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Company registration number: 06763872
Cordex UK Limited
Filleted financial statements
31 December 2024
Cordex UK Limited
Contents
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
Cordex UK Limited
Directors responsibilities statement
Year ended 31 December 2024
The directors are responsible for preparing 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.
Cordex UK Limited
Statement of financial position
31 December 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 3 - 18
_______ _______
- 18
Current assets
Stocks 344,906 1,059,453
Debtors 4 1,885,525 1,757,246
Cash at bank and in hand 716,917 796,004
_______ _______
2,947,348 3,612,703
Creditors: amounts falling due
within one year 5 ( 2,538,819) ( 3,262,194)
_______ _______
Net current assets 408,529 350,509
_______ _______
Total assets less current liabilities 408,529 350,527
_______ _______
Net assets 408,529 350,527
_______ _______
Capital and reserves
Called up share capital 6 1,000 1,000
Profit and loss account 407,529 349,527
_______ _______
Shareholders funds 408,529 350,527
_______ _______
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 07 July 2025 , and are signed on behalf of the board by:
Mr M A R Pereira
Director
Company registration number: 06763872
Cordex UK Limited
Notes to the financial statements
Year ended 31 December 2024
1. General information
Cordex UK Limited (Company number 06763872 ) is a private company limited by shares, registered in England & Wales. The address of the registered office is Vulcan House, Priory Road, Strood, Kent, ME2 2BD.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax. Turnover is largely in the form of agricultural twines and stretch film sales.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods), when the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 12.5 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
The company only enters in to basic financial instrument transactions that result in the recognition of financial assets and liabilities, such as trade and other debtors and creditors, and loans from third parties.
2. Employee numbers
The average number of persons employed by the company, including directors, during the year amounted to 5 (2023: 5).
3. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 January 2024 and 31 December 2024 8,446 44,005 52,451
_______ _______ _______
Depreciation
At 1 January 2024 8,428 44,005 52,433
Charge for the year 18 - 18
_______ _______ _______
At 31 December 2024 8,446 44,005 52,451
_______ _______ _______
Carrying amount
At 31 December 2024 - - -
_______ _______ _______
At 31 December 2023 18 - 18
_______ _______ _______
4. Debtors
2024 2023
£ £
Trade debtors 1,522,706 1,534,596
Amounts owed by group undertakings and undertakings in which the company has a participating interest 71,985 161,074
Other debtors 290,834 61,576
_______ _______
1,885,525 1,757,246
_______ _______
5. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 4,093 6,831
Amounts owed to group undertakings and undertakings in which the company has a participating interest 2,464,255 3,224,606
Other creditors 70,471 30,757
_______ _______
2,538,819 3,262,194
_______ _______
6. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 1,000 1,000 1,000 1,000
_______ _______ _______ _______
7. Summary audit opinion
The auditor's report dated ............................. 7 July 2025 was unqualified .
The senior statutory auditor was Michael Fanning FCCA for and on behalf of Henry Reeves & Co Limited
8. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Cordex - Companhia Industrial Textil SA (Trade Debtors) 71,985 161,074 71,985 161,074
Cordex - Companhia Industrial Textil SA (Trade Creditors) 7,774,824 8,893,913 ( 2,464,255) ( 3,224,606)
_______ _______ _______ _______
The above named company is also a subsidiary of Cordex UK Ltd's immediate parent company, Cordex Sociedade Gestora de Participacoes Socais SA.
9. Controlling party
The company's immediate parent is Cordex Sociedade Gestora de Participacoes Socais SA, a company incorporated in Portugal and whose accounts are available from No. 785, PO Box 15, 3885-909 Esmoriz, Portugal.