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REGISTERED NUMBER: 13798165 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

CORDIC TECHNOLOGY LIMITED

CORDIC TECHNOLOGY LIMITED (REGISTERED NUMBER: 13798165)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


CORDIC TECHNOLOGY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: I H M Davies
S I Veingard





REGISTERED OFFICE: Suite 2
LDH House
Parsons Green
St Ives
PE27 4AA





REGISTERED NUMBER: 13798165 (England and Wales)





AUDITORS: Platt Rushton LLP
Chartered Accountants
& Statutory Auditors
Sutherland House
1759 London Road
Leigh on Sea
Essex
SS9 2RZ

CORDIC TECHNOLOGY LIMITED (REGISTERED NUMBER: 13798165)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 434,687 303,467
Tangible assets 5 17,695 20,007
452,382 323,474

CURRENT ASSETS
Debtors 6 105,941 84,677
Cash at bank 107,172 129,579
213,113 214,256
CREDITORS
Amounts falling due within one year 7 642,930 851,310
NET CURRENT LIABILITIES (429,817 ) (637,054 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

22,565

(313,580

)

CAPITAL AND RESERVES
Called up share capital 2 1
Share premium 492,806 -
Retained earnings (470,243 ) (313,581 )
SHAREHOLDERS' FUNDS 22,565 (313,580 )

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 Board of Directors and authorised for issue on 3rd March 2025 and were signed on its behalf by:





S I Veingard - Director


CORDIC TECHNOLOGY LIMITED (REGISTERED NUMBER: 13798165)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. STATUTORY INFORMATION

Cordic Technology 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.

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.

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

Goodwill
Goodwill, being the amount paid in excess of the value of the net assets at the date of the business acquisition, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Other intangibles are being amortised evenly over their estimated useful life of five years.

Development costs are being amortised evenly over their estimated useful life of five years.

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 - 25% on cost

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2022 - 30 ) .

CORDIC TECHNOLOGY LIMITED (REGISTERED NUMBER: 13798165)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1st January 2023 3,000 324,487 327,487
Additions - 238,769 238,769
At 31st December 2023 3,000 563,256 566,256
AMORTISATION
At 1st January 2023 200 23,820 24,020
Charge for year 300 107,249 107,549
At 31st December 2023 500 131,069 131,569
NET BOOK VALUE
At 31st December 2023 2,500 432,187 434,687
At 31st December 2022 2,800 300,667 303,467

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st January 2023 22,961
Additions 7,420
Disposals (255 )
At 31st December 2023 30,126
DEPRECIATION
At 1st January 2023 2,954
Charge for year 9,682
Eliminated on disposal (205 )
At 31st December 2023 12,431
NET BOOK VALUE
At 31st December 2023 17,695
At 31st December 2022 20,007

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade debtors 62,205 57,046
Other debtors 43,736 27,631
105,941 84,677

CORDIC TECHNOLOGY LIMITED (REGISTERED NUMBER: 13798165)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade creditors 69,721 20,741
Amounts owed to group undertakings 134,499 -
Taxation and social security 168,246 141,821
Other creditors 270,464 688,748
642,930 851,310

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
as restated
£    £   
Within one year 5,320 9,120
Between one and five years - 5,320
5,320 14,440

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Graham Powling FCA (Senior Statutory Auditor)
for and on behalf of Platt Rushton LLP

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

At 31st December 2023, included within trade and other creditors, was a balance of £187,100 (2022:£485,656) owed to owners holding a participating interest in the parent company. These balances are interest free and repayable on demand.

The directors believe all other related party transactions are conducted under normal market conditions.

The parent company is Cabfusion Limited, registered office, Fora, 1 Canada Square, Canary Wharf, London. Cabfusion Limited draws up consolidated accounts as parent of a small group.

11. GOING CONCERN

The company has made a trading loss and has net current liabilities. In making their assessment of going concern the directors have considered a period of at least 12 months from the date of approval of the financial statements. It is their belief that current and future sources of funding or support from its parent company and its majority investors will be adequate for the company's needs. The parent company has made written undertakings to this effect. As a result, the going concern basis of accounting has been adopted.