IRIS Accounts Production v24.3.2.46 10316148 Board of Directors 1.4.23 31.3.24 31.3.24 0 0 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh103161482023-03-31103161482024-03-31103161482023-04-012024-03-31103161482022-03-31103161482022-04-012023-03-31103161482023-03-3110316148ns15:EnglandWales2023-04-012024-03-3110316148ns14:PoundSterling2023-04-012024-03-3110316148ns10:Director12023-04-012024-03-3110316148ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3110316148ns10:SmallEntities2023-04-012024-03-3110316148ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3110316148ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3110316148ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3110316148ns10:FullAccounts2023-04-012024-03-311031614812023-04-012024-03-3110316148ns10:Director22023-04-012024-03-3110316148ns10:RegisteredOffice2023-04-012024-03-3110316148ns5:CurrentFinancialInstruments2024-03-3110316148ns5:CurrentFinancialInstruments2023-03-3110316148ns5:Non-currentFinancialInstruments2024-03-3110316148ns5:Non-currentFinancialInstruments2023-03-3110316148ns5:ShareCapital2024-03-3110316148ns5:ShareCapital2023-03-3110316148ns5:RetainedEarningsAccumulatedLosses2024-03-3110316148ns5:RetainedEarningsAccumulatedLosses2023-03-3110316148ns5:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3110316148ns5:ComputerSoftware2023-04-012024-03-3110316148ns5:ComputerEquipment2023-04-012024-03-3110316148ns5:IntangibleAssetsOtherThanGoodwill2023-03-3110316148ns5:IntangibleAssetsOtherThanGoodwill2024-03-3110316148ns5:IntangibleAssetsOtherThanGoodwill2023-03-3110316148ns5:PlantMachinery2023-03-3110316148ns5:PlantMachinery2023-04-012024-03-3110316148ns5:PlantMachinery2024-03-3110316148ns5:PlantMachinery2023-03-3110316148ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-3110316148ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-3110316148ns10:Director222023-03-3110316148ns10:Director222022-03-3110316148ns10:Director222023-04-012024-03-3110316148ns10:Director222022-04-012023-03-3110316148ns10:Director222024-03-3110316148ns10:Director222023-03-31
REGISTERED NUMBER: 10316148 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Cordell Evolution Limited

Cordell Evolution Limited (Registered number: 10316148)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Cordell Evolution Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Dr N J Cordell
Mrs C M Miller





REGISTERED OFFICE: 13 Acorn Business Park
Northarbour Road
Portsmouth
Hampshire
PO6 3TH





REGISTERED NUMBER: 10316148 (England and Wales)





ACCOUNTANTS: Wilson Partners Limited
Chartered Accountants
TOR
Saint-Cloud Way
Maidenhead
Berkshire
SL6 8BN

Cordell Evolution Limited (Registered number: 10316148)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Intangible assets 4 327,154 207,462
Tangible assets 5 202 238
327,356 207,700

CURRENT ASSETS
Debtors 6 77,811 36,572
Cash at bank 1,640 1,651
79,451 38,223
CREDITORS
Amounts falling due within one year 7 (833,416 ) (532,137 )
NET CURRENT LIABILITIES (753,965 ) (493,914 )
TOTAL ASSETS LESS CURRENT LIABILITIES (426,609 ) (286,214 )

CREDITORS
Amounts falling due after more than one year 8 (4,371 ) (6,312 )
NET LIABILITIES (430,980 ) (292,526 )

CAPITAL AND RESERVES
Called up share capital 7 4
Retained earnings (430,987 ) (292,530 )
(430,980 ) (292,526 )

Cordell Evolution Limited (Registered number: 10316148)

Balance Sheet - continued
31 March 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 14 March 2025 and were signed on its behalf by:





Mrs C M Miller - Director


Cordell Evolution Limited (Registered number: 10316148)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Cordell Evolution 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.

The accounts are prepared on the going concern basis. The company has invested heavily in developing a software platform for the occupational health sector and is expecting to generate significant licence fee income when the platform is optimised for scalability and third party commercialisation. The company relies on funding and support from a company under common control and the directors believe this support will continue for the foreseeable future, that is at least 12 months from the date of approval of these accounts. Accordingly, the directors consider the going concern basis to be appropriate for the preparation of the accounts.

Significant judgements and estimates
In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The company does not make significant estimates and assumptions concerning the future.

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

Revenue is recognised as and when the company fulfills a contractual obligation by delivering goods and or services to a customer.

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.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 15% on reducing balance

Tangible assets are included at cost less depreciation and impairment.

Financial instruments
Basic financial instruments are recognised at amortised cost using the effective interest method, except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with changes recognised in profit and loss.


Cordell Evolution Limited (Registered number: 10316148)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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 NIL (2023 - NIL).

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2023 247,063
Additions 149,057
At 31 March 2024 396,120
AMORTISATION
At 1 April 2023 39,601
Charge for year 29,365
At 31 March 2024 68,966
NET BOOK VALUE
At 31 March 2024 327,154
At 31 March 2023 207,462

Cordell Evolution Limited (Registered number: 10316148)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 945
DEPRECIATION
At 1 April 2023 707
Charge for year 36
At 31 March 2024 743
NET BOOK VALUE
At 31 March 2024 202
At 31 March 2023 238

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other debtors 77,811 36,572

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 111,838 8,913
Other creditors 721,578 523,224
833,416 532,137

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans 4,371 6,312

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
Dr N J Cordell
Balance outstanding at start of year (16,599 ) (16,599 )
Amounts advanced 57,098 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 40,499 (16,599 )

Cordell Evolution Limited (Registered number: 10316148)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. RELATED PARTY DISCLOSURES

The company has received funding from a company under common control and a family member of a director which is unsecured, interest free and repayable on demand. The amount outstanding at the balance sheet date was £705,942 (2023: £506,625) and is included in other creditors.

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Dr N J Cordell.