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Registered number: 08301089
















CORE COMMUNICATION RETAIL LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

































img1f0a.png


CORE COMMUNICATION RETAIL LIMITED

 
COMPANY INFORMATION


DIRECTORS
J Lovell 
A Greaves 
K Joseph 




REGISTERED NUMBER
08301089



REGISTERED OFFICE
956 Buckingham Avenue

Slough

United Kingdom

SL1 4NL




INDEPENDENT AUDITORS
Bishop Fleming Bath Limited
Chartered Accountants & Statutory Auditors

10 Temple Back

Bristol

BS1 6FL




BANKERS
Barclays Bank PLC
1 Churchill Place

London

E14 5HP






CORE COMMUNICATION RETAIL LIMITED


CONTENTS



Page
Strategic report
 
1
Directors' report
 
2
Directors' responsibilities statement
 
3
Independent auditors' report
 
4 - 7
Statement of income and retained earnings
 
8
Statement of financial position
 
9
Notes to the financial statements
 
10 - 22



CORE COMMUNICATION RETAIL LIMITED

 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

BUSINESS REVIEW
 
The principal activity of the company during the year was that of retail telecommunication products and services.

PRINCIPAL RISKS AND UNCERTAINTIES
 
The Company operates in a competitive industry and must continue to work hard to maintain, and grow, market share. 
Development of eSIM technologies presents an opportunity to identify and invest in the segments of the market expected to drive growth. 

FINANCIAL KEY PERFORMANCE INDICATORS
 
The company focuses on the quality of the customers that it recruits for its Mobile Network partners (based on lifetime customer revenue): securing high quality mobile customers results in improved revenues and margins.  Other products (eg mobile accessories) are managed with reference to gross product margin and growth potential.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
 
Credit risk
All customers who wish to trade on credit term are subject to credit verification procedures. Trade debtors are reviewed by the directors on a regular basis and provision made for doubtful debts when necessary.

Liquidity risk
The company manages its cash to ensure that sufficient liquid resources are available to meet the operating needs of the business. 

Foreign currency risk
Primarily as a result of its accessory business, the company is exposed to foreign currency fluctations. To mitigate this, the company holds some of its cash reserves in the relevant local currency.


This report was approved by the board and signed on its behalf.



J Lovell
Director

Date: 12 March 2025

Page 1


CORE COMMUNICATION RETAIL LIMITED

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £4,530,415 (2023: £4,158,103).

Dividends of £3,000,000 were declared and paid in the year (2023: £4,000,000)

DIRECTORS

The directors who served during the year were:

J Lovell 
A Greaves 
K Joseph 

FUTURE DEVELOPMENTS

The Directors continue to look for opportunities to increase revenues and margin earned from the sim
distribution business as well as improving the range of products offered within the mobile phone accessories business both locally and internationally.
The Company continues to develop its IT platforms in anticipation of the market transition to eSIMs.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the year end.

AUDITORS

The auditorsBishop Fleming Bath Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 






J Lovell
Director

Date: 12 March 2025

956 Buckingham Avenue
Slough
United Kingdom
SL1 4NL

Page 2


CORE COMMUNICATION RETAIL LIMITED

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3


CORE COMMUNICATION RETAIL LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CORE COMMUNICATION RETAIL LIMITED
OPINION


We have audited the financial statements of Core Communication Retail Limited (the 'Company') for the year ended 30 June 2024, which comprise the Statement of income and retained earnings, the Statement of financial position and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 June 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


CONCLUSIONS RELATING TO GOING CONCERN


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


OTHER INFORMATION


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 4


CORE COMMUNICATION RETAIL LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CORE COMMUNICATION RETAIL LIMITED (CONTINUED)

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5


CORE COMMUNICATION RETAIL LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CORE COMMUNICATION RETAIL LIMITED (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following:
The nature of the industry, sector, control environment and business performance;
Results of our enquiries of management and directors in relation to their own identification and assessment of the risk and irregularities within the Company; and 
any matters we identified having obtained and reviewed the Companys's documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspect or alleged fraud; the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identifies the highest area of risk to be in relation to revenue recognition. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.

We have also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focussing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures within the fianncial statements. The key laws we considered in this context include the UK Companies Act and UK tax legislation. In addition we considered provision of other laws and regulations that do not have a direct effect on the financial statements but compliance with may be fundamanetal for the Company's ability to operate or avoid a material penalty. These included health and safety regulations, employment legislation, data protection laws and telecommunication legislation.

Our audit procedures performed to respond to the risk identified included, but were not limited to:
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
Challenging assumptions and judgments made by management in their significant accounting estimates;
Reviewing valuation reports produced by external property surveyors;
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
Reviewing board minutes and 
Identifying and testing journal entries, evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.


Page 6


CORE COMMUNICATION RETAIL LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CORE COMMUNICATION RETAIL LIMITED (CONTINUED)

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


USE OF OUR REPORT
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.






Ria Burridge FCCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming Bath Limited
Chartered Accountants
Statutory Auditors
10 Temple Back
Bristol
BS1 6FL

14 March 2025
Page 7


CORE COMMUNICATION RETAIL LIMITED

 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
47,498,666
37,584,327

Cost of sales
  
(37,131,062)
(28,537,309)

Gross profit
  
10,367,604
9,047,018

Administrative expenses
  
(4,378,751)
(3,834,265)

Operating profit
 5 
5,988,853
5,212,753

Interest receivable and similar income
 9 
3,201
-

Profit before tax
  
5,992,054
5,212,753

Tax on profit
 10 
(1,461,639)
(1,054,650)

Profit after tax
  
4,530,415
4,158,103

  

  

Retained earnings at the beginning of the year
  
6,819,033
6,660,930

Profit for the year
  
4,530,415
4,158,103

Dividends declared and paid
  
(3,000,000)
(4,000,000)

Retained earnings at the end of the year
  
8,349,448
6,819,033
The notes on pages 10 to 22 form part of these financial statements.

Page 8


CORE COMMUNICATION RETAIL LIMITED
REGISTERED NUMBER:08301089

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
2,636
661

Tangible assets
 13 
260,593
281,913

  
263,229
282,574

Current assets
  

Stocks
 14 
1,767,563
1,463,486

Debtors: amounts falling due within one year
 15 
7,674,407
8,940,005

Cash at bank and in hand
 16 
5,366,430
2,741,291

  
14,808,400
13,144,782

Creditors: amounts falling due within one year
 17 
(6,712,181)
(6,598,323)

Net current assets
  
 
 
8,096,219
 
 
6,546,459

Total assets less current liabilities
  
8,359,448
6,829,033

  

Net assets
  
8,359,448
6,829,033


Capital and reserves
  

Called up share capital 
 18 
10,000
10,000

Profit and loss account
 19 
8,349,448
6,819,033

  
8,359,448
6,829,033


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





J Lovell
Director

Date: 12 March 2025

The notes on pages 10 to 22 form part of these financial statements.

Page 9


CORE COMMUNICATION RETAIL LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


GENERAL INFORMATION

Core Communication Retail Limited is a limited liability company incorporated in the United Kingdom. It is a company limited by shares. The registered office is 956 Buckingham Avenue, Slough, England, SL1 4NL.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Core Communication Holdings Limited as at 30 June 2024 and these financial statements may be obtained from 956 Buckingham Avenue, Slough, England, SL1 4NL.

 
2.3

GOING CONCERN

The directors believe the business to have sufficient resources to continue to trade for a period of at least 12 months.

Page 10


CORE COMMUNICATION RETAIL LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (continued)

 
2.4

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 income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 11


CORE COMMUNICATION RETAIL LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (continued)

 
2.6

OPERATING LEASES

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

TAXATION

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 reporting date in the countries where the Company operates and generates income.


 
2.10

INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

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 12


CORE COMMUNICATION RETAIL LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (continued)


2.11
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:

Plant and machinery
-
25% straight line
Fixtures and fittings
-
50% straight line
Office equipment
-
25% straight line
Computer Software
-
50% 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.

 
2.12

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 reporting 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 the statement of comprehensive income.

 
2.13

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements,
Page 13


CORE COMMUNICATION RETAIL LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (continued)


2.16
FINANCIAL INSTRUMENTS (CONTINUED)

when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 14


CORE COMMUNICATION RETAIL LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (continued)


2.16
FINANCIAL INSTRUMENTS (CONTINUED)

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.17

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.



3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Preparation of the financial statements requires management to make significant judgments and estimates. The items in the financial statements where these judgments and estimates have been made include:

Determining whether there are indicators of impairment of the company's tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of that unit.
Tangible fixed assets are depreciated over their useful lives, taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account.
The company determines whether there are conditions that exist at the balance sheet date that indicates that the net realisable value of individual stock lines are less than the carrying value. Such indicators include post year end sales, and market demand.


4.


TURNOVER

The whole of the turnover is attributable to the principal activity of the company.

All turnover arose within the United Kingdom.

Page 15


CORE COMMUNICATION RETAIL LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


OPERATING PROFIT

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
145,314
107,373

Amortisation of intangible assets, including goodwill
500
221

Exchange differences
(61,419)
42,535

Defined contribution pension cost
371,524
244,376


6.


AUDITORS' REMUNERATION

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
14,150
11,825


7.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
6,773,568
6,243,963

Social security costs
720,806
635,876

Cost of defined contribution scheme
371,524
244,376

7,865,898
7,124,215


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Staff
187
176

Page 16


CORE COMMUNICATION RETAIL LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
471,926
461,695

Company contributions to defined contribution pension schemes
26,544
35,658

498,470
497,353


During the year retirement benefits were accruing to 2 directors (2023: 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £263,524 (2023: £261,701).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £16,544 (2023: £5,140).


9.


INTEREST RECEIVABLE

2024
2023
£
£


Other interest receivable
3,201
-

3,201
-


10.


TAXATION


2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
1,495,099
1,086,412

Adjustments in respect of previous periods
(36,584)
-


1,458,515
1,086,412


TOTAL CURRENT TAX
1,458,515
1,086,412

DEFERRED TAX


Origination and reversal of timing differences
3,124
(31,762)

TOTAL DEFERRED TAX
3,124
(31,762)


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
1,461,639
1,054,650
Page 17


CORE COMMUNICATION RETAIL LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
10.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25% (2023: 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
5,992,054
5,212,753


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 19%)
1,498,014
990,423

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
742
298

Capital allowances for year in excess of depreciation
-
(3,794)

Adjustments to tax charge in respect of prior periods
(36,585)
111,948

Amounts charged directly to STRGL or otherwise transferred
-
(28,899)

Group relief
(532)
(11,065)

Remeasurement of deferred tax for changes in tax rates
-
(4,261)

TOTAL TAX CHARGE FOR THE YEAR
1,461,639
1,054,650


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There are no known factors expected to materially affect future tax charges.


11.


DIVIDENDS

2024
2023
£
£


Dividends paid
3,000,000
4,000,000

3,000,000
4,000,000

Page 18


CORE COMMUNICATION RETAIL LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


INTANGIBLE ASSETS




Trademarks

£



COST


At 1 July 2023
968


Additions
2,475



At 30 June 2024

3,443



AMORTISATION


At 1 July 2023
307


Charge for the year on owned assets
500



At 30 June 2024

807



NET BOOK VALUE



At 30 June 2024
2,636



At 30 June 2023
661



Page 19


CORE COMMUNICATION RETAIL LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


TANGIBLE FIXED ASSETS





Plant and machinery
Fixtures and fittings
Office equipment
Computer Software
Total

£
£
£
£
£



COST OR VALUATION


At 1 July 2023
164,030
60,565
402,213
-
626,808


Additions
18,235
-
52,184
53,575
123,994


Transfers between classes
-
-
(164,902)
164,902
-



At 30 June 2024

182,265
60,565
289,495
218,477
750,802



DEPRECIATION


At 1 July 2023
143,581
35,952
165,362
-
344,895


Charge for the year on owned assets
18,829
17,235
69,953
39,297
145,314


Transfers between classes
-
-
(26,450)
26,450
-



At 30 June 2024

162,410
53,187
208,865
65,747
490,209



NET BOOK VALUE



At 30 June 2024
19,855
7,378
80,630
152,730
260,593



At 30 June 2023
20,449
24,613
236,851
-
281,913


14.


STOCKS

2024
2023
£
£

Finished goods and goods for resale
1,767,563
1,463,486

1,767,563
1,463,486


Page 20


CORE COMMUNICATION RETAIL LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


DEBTORS

2024
2023
£
£


Trade debtors
2,827,408
5,749,133

Amounts owed by group undertakings
-
109,577

Other debtors
-
21,087

Prepayments and accrued income
4,846,999
3,060,208

7,674,407
8,940,005



16.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
5,366,430
2,741,291

5,366,430
2,741,291



17.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Payments received on account
168,605
-

Trade creditors
1,623,622
722,852

Amounts owed to group undertakings
147,563
1,134,366

Corporation tax
55,018
358,835

Other taxation and social security
1,395,178
857,240

Other creditors
32,699
29,180

Accruals and deferred income
3,289,496
3,495,850

6,712,181
6,598,323



18.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND PARTLY PAID



8,645 (2023: 8,645) Ordinary shares of £1.00 each
8,645
8,645
1,355 (2023:1,355) A Growth Shares shares of £1.00 each
1,355
1,355

10,000

10,000


Page 21


CORE COMMUNICATION RETAIL LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

19.


RESERVES

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


20.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £371,524 (2023: £244,376). Contributions totalling £32,698 (2023: £29,180) were payable to the fund at the reporting date.


21.


COMMITMENTS UNDER OPERATING LEASES

At 30 June 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
187,884
140,913

Later than 1 year and not later than 5 years
610,623
46,971

798,507
187,884


22.


RELATED PARTY TRANSACTIONS

The company has taken the exemption available under FRS 102 from disclosing the details of transactions between wholly owned members of the same group. Transactions and balances with other related parties are detailed below. 


2024
2023
£
£

Sales to companies under common control
450
-


23.


CONTROLLING PARTY

The immediate and ultimate parent company is Core Communication Holdings Limited, a company incorporated within the UK. The ultimate controlling party is A Greaves by virtue of his majority shareholding.

Page 22