Cortirio Limited
Cortirio Limited
Company Registration No. 10780236 (England and Wales)
Page
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Directors
Company Number
Registered Office
Accountants
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2020
2019
Notes
£
£
Fixed assets
Current assets
Cash at bank and in hand
Net current assets
Total assets less current liabilities
Net assets
Capital and reserves
Share premium
Profit and loss account
(158,803 )
(43,228 )
Shareholders' funds
The financial statements were approved by the Board of Directors and authorised for issue on 26 October 2020 and were signed on its behalf by
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1
Statutory information
2
Compliance with accounting standards
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.
Going concern
Turnover
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.
Research and development tax credit
Intangible fixed assets
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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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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.
Tangible fixed assets and depreciation
Plant & machinery
Computer equipment
Basis of preparation
Presentation currency
Foreign exchange
Financial instruments
Government grants
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4
Intangible fixed assets
Other
£
Cost
At 1 August 2019
Additions
At 31 July 2020
Amortisation
At 1 August 2019
At 31 July 2020
Net book value
At 31 July 2020
At 31 July 2019
5
Tangible fixed assets
Plant & machinery
Computer equipment
Total
£
£
£
Cost or valuation
At cost
At cost
At 1 August 2019
Additions
At 31 July 2020
Depreciation
At 1 August 2019
Charge for the year
At 31 July 2020
Net book value
At 31 July 2020
At 31 July 2019
6
Debtors
2020
2019
£
£
VAT
Accrued income and prepayments
Other debtors
7
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
Other creditors
Loans from directors
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8
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
9
Share capital
2020
2019
£
£
Allotted, called up and fully paid:
Shares issued during the period:
10
Average number of employees
During the year the average number of employees was 5 (2019: 5 ).
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