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

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

ADDCORE LIMITED - Company Information

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REGISTERED NUMBER: 07925722 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

ADDCORE LIMITED
ADDCORE LIMITED (REGISTERED NUMBER: 07925722)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2017










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


ADDCORE LIMITED

COMPANY INFORMATION
for the year ended 31 December 2017







DIRECTORS: B A Ricketts






REGISTERED OFFICE: Ryefield House
Hackness Road
Scalby
Scarborough
North Yorkshire
YO13 0QY





REGISTERED NUMBER: 07925722 (England and Wales)
Page 1
ADDCORE LIMITED (REGISTERED NUMBER: 07925722)

STATEMENT OF FINANCIAL POSITION
31 December 2017

2017 2016
Notes £    £   
CURRENT ASSETS
Inventories 558,308 290,377
Debtors 4 166,388 200,953
Cash at bank 309 2,145
725,005 493,475
CREDITORS
Amounts falling due within one year 5 526,412 331,268
NET CURRENT ASSETS 198,593 162,207
TOTAL ASSETS LESS CURRENT
LIABILITIES
198,593
162,207

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 198,493 162,107
SHAREHOLDERS' FUNDS 198,593 162,207

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 24 September 2018 and were signed on its behalf by:





B A Ricketts - Director


The notes form part of these financial statements

Page 2
ADDCORE LIMITED (REGISTERED NUMBER: 07925722)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2017


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

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.

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.

Page 3 continued...
ADDCORE LIMITED (REGISTERED NUMBER: 07925722)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2017


2. ACCOUNTING POLICIES - continued

Going concern
The company has a net asset position and the director is satisfied that there are sufficient resources in place to continue
operating for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing
the annual financial statements.

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 (2016 - 3 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2017 2016
£    £   
Trade debtors 137,686 200,953
Other debtors 28,702 -
166,388 200,953

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2017 2016
£    £   
Trade creditors 114,158 170,810
Taxation and social security 74,794 71,425
Other creditors 337,460 89,033
526,412 331,268

6. SECURED DEBTS

The following secured debts are included within creditors:

2017 2016
£    £   
Debt factoring 112,382 170,810
Stock and trade finance 280,350 88,223
392,732 259,033

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

7. OFF-BALANCE SHEET ARRANGEMENTS

The company had total operating lease commitments at the balance sheet date in the sum of £13,565 (2016 - £337).

Page 4 continued...
ADDCORE LIMITED (REGISTERED NUMBER: 07925722)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2017


8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2017 and
31 December 2016:

2017 2016
£    £   
Balance outstanding at start of year - -
Amounts advanced 3,257 -
Amounts repaid (3,257 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

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

Page 5