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COMPANY REGISTRATION NUMBER: 08263984
Core Office IT Limited
Filleted Unaudited Financial Statements
30 April 2024
Core Office IT Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Current Assets
Stocks
1,500
1,500
Debtors
7
2,420
19,820
Cash at bank and in hand
81,441
53,081
--------
--------
85,361
74,401
Creditors: amounts falling due within one year
8
39,572
35,847
--------
--------
Net Current Assets
45,789
38,554
--------
--------
Total Assets Less Current Liabilities
45,789
38,554
--------
--------
Net Assets
45,789
38,554
--------
--------
Capital and Reserves
Called up share capital
100
100
Profit and loss account
45,689
38,454
--------
--------
Shareholders Funds
45,789
38,554
--------
--------
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 income statement has not been delivered.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 26 November 2024 , and are signed on behalf of the board by:
Mr G Morgan
Director
Company registration number: 08263984
Core Office IT Limited
Notes to the Financial Statements
Year Ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Station Road, Bovey Tracey, Newton Abbot, TQ13 9AL, 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.
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
Deferred tax is provided in full on all material timing differences which represent a liability at the balance sheet date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income or expenditure in tax computations in periods different from those in which they are included in the financial statements. Deferred tax assets and liabilities are not discounted.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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
-
10% 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Computer Equipments
-
15% 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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Intangible assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
20,000
--------
Amortisation
At 1 May 2023 and 30 April 2024
20,000
--------
Carrying amount
At 30 April 2024
--------
At 30 April 2023
--------
6. Tangible assets
Equipment
Total
£
£
Cost
At 1 May 2023 and 30 April 2024
3,320
3,320
-------
-------
Depreciation
At 1 May 2023 and 30 April 2024
3,320
3,320
-------
-------
Carrying amount
At 30 April 2024
-------
-------
At 30 April 2023
-------
-------
7. Debtors
2024
2023
£
£
Trade debtors
2,366
19,718
Other debtors
54
102
-------
--------
2,420
19,820
-------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
11,110
4,579
Corporation tax
14,488
12,678
Social security and other taxes
12,064
15,863
Other creditors
1,910
2,727
--------
--------
39,572
35,847
--------
--------
9. Directors' advances, credit and guarantees
.
10. Related party transactions
Directors' loan accounts: Included in creditors is £1,008(2023 : £1,005) the amount being attributable to Directors current accounts. Transactions with the directors: During the year the directors, Mr G Morgan received dividend of £23,550 (2023 £21,000) and Mr N Palmer received dividend of £23,550(2023: £21,000). Control: The company is jointly controlled by the directors, Mr G Morgan and Mr N Palmer by virtue of each of their 50% shareholders.