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Registration number: 04196783

R J Cortel Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2025

 

R J Cortel Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

R J Cortel Limited

Company Information

Directors

Mr D Dibley

Mr A Gibson

Company secretary

Mrs Z Dibley

Registered office

First Floor, Unit J6
Franklin House, Chaucer Business Park
Dittons Road
Polegate
East Sussex
BN26 6QH

Accountants

Brookes Sivyer
Chartered AccountantsPO Box 533
Newquay
Cornwall
TR7 9DJ

 

R J Cortel Limited

(Registration number: 04196783)
Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Intangible assets

4

253,573

269,019

Tangible assets

5

81,242

91,236

Investments

6

1

1

 

334,816

360,256

Current assets

 

Stocks

7

167,684

175,513

Debtors

8

48,042

51,963

Cash at bank and in hand

 

145,326

97,134

 

361,052

324,610

Creditors: Amounts falling due within one year

9

(402,910)

(404,889)

Net current liabilities

 

(41,858)

(80,279)

Total assets less current liabilities

 

292,958

279,977

Creditors: Amounts falling due after more than one year

9

(33,763)

(85,960)

Provisions for liabilities

(17,445)

(19,315)

Net assets

 

241,750

174,702

Capital and reserves

 

Called up share capital

10

2

2

Retained earnings

241,748

174,700

Shareholders' funds

 

241,750

174,702

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

R J Cortel Limited

(Registration number: 04196783)
Balance Sheet as at 31 March 2025

Approved and authorised by the Board on 4 June 2025 and signed on its behalf by:
 

.........................................
Mr D Dibley
Director

 

R J Cortel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
First Floor, Unit J6
Franklin House, Chaucer Business Park
Dittons Road
Polegate
East Sussex
BN26 6QH
England

These financial statements were authorised for issue by the Board on 4 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

R J Cortel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% straight line basis and over term of service agreements

Motor vehicles

25% reducing balance

Fixtures and fittings

20% straight line basis

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

R J Cortel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line basis

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

R J Cortel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

R J Cortel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2024 - 11).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2024

308,921

308,921

At 31 March 2025

308,921

308,921

Amortisation

At 1 April 2024

39,902

39,902

Amortisation charge

15,446

15,446

At 31 March 2025

55,348

55,348

Carrying amount

At 31 March 2025

253,573

253,573

At 31 March 2024

269,019

269,019

Individually material intangible assets

Goodwill
The carrying amount of this asset is £253,573 (2024 -£269,019) and the remaining amortisation period is 16 years 5 months (2024 - 17 years 5 months).

 

R J Cortel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2024

5,890

67,248

119,495

192,633

Additions

2,685

-

34,251

36,936

Disposals

-

-

(48,466)

(48,466)

At 31 March 2025

8,575

67,248

105,280

181,103

Depreciation

At 1 April 2024

3,948

21,740

75,709

101,397

Charge for the year

1,175

11,377

34,378

46,930

Eliminated on disposal

-

-

(48,466)

(48,466)

At 31 March 2025

5,123

33,117

61,621

99,861

Carrying amount

At 31 March 2025

3,452

34,131

43,659

81,242

At 31 March 2024

1,942

45,508

43,786

91,236

6

Investments

2025
£

2024
£

Investments in subsidiaries

1

1

Subsidiaries

£

Cost or valuation

At 1 April 2024

1

Provision

Carrying amount

At 31 March 2025

1

At 31 March 2024

1

 

R J Cortel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2025

2024

Subsidiary undertakings

E-CentriQ Limited

First Floor Unit J6
Franklin House
Chaucer Business Park
Dittons Road
Polegate
BN26 6QH

England

Ordinary £1 Share

100%

100%

Subsidiary undertakings

E-CentriQ Limited

The principal activity of E-CentriQ Limited is dormant.

7

Stocks

2025
£

2024
£

Work in progress

157,409

150,563

Other inventories

10,275

24,950

167,684

175,513

8

Debtors

Current

Note

2025
£

2024
£

Trade debtors

 

9,881

11,099

Amounts owed by related parties

14

-

285

Prepayments

 

31,098

33,898

Other debtors

 

7,063

6,681

   

48,042

51,963

 

R J Cortel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

9

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

11

112,215

136,154

Trade creditors

 

156,990

138,527

Taxation and social security

 

120,618

116,812

Accruals and deferred income

 

5,210

4,100

Other creditors

 

7,877

9,296

 

402,910

404,889

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £4,726 (2024 - £4,726).

Creditors include an unsecured loan of £46,882 (2024 - £44,600)

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

11

33,763

85,960

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £29,750 (2024 - £35,066l) and unsecured loans of £4,013 (2024 - £50,895).

10

Share capital

Allotted, called up and fully paid shares

2025

2024

No.

£

No.

£

Ordinary Shares of £1 each

2

2

2

2

       
 

R J Cortel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

11

Loans and borrowings

Non-current loans and borrowings

2025
£

2024
£

Hire purchase contracts

29,750

35,065

Other borrowings

4,013

50,895

33,763

85,960

Current loans and borrowings

2025
£

2024
£

Hire purchase contracts

4,726

4,726

Other borrowings

107,489

131,428

112,215

136,154

12

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2025
£

2024
£

Later than one year and not later than five years

51,453

89,099

The amount of non-cancellable operating lease payments recognised as an expense during the year was £36,667 (2024 - £35,191).

13

Dividends

2025

2024

£

£

Interim dividend of £43,596.35 (2024 - £41,796.55) per ordinary share

87,193

83,593

 

 
 

R J Cortel Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

14

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2025
£

2024
£

Remuneration

67,478

64,688

Contributions paid to money purchase schemes

1,750

-

69,228

64,688

Dividends paid to directors

   

2025
£

 

2024
£

Mr D Dibley

       

Dividends

 

43,596

 

41,797