Company Registration No. 10780236 (England and Wales)
Cortirio Limited
Unaudited accounts
for the year ended 31 July 2023
Cortirio Limited
Unaudited accounts
Contents
Cortirio Limited
Company Information
for the year ended 31 July 2023
Directors
Paul David Macey
Patrick John Beldon
Dr Dimitrie Spiru Hugo Stephenson
Dr Shamus Louis Husheer
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
Cortirio Limited
Statement of financial position
as at 31 July 2023
Intangible assets
136,192
136,192
Tangible assets
4,388
4,126
Cash at bank and in hand
160,246
103,438
Creditors: amounts falling due within one year
31,985
12,091
Net current assets
243,342
247,817
Net assets
383,922
388,135
Called up share capital
115
115
Share premium
738,347
738,347
Profit and loss account
(354,540)
(350,327)
Shareholders' funds
383,922
388,135
For the year ending 31 July 2023 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.
The financial statements were approved by the Board of Directors and authorised for issue on 12 March 2024 and were signed on its behalf by
Patrick John Beldon
Director
Company Registration No. 10780236
Cortirio Limited
Notes to the Accounts
for the year ended 31 July 2023
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
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.
Research and development tax credit
During the financial year, Cortirio Limited received a tax credit for qualifying research and development expenditure under the Research and Development tax relief scheme. This is presented as a tax repayment in the Income Statement in line with disclosure requirements under FRS 102.
Government grants are recognised in line with the performance conditions of the contract and are credited to the Income Statement on an accruals basis.
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
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Cortirio Limited
Notes to the Accounts
for the year ended 31 July 2023
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
During the period, the company identified that some transactions were not accurately recorded in the prior period accounts, in line with established accounting policies.
The accounts have been restated to correct the impacted line items, resulting in the following adjustments:
Decrease in Creditors of £18,505
Decrease in VAT of £3,085
Decrease in Profit and Loss of £15,419.
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.
4
Intangible fixed assets
Other
Cortirio Limited
Notes to the Accounts
for the year ended 31 July 2023
5
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 August 2022
618
10,401
11,019
At 31 July 2023
618
13,126
13,744
At 1 August 2022
618
6,275
6,893
Charge for the year
-
2,463
2,463
At 31 July 2023
618
8,738
9,356
At 31 July 2023
-
4,388
4,388
At 31 July 2022
-
4,126
4,126
Amounts falling due within one year
Trade debtors
44,516
128,393
Accrued income and prepayments
403
447
7
Creditors: amounts falling due within one year
2023
2022
Trade creditors
1,756
(13,350)
Taxes and social security
1,028
1,028
Loans from directors
(34,769)
231
Allotted, called up and fully paid:
1,146,322 Ordinary shares of £0.0001 each
114.63
114.63
Cortirio Limited
Notes to the Accounts
for the year ended 31 July 2023
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
The directors' loan is interest-free and repayable on demand.
10
Average number of employees
During the year the average number of employees was 5 (2022: 4).
