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Company No: 08339336 (England and Wales)

NCORE LTD.

Unaudited Financial Statements
For the financial year ended 30 December 2024
Pages for filing with the registrar

NCORE LTD.

Unaudited Financial Statements

For the financial year ended 30 December 2024

Contents

NCORE LTD.

STATEMENT OF FINANCIAL POSITION

As at 30 December 2024
NCORE LTD.

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 673 168,854
Investment property 4 2,543,499 2,325,000
2,544,172 2,493,854
Current assets
Debtors 5 94,750 94,925
Cash at bank and in hand 634,334 520,515
729,084 615,440
Creditors: amounts falling due within one year 6 ( 1,141,953) ( 1,273,677)
Net current liabilities (412,869) (658,237)
Total assets less current liabilities 2,131,303 1,835,617
Provision for liabilities ( 78,731) ( 76,724)
Net assets 2,052,572 1,758,893
Capital and reserves
Called-up share capital 7 1 1
Profit and loss account 9 2,052,571 1,758,892
Total shareholder's funds 2,052,572 1,758,893

For the financial year ending 30 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Ncore Ltd. (registered number: 08339336) were approved and authorised for issue by the Director on 30 May 2025. They were signed on its behalf by:

T N Nelson
Director
NCORE LTD.

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 December 2024
NCORE LTD.

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ncore Ltd. (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1-3 College Yard, Worcester, WR1 2LB, United Kingdom. The principal place of business is 74 Albert Road, Malvern, Worcestershire, WR14 3AH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Leasehold improve-
ments
Computer equipment Total
£ £ £
Cost
At 31 December 2023 218,499 0 218,499
Additions 0 692 692
Transfers ( 218,499) 0 ( 218,499)
At 30 December 2024 0 692 692
Accumulated depreciation
At 31 December 2023 49,645 0 49,645
Charge for the financial year 0 19 19
Transfers ( 49,645) 0 ( 49,645)
At 30 December 2024 0 19 19
Net book value
At 30 December 2024 0 673 673
At 30 December 2023 168,854 0 168,854

4. Investment property

Investment property
£
Valuation
As at 31 December 2023 2,325,000
Transfers to and from property, plant and equipment 218,499
As at 30 December 2024 2,543,499

5. Debtors

2024 2023
£ £
Trade debtors 94,750 94,925

6. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to director 943,803 1,103,803
Accruals and deferred income 81,297 80,846
Taxation and social security 116,853 89,028
1,141,953 1,273,677

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

8. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Amounts owed to director 943,803 1,103,803

The loan is interest free and repayable on demand.

9. Profit and loss reserve

2024 2023
£ £
Profit and loss account - distributable reserves 1,789,814 1,496,135
Profit and loss account - non-distributable reserves 262,757 262,757
2,052,571 1,758,892

The non-distributable element of the profit or loss reserves relates to unrealised gains net of deferred tax in relation to the company's investment properties.