Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| Investment property | 4 |
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| 2,544,172 | 2,493,854 | |||
| Current assets | ||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| 729,084 | 615,440 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current liabilities | (412,869) | (658,237) | ||
| Total assets less current liabilities | 2,131,303 | 1,835,617 | ||
| Provision for liabilities | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 7 |
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| Profit and loss account | 9 |
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| Total shareholder's funds |
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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:
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T N Nelson
Director |
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.
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 £.
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.
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.
| Leasehold improvements |
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| Computer equipment |
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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.
The fair value is determined annually by the director, on an open market value for existing use basis.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including the director |
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| Leasehold improve- ments |
Computer equipment | Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 31 December 2023 |
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| Additions |
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| Transfers | (
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| At 30 December 2024 |
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| Accumulated depreciation | |||||
| At 31 December 2023 |
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| Charge for the financial year |
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| Transfers | (
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| At 30 December 2024 |
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| Net book value | |||||
| At 30 December 2024 |
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| At 30 December 2023 |
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| Investment property | |
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| Valuation | |
| As at 31 December 2023 |
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| Transfers to and from property, plant and equipment | 218,499 |
| As at 30 December 2024 |
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| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Amounts owed to director |
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| Accruals and deferred income |
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| Taxation and social security |
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| 2024 | 2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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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.
| 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.