Registered number
for the year ended
Core Technology Systems (U.K.) Limited
Report and accounts
Contents
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Company information | 3 |
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Directors' report | 4 |
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Balance sheet | 5 |
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Statement of changes in equity | 6 |
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Notes to the accounts | 7-11 |
Core Technology Systems (U.K.) Limited
Company Information
Directors
Conor Callanan
Eamon McGann
Malcolm Charles Newman
Bankers
HSBC Bank plc
60 Fenchurch Street
London
E1 8DE
Registered office
9th Floor
9 Appold Street
London
EC2A 2AP
02502866
Core Technology Systems (U.K.) Limited
Registered number: 02502866
Directors' Report
The directors present their report and accounts for the year ended 31 December 2022
Principal activities
The company's principal activity during the year continued to be that of a Managed Service Provider.
Directors
The following persons served as directors during the year:
Conor Callanan
Eamon McGann
Malcolm Charles Newman
Rye John Austin
Small Company Provisions
The company is a small company as defined in the Companies Act 2006
Conor Callanan
Director
Core Technology Systems (U.K.) Limited
Registered number: 02502866
Balance Sheet
as at
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Fixed assets |
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Intangible assets | 2 |
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Tangible assets | 2 |
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Investments | 3 |
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Current assets |
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Debtors | 4 |
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Cash at bank and in hand |
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Creditors: amounts falling due |
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within one year | 5 | ( |
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Net Current Assets |
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Total assets less current |
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liabilities |
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Creditors: amounts falling due |
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after more than one year | 6 |
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Net Assets |
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Capital and reserves |
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Called up share capital |
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Share premium |
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Capital redemption reserve |
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Profit & Loss |
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Shareholders' funds |
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The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Director
Core Technology Systems (U.K.) Limited
Statement of Changes in Equity
for the year ended 31 December 2022
| Share | Share | Capital | Profit | Total |
| capital | premium | redemption | and loss |
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| reserve | account |
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| £ | £ | £ | £ | £ |
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At 1 January 2021 | |||||
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Profit for the Financial Year |
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Shares redeemed | ( | ( | ( | ( | |
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At 31 December 2021 | ( | ||||
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At | ( | ||||
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Profit for the Financial Year |
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At 31 December 2022 | ( |
Core Technology Systems (U.K.) Limited
Notes to the Accounts
for the year ended 31 December 2022
1 Accounting policies
Basis of preparation
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Fixtures, fittings and equipment | over |
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Long term contracts
Amounts recoverable on long term contracts, which are included in debtors are stated at the net sales value of the work performed after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account.
Core Technology Systems (U.K.) Limited
Notes to the Accounts
for the year ended 31 December 2022
1 Accounting policies (continued)
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Core Technology Systems (U.K.) Limited
Notes to the Accounts
for the year ended 31 December 2022
2 Intangible fixed assets
Software development: | £ |
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Cost |
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At 1 January 2022 | - |
Additions | |
Disposals | - |
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At 31 December 2022 | |
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Amortisation |
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At 1 January 2022 | - |
Provided during the year | |
On disposals |
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At 31 December 2022 | |
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Net book value |
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At 31 December 2022 | |
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At 31 December 2021 | - |
2 Tangible fixed assets
| Fixtures, |
| fittings and |
| equipment |
Cost | £ |
At 1 January 2022 | |
Additions | |
Disposals | - |
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At 31 December 2022 | |
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Depreciation |
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At 1 January 2022 | |
Charge for the year | |
On disposals | - |
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At 31 December 2022 | |
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Net book value |
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At 31 December 2022 | |
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At 31 December 2021 |
Core Technology Systems (U.K.) Limited
Notes to the Accounts
for the year ended 31 December 2022
3 Investments
| Investments in |
| subsidiary |
| undertakings |
| £ |
Cost |
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At 1 January 2022 | |
Additions | 2,659,812 |
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At 31 December 2022 |
In June 2022, the company acquired Company Net Limited, trading in the UK. Registered Address - Clarence House, 133 George Street, Edinburgh, EH2 4JS
The company is not required to produce consolidated accounts
4 Debtors
| 2022 | 2021 |
| £ | £ |
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Trade debtors | ||
Amounts recoverable on contracts | ||
Other debtors | ||
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5 Creditors: amounts falling due within one year
| 2022 | 2021 |
| £ | £ |
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Secured bank loans - repayable within 12 months | - | |
Trade creditors | ||
Taxation and social security costs | ||
Other creditors |
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Accruals and deferred income | ||
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6 Loans
| 2022 | 2021 |
| £ | £ |
Creditors include: |
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Unsecured loans | - | |
Secured loans - repayable in 12 months + | - | |
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Core Technology Systems (U.K.) Limited
Notes to the Accounts
for the year ended 31 December 2022
7 Pension commitments
The company operates a
8 Controlling party
The company is controlled by
9 Other information
Core Technology Systems (U.K.) Limited is a private company limited by shares and incorporated in