Registration number: 05023238

Cortex Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 9

Cortex Limited

Company Information

Directors

M Taylor A Edwards

Registered office

Kings Park House 22 Kings Park Road Southampton SO15 2AT

Accountants

Hazlewoods LLP Windsor House Bayshill Road Cheltenham GL50 3AT

Cortex Limited

(Registration number: 05023238)
Balance Sheet as at 31 December 2024

	Note	2024  £	2023  £
Fixed assets
Intangible assets	4	1,809,315	1,425,892
Tangible assets	5	25,339	34,137
		1,834,654	1,460,029
Current assets
Debtors	6	764,499	803,373
Cash at bank and in hand		570,128	484,630
		1,334,627	1,288,003
Creditors: Amounts falling due within one year	7	(1,887,147)	(1,289,746)
Net current liabilities		(552,520)	(1,743)
Total assets less current liabilities		1,282,134	1,458,286
Provisions	9	(60,000)	(60,000)
Deferred tax liabilities	10	-	(288,753)
Net assets		1,222,134	1,109,533
Capital and reserves
Called up share capital	12	10,306	10,306
Share premium reserve		1,205,244	1,205,244
Profit and loss account		6,584	(106,017)
Total equity		1,222,134	1,109,533

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 30 September 2025 and signed on its behalf by:
 

A Edwards
Director

Cortex Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Kings Park House
22 Kings Park Road
Southampton
SO15 2AT

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A Small Entities.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the Company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

The Directors plan to continue to invest in development of products to generate new revenue streams and have produced forecasts for the 12 month period from the date of approving the financial statements including this further investment and expected growth, and they have a reasonable expectation that the Company will have access to adequate resources to continue in operation for the foreseeable future.

The Directors therefore continue to adopt the going concern basis in preparing the financial statements.

Group accounts not prepared

The Company is part of a small group. The Company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Revenue recognition

Revenue represents the fair value of services provided during the period. Revenue is recognised as contract activity progresses and the right to consideration earned. Fair value reflects the amounts expected to be recoverable from customers and is based on time spent and costs incurred to date as a percentage of total anticipated costs. Revenue from support and maintenance agreements is recognised as earned over the period of the agreement. Payments in advance under such agreements are treated as deferred income.

The Company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the Company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Cortex Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

2

Accounting policies (continued)

Tax

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

The current 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 taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amounts of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Development costs

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the company is expected to benefit. Provision is made for any impairment.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Development costs	20% of cost

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Leasehold Improvements	Over term of lease
Furniture & Fittings	20-25% of cost
Computer Equipment	33% of cost

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the debtors.

Cortex Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

2

Accounting policies (continued)

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the Company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the balance sheet when, and only when, there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the assets and settle the liability simultaneously.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Cortex Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

2

Accounting policies (continued)

Provisions

Provisions are recognised when the Company has an obligation at the reporting date as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Critical accounting 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 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.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Cortex Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

3

Staff numbers

The average number of persons employed by the Company (including directors) during the year, was as follows:

	2024  No.	2023  No.
Average number of employees	43	48

4

Intangible assets

	Development costs  £
Cost
At 1 January 2024	4,600,249
Additions	977,000
At 31 December 2024	5,577,249
Amortisation
At 1 January 2024	3,174,357
Amortisation charge	593,577
At 31 December 2024	3,767,934
Carrying amount
At 31 December 2024	1,809,315
At 31 December 2023	1,425,892

5

Tangible assets

	Leasehold Improvements £	Furniture & Fittings £	Computer Equipment  £	Total £
Cost
At 1 January 2024	84,350	45,590	51,687	181,627
Additions	-	-	2,850	2,850
At 31 December 2024	84,350	45,590	54,537	184,477
Depreciation
At 1 January 2024	57,022	44,505	45,963	147,490
Charge for the year	8,648	310	2,690	11,648
At 31 December 2024	65,670	44,815	48,653	159,138
Carrying amount
At 31 December 2024	18,680	775	5,884	25,339
At 31 December 2023	27,328	1,085	5,724	34,137

Cortex Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

6

Debtors

		2024  £	2023  £
Trade debtors		157,963	225,988
Other debtors		219,521	216,102
Prepayments		15,049	39,743
Accrued income		141,672	91,246
Corporation tax asset		230,294	230,294
		764,499	803,373

Details of non-current trade and other receivables

£40,800 (2023 - £40,800) of other debtors is classified as non-current.

7

Creditors

	Note	2024  £	2023  £
Due within one year
Loans and borrowings	8	969,000	469,000
Trade creditors		1,213	37,175
Amounts owed to group undertakings		20,000	2,446
Social security and other taxes		70,586	76,812
Other creditors		918	16,695
Accrued expenses and deferred income		825,430	687,618
		1,887,147	1,289,746

8

Loans and borrowings

Current loans and borrowings

	2024 £	2023 £
Other borrowings	969,000	469,000

Other borrowings
Other borrowings are secured by a debenture over all assets held by the company.

9

Provisions

	Dilapidations £	Total £
At 1 January 2024	60,000	60,000
At 31 December 2024	60,000	60,000

Provisions for dilapidations relate to estimated costs of rectification works required under tenant repairing leases.

Cortex Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

10

Deferred tax

Deferred tax assets and liabilities

2024	Liability £
Fixed asset timing differences	86,478
Losses and other deductions	(86,478)
	-