| Cordic Technology Limited |
| Notes to the Accounts |
| for the year ended 31 December 2025 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Going Concern |
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The company has made a trading loss. In making their assessment of going concern the directors have considered a period of at least 12 months from the date of approval of the financial statements. It is their belief that current and future sources of funding or support from its parent company and its majority investors will be adequate for the company's needs. As a result, the going concern basis of accounting has been adopted. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised when the service is provided. |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
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Goodwill and other intangibles assets, which comprise development costs, are being amortised evenly over their estimated useful life of five years. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Plant and machinery |
over 4 years |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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| 1 |
Accounting policies (continued) |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Employees |
2025 |
|
2024 |
| Number |
Number |
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Average number of persons employed by the company |
29 |
|
36 |
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| 3 |
Intangible fixed assets |
Other |
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| intangible |
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Goodwill |
assets |
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Total |
| £ |
£ |
£ |
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Cost |
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At 1 January 2025 |
3,000 |
|
1,049,711 |
|
1,052,711 |
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Additions |
- |
|
698,783 |
|
698,783 |
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At 31 December 2025 |
3,000 |
|
1,748,494 |
|
1,751,494 |
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Amortisation |
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At 1 January 2025 |
800 |
|
289,986 |
|
290,786 |
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Provided during the year |
300 |
|
242,612 |
|
242,912 |
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At 31 December 2025 |
1,100 |
|
532,598 |
|
533,698 |
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Net book value |
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At 31 December 2025 |
1,900 |
|
1,215,896 |
|
1,217,796 |
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At 31 December 2024 |
2,200 |
|
759,725 |
|
761,925 |
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Goodwill and other intangible assets are being written off in equal annual instalments over their estimated economic life of 5 years. |
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| 4 |
Tangible fixed assets |
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Plant and machinery |
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Total |
| £ |
£ |
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Cost |
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At 1 January 2025 |
35,130 |
|
35,130 |
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Additions |
5,051 |
|
5,051 |
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Disposals |
(608) |
|
(608) |
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At 31 December 2025 |
39,573 |
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39,573 |
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Depreciation |
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At 1 January 2025 |
19,555 |
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19,555 |
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Charge for the year |
9,460 |
|
9,460 |
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On disposals |
(608) |
|
(608) |
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At 31 December 2025 |
28,407 |
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28,407 |
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Net book value |
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At 31 December 2025 |
11,166 |
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11,166 |
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At 31 December 2024 |
15,575 |
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15,575 |
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| 5 |
Debtors |
2025 |
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2024 |
| £ |
£ |
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Trade debtors |
94,142 |
|
57,271 |
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Other debtors |
83,127 |
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107,312 |
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177,269 |
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164,583 |
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| 6 |
Creditors: amounts falling due within one year |
2025 |
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2024 |
| £ |
£ |
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Trade creditors |
78,745 |
|
62,154 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
1,578,824 |
|
604,605 |
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Taxation and social security costs |
119,998 |
|
290,164 |
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Other creditors |
634,485 |
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491,574 |
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2,412,052 |
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1,448,497 |
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Amounts owed to group undertakings are unsecured, interest free and repayable on demand. |
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| 7 |
Other financial commitments |
2025 |
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2024 |
| £ |
£ |
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Total future minimum payments under non-cancellable operating leases |
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5,722 |
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5,700 |
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| 8 |
Related party transactions |
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The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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At 31 December 2025, an amount of £311,365 (2024: £50,437) was owed to other non-wholly owned companies within the same group.
At 31st December 2024, included within trade and other creditors, was a balance of £8,096 owed to owners holding a participating interest in the parent company. |
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A fixed and floating chage over all property and undertakings of the company is held by a shareholder of the parent company. |
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The parent company is Cabfusion Limited, a company registered in England and Wales. |
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| 9 |
Other information |
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Cordic Technology Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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9 Park Place |
|
Newdigate Road |
|
Harefield |
|
Middlesex |
|
United Kingdom |