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Company registration number: 08656863
Corporatec (UK) Limited
Unaudited filleted financial statements
30 June 2024
Corporatec (UK) Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Corporatec (UK) Limited
Directors and other information
Directors Mr V Proud
Company number 08656863
Registered office First Floor Offices
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
Accountants Hicks and Company
Chartered Accountants
First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
Bankers HSBC
122 Finchley Road
Hampstead
London
NW3 5JD
Corporatec (UK) Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Corporatec (UK) Limited
Year ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Corporatec (UK) Limited for the year ended 30 June 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Corporatec (UK) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Corporatec (UK) Limited and state those matters that we have agreed to state to the board of directors of Corporatec (UK) Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Corporatec (UK) Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Corporatec (UK) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Corporatec (UK) Limited. You consider that Corporatec (UK) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Corporatec (UK) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hicks and Company
Chartered Accountants
First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
20 January 2025
Corporatec (UK) Limited
Statement of financial position
30 June 2024
2024 2023
Note £ £ £ £
Intangible assets 5 - -
Current assets
Debtors 6 158,762 163,200
Cash at bank and in hand 260,861 181,759
_______ _______
419,623 344,959
Creditors: amounts falling due
within one year 7 ( 356,569) ( 299,308)
_______ _______
Net current assets 63,054 45,651
_______ _______
Total assets less current liabilities 63,054 45,651
_______ _______
Net assets 63,054 45,651
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 62,954 45,551
_______ _______
Shareholder funds 63,054 45,651
_______ _______
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The member has 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 Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 January 2025 , and are signed on behalf of the board by:
Mr V Proud
Director
Company registration number: 08656863
Corporatec (UK) Limited
Notes to the financial statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England & wales. The address of the registered office is First Floor Offices, 99 Bancroft, Hitchin, Hertfordshire, SG5 1NQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. 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. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - Over 5 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Impairment
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2023: 8 ).
5. Intangible assets
Goodwill
£
Cost
At 1 July 2023 and 30 June 2024 441,689
_______
Amortisation
At 1 July 2023 and 30 June 2024 441,689
_______
Carrying amount
At 30 June 2024 -
_______
At 30 June 2023 -
_______
6. Debtors
2024 2023
£ £
Trade debtors 149,187 148,462
Other debtors 9,575 14,738
_______ _______
158,762 163,200
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 44,110 42,725
Corporation tax 89,801 34,468
Social security and other taxes 65,171 57,386
Other creditors 157,487 164,729
_______ _______
356,569 299,308
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr V Proud ( 5,781) 1,667 ( 4,114)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr V Proud ( 7,240) 1,459 ( 5,781)
_______ _______ _______