Core Libra Limited
Core Libra Limited
Registered number: 11653375
Directors' Report and
Unaudited Financial Statements
For The Year Ended
31 December 2020
Core Libra Limited
Directors' Report and Unaudited Financial Statements
For The Year Ended
31 December 2020
Directors' Report and Unaudited Financial Statements
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| Company Information | 2 |
| Directors' Report | 3 |
| Accountant's Report | 4 |
| Statement of Comprehensive Income | 5 |
| Balance Sheet | 6—7 |
| Notes to the Financial Statements | 8—10 |
Core Libra Limited
Company Information
For The Year Ended
31 December 2020
Company Information
| Directors |
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| Company Number |
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| Registered Office | Environmental Finance Limited W106 Vox Studios |
| 1-45 Durham Street | |
| London | |
| SE11 5JH | |
| Accountants |
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| Chartered Accountants | |
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| Holt | |
| Wiltshire | |
| BA14 6RL | |
Core Libra Limited
Company No. 11653375
Directors' Report For The Year Ended
31 December 2020
Directors' Report
The directors present their report and the financial statements for the year ended
31 December 2020
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Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Principal Activity
The principal activity of the company is activities of other holding companies not elsewhere classified.
Directors
The directors who held office during the year were as follows:
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Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
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Director
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Core Libra Limited
Accountant's Report
For The Year Ended
31 December 2020
Accountant's Report
Chartered Accountant's report to the directors on the preparation of the unaudited statutory accounts of
Core Libra Limited
For The Year Ended 31 December 2020
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of
Core Libra Limited
For The Year Ended 31 December 2020 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of
Core Libra Limited
, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of
Core Libra Limited
and state those matters that we have agreed to state to the directors of
Core Libra Limited
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
Core Libra Limited
and its directors, as a body, for our work or for this report.
It is your duty to ensure that
Core Libra Limited
has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of
Core Libra Limited
. You consider that
Core Libra Limited
is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of
Core Libra Limited
. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
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Chartered Accountants
24 The Glove Factory
Holt
Wiltshire
BA14 6RL
Core Libra Limited
Statement of Comprehensive Income
For The Year Ended
31 December 2020
Statement of Comprehensive Income
| 31 December 2020 | 31 December 2019 | |||
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| Notes | £ | £ | ||
| Administrative expenses |
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| OPERATING PROFIT/(LOSS) |
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| Other interest receivable and similar income |
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| Interest payable and similar charges |
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| PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
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| OTHER COMPREHENSIVE INCOME: | ||||
| Other comprehensive income for the year | - | - | ||
| Total comprehensive income for the year |
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The notes on pages 8 to 10 form part of these financial statements.
Core Libra Limited
Balance Sheet
As at
31 December 2020
Balance Sheet
| 31 December 2020 | 31 December 2019 | ||||
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| Notes | £ | £ | £ | £ | |
| CURRENT ASSETS | |||||
| Debtors | 3 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 4 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 5 |
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| NET LIABILITIES |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 6 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | (7,168) | (7,692) | |||
Core Libra Limited
Balance Sheet (continued)
As at
31 December 2020
Directors' responsibilities:
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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 in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
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Director
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The notes on pages 8 to 10 form part of these financial statements.
Core Libra Limited
Notes to the Financial Statements
For The Year Ended
31 December 2020
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
The significant debtor and creditor amounts in the balance sheet are due from and owed to respectively the company’s sole borrower and its parent company, and are structured flexibly to fall due and be payable in a back to back manner. On an ongoing basis, the company incurs limited administrative expenses.
At the time of approving the financial statements, the directors have reviewed cash flow forecasts for the business, which indicate that for the foreseeable future the company will be able to settle demands and liabilities as they fall due from cash from operations and existing working capital. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is shown net of sales value added tax, returns, rebates and discounts.
1.4.
Foreign Currencies
The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.
Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.
1.5.
Taxation
Tax is recognised in the Statement of Comprehensive Income.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the Statement of Comprehensive Income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.
Core Libra Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2020
1.6.
Finance Costs
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
1.7. Borrowing costs
All borrowing costs are recognised in the Statement of Comprehensive Income in the period in which they are incurred
1.8. Trade and other debtors
Trade and other debtors are measured at their transaction value, less any impairment.
1.9. Trade and other creditors
Short term creditors are measured at their transaction cost. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 4 (2019: 4)
3.
Debtors
| 31 December 2020 | 31 December 2019 | ||
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| Prepayments and accrued income |
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| Value Added Tax |
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| Called up share capital not paid |
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| Due after more than one year | |||
| Other debtors |
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Core Libra Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2020
4.
Creditors: Amounts Falling Due Within One Year
| 31 December 2020 | 31 December 2019 | ||
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| Trade creditors |
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| Accruals and deferred income |
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| Amounts owed to group undertakings |
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Creditors: Amounts Falling Due After More Than One Year
| 31 December 2020 | 31 December 2019 | ||
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| Amounts owed to group undertakings |
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7.
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
8.
Related Party Transactions
The company is a wholly owned subsidiary and is not required to disclose related party transactions under FRS102.
9.
Ultimate Controlling Party
The parent and ultimate controlling party is Community Owned Renewable Energy LLP (CORE LLP) which is registered in England and Wales. It prepares publicly available consolidated accounts and its registered office is Environmental Finance Limited W106 Vox Studios, 1-45 Durham Street, London, United Kingdom, SE11 5JH. The results of CORE LIBRA LIMITED are consolidated into the CORE LLP accounts.
10.
General Information
Core Libra Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
11653375
. The registered office is Environmental Finance Limited W106 Vox Studios, 1-45 Durham Street, London, SE11 5JH.