Company registration number 14091201 (England and Wales)
CORECOM TECHNOLOGY ACADEMY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
CORECOM TECHNOLOGY ACADEMY LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
CORECOM TECHNOLOGY ACADEMY LTD
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,391
-
0
Current assets
Debtors
4
143,362
54,381
Cash at bank and in hand
20,321
2,052
163,683
56,433
Creditors: amounts falling due within one year
5
(60,882)
(96,153)
Net current assets/(liabilities)
102,801
(39,720)
Total assets less current liabilities
106,192
(39,720)
Creditors: amounts falling due after more than one year
6
(228,714)
(49,604)
Net liabilities
(122,522)
(89,324)
Capital and reserves
Called up share capital
7
822
822
Profit and loss reserves
(123,344)
(90,146)
Total equity
(122,522)
(89,324)

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 20 December 2024 and are signed on its behalf by:
Mr J Taylor
Director
Company registration number 14091201 (England and Wales)
CORECOM TECHNOLOGY ACADEMY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information

Corecom Technology Academy Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Yorkshire Hub, East Parade, Leeds, England, LS1 5SH.

1.1
Reporting period

The financial statements cover the period from 01 April 2023 to 31 May 2024, whereas the comparative period spans the longer duration from 06 May 2022 to 31 May 2023. As a result, the presented figures are not directly comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

At the time of approving the financial statements, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, the financial statements have been prepared on a going concern basis.

 

The Directors acknowledge, at the period-end, the Company has net liabilities of £122,522 (2023: £89,324). However, they have received confirmation that support will continue from the companies with common directorship, with loans as disclosed in note 8 not expected to be recalled in full within the next 12 months. The Directors do not consider this a liquidity risk to the Company.

1.4
Turnover

Income represents revenue earned under a wide variety of contracts to provide services. Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients including expenses and disbursements but excluding value added tax.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Computers
33% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

CORECOM TECHNOLOGY ACADEMY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

CORECOM TECHNOLOGY ACADEMY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
15
8
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023
-
0
Additions
4,506
At 31 May 2024
4,506
Depreciation and impairment
At 1 June 2023
-
0
Depreciation charged in the year
1,115
At 31 May 2024
1,115
Carrying amount
At 31 May 2024
3,391
At 31 May 2023
-
0
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
37,246
-
0
Corporation tax recoverable
12,647
13,515
Other debtors
93,469
40,866
143,362
54,381
CORECOM TECHNOLOGY ACADEMY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
14,452
588
Corporation tax
12,647
13,515
Other taxation and social security
22,342
-
0
Other creditors
11,441
82,050
60,882
96,153
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
228,714
49,604
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and unpaid
A Ordinary of £1 each
82
82
82
82
B Ordinary of £1 each
82
82
82
82
C Ordinary of £1 each
82
82
82
82
D Ordinary of £1 each
82
82
82
82
E Ordinary of £1 each
82
82
82
82
F Ordinary of £1 each
82
82
82
82
G Ordinary of £1 each
165
165
165
165
H Ordinary of £1 each
165
165
165
165
822
822
822
822
8
Related party transactions

Included within other creditors due over one year are amounts due to companies with common directorship totaling £228,714 (2023: £49,604). The company has received confirmation from each of these companies to confirm that this will not be recalled in full for at least 12 months after the period-end.

 

Amounts due to companies with common directorship are provided interest free.

CORECOM TECHNOLOGY ACADEMY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
9
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
Director A
2.25
40,044
35,262
2,209
77,515
40,044
35,262
2,209
77,515

The maximum amount outstanding during the year was £77,515.

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