Company registration number 02842513 (England and Wales)
CORTES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
PAGES FOR FILING WITH REGISTRAR
CORTES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
CORTES LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2025
31 August 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
983
4,523
Investments
5
2,801,130
2,801,130
2,802,113
2,805,653
Current assets
Debtors
6
20,448
3,154
Cash at bank and in hand
520,102
488,304
540,550
491,458
Creditors: amounts falling due within one year
7
(33,007)
(59,122)
Net current assets
507,543
432,336
Net assets
3,309,656
3,237,989
Capital and reserves
Called up share capital
6,100
6,100
Capital redemption reserve
3,900
3,900
Other reserves
481,116
481,116
Profit and loss reserves
2,818,540
2,746,873
Total equity
3,309,656
3,237,989

For the financial year ended 31 August 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he member has 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 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 director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 8 October 2025
Mr H Cortes
Director
Company registration number 02842513 (England and Wales)
CORTES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
- 2 -
1
Accounting policies
Company information

Cortes Limited is a private company limited by shares incorporated in England and Wales. The registered office is Nightingale House, 46-48 East Street, Epsom, Surrey, United Kingdom, KT17 1HQ.

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 a mounts 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

A true t the time of approving the financial statements, t he director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
15% on cost
Computers
25% on cost
Motor vehicles
25% on cost

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
Fixed asset investments

Investments in subsidiary undertakings are recognised at cost.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

CORTES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 3 -
1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts 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. A m ounts 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.

1.9
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.

CORTES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 4 -
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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
2
2
CORTES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 5 -
4
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2024 and 31 August 2025
268,818
10,136
5,532
284,486
Depreciation and impairment
At 1 September 2024
268,818
7,918
3,227
279,963
Depreciation charged in the year
-
0
2,157
1,383
3,540
At 31 August 2025
268,818
10,075
4,610
283,503
Carrying amount
At 31 August 2025
-
0
61
922
983
At 31 August 2024
-
0
2,218
2,305
4,523
5
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
2,801,130
2,801,130
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,695
1,500
Other debtors
17,753
1,654
20,448
3,154
7
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
2,298
17,615
Corporation tax
25,576
38,046
Other taxation and social security
1,241
961
Other creditors
3,892
2,500
33,007
59,122
CORTES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 6 -
8
Related party transactions

At 31 August 202 5 the company's ultimate controlling party was Mr H Cortes, the sole director of the company.

During the year, the company entered into the following related party transactions with businesses established in the Canary Islands, Spain:

Agents commission payable to Pilar Mesa Rodriguez £18,937 (202 4: £22,043). A balance of £nil (202 4: £nil) is outstanding at the year end.

During the year the company purchased goods worth £559,345 (202 4 - £1,041,396) from its subsidiary.

During the year the company purchased goods worth £1,380,102 (202 4 - £772,016) from Invertia Market SL, a company for which H Cortes is also a director.

As at year end the company owed the director £1,292 (202 4: £1,185 was owed by the director to the company) and is included in other creditors.

9
Directors' transactions

As at 31st August 202 5 Hernan Cortes (the director of the company) provided a personal guarantee of £500,000 in relation to the overdraft facility held by Cortes Ltd.

2025-08-31 2024-09-01 false false false 08 October 2025 CCH Software CCH Accounts Production 2025.200 No description of principal activity Mr H Cortes Mrs D Smith 02842513 2024-09-01 2025-08-31 02842513 2025-08-31 02842513 2024-08-31 02842513 core:PlantMachinery 2025-08-31 02842513 core:ComputerEquipment 2025-08-31 02842513 core:MotorVehicles 2025-08-31 02842513 core:PlantMachinery 2024-08-31 02842513 core:ComputerEquipment 2024-08-31 02842513 core:MotorVehicles 2024-08-31 02842513 core:CurrentFinancialInstruments core:WithinOneYear 2025-08-31 02842513 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 02842513 core:ShareCapital 2025-08-31 02842513 core:ShareCapital 2024-08-31 02842513 core:CapitalRedemptionReserve 2025-08-31 02842513 core:CapitalRedemptionReserve 2024-08-31 02842513 core:OtherMiscellaneousReserve 2025-08-31 02842513 core:OtherMiscellaneousReserve 2024-08-31 02842513 core:RetainedEarningsAccumulatedLosses 2025-08-31 02842513 core:RetainedEarningsAccumulatedLosses 2024-08-31 02842513 bus:Director1 2024-09-01 2025-08-31 02842513 core:PlantMachinery 2024-09-01 2025-08-31 02842513 core:ComputerEquipment 2024-09-01 2025-08-31 02842513 core:MotorVehicles 2024-09-01 2025-08-31 02842513 2023-09-01 2024-08-31 02842513 core:PlantMachinery 2024-08-31 02842513 core:ComputerEquipment 2024-08-31 02842513 core:MotorVehicles 2024-08-31 02842513 2024-08-31 02842513 core:CurrentFinancialInstruments 2025-08-31 02842513 core:CurrentFinancialInstruments 2024-08-31 02842513 core:WithinOneYear 2025-08-31 02842513 core:WithinOneYear 2024-08-31 02842513 bus:PrivateLimitedCompanyLtd 2024-09-01 2025-08-31 02842513 bus:SmallCompaniesRegimeForAccounts 2024-09-01 2025-08-31 02842513 bus:FRS102 2024-09-01 2025-08-31 02842513 bus:AuditExemptWithAccountantsReport 2024-09-01 2025-08-31 02842513 bus:CompanySecretary1 2024-09-01 2025-08-31 02842513 bus:FullAccounts 2024-09-01 2025-08-31 xbrli:pure xbrli:shares iso4217:GBP