Addcore Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 07925722 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

ADDCORE LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

B A Ricketts

REGISTERED OFFICE:

Ryefield House

Hackness Road

Scalby

Scarborough

North Yorkshire

YO13 0QY

REGISTERED NUMBER:

07925722 (England and Wales)

FIXED ASSETS

Property, plant and equipment

4

2,667

-

CURRENT ASSETS

Inventories

491,617

585,539

Debtors

5

203,564

101,280

Cash at bank

6,105

7,198

701,286

694,017

CREDITORS

Amounts falling due within one year

6

577,603

491,997

NET CURRENT ASSETS

123,683

202,020

TOTAL ASSETS LESS CURRENT
LIABILITIES

126,350

202,020

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

126,250

201,920

SHAREHOLDERS' FUNDS

126,350

202,020

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each
financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and
which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable
to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 December 2020 and were signed by:

B A Ricketts - Director

1.	STATUTORY INFORMATION

Addcore Limited is a private company, limited by shares , registered in England and Wales. The company's registered

number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

Shortly after the period under review and continuing to the date that the Financial Statements were approved, the

Coronavirus (Covid-19) outbreak has caused extensive disruptions to businesses and economic activities globally. This has

not had a significant impact on the company to the date of signing, but the directors continue to monitor the situation closely.

The directors have considered the financial resources and commitments of the company, particularly in light of the

Coronavirus outbreak, and concluded that they have sufficient resources to meet liabilities as they fall due. The directors

therefore consider it appropriate to prepare the financial statements on the going concern basis.

Significant judgements and estimates

In preparing the financial statements, management is required to make estimates and assumptions which affect reported

income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and

application of judgement are inherent in the formation of estimates, together with past experience and expectations of future

events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such

estimates.

Critical judgements in applying the company's policies

No significant judgements have had to be made by management in preparing these financial statements.

Critical accounting estimates and assumptions

The directors do not consider that any other estimates and assumptions used in the preparation of these financial statements

have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next

financial year.

Revenue

Revenue represents goods and services supplied, excluding value added tax. Revenue is recognised to the extent that the

company has obtained the right to consideration through its performance and is measured at the fair value of the right to

consideration.

Property, plant and equipment

Items of property, plant and equipment are initially measured at cost. After initial recognition items of property, plant and

equipment are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off the cost of each asset over its estimated useful life.

Plant and machinery - 33% straight line basis

Inventories

Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and

liabilities such as trade, other accounts receivable and payable and loans to related parties.

Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured,

initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future

payments and subsequently at amortised costs using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that

it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively

enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of

financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in

which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted

or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of

financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the

date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leasing commitments

Operating lease rentals are charged against profits of the period to which they relate.

Pension costs and other post-retirement benefits

Payments to defined contribution pension schemes are charged as an expense in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - 3 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

£

COST

Additions

4,000

At 31 December 2019

4,000

DEPRECIATION

Charge for year

1,333

At 31 December 2019

1,333

NET BOOK VALUE

At 31 December 2019

2,667

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

Trade debtors

179,753

98,240

Other debtors

23,811

3,040

203,564

101,280

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

Trade creditors

100,237

85,906

Amounts owed to group undertakings

2,606

Taxation and social security

54,470

57,741

Other creditors

420,290

345,744

577,603

491,997

7.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

Debt factoring

97,776

83,504

Stock and trade finance

244,837

258,741

342,613

342,245

Debt factoring and trade financing arrangements are secured by way of fixed and floating charge debentures held over all

assets of the company.

8.	OFF-BALANCE SHEET ARRANGEMENTS

The company had total operating lease commitments at the balance sheet date in the sum of £6,052 (2018 - £10,356).

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The director operates a loan account with the company which are repayable on demand. The following advances and credits

subsisted during the years ended 2019 and 2018 in respect of it.

2019

2018

£

Balance outstanding at start of year

3,040

-

Amounts advanced

28,446

3,040

Amounts repaid

(26,128

)

-

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

5,358

3,040

Interest has been charged at the HMRC beneficial loan rate whilst overdrawn.

Addcore Limited - Accounts to registrar (filleted) - small 18.2

Addcore Limited - Accounts to registrar (filleted) - small 18.2