,560

1,913,766
2,109,768


Page 7

 
ICORE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
87,198
104,809

Less: bank overdrafts
(401,181)
(234,190)

(313,983)
(129,381)



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
401,181
234,190

Bank loans
10,000
10,000

Trade creditors
35,723
68,641

Corporation tax
-
82,193

Other taxation and social security
272,870
87,918

Other creditors
19,113
104,463

Accruals and deferred income
29,869
28,647

768,756
616,052


The bank overdraft facility is secured by way of a fixed and floating debenture over all assets of the company.


8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
12,379
20,000


Page 8

 
ICORE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,000
10,000


Amounts falling due 2-5 years

Bank loans
12,379
20,000


22,379
30,000

 
Page 9