Company registration number 10596697 (England and Wales)
CORE ENVIRONMENTAL PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
CORE ENVIRONMENTAL PLC
COMPANY INFORMATION
Directors
Mr S M Wright
Mr A A Miller
Mr D C Blake
Secretary
HJS Company Secretarial Services Limited
Company number
10596697
Registered office
Tagus House
9 Ocean Way
Southampton
Hampshire
United Kingdom
SO14 3TJ
Auditor
HJS Accountants Limited
Tagus House
9 Ocean Way
Southampton
Hampshire
United Kingdom
SO14 3TJ
CORE ENVIRONMENTAL PLC
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 18
CORE ENVIRONMENTAL PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 1 -
The directors present the strategic report for the year ended 31 July 2024.
Fair review of the business
The directors are pleased to present the accounts.
During the year we continued to work towards CILSS accreditation for our mosquito product to be added to the register of those approved for funding. We have performed trials in West Africa to gain confidence with Governments and all current testing has now been completed in Asia and Europe. The application to CILSS has been submitted and we await final approval of the product.
In an effort to diversify our product range, we have also entered an agreement for the exclusive retail rights of 4 products from a manufacturer of hand and surface sanitisers, which have been tested in accredited UK labs and hold several BS-EN standards. We commenced marketing these products in the UK toward the end of the financial year. The contract that we expected in 2022 will now come to fruition in our year ended 2024. We are working closely with the manufacturer to gain further product approval through MHRA and 2 additional BS-EN accreditations.
Principal risks and uncertainties
Should we not be able to confirm any contracts then we will reassess the future plan for the company.
Economic market
Whilst concentrating on markets that require our products we are aware that at any time the individual product need can fluctuate due to other emerging technology products and Government level strategy programs. We work closely with our product manufacturers to benchmark against other products to be pre-armed with the required up to date comparison information as part of our tender presentation procedure. Over the past two years we have grown our potential client base through presentations to both Corporate entities and Government departments, and are seeing the rewards of this time invested.
Financially insecure clients
We are aware of the risks when selling to new clients and we supply on the basis of payment before product delivery. Our products are only available to clients which are approved by the product manufacturers and have shown that they have gone through their own due diligence procedures before placing an order. Whenever possible the clients will be met in person and financial viability planning is completed early on in our sales process.
Control procedures
We have a strict new product procurement process in place to ensure we only market high quality environmentally friendly products from reliable suppliers. Our company ethos continues to be to provide affordable products that are not only safe and effective but have longevity in a market with ever increasing standards & expectations. We constantly monitor changes in legislation and liaise with suppliers regarding up to date information gained from product testing, new research & development and proposed future changes that need to be planned for.
Company governance
Risks are a constant agenda item and are formally and regularly reviewed by the board with appropriate processes in place to monitor and mitigate those applicable to our products both financially and environmentally.
Key performance indicators
We have no KPI's relevant to the current year which need reporting.
CORE ENVIRONMENTAL PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
Mr S M Wright
Director
31 January 2025
CORE ENVIRONMENTAL PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
The directors present their annual report and financial statements for the year ended 31 July 2024.
Principal activities
The principal activity of the company is that of the wholesale of pharmaceutical goods.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr S M Wright
Mr A A Miller
Mr D C Blake
Auditor
In accordance with the company's articles, a resolution proposing that HJS Accountants Limited be appointed as auditor of the company will be put at a General Meeting.
Energy and carbon report
At the year end the company was still in the process of gaining accreditation for its product and as a result there was minimal activity in the year. As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr S M Wright
Director
31 January 2025
CORE ENVIRONMENTAL PLC
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
CORE ENVIRONMENTAL PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CORE ENVIRONMENTAL PLC
- 5 -
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 July 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements of Core Environmental Plc (the 'company') for the year ended 31 July 2024 which comprise and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
CORE ENVIRONMENTAL PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CORE ENVIRONMENTAL PLC (CONTINUED)
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the company and industry, we identified that the principle risks of non-compliance with laws and regulations related to breaches of UK regulatory principles, such as those governed by the relevant pharmaceutical regulations within the UK and overseas. We also considered the laws and regulations which have a direct impact on the financial statements such as the Companies Act 2006.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principle risks were related to management bias in accounting estimates and judgemental areas of financial statements.
Audit procedures performed by the audit engagement team included:
Discussions with senior management, including consideration of known or suspected instances of non compliance with laws and regulations or instances of fraud;
Identifying and testing journal entries based on risk criteria;
Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
Testing transactions entered into outside of the normal course of the company's business;
Reviewing any potential litigation or claims against the entity which indicate any potential non compliance issues.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
CORE ENVIRONMENTAL PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CORE ENVIRONMENTAL PLC (CONTINUED)
- 7 -
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Angela Trainor
Senior Statutory Auditor
For and on behalf of HJS Accountants Limited
31 January 2025
Chartered Accountants and Statutory Auditor
Tagus House
9 Ocean Way
Southampton
Hampshire
United Kingdom
SO14 3TJ
CORE ENVIRONMENTAL PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
2024
2023
Notes
£
£
Turnover
7,852
5,250
Cost of sales
(5,046)
(593)
Gross profit
2,806
4,657
Administrative expenses
(11,089)
(5,298)
Operating loss
(8,283)
(641)
Amounts written off investments
-
(49)
Loss before taxation
(8,283)
(690)
Tax on loss
2,236
122
Loss for the financial year
(6,047)
(568)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
CORE ENVIRONMENTAL PLC
BALANCE SHEET
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
5
93,160
Tangible assets
6
1,499
Current assets
Stocks
3,860
-
Debtors
7
44,193
109,304
Cash at bank and in hand
7,140
4,625
55,193
113,929
Creditors: amounts falling due within one year
8
(120,843)
(79,158)
Net current (liabilities)/assets
(65,650)
34,771
Total assets less current liabilities
29,009
34,771
Provisions for liabilities
(285)
Net assets
28,724
34,771
Capital and reserves
Called up share capital
9
50,000
50,000
Profit and loss reserves
(21,276)
(15,229)
Total equity
28,724
34,771
The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
Mr S M Wright
Director
Company Registration No. 10596697
CORE ENVIRONMENTAL PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 August 2022
50,000
(14,661)
35,339
Year ended 31 July 2023:
Loss and total comprehensive income
-
(568)
(568)
Balance at 31 July 2023
50,000
(15,229)
34,771
Year ended 31 July 2024:
Loss and total comprehensive income
-
(6,047)
(6,047)
Balance at 31 July 2024
50,000
(21,276)
28,724
CORE ENVIRONMENTAL PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
11
97,474
396
Investing activities
Purchase of intangible assets
(93,160)
Purchase of tangible fixed assets
(1,799)
Proceeds from disposal of associates
49
Proceeds from disposal of investments
(49)
Net cash used in investing activities
(94,959)
-
Net increase in cash and cash equivalents
2,515
396
Cash and cash equivalents at beginning of year
4,625
4,229
Cash and cash equivalents at end of year
7,140
4,625
CORE ENVIRONMENTAL PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 12 -
1
Accounting policies
Company information
Core Environmental Plc is a private company limited by shares incorporated in England and Wales. The registered office is Tagus House, 9 Ocean Way, Southampton, Hampshire, United Kingdom, SO14 3TJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS102") and the requirements of the Companies Act 2006.
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 historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These accounts have been prepared under the going concern basis due to continued support of the majority shareholder.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Sale of goods are recognised when goods are shipped and title has passed, at which time the significant risk and rewards associated have been transferred to the customer.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Intangible fixed assets other than goodwill
Amortisation has not been charged on intangible assets as they are still being developed. Amortisation will be charged once fully developed and distribution has started.
Development costs
0% Amortisation until costs incurred are in use
1.6
Tangible fixed assets
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% Reducing Balance
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets. A provision is made for any impairment loss and taken to the profit and loss account.
CORE ENVIRONMENTAL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 13 -
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.9
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company only enters into basic financial instrument transactions.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
CORE ENVIRONMENTAL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 14 -
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
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.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
CORE ENVIRONMENTAL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 15 -
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in the tax assessments.
Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The company's liability for current and deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The key judgement applied within these financial statements is that the costs included within prepayments will become recoverable in full once the company commences trade in the new period.
3
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
5,707
1,825
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
CORE ENVIRONMENTAL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 16 -
5
Intangible fixed assets
Other
£
Cost
At 1 August 2023
Additions
93,160
At 31 July 2024
93,160
Amortisation and impairment
At 1 August 2023 and 31 July 2024
Carrying amount
At 31 July 2024
93,160
At 31 July 2023
6
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2023
Additions
1,799
At 31 July 2024
1,799
Depreciation and impairment
At 1 August 2023
Depreciation charged in the year
300
At 31 July 2024
300
Carrying amount
At 31 July 2024
1,499
At 31 July 2023
CORE ENVIRONMENTAL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 17 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,397
Other debtors
37,500
107,529
39,897
107,529
Deferred tax asset
4,296
1,775
44,193
109,304
8
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
942
Other creditors
119,901
79,158
120,843
79,158
CORE ENVIRONMENTAL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 18 -
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary of £1 each
50,000
50,000
50,000
50,000
10
Related party transactions
Mr S M Wright is a related party by virtue of being a director and shareholder of Core Environmental Plc.
At the reporting date, the balance outstanding due to Mr S M Wright amounted to £115,043 (2023: £76,463). No interest is accruing on this balance.
11
Cash generated from operations
2024
2023
£
£
Loss for the year after tax
(6,047)
(568)
Adjustments for:
Taxation credited
(2,236)
(122)
Depreciation and impairment of tangible fixed assets
300
Other gains and losses
-
49
Movements in working capital:
Increase in stocks
(3,860)
Decrease/(increase) in debtors
67,632
(7,992)
Increase in creditors
41,685
9,029
Cash generated from operations
97,474
396
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