Cortirio Limited

Paul David Macey Patrick John Beldon Dr Dimitrie Spiru Hugo Stephenson

10780236 (England and Wales)

Netpark Incubator Thomas Wright Way Sedgefield TS21 3FD United Kingdom

The Accountancy Cloud 12-18 Hoxton Street London N1 6NG UK

Intangible assets

136,192 

121,298 

Tangible assets

4,126 

2,622 

Debtors

135,373 

185,490 

Cash at bank and in hand

103,438 

175,252 

(6,414)

(18,918)

Called up share capital

115 

115 

Share premium

738,347 

738,347 

Profit and loss account

(365,747)

(272,718)

For the year ending 31 July 2022 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 financial statements were approved by the Board of Directors and authorised for issue on 3 March 2023 and were signed on its behalf by

Patrick John Beldon Director Company Registration No. 10780236

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.

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.

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.

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.

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.

Plant & machinery

Computer equipment

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.

At 1 August 2021

121,298 

Additions

14,894 

At 31 July 2022

At 1 August 2021

- 

At 31 July 2022

At 31 July 2022

At 31 July 2021

At cost 

At cost 

At 1 August 2021

618 

6,336 

6,954 

Additions

- 

4,065 

4,065 

At 31 July 2022

At 1 August 2021

532 

3,800 

4,332 

Charge for the year

86 

2,553 

2,639 

On disposals

- 

(78)

(78)

At 31 July 2022

At 31 July 2022

At 31 July 2021

VAT

4,985 

10,657 

Trade debtors

128,393 

- 

Accrued income and prepayments

447 

173,285 

Other debtors

1,548 

1,548 

Trade creditors

5,155 

18,877 

Taxes and social security

1,028 

- 

Loans from directors

231 

41 

Allotted, called up and fully paid:

1,146,322 Ordinary shares of £0.0001 each

(41)

41 

- 

- 

- 

- 

231 

(231)

During the year the average number of employees was 4 (2021: 5).