Company registration number 07635164 (England and Wales)
CORUS TECHNOLOGIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
CORUS TECHNOLOGIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
CORUS TECHNOLOGIES LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
343,299
351,898
Current assets
Debtors
5
93,636
530,066
Cash at bank and in hand
212,890
83,723
306,526
613,789
Creditors: amounts falling due within one year
6
(838,210)
(1,170,242)
Net current liabilities
(531,684)
(556,453)
Total assets less current liabilities
(188,385)
(204,555)
Creditors: amounts falling due after more than one year
7
(1,227,730)
(1,356,975)
Net liabilities
(1,416,115)
(1,561,530)
Capital and reserves
Called up share capital
8
35,700
35,700
Share premium account
29,300
29,300
Other reserves
36,219
Profit and loss reserves
(1,517,334)
(1,626,530)
Total equity
(1,416,115)
(1,561,530)
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 profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 26 June 2025 and are signed on its behalf by:
Ambassador D Speckhard (Retired)
Director
Company registration number 07635164 (England and Wales)
CORUS TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
Corus Technologies Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, 1 Ashley Road, Altrincham, Cheshire, WA14 2DT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK” (“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
The directors have reviewed future trading and cashflow budgets to September 2025 and considered the period thereafter to at least one year from the approval of these accounts. Based on:true
Contracted income expected to be received after the reporting date.
Potential opportunities within the market.
The company's ability, by virtue of its multi-location business model, and the resilience of need/demand for its services, to not only withstand challenges, but potentially improve margins.
The positive impact of cost savings initiatives and restructuring implemented over the last two years.
Confirmation from the parent undertaking that it will provide such financial support as required (including not calling on intercompany loans) to the company to enable it to meets its liabilities and to carry on its business without a significant curtailment of operations.
The directors reaffirm that ''we are structuring more of our services around the use of established ICT products, thereby providing a distinct advantage and offer our clients value-for-money. Across our and Corus’ footprint, CGA’s products are being rolled out and used to strengthen programme delivery, management and monitoring and evaluation processes. We believe that the continued development of this and other aspects of our revenue strategy will open up further revenue streams, leading to future growth.''
As such, the directors consider it appropriate to prepare the financial statements on a going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Turnover represents fees receivable for the provision of services falling within the company's principal activities, and is recognised to the extent to which a contract is completed when the amounts earned are fixed or determinable and collectability is reasonably assured.
Turnover is recognised in profit or loss as contract activity progresses and entitlement to consideration is earned. The amount by which recorded turnover is in excess of payments on account and invoiced amounts is recognised in debtors as amounts recoverable on long term contracts. Payments received in excess of recorded turnover are included in creditors as payments on account. For milestone contracts, profit is recognised based on the stage of completion which is measured by the proportion of contract costs incurred for work performed to date (excluding costs relating to future activity) compared to estimated total contract costs for each contract. Estimated total contract costs include costs that relate directly to a contract that are incurred in securing the contract if they can be separately identified and measured reliably and is probable that the contract will be obtained. The directors feel that this represents the most appropriate evidence of performance under the contract and right to consideration.
CORUS TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Intangible fixed assets other than goodwill
Software development expenditure is written off to profit or loss unless the directors believe that is future recoverability can be reasonably regarded as assured by virtue of its technical, commercial and financial viability. Capitalised development expenditure is initially recognised at cost and subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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, being the period over which the directors estimate that its value will continue to be enjoyed by the company:
Software expenditure
5 years straight line
1.6
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:
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.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.
CORUS TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.8
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.
1.9
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 balance sheet 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.
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.
Bank overdrafts are presented in creditors, amounts falling due within one year.
1.10
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.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
CORUS TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
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.
1.14
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
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The directors consider the following items to form the most significant judgements and estimates in the financial statements:
Amortisation is charged against all development expenditure capitalised. The directors consider a useful economic life of 5 years appropriate to recognise the period of time over which the value of these assets are enjoyed by the company.
Deferred tax is recognised in respect of tax losses carried forward where the directors estimate it to be probable that these can be relieved against future taxable profits. No deferred tax asset has been recognised on the basis that future profits remain uncertain.
Revenue recognition for the company involves a detailed review of each project, typically measured with reference to an estimated expenditure budget to fulfil the obligations of the contract. As such, revenue is accrued and deferred on this basis by comparing the estimated stage of completion against funds received.
CORUS TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
15
21
4
Intangible fixed assets
Software expenditure
£
Cost
At 1 October 2023
791,622
Additions
217,532
At 30 September 2024
1,009,154
Amortisation and impairment
At 1 October 2023
439,724
Amortisation charged for the year
126,724
Impairment losses
99,407
At 30 September 2024
665,855
Carrying amount
At 30 September 2024
343,299
At 30 September 2023
351,898
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
45,313
273,760
Amounts owed by group undertakings
16,540
27,468
Other debtors
3,273
7,909
Prepayments and accrued income
28,510
220,929
93,636
530,066
CORUS TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank overdraft
25,772
Other borrowings
10,164
9,914
Trade creditors
159,011
338,610
Amounts owed to group undertakings
377,199
414,204
Corporation tax
15,092
Other taxation and social security
25,498
38,638
Other creditors
4,634
6,029
Accruals and deferred income
261,704
321,983
838,210
1,170,242
Amounts due to group undertakings
Included in amounts due to group is the short term element of a loan originally advanced by the parent in February 2021 and later restructured in March 2022. This is repayable over 10 years at 3% interest per annum.
During 2023, a further $375,000 was advanced by the parent with $275,000 charged at 3% interest per annum and $100,000 charged at 0% interest per annum. Both were due for repayment in 2023 but remained outstanding as at 30 September 2024.
All repayments (both principal and interest) have been suspended since 01 September 2023.
Other borrowings and overdrafts
The bank overdraft is secured by a fixed and floating charge held over the assets of the company. Interest is payable at 5.5% per annum.
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
13,940
24,104
Amounts owed to group undertakings
1,213,790
1,332,871
1,227,730
1,356,975
Refer to Note 7 for detail on interest and repayment terms for amounts due to group undertakings which have been classified in both amounts due in under and over one year.
Amounts due to group undertaking falling due over one year above also include an interest free working capital loan from the parent company.
Amounts included above which fall due after five years are as follows:
Payable by instalments
410,690
450,966
CORUS TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
35,700
35,700
35,700
35,700
9
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:
give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Senior Statutory Auditor:
Katherine Wilkes BSc FCA
Statutory Auditor:
Gravita Audit Oxford LLP
Date of audit report:
30 June 2025
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases for buildings used in foreign operations, as follows:
2024
2023
£
£
14,269
11,761
CORUS TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
11
Parent company
The Company (Corus Technologies Limited) is a wholly owned trading subsidiary of Corus International Inc. a company incorporated in the state of Maryland, USA, with headquarters in Baltimore MD and Washington DC.
On October 1, 2019, Corus International Incorporated was formed as the parent company of Lutheran World Relief (LWR) and IMA World Health (IMA) and their subsidiaries. Corus International is incorporated in the state of Maryland, USA. Corus Technologies Limited (formerly Charlie Goldsmith Associates Limited) is a wholly owned subsidiary.
The largest group in which the results of the Company are consolidated is that headed by the Company's ultimate parent undertaking, Corus International Inc. a company incorporated in Maryland, USA. The consolidated financial statements can be found on Corus' website: https://corusinternational.org/ or written correspondence may be sent to the Baltimore, MD headquarters: Corus International Attn: Accounting Department 700 Light Street, Baltimore MD 21030.
The consolidated financial statements include: Corus International, IMA, LWR, Ground Up Investing (GUI) (including Subsidiaries of GUI- Mountain Harvest (MH) and Farmers Market Brands LLC), Corus Solutions (formerly IMA Innovations Inc) and Corus Technologies Limited.
Corus International Inc. is also considered to be the ultimate controlling party.
12
Investment in subsidiaries
The company controls Charlie Goldsmith Associates SL Limited, a company incorporated in Sierra Leone and limited by guarantee, which was incorporated on 13 February 2018. Its registered office is 16 Hennessy Street, Freetown, Sierra Leone.
At the reporting date, there was a balance of £10,012 (2023: £7,518) due to Corus Technologies Limited.