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REGISTERED NUMBER: 09040920 (England and Wales)














CORTES GOLD LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH JUNE 2024






CORTES GOLD LIMITED (REGISTERED NUMBER: 09040920)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CORTES GOLD LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH JUNE 2024







DIRECTORS: C R Le Gresley
Mrs S E Le Gresley





REGISTERED OFFICE: Unit 1 Ricketts Close
Firs Industrial Estate
Kidderminster
Worcestershire
DY11 7QN





REGISTERED NUMBER: 09040920 (England and Wales)

CORTES GOLD LIMITED (REGISTERED NUMBER: 09040920)

BALANCE SHEET
30TH JUNE 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 152,480 166,928
Tangible assets 5 1,954,888 1,672,133
Investments 6 100 100
2,107,468 1,839,161

CURRENT ASSETS
Debtors 7 25,540 124,892
Cash at bank 75,733 54,104
101,273 178,996
CREDITORS
Amounts falling due within one year 8 295,964 360,852
NET CURRENT LIABILITIES (194,691 ) (181,856 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,912,777

1,657,305

CREDITORS
Amounts falling due after more than one
year

9

1,161,304

1,053,984
NET ASSETS 751,473 603,321

CAPITAL AND RESERVES
Called up share capital 11 200 200
Retained earnings 751,273 603,121
SHAREHOLDERS' FUNDS 751,473 603,321

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

CORTES GOLD LIMITED (REGISTERED NUMBER: 09040920)

BALANCE SHEET - continued
30TH JUNE 2024


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 Board of Directors and authorised for issue on 12th September 2024 and were signed on its behalf by:




C R Le Gresley - Director



Mrs S E Le Gresley - Director


CORTES GOLD LIMITED (REGISTERED NUMBER: 09040920)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2024

1. STATUTORY INFORMATION

Cortes Gold 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.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The accounts have been prepared on a going concern basis. The directors confirm loans will be made available to the company to enable it to meet its liabilities as they fall due.

Preparation of consolidated financial statements
The financial statements contain information about Cortes Gold Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill arising on the acquisition of a business in 2014 is being amortised over five years after taking into consideration residual value.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses.

Depreciation is provided on all tangible fixed asets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold property and improvements to property - 2% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less impairment.

CORTES GOLD LIMITED (REGISTERED NUMBER: 09040920)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial liabilities, including trade and other debtors, bank loans and loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends to either settle on a net basis, or to realise the asset and settle the liability simultaneously.

Debt instruments that have no stated interest rate are classified as payable or receivable within one year are initially measured at an un-discounted amount of the cash or other consideration expected to be paid, net of impairment.

Taxation
Current tax is recognised for the amount of corporation tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax
Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only recognised to the extent that is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

With the exception of changes arising on the initial recognition of a business combination, the tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. Deferred tax assets and deferred tax liabilities are offset only if:
- The company has a legally enforceable right to set off current tax assets against current tax liabilities, and
- The deferred tax assets and deferred tax liabilities relate to corporation taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously.

3. EMPLOYEES AND DIRECTORS

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

CORTES GOLD LIMITED (REGISTERED NUMBER: 09040920)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1st July 2023
and 30th June 2024 289,000
AMORTISATION
At 1st July 2023 122,072
Charge for year 14,448
At 30th June 2024 136,520
NET BOOK VALUE
At 30th June 2024 152,480
At 30th June 2023 166,928

5. TANGIBLE FIXED ASSETS
Freehold Improvements
property to property Totals
£ £ £
COST
At 1st July 2023 1,551,082 148,186 1,699,268
Additions - 282,755 282,755
At 30th June 2024 1,551,082 430,941 1,982,023
DEPRECIATION
At 1st July 2023
and 30th June 2024 22,195 4,940 27,135
NET BOOK VALUE
At 30th June 2024 1,528,887 426,001 1,954,888
At 30th June 2023 1,528,887 143,246 1,672,133

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
COST
At 1st July 2023
and 30th June 2024 100
NET BOOK VALUE
At 30th June 2024 100
At 30th June 2023 100

CORTES GOLD LIMITED (REGISTERED NUMBER: 09040920)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 25,540 20,040
Other debtors - 104,852
25,540 124,892

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 124,793 142,270
Trade creditors 3,506 46
Amounts owed to group undertakings 110,100 77,197
Tax - 11,298
Social security and other taxes 2,598 -
Directors' current accounts 54,352 129,446
Accrued expenses 615 595
295,964 360,852

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Bank loans - 2-5 years 1,161,304 1,053,984

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Bank loans 1,286,097 1,196,254

The bank loan is secured by way of a fixed and floating charge over the assets for which it relates.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
200 Ordinary £1 200 200

12. RELATED PARTY DISCLOSURES

Dividends of £150,000 (2023 - Nil) were received from Aztec Label Limited (a wholly owned subsidiary) during the year.

Rent was received of £187,400 and management charges of £24,000 from Aztec Label Limited ( 2023 - £119,200 rent and £24,000 management charge).