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REGISTERED NUMBER: 07925722 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

ADDCORE LIMITED

ADDCORE LIMITED (REGISTERED NUMBER: 07925722)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


ADDCORE LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTOR: B A Ricketts





REGISTERED OFFICE: Ryefield House
Hackness Road
Scalby
Scarborough
North Yorkshire
YO13 0QY





REGISTERED NUMBER: 07925722 (England and Wales)

ADDCORE LIMITED (REGISTERED NUMBER: 07925722)

STATEMENT OF FINANCIAL POSITION
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 293 772

CURRENT ASSETS
Inventories 491,382 470,908
Debtors 5 239,945 203,520
Cash at bank 220 2,000
731,547 676,428
CREDITORS
Amounts falling due within one year 6 698,052 634,302
NET CURRENT ASSETS 33,495 42,126
TOTAL ASSETS LESS CURRENT
LIABILITIES

33,788

42,898

CREDITORS
Amounts falling due after more than one year 7 29,766 35,462
NET ASSETS 4,022 7,436

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 3,922 7,336
SHAREHOLDERS' FUNDS 4,022 7,436

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

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 31 January 2025 and were signed by:





B A Ricketts - Director


ADDCORE LIMITED (REGISTERED NUMBER: 07925722)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023


1. STATUTORY INFORMATION

Addcore 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Going Concern
The directors have considered the financial resources and commitments of the company and have concluded that there are sufficient resources in place to continue operating for the foreseeable future. The directors therefore consider it appropriate to continue to prepare the accounts on the going concern basis.

Significant judgements and estimates
In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.

Critical judgements in applying the company's policies
No significant judgements have had to be made by management in preparing these financial statements.

Critical accounting estimates and assumptions
The directors do not consider that any other estimates and assumptions used in the preparation of these financial statements have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Revenue
Revenue represents goods and services supplied, excluding value added tax. Revenue is recognised to the extent that the company has obtained the right to consideration through its performance and is measured at the fair value of the right to consideration.

Property, plant and equipment
Items of property, plant and equipment are initially measured at cost. After initial recognition items of property, plant and equipment are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off the cost of each asset over its estimated useful life.

Plant and machinery - 33% straight line basis

Inventories
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade, other accounts receivable and payable and loans to related parties.

Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised costs using the effective interest method.


ADDCORE LIMITED (REGISTERED NUMBER: 07925722)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leasing commitments
Operating lease rentals are charged against profits of the period to which they relate.

Pension costs and other post-retirement benefits
Payments to defined contribution pension schemes are charged as an expense in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 4 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 4,000 1,449 5,449
DEPRECIATION
At 1 January 2023 4,000 677 4,677
Charge for year - 479 479
At 31 December 2023 4,000 1,156 5,156
NET BOOK VALUE
At 31 December 2023 - 293 293
At 31 December 2022 - 772 772

ADDCORE LIMITED (REGISTERED NUMBER: 07925722)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 198,343 163,201
Amounts owed by group undertakings 39,629 -
Other debtors 1,973 40,319
239,945 203,520

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,882 5,742
Trade creditors 72,050 79,023
Amounts owed to group undertakings 68,967 50,272
Taxation and social security 10,466 7,699
Other creditors 540,687 491,566
698,052 634,302

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 29,766 35,462

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Debt factoring 72,050 79,023
Stock and trade finance 294,915 294,915
366,965 373,938

Debt factoring and trade financing arrangements are secured by way of fixed and floating charge debentures held over all assets of the company.

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The director operates a loan account with the company which are repayable on demand. The following advances and credits subsisted during the years ended 2023 and 2022 in respect of it.

20232022
££
Balance outstanding at start of year33,39528,862
Amounts advanced32,53347,272
Amounts repaid(65,928)(42,739)
Amounts written off- -
Amounts waived- -
Balance outstanding at end of year-33,395

Interest has been charged at the HMRC beneficial loan rate whilst overdrawn.