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COMPANY REGISTRATION NUMBER: 12180559
Corkk Ltd
Filleted Unaudited Financial Statements
31 August 2024
Corkk Ltd
Financial Statements
Year ended 31 August 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Corkk Ltd
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
165,366
57,309
Current assets
Stocks
67,000
60,000
Debtors
6
28,213
3,620
Cash at bank and in hand
85,690
29,221
---------
--------
180,903
92,841
Creditors: amounts falling due within one year
7
52,579
26,563
---------
--------
Net current assets
128,324
66,278
---------
---------
Total assets less current liabilities
293,690
123,587
Creditors: amounts falling due after more than one year
8
129,767
70,183
---------
---------
Net assets
163,923
53,404
---------
---------
Capital and reserves
Called up share capital
152
133
Share premium account
398,122
216,476
Profit and loss account
( 234,351)
( 163,205)
---------
---------
Shareholders funds
163,923
53,404
---------
---------
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 comprehensive income has not been delivered.
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Corkk Ltd
Statement of Financial Position (continued)
31 August 2024
These financial statements were approved by the board of directors and authorised for issue on 28 August 2025 , and are signed on behalf of the board by:
Mr J C Piggins
Director
Company registration number: 12180559
Corkk Ltd
Notes to the Financial Statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ripple Farm, Crundale, Canterbury, CT4 7EB, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These accounts have been prepared on a going concern basis. The directors are satisfied that the company will continue to meet its current obligations for at least the next 12 months.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. For the rendering of services, revenue is recognised when the services are transferred. When the outcome of a transaction can be estimated reliably, revenue is recognised based on the stage of completion of the transaction at the end of the reporting period. If the outcome of the transaction involving the rendering of services cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Income tax
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Long leasehold property
-
1% straight line
Fixtures and fittings
-
33% straight line
Equipment
-
33% straight line
Leased equipment
-
20% straight line
Impairment of fixed assets
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 stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 12 ).
5. Tangible assets
Long leasehold property
Fixtures and fittings
Equipment
Leased equipment
Total
£
£
£
£
£
Cost
At 1 September 2023
34,152
12,310
32,917
79,379
Additions
96,976
203
34,672
131,851
Disposals
( 198)
( 394)
( 592)
--------
--------
--------
--------
---------
At 31 August 2024
96,976
34,157
46,588
32,917
210,638
--------
--------
--------
--------
---------
Depreciation
At 1 September 2023
11,384
4,103
6,583
22,070
Charge for the year
146
11,318
5,352
6,583
23,399
Disposals
( 66)
( 131)
( 197)
--------
--------
--------
--------
---------
At 31 August 2024
146
22,636
9,324
13,166
45,272
--------
--------
--------
--------
---------
Carrying amount
At 31 August 2024
96,830
11,521
37,264
19,751
165,366
--------
--------
--------
--------
---------
At 31 August 2023
22,768
8,207
26,334
57,309
--------
--------
--------
--------
---------
6. Debtors
2024
2023
£
£
Other debtors
28,213
3,620
--------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
34,744
17,010
Corporation tax
2,521
Social security and other taxes
6,731
970
Other creditors
8,583
8,583
--------
--------
52,579
26,563
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
106,681
34,770
Social security and other taxes
8,400
14,702
Other creditors
14,686
20,711
---------
--------
129,767
70,183
---------
--------
9. Director's advances, credits and guarantees
At the year end the Director owed the company £7,469 (2023: £3,219). During the year advances of £6,000 were made to the Director and repayments of £1,750 made by the Director. No interest was charged on the loan.