Caseware UK (AP4) 2024.0.164 2024.0.164 truetruetruetruetrue672024-04-01falseNo description of principal activity57truefalsefalse 12486085 2024-04-01 2025-03-31 12486085 1 2024-04-01 2025-03-31 12486085 2023-04-01 2024-03-31 12486085 c:PriorPeriodIncreaseDecrease 2023-04-01 2024-03-31 12486085 2025-03-31 12486085 2024-03-31 12486085 c:PriorPeriodIncreaseDecrease 2024-03-31 12486085 d:Director1 2024-04-01 2025-03-31 12486085 d:Director2 2024-04-01 2025-03-31 12486085 d:Director2 2025-03-31 12486085 d:Director3 2024-04-01 2025-03-31 12486085 d:RegisteredOffice 2024-04-01 2025-03-31 12486085 c:Buildings c:LongLeaseholdAssets 2024-04-01 2025-03-31 12486085 c:Buildings c:LongLeaseholdAssets 2025-03-31 12486085 c:Buildings c:LongLeaseholdAssets 2024-03-31 12486085 c:FurnitureFittings 2024-04-01 2025-03-31 12486085 c:FurnitureFittings 2025-03-31 12486085 c:FurnitureFittings 2024-03-31 12486085 c:FurnitureFittings c:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 12486085 c:OfficeEquipment 2024-04-01 2025-03-31 12486085 c:OfficeEquipment 2025-03-31 12486085 c:OfficeEquipment 2024-03-31 12486085 c:OfficeEquipment c:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 12486085 c:ComputerEquipment 2024-04-01 2025-03-31 12486085 c:ComputerEquipment 2025-03-31 12486085 c:ComputerEquipment 2024-03-31 12486085 c:ComputerEquipment c:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 12486085 c:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 12486085 c:CurrentFinancialInstruments 2025-03-31 12486085 c:CurrentFinancialInstruments 2024-03-31 12486085 c:CurrentFinancialInstruments c:WithinOneYear 2025-03-31 12486085 c:ReportableOperatingSegment1 2024-04-01 2025-03-31 12486085 c:ReportableOperatingSegment1 2023-04-01 2024-03-31 12486085 c:ReportableOperatingSegment2 2024-04-01 2025-03-31 12486085 c:ReportableOperatingSegment2 2023-04-01 2024-03-31 12486085 c:ReportableOperatingSegment3 2024-04-01 2025-03-31 12486085 c:ReportableOperatingSegment3 2023-04-01 2024-03-31 12486085 c:ReportableOperatingSegment5 2024-04-01 2025-03-31 12486085 c:ReportableOperatingSegment5 2023-04-01 2024-03-31 12486085 e:UnitedKingdom 2024-04-01 2025-03-31 12486085 e:UnitedKingdom 2023-04-01 2024-03-31 12486085 c:UKTax 2024-04-01 2025-03-31 12486085 c:UKTax 2023-04-01 2024-03-31 12486085 c:ShareCapital 2025-03-31 12486085 c:ShareCapital 2024-03-31 12486085 c:OtherMiscellaneousReserve 2025-03-31 12486085 c:OtherMiscellaneousReserve 2024-03-31 12486085 c:RetainedEarningsAccumulatedLosses 2024-04-01 2025-03-31 12486085 c:RetainedEarningsAccumulatedLosses 2025-03-31 12486085 c:RetainedEarningsAccumulatedLosses 2024-03-31 12486085 c:RetainedEarningsAccumulatedLosses 2023-04-01 12486085 c:AcceleratedTaxDepreciationDeferredTax 2025-03-31 12486085 c:AcceleratedTaxDepreciationDeferredTax 2024-03-31 12486085 c:TaxLossesCarry-forwardsDeferredTax 2025-03-31 12486085 c:TaxLossesCarry-forwardsDeferredTax 2024-03-31 12486085 d:OrdinaryShareClass1 2024-04-01 2025-03-31 12486085 d:OrdinaryShareClass1 2025-03-31 12486085 d:OrdinaryShareClass1 2024-03-31 12486085 d:OrdinaryShareClass2 2024-04-01 2025-03-31 12486085 d:OrdinaryShareClass2 2025-03-31 12486085 d:OrdinaryShareClass2 2024-03-31 12486085 d:FRS102 2024-04-01 2025-03-31 12486085 d:Audited 2024-04-01 2025-03-31 12486085 d:FullAccounts 2024-04-01 2025-03-31 12486085 d:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 12486085 c:WithinOneYear 2025-03-31 12486085 c:WithinOneYear 2024-03-31 12486085 c:BetweenOneFiveYears 2025-03-31 12486085 c:BetweenOneFiveYears 2024-03-31 12486085 c:MoreThanFiveYears 2025-03-31 12486085 c:MoreThanFiveYears 2024-03-31 12486085 2 2024-04-01 2025-03-31 12486085 f:PoundSterling 2024-04-01 2025-03-31 12486085 c:RetainedEarningsAccumulatedLosses c:PriorPeriodIncreaseDecrease 2024-03-31 12486085 c:RetainedEarningsAccumulatedLosses c:PriorPeriodIncreaseDecrease 2023-04-01 2024-03-31 12486085 c:CurrentFinancialInstruments c:PriorPeriodIncreaseDecrease 2024-03-31 12486085 c:CurrentFinancialInstruments c:WithinOneYear c:PriorPeriodIncreaseDecrease 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure


















CoreTech Security Services Limited
























Annual report and financial statements



For the year ended 31 March 2025



Registered number: 12486085

 
CoreTech Security Services Limited
 


Company Information


Directors
A Church 
T Court 




Registered number
12486085



Registered office
Honeybourne Place
Jessop Avenue

Cheltenham

Gloucestershire

GL50 3SH




Independent auditor
EVMS Partners LLP

4th Floor

45 Ludgate Hill

London

EC4M 7JU





 
CoreTech Security Services Limited
 


Contents



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Statement of income and retained earnings
 
9
Statement of financial position
 
10
Notes to the financial statements
 
11 - 23


 
CoreTech Security Services Limited
 


Strategic report
For the year ended 31 March 2025

Introduction
 
The directors present their strategic report for CoreTech Security Services Limited ('the company') for the year ended 31 March 2025.

Business overview
 
The company is a specialist provider of cyber research and engineering services and solutions.

Financial performance
 
The company grew in line with Board and Shareholder expectations. Revenues grew by 19.5% to £10.1m, delivering profits of £1.8m. This reflects efficient resource utilisation and strong cost control, coupled with strategic investment in talent, facilities and technology. 
ole36bb.png
The company's strong operating performance is reflected within its statement of financial position. 

Review of the business
 
The market for cyber research and the delivery of cyber solutions remains robust. As the world becomes more connected through the explosion of networked endpoints (both IoT - Internet of Things and OT - Operational Technology), devices are becoming more vulnerable to cyber threats.
 
The company has evolved its offerings, broadening its research activities to understand technical vulnerabilities and their impact on the wider ecosystems, whilst developing services to counter the threat to client business operations.
 
The company continues to invest heavily in talent acquisition and development; from early careers professionals through to experienced specialists. FY24/25 was the company's third year of taking on a graduate cohort, who have benefitted from focused upskilling and close mentoring, whilst experienced staff regularly attend conferences focused on industry-leading cyber practices to ensure their experience remains cutting-edge.
 
The Company has a robust, market-driven strategy and three-year plan and will continue to evolve its services within a growing and diversified sector, investing in talent, whilst staying focused on high quality delivery of core services.
 

Page 1

 
CoreTech Security Services Limited
 


Strategic report (continued)
For the year ended 31 March 2025

Principal risks and uncertainties
 
The management of the business and the execution of the Company's strategy are subject to a number of risks and uncertainties. These are managed through the implementation of the formal Company Operating Framework, which provides yearly, quarterly and monthly reviews of opportunities and risk. The key risks affecting the company relate to the political environment for cyber-related research, the ability to recruit and retain quality staff and client budget spending reviews. These risks are managed through the Board, the Leadership Team and Technical Directors. 


This report was approved by the board and signed on its behalf by:



................................................
A Church
Director

Date: 22 July 2025

Page 2

 
CoreTech Security Services Limited
 
 

Directors' report
For the year ended 31 March 2025

The directors present their annual report and the audited financial statements of CoreTech Security Services Limited ('the
company') for the year ended 31 March 2025.

Directors

The directors who served during the year were:

A Church 
N Biggs (resigned 30 April 2025)
T Court 

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

Results and dividends

The profit for the year, after taxation, amounted to £1,951,930 (2024 - £1,759,514).

During the year the directors proposed a total distribution of dividends amounted to £195,000 (2024 - £330,000).

Matters covered in the strategic report

The company has chosen, in accordance with s.414C(11) Companies Act 2006, to set out in the Strategic report
information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports)
Regulations 2008 to be contained in the Directors' report. It has been done so in respect of future developments.

Page 3

 
CoreTech Security Services Limited
 

Directors' report (continued)
For the year ended 31 March 2025

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

This report was approved by the board and signed on its behalf by:
 





................................................
A Church
Director

Date: 22 July 2025

Page 4

 

 
 
Independent auditors' report to the members of CoreTech Security Services Limited
 For the year ended 31 March 2025

Opinion


We have audited the financial statements of CoreTech Security Services Limited (the 'company') for the year ended 31 March 2025, which comprise the Statement of income and retained earnings, the Statement of financial position and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 March 2025 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.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

 

 

Independent auditors' report to the members of CoreTech Security Services Limited (continued)
For the year ended 31 March 2025

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 6

 

 

Independent auditors' report to the members of CoreTech Security Services Limited (continued)
For the year ended 31 March 2025

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, was as follows:
 
the Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations, including
knowledge specific to auditing firms providing software as a service;
we made enquiries of management as to where they considered there was susceptibility to fraud, and their
knowledge of actual, suspected and alleged fraud;
we identified the laws and regulations that could reasonably be expected to have a material effect on the financial
statements of the company through discussions with directors and other management at the planning stage, and
from our knowledge and experience of auditing firms providing software as a service;
the audit team held a discussion to identify any particular areas that were considered to be susceptible to
misstatement, including with respect to fraud and non compliance with laws and regulations; and
we focused our planned audit work on specific laws and regulations which we considered may have a direct material
effect on the financial statements or the operations of the company including the Companies Act 2006, employment
legislation, and taxation legislation.
We assessed the extent of compliance with the laws and regulations identified above through:
 
making enquiries of management;
reviewing legal expenditure and correspondence throughout the period for any potential litigation or claims; and
considering the internal controls in place that are designed to mitigate risks of fraud and non compliance with laws
and regulations.
 


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 7

 

 

Independent auditors' report to the members of CoreTech Security Services Limited (continued)
For the year ended 31 March 2025

Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Philip Vipond (Senior statutory auditor)
for and on behalf of
EVMS Partners LLP
4th Floor
45 Ludgate Hill
London
EC4M 7JU
 

23 July 2025
Page 8

 
CoreTech Security Services Limited
 


Statement of income and retained earnings
For the year ended 31 March 2025

As restated
unaudited
2025
2024
Note
£
£

  

Turnover
 4 
10,178,339
8,515,544

Cost of sales
  
(294,874)
(230,194)

Gross profit
  
9,883,465
8,285,350

Administrative expenses
  
(8,164,096)
(6,628,656)

Other operating income
 5 
-
5,369

Operating profit
 6 
1,719,369
1,662,063

Interest receivable and similar income
 10 
35,064
15,758

Profit before tax
  
1,754,433
1,677,821

Tax on profit
 11 
197,497
81,693

Profit after tax
  
1,951,930
1,759,514

  

  

Retained earnings at the beginning of the year
  
4,254,565
2,825,051

  
4,254,565
2,825,051

Profit for the year
  
1,951,930
1,759,514

Dividends declared and paid
 12 
(195,000)
(330,000)

Retained earnings at the end of the year
  
6,011,495
4,254,565

There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of income and retained earnings.


The notes on pages 11 to 23 form part of these financial statements.

Page 9

 
CoreTech Security Services Limited - Registered number:12486085


Statement of financial position
As at 31 March 2025

As restated
unaudited
As restated
unaudited
2025
2025
2024
2024
Note
£
£
£
£

Fixed assets
  

Tangible assets
 13 
1,509,434
1,476,759

  
1,509,434
1,476,759

Current assets
  

Debtors
 14 
2,731,352
2,607,038

Cash at bank and in hand
 15 
4,180,264
1,903,158

  
6,911,616
4,510,196

Creditors: amounts falling due within one year
 16 
(2,034,887)
(1,387,015)

Net current assets
  
 
 
4,876,729
 
 
3,123,181

Total assets less current liabilities
  
6,386,163
4,599,940

Provisions for liabilities
  

Deferred tax
  
(350,542)
(345,175)

  
 
 
(350,542)
 
 
(345,175)

Net assets
  
6,035,621
4,254,765


Capital and reserves
  

Share capital
 18 
200
200

Other reserves
  
23,926
-

Profit and loss account
  
6,011,495
4,254,565

  
6,035,621
4,254,765


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
A Church
Director

Date: 22 July 2025

The notes on pages 11 to 23 form part of these financial statements.

Page 10

 
CoreTech Security Services Limited
 
 

Notes to the financial statements
For the year ended 31 March 2025

1.


General information

The company is a private company limited by shares and incorporated in England and Wales. Its registered office and trading address is Honeybourne Place, Jessop Avenue, Cheltenham, Gloucestershire, United Kingdom, GL50 3SH and the company registration is 12486085. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.
The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Coretech Security Holdings Limited as at 31 March 2025 and these financial statements may be obtained from Companies House.

Page 11

 
CoreTech Security Services Limited
 

Notes to the financial statements
For the year ended 31 March 2025

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 12

 
CoreTech Security Services Limited
 

Notes to the financial statements
For the year ended 31 March 2025

2.Accounting policies (continued)

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

 
2.9

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 13

 
CoreTech Security Services Limited
 

Notes to the financial statements
For the year ended 31 March 2025

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
10%
Fixtures and fittings
-
10%
Office equipment
-
25%
Computer equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Debtors

Short term debtors are measured at transaction price, less any impairment. 

 
2.12

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.13

Creditors

Short term creditors are measured at the transaction price. 

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors and loans to related parties.


Page 14

 
CoreTech Security Services Limited
 

Notes to the financial statements
For the year ended 31 March 2025

2.Accounting policies (continued)

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, which are described above, the directors are required
to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the
period of the revision and future periods if the revision affects both current and future periods.


4.


Turnover

An analysis of turnover by class of business is as follows:


2025
Unaudited
2024
£
£

Sales - Labour
10,072,584
8,506,544

Sales - Rechargeable expenses
105,636
-

Other income
119
-

Consultancy income
-
9,000

10,178,339
8,515,544


Analysis of turnover by country of destination:

2025
Unaudited
2024
£
£

United Kingdom
10,178,339
8,515,544

10,178,339
8,515,544


Page 15

 
CoreTech Security Services Limited
 
 

Notes to the financial statements
For the year ended 31 March 2025

5.


Other operating income

2025
Unaudited
2024
£
£

Government grants receivable
-
5,369

-
5,369



6.


Operating profit

The operating profit is stated after charging:

2025
Unaudited
2024
£
£

Depreciation
331,405
232,688

Exchange differences
1,759
1,993

Other operating lease rentals
367,977
272,828


7.


Auditors' remuneration

During the year, the company obtained the following services from the company's auditors:


2025
Unaudited
2024
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
25,000
-

Page 16

 
CoreTech Security Services Limited
 
 

Notes to the financial statements
For the year ended 31 March 2025

8.


Employees

Staff costs, including the directors' remuneration, were as follows:


2025
Unaudited 2024
£
£

Wages and salaries
5,354,762
4,611,771

Social security costs
592,377
504,108

Cost of defined contribution scheme
376,258
293,049

6,323,397
5,408,928


The average monthly number of employees, including the directors, during the year was as follows:


        2025
   Unaudited
2024
            No.
            No.







Admin
6
4



Sales
6
5



Technological
55
48

67
57


9.


Directors' remuneration

2025
Unaudited
2024
£
£

Directors' emoluments
220,336
152,720

Company contributions to defined contribution pension schemes
18,081
11,711

238,417
164,431


The highest paid director received remuneration of £90,196 (2024 - £97,155(unaudited)).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £7,544 (2024 - £8,031(unaudited)).

CEO pay ratio
Under the Good Business Charter, we report the ratio of the Chief Executive Officer’s (CEO) total annual remuneration to the median annual pay of all other employees. For the year ended 31 March 2025, the CEO pay ratio was, 2.2:1. The company remains committed to fair pay practices and will continue to disclose this ratio annually.

Page 17

 
CoreTech Security Services Limited
 
 

Notes to the financial statements
For the year ended 31 March 2025

10.


Interest receivable

2025
Unaudited
2024
£
£


Other interest receivable
35,064
15,758

35,064
15,758


11.


Taxation


2025
Unaudited
2024
£
£

Corporation tax


Current tax on profits for the year
(202,864)
(426,868)


Total current tax
(202,864)
(426,868)

Deferred tax


Fixed asset timing differences
5,367
345,175

Total deferred tax
5,367
345,175

Page 18

 
CoreTech Security Services Limited
 
 

Notes to the financial statements
For the year ended 31 March 2025
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2024 - the same as) the standard rate of corporation tax in the UK of 25% (2024 - 25%) as set out below:

2025
Unaudited
2024
£
£


Profit on ordinary activities before tax
1,754,433
1,677,821


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
438,608
419,455

Effects of:


Fixed asset differences
(3,600)
1,189

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
11,192
5,074

R&D expenditure credits
212,803
249,867

Short-term timing difference leading to a decrease in taxation
-
(102,985)

Adjustment in research and development tax credit leading to a decrease in the tax charge
(856,500)
(999,468)

Deferred tax fixed asset timing differences
-
345,175

Total tax charge for the year
(197,497)
(81,693)


Factors that may affect future tax charges

The deferred taxes at the reporting date reflected in these financial statements have been measured at the UK
rates likely to be applied when the deferred taxes crystallise.


12.


Dividends

2025
Unaudited
2024
£
£


Interim dividends paid
195,000
330,000

195,000
330,000

Page 19

 
CoreTech Security Services Limited
 
 

Notes to the financial statements
For the year ended 31 March 2025

13.


Tangible fixed assets





Leasehold improvements
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost


At 1 April 2024
744,718
417,940
128,666
618,168
1,909,492


Additions
32,851
61,892
9,051
260,286
364,080



At 31 March 2025

777,569
479,832
137,717
878,454
2,273,572



Depreciation


At 1 April 2024
131,377
50,116
58,843
192,397
432,733


Charge for the year 
77,350
48,100
34,059
171,896
331,405



At 31 March 2025

208,727
98,216
92,902
364,293
764,138



Net book value



At 31 March 2025
568,842
381,616
44,815
514,161
1,509,434



At 31 March 2024
613,341
367,824
69,823
425,771
1,476,759

Page 20

 
CoreTech Security Services Limited
 
 

Notes to the financial statements
For the year ended 31 March 2025

14.


Debtors

2025
Unaudited 2024
£
£


Trade debtors
1,575,422
657,601

Other debtors
561,837
857,956

Prepayments and accrued income
594,093
1,091,481

2,731,352
2,607,038



15.


Cash and cash equivalents

2025
Unaudited
2024
£
£

Cash at bank and in hand
4,180,264
1,903,158

4,180,264
1,903,158



16.


Creditors: amounts falling due within one year

2025
Unaudited 2024
£
£

Trade creditors
139,983
80,290

Other taxation and social security
798,738
557,367

Other creditors
128,309
116,034

Accruals
967,857
633,324

2,034,887
1,387,015


Page 21

 
CoreTech Security Services Limited
 
 

Notes to the financial statements
For the year ended 31 March 2025

17.


Deferred taxation




2025


£






At beginning of year
(345,175)


Charged to profit or loss
(5,367)



At end of year
(350,542)

The provision for deferred taxation is made up as follows:

2025
2024
£
£


Fixed asset timing differences
(369,740)
(368,179)

Short term timing differences
19,198
23,004

(350,542)
(345,175)


18.


Share capital

2025
Unaudited
2024
£
£
Allotted, called up and fully paid



10,000 (2024 - 10,000) Ordinary class A shares of £0.01 each
100
100
10,000 (2024 - 10,000) Ordinary class C shares of £0.01 each
100
100

200

200



19.


Reserves

Profit and loss account

Includes all current and prior year profits and losses.


20.


Prior year adjustment

There has been an adjustment has been made respect of prior periods for the company to recognise deferred taxation which had previously been omitted. The effects of the adjustment are increase deferred tax liability by £345,175 and decrease profit and loss by £345,175.

Page 22

 
CoreTech Security Services Limited
 
 

Notes to the financial statements
For the year ended 31 March 2025

21.


Pension commitments

The company contributes to employees' personal pension schemes. The assets of those schemes are held separately from those of the company in independently administered funds. The pension cost charge represents
contributions payable by the company to the fund and amounted to £368,714 (2024 - £293,049). Contributions totaling £76,792 (2024 - £70,964) were payable to the fund at the balance sheet date and are included in other creditors.


22.


Commitments under operating leases

At 31 March 2025 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2025
Unaudited 2024
£
£


Not later than 1 year
355,804
206,304

Later than 1 year and not later than 5 years
1,423,216
825,216

Later than 5 years
566,829
475,028

2,345,849
1,506,548


23.


Transactions with directors

There were no transactions with directors during the year ended 31 March 2025.


24.


Related party transactions

The company has taken advantage of the exemption available in Section 33.1A of FRS 102 whereby it has not
disclosed transactions with the immediate parent company or any wholly owned subsidiary undertakings of the
group headed by Coretech Security Holdings Limited.
During the year the company was charged £12,000 for services provided by a company under common control (2024: £9,000 charged by the company for services provided to a company under common control)


25.


Controlling party

The immediate and ultimate parent undertaking of the company is Coretech Security Holdings Limited, a company incorporated in England and Wales.
The smallest and largest group of undertakings for which group accounts have been drawn up which include the
company is headed by Coretech Security Holdings Limited. Its registered office and principal place of business is Honeybourne Place, Jessop Avenue, Cheltenham, Gloucestershire, GL50 3SH.


Page 23