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Registered number: 02643175









KORE TECHNOLOGY LIMITED








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
KORE TECHNOLOGY LIMITED
 
 
COMPANY INFORMATION


Directors
Dr S J Mullock 
K Sand Christensen 
Y Ge 




Company secretary
Dr S J Mullock



Registered number
02643175



Registered office
5 Bartholomew's Walk
Cambridgeshire Business Park

Ely

Cambridgeshire

CB7 4EA




Independent auditors
Lakin Rose Limited
Chartered Accountants & Statutory Auditors

Cambridge House

Camboro Business Park

Girton

Cambridge

CB3 0QH





 
KORE TECHNOLOGY LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 9


 
KORE TECHNOLOGY LIMITED
REGISTERED NUMBER: 02643175

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
                                                                           Note
£
£

Fixed assets
  

Tangible assets
 4 
407,097
390,329

  
407,097
390,329

Current assets
  

Stocks
  
269,337
206,738

Debtors: amounts falling due within one year
 5 
354,981
154,444

Bank and cash balances
  
278,912
429,632

  
903,230
790,814

Creditors: amounts falling due within one year
 6 
(245,813)
(106,475)

Net current assets
  
 
 
657,417
 
 
684,339

Total assets less current liabilities
  
1,064,514
1,074,668

Creditors: amounts falling due after more than one year
 7 
(33,457)
(57,075)

  

Net assets
  
£1,031,057
£1,017,593


Capital and reserves
  

Called up share capital 
 9 
16,167
16,167

Share premium account
  
797,074
797,074

Profit and loss account
  
217,816
204,352

  
£1,031,057
£1,017,593


Page 1

 
KORE TECHNOLOGY LIMITED
REGISTERED NUMBER: 02643175
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 March 2025.




Dr S J Mullock
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
KORE TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

The company is a private company limited by shares and is incorporated in England and Wales.  The address of its registered office is 5 Bartholomew's Walk, Cambridgeshire Business Park, Ely, CB7 4EA.
   

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

  
2.3

Long-term contracts

Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty.  The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses.  Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract.  Revenues derived from variations on contracts are recognised only when they have been accepted by the customer.  Full provision is made for losses on all contracts in the year in which they are first forseen.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
KORE TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Plant and machinery
-
10-26.09% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
KORE TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 5

 
KORE TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2023 - 10).


4.


Tangible fixed assets





Freehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 January 2024
552,360
270,592
822,952


Additions
-
39,645
39,645


Disposals
-
(8,882)
(8,882)



At 31 December 2024

552,360
301,355
853,715



Depreciation


At 1 January 2024
201,079
231,544
432,623


Charge for the year on owned assets
9,426
13,451
22,877


Disposals
-
(8,882)
(8,882)



At 31 December 2024

210,505
236,113
446,618



Net book value



At 31 December 2024
£341,855
£65,242
£407,097



At 31 December 2023
£351,281
£39,048
£390,329

Page 6

 
KORE TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Debtors

2024
2023
£
£


Trade debtors
74,725
41,684

Amounts owed by group undertakings
125,000
73,491

Other debtors
12,643
8,064

Prepayments and accrued income
12,261
10,694

Amounts recoverable on long-term contracts
109,841
-

Deferred taxation
20,511
20,511

£354,981
£154,444



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
23,618
23,618

Payments received on account
86,040
27,007

Trade creditors
75,223
1,499

Other taxation and social security
17,958
21,428

Other creditors
20,245
8,975

Accruals and deferred income
22,729
23,948

£245,813
£106,475



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
33,457
57,075

£33,457
£57,075


Secured loans
The bank loans are secured by a charge over the company's freehold property.

Page 7

 
KORE TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
23,618
23,618

Amounts falling due 1-2 years

Bank loans
23,618
23,618

Amounts falling due 2-5 years

Bank loans
9,839
33,457


£57,075
£80,693



9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,616,665 (2023 - 1,616,665) A Ordinary shares of £0.01 each
£16,166.65
£16,166.65



10.


Pension commitments

The company pays contributions to a number of employees' and directors' personal pension schemes.  Contributions totalling £1,219 (2023 - £3,632) were payable to these pension schemes at the balance sheet date and are included in creditors.


11.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
2,282
-

Later than 1 year and not later than 5 years
8,969
-

Later than 5 years
2,093
-

£13,344
£-

Page 8

 
KORE TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Parent undertaking

The company's parent undertaking is Beijing SDL Technology Co., Ltd, a company registered in China.  The company's registered office is International Information Industry Base, Huilongguan, Changping District, Beijing, China.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 3 March 2025 by Christopher Dougherty (Senior statutory auditor) on behalf of Lakin Rose Limited.

 
Page 9