Nucoro Limited
Annual Report and Financial Statements
For Filing with Registrar
For the year ended 31 December 2024
Company Registration No. 12080118 (England and Wales)
Nucoro Limited
Contents
Page
Directors' report
1 - 2
Balance sheet
3
Notes to the financial statements
4 - 8
Nucoro Limited
Directors' Report
For the year ended 31 December 2024
Page 1

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company continued to be that of business and domestic software development and Information technology consultancy activities.

 

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

L Asshoff
(Resigned 11 March 2024)
J G Pleiter
(Appointed 8 March 2024)
Backbase B.V
(Appointed 8 March 2024)
Auditor

The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:

 

 

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

Nucoro Limited
Directors' Report (Continued)
For the year ended 31 December 2024
Page 2
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
J G Pleiter
Director
13 May 2025
Nucoro Limited
Balance Sheet
As at 31 December 2024
Page 3
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
363
1,083
Current assets
Debtors
4
62,795
55,427
Cash at bank and in hand
16,150
3,693
78,945
59,120
Creditors: amounts falling due within one year
5
(53,524)
(102,475)
Net current assets/(liabilities)
25,421
(43,355)
Net assets/(liabilities)
25,784
(42,272)
Capital and reserves
Called up share capital
6
825,001
825,001
Profit and loss reserves
(799,217)
(867,273)
Total equity
25,784
(42,272)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 13 May 2025 and are signed on its behalf by:
J G Pleiter
Director
Company Registration No. 12080118
Nucoro Limited
Notes to the Financial Statements
For the year ended 31 December 2024
Page 4
1
Accounting policies
Company information

Nucoro Limited is a private company limited by shares incorporated and domiciled in England and Wales. The registered office is Suite 1, 7th Floor 50 Broadway. London, United Kingdom, SW1H 0DB.

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 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

Notwithstanding a loss of £3,302 (2023: restated profit of £263,125) and net assets of £25,784 (2023: net liabilities of £42,272) as at 31 December 2024, the financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.

The directors have not prepared a cash flow forecast for the company but have reviewed the overall group position headed by the ultimate parent company (Twinspark B.V.). The group prepared cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that, taking account of reasonably possible downsides, the company will have sufficient funds, through funding from its ultimate parent company. This includes the termination of all external contracts that represent a significant proportion of the company’s turnover as reported in these financial statements. The company has entered into an Exploitation Agreement with Backbase BV, its immediate parent company, which will see it be remunerated for any licensing of its Intellectual Property. Finally, the ultimate parent company has provided written confirmation that they will continue to make available such funds as are needed by the company.

1.3
Turnover

Turnover represents fees receivable from customers for software licencing and ancillary fees, calculated by the terms specified in the contract. Fee income is recognised on an accruals basis.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Nucoro Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 5
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
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.

1.7
Financial instruments

The Company only has basic financial instruments measured at amortised cost, with no financial

instruments classified as other or basic instruments measured at fair value.

1.8
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.

Nucoro Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 6
1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees
There were no employees in 2024 or 2023.
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024 and 31 December 2024
3,333
Depreciation and impairment
At 1 January 2024
2,250
Depreciation charged in the year
720
At 31 December 2024
2,970
Carrying amount
At 31 December 2024
363
At 31 December 2023
1,083
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,392
-
0
Other debtors
8,648
7,153
Prepayments and accrued income
48,755
48,274
62,795
55,427
Nucoro Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 7
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
24,281
2
Amounts owed to group undertakings
-
0
70,833
Accruals and deferred income
29,243
31,640
53,524
102,475
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of £1 each
825,001
825,001
825,001
825,001
7
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 was unqualified.

Senior Statutory Auditor:
Ryan Day
Statutory Auditor:
Moore Kingston Smith LLP
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
2,453
2,370
9
Related party transactions

The company has taken advantage of the exemption available in FRS Section 33.1A not to disclose transactions with any fellow wholly owned group companies.

Nucoro Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 8
10
Ultimate controlling party

The entity is wholly owned by parent Backbase B.V., located at Jacob Bontiusplaats 9, 1018 LL Amsterdam, Netherlands.

The ultimate controlling party is J.G. Pleiter, by virtue of his 100% shareholding in J.G Pleiter Holding BV which has a majority shareholding in Twinspark B.V., incorporated in the Netherlands, who wholly own Backbase B.V.

 

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