Company registration number 08579201 (England and Wales)
CORDE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
CORDE LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
CORDE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
52,638
155,860
Cash at bank and in hand
73,646
72,676
126,284
228,536
Creditors: amounts falling due within one year
4
(135,558)
(194,416)
Net current (liabilities)/assets
(9,274)
34,120
Capital and reserves
Called up share capital
200
200
Share premium account
99,800
99,800
Profit and loss reserves
(109,274)
(65,880)
Total equity
(9,274)
34,120

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

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
C. Cullimore
Director
Company registration number 08579201 (England and Wales)
CORDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

Corde Limited is a private company limited by shares incorporated in England and Wales. The registered office is 33a Vittoria Street, Jewellery Quarter, Birmingham, B1 3ND.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on a basis other than as a going concern. Due to market changes, the directors and Joint Venture shareholders have agreed that the company will not enter into any new contracts with clients. Existing contracts will continue to be managed to completion.

 

After this point, the company will organise the relevant professional indemnity run off cover for the period required by the relevant professional bodies and past client contracts. The Joint Venture shareholders have confirmed that they will continue to provide the necessary level of support to enable the company to meet its liabilities until it is appropriate to be liquidated.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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, 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.

CORDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

There is no deferred tax in the company.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
4
CORDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,716
94,834
Gross amounts owed by contract customers
12,781
13,125
Corporation tax recoverable
399
-
0
Other debtors
5,015
-
0
Prepayments and accrued income
29,727
47,901
52,638
155,860
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
117,752
81,752
Taxation and social security
-
0
12,362
Other creditors
17,806
100,302
135,558
194,416

Other creditors includes payments received on account of £2,480 (2023 - £68,693)

5
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

Emphasis of matter - financial statements prepared other than on a going concern basis

We draw attention to note 1.2 to the financial statements which explains that the directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 1.2.

 

Our opinion is not modified in respect of this matter.

Senior Statutory Auditor:
Philip Nixon
Statutory Auditor:
Edwin Smith
Date of audit report:
28 March 2025
CORDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
6
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Services provided to company
Recharged overheads and management charge
2024
2023
2024
2023
£
£
£
£
Owners holding a participating interest in the entity
65,047
225,864
5,039
10,234

All consultants costs invoiced for services provided are invoiced on a time charge basis at agreed hourly rates. These hourly rates represent the cost of the staff with no added overheads or mark up.

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Owners holding a participating interest in the entity
91,633
47,048

Within the amounts owed to related parties is accruals for £2,268 (2023: £13,691).

7
Parent company

The parent company of Corde Limited is ADP Architecture Limited and its registered office is The Fire Station, 150 Waterloo Road, London, England, SE1 8SB.

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