Cortirio Limited

Cortirio Limited

CORTIRIO LIMITED - Company Information

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Company Registration No. 10780236 (England and Wales)
Cortirio Limited Unaudited accounts for the year ended 31 July 2019
Cortirio Limited Unaudited accounts Contents
Page
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Cortirio Limited Company Information for the year ended 31 July 2019
Directors
Paul David Macey Patrick John Beldon
Company Number
10780236 (England and Wales)
Registered Office
Netpark Incubator Thomas Wright Way Sedgefield TS21 3FD United Kingdom
Accountants
The Accountancy Cloud 12-18 Hoxton Street London N1 6NG UK
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Cortirio Limited Statement of financial position as at 31 July 2019
2019 
2018 
Notes
£ 
£ 
Fixed assets
Intangible assets
4
44,001 
4,050 
Tangible assets
5
2,247 
- 
46,248 
4,050 
Current assets
Debtors
6
27,938 
31,357 
Cash at bank and in hand
111,354 
128,231 
139,292 
159,588 
Creditors: amounts falling due within one year
7
(46,288)
(23,801)
Net current assets
93,004 
135,787 
Net assets
139,252 
139,837 
Capital and reserves
Called up share capital
8
97 
97 
Share premium
182,383 
182,383 
Profit and loss account
(43,228)
(42,643)
Shareholders' funds
139,252 
139,837 
For the year ending 31 July 2019 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 18 September 2019.
Patrick John Beldon Director Company Registration No. 10780236
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Cortirio Limited Notes to the Accounts for the year ended 31 July 2019
1
Statutory information
Cortirio Limited is a private company, limited by shares, registered in England and Wales, registration number 10780236. The registered office is Netpark Incubator, Thomas Wright Way, Sedgefield, TS21 3FD, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Company information
The company was incorporated on 19 May 2017 and the comparative financial statements present the results for the 14 month period from incorporation to 31 July 2018.
Going concern
The company has made losses in the year as it is currently in its start up phase. The company has the financial support of its shareholders and has obtained grant funding. As a result, the directors consider the company to have adequate resources to continue in business for at least 12 months from the date of approval of the financial statements. The directors therefore consider it appropriate to prepare the financial statements on a going concern basis.
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is capitalised within intangible assets and amortised when ready for use.
Intangible fixed assets
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis: Development costs 25% straight line
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Cortirio Limited Notes to the Accounts for the year ended 31 July 2019
Impairment of fixed assets
At each reporting end date, the company reviews the carrying amounts of its intangible 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. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Cash and cash equivalents
Cash and cash equivalents are basic financial instruments 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. Any bank overdrafts are shown within borrowings in current liabilities.
Taxation
The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable. Current and deferred tax is charged or credited to the profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity. Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously. Current tax is based on taxable profit for the year. Taxable profit differs from total comprehensive income because it excludes items of income or expense that are taxable or deductible in other periods. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting period. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.
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Cortirio Limited Notes to the Accounts for the year ended 31 July 2019
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. The cost of any unused holiday entitlement is recognised in the period in which the employee?s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. The amount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.
Prior period restatement
In the period ending 31 July 2018, development costs were capitalised as Intangible Assets for £22,356 which included expenditure which should be been expensed under FRS 102. The total of the expenditure to expense in the Income Statement is £18,306 which has increased the loss for the period ending 31 July 2018 of £24,338 to £42,643 and reduced the Intangible Asset from £22,356 to £4,050.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
33.33% Straight Line
Computer equipment
33.33% Straight Line
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Government grants
Government grants are recognised in line with the performance conditions of the contract and are credited to the Income Statement on an accruals basis.
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Cortirio Limited Notes to the Accounts for the year ended 31 July 2019
4
Intangible fixed assets
Other 
£ 
Cost
At 1 August 2018
4,050 
Additions
39,951 
At 31 July 2019
44,001 
Amortisation
At 1 August 2018
- 
At 31 July 2019
- 
Net book value
At 31 July 2019
44,001 
At 31 July 2018
4,050 
5
Tangible fixed assets
Plant & machinery 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 August 2018
- 
- 
- 
Additions
618 
2,426 
3,044 
At 31 July 2019
618 
2,426 
3,044 
Depreciation
Charge for the year
120 
677 
797 
At 31 July 2019
120 
677 
797 
Net book value
At 31 July 2019
498 
1,749 
2,247 
6
Debtors
2019 
2018 
£ 
£ 
Accrued income and prepayments
23,378 
26,809 
Other debtors
4,560 
4,548 
27,938 
31,357 
7
Creditors: amounts falling due within one year
2019 
2018 
£ 
£ 
Trade creditors
4,428 
295 
Taxes and social security
- 
2,418 
Other creditors
41,199 
14,396 
Loans from directors
661 
4,192 
Accruals
- 
2,500 
46,288 
23,801 
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Cortirio Limited Notes to the Accounts for the year ended 31 July 2019
8
Share capital
2019 
2018 
£ 
£ 
Allotted, called up and fully paid:
967,095 Ordinary shares of £0.0001 each
96.70 
96.70 
9
Transactions with related parties
At 31 July 2019, the directors were owed £661 (2018: £4,192) by the company. During the period, the directors paid expenses on behalf of the company of £11,000 and received reimbursements of £14,531.
10
Average number of employees
During the year the average number of employees was 5 (2018: 2).
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