Company registration number 14091201 (England and Wales)
CORECOM TECHNOLOGY ACADEMY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
PAGES FOR FILING WITH REGISTRAR
CORECOM TECHNOLOGY ACADEMY LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
CORECOM TECHNOLOGY ACADEMY LTD
BALANCE SHEET
AS AT 31 MAY 2025
31 May 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
12,462
3,391
Current assets
Debtors
4
416,107
143,362
Cash at bank and in hand
148,504
20,321
564,611
163,683
Creditors: amounts falling due within one year
5
(338,066)
(60,882)
Net current assets
226,545
102,801
Total assets less current liabilities
239,007
106,192
Creditors: amounts falling due after more than one year
6
(46,270)
(228,714)
Provisions for liabilities
(1,750)
Net assets/(liabilities)
190,987
(122,522)
Capital and reserves
Called up share capital
7
822
822
Profit and loss reserves
190,165
(123,344)
Total equity
190,987
(122,522)
CORECOM TECHNOLOGY ACADEMY LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2025
31 May 2025
- 2 -
For the financial year ended 31 May 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 20 August 2025 and are signed on its behalf by:
Mr J Taylor
Director
Company registration number 14091201 (England and Wales)
CORECOM TECHNOLOGY ACADEMY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
- 3 -
1
Accounting policies
Company information
Corecom Technology Academy Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Yorkshire Hub, East Parade, Leeds, England, LS1 5SH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“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
At the time of approving the financial statements, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, the financial statements have been prepared on a going concern basis.
1.3
Turnover
Income represents revenue earned under a wide variety of contracts to provide services. Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients including expenses and disbursements but excluding value added tax.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Computers
33% Straight Line
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.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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).
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
CORECOM TECHNOLOGY ACADEMY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 4 -
1.7
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.
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, 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.
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
CORECOM TECHNOLOGY ACADEMY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 5 -
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
43
15
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2024
4,506
Additions
14,031
At 31 May 2025
18,537
Depreciation and impairment
At 1 June 2024
1,115
Depreciation charged in the year
4,960
At 31 May 2025
6,075
Carrying amount
At 31 May 2025
12,462
At 31 May 2024
3,391
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
294,781
37,246
Corporation tax recoverable
12,647
Other debtors
121,326
93,469
416,107
143,362
CORECOM TECHNOLOGY ACADEMY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 6 -
5
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
14,746
14,452
Corporation tax
64,530
12,647
Other taxation and social security
203,599
22,342
Other creditors
55,191
11,441
338,066
60,882
6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
46,270
228,714
7
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and unpaid
A Ordinary of £1 each
99
82
99
82
B Ordinary of £1 each
99
82
99
82
C Ordinary of £1 each
65
82
65
82
D Ordinary of £1 each
65
82
65
82
E Ordinary of £1 each
82
82
82
82
F Ordinary of £1 each
82
82
82
82
G Ordinary of £1 each
165
165
165
165
H Ordinary of £1 each
165
165
165
165
822
822
822
822
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2025
2024
£
£
Total commitments
22,212
-
CORECOM TECHNOLOGY ACADEMY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 7 -
9
Related party transactions
Included within other creditors due within one year are amounts due to companies with common directorship totaling £42,000 (2024: £nil).
Included within other creditors due over one year are amounts due to companies with common directorship totaling £46,270 (2024: £228,714). The company has received confirmation from each of these companies to confirm that this will not be recalled in full for at least 12 months after the period-end.
Amounts due to companies with common directorship are provided interest free.
10
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
Director
-
77,516
7,000
(2,209)
82,307
77,516
7,000
(2,209)
82,307