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REGISTERED NUMBER: SC654062 (Scotland)















Unaudited Financial Statements for the Year Ended 29 February 2024

for

Corktech Solutions Ltd

Corktech Solutions Ltd (Registered number: SC654062)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Corktech Solutions Ltd

Company Information
for the Year Ended 29 February 2024







DIRECTOR: I Kennedy





REGISTERED OFFICE: Dunuaran House
Dunuaran Road
Oban
Argyll
PA34 4NE





REGISTERED NUMBER: SC654062 (Scotland)





ACCOUNTANTS: Mackay & Co CA
120 George Street
Oban
Argyll
PA34 5NT

Corktech Solutions Ltd (Registered number: SC654062)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 30,312 24,143

CURRENT ASSETS
Stocks 1,000 3,000
Debtors 5 300 500
Cash at bank and in hand 112 143
1,412 3,643
CREDITORS
Amounts falling due within one year 6 31,985 15,605
NET CURRENT LIABILITIES (30,573 ) (11,962 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(261

)

12,181

CREDITORS
Amounts falling due after more than
one year

7

23,709

27,177
NET LIABILITIES (23,970 ) (14,996 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (23,971 ) (14,997 )
(23,970 ) (14,996 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

Corktech Solutions Ltd (Registered number: SC654062)

Balance Sheet - continued
29 February 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 director and authorised for issue on 15 November 2024 and were signed by:





I Kennedy - Director


Corktech Solutions Ltd (Registered number: SC654062)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Corktech Solutions Ltd is a private company, limited by shares , registered in Scotland. 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 company's trading had been badly affected by the COVID 19 pandemic, having only commenced one month before a nationwide lockdown occurred. During this time the director managed to secure emergency funding that allowed the company to continue to trade. Subsequent trading and positive cashflow have allowed the company to continue to pay its creditors as they fall due and for this reason the director feels it appropriate to prepare the accounts on the going concern basis.

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

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 etc - 20% on reducing balance and 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


Corktech Solutions Ltd (Registered number: SC654062)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2023 39,911
Additions 13,180
At 29 February 2024 53,091
DEPRECIATION
At 1 March 2023 15,768
Charge for year 7,011
At 29 February 2024 22,779
NET BOOK VALUE
At 29 February 2024 30,312
At 28 February 2023 24,143

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 300 500

Corktech Solutions Ltd (Registered number: SC654062)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 2,866 2,866
Hire purchase contracts 2,105 2,105
Trade creditors - (1 )
Taxation and social security 3,268 7,293
Other creditors 23,746 3,342
31,985 15,605

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans 22,307 23,845
Hire purchase contracts 1,402 3,332
23,709 27,177