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Unaudited Financial Statements |
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for the Year Ended 31 December 2019 |
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for |
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Core Fulfilment Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 December 2019 |
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for |
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Core Fulfilment Limited |
Core Fulfilment Limited (Registered number: 03439236) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2019 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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Core Fulfilment Limited |
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Company Information |
for the Year Ended 31 December 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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Core Fulfilment Limited (Registered number: 03439236) |
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Statement of Financial Position |
31 December 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than
one year |
8 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Capital redemption reserve |
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Retained earnings | ( |
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( |
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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. |
Core Fulfilment Limited (Registered number: 03439236) |
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Statement of Financial Position - continued |
31 December 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Core Fulfilment Limited (Registered number: 03439236) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2019 |
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1. | STATUTORY INFORMATION |
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Core Fulfilment Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements cover the company as an individual entity and are presented in Pounds Sterling (£) being the functional currency. |
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The financial statements have been prepared on a going concern basis on the assumption that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have made this assessment with regard to the company’s current and expected performance. |
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Although trade sales have reduced, we have worked closely with our e-commerce customers through an extraordinarily busy period with orders numbers in excess of those at the traditional peak periods. The increase in this side of the business has mitigated the effect felt by the loss in trade sales and the directors view the future with optimism. |
Core Fulfilment Limited (Registered number: 03439236) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, after discounts, returns and rebates, excluding value added tax and other sales taxes. |
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Sale of goods |
Turnover from the sale of goods is recognised when all the following conditions are satisfied: |
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the company has transferred to the buyer the significant risks and rewards of ownership of the
goods; |
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the Company retains neither continuing managerial involvement to the degree usually
associated with ownership nor effective control over the goods sold; |
- | the amount of turnover can be measured reliably; |
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it is probable that the economic benefits associated with the transaction will flow to the
company; and |
- | the costs incurred or to be incurred in respect of the transition can be measured reliably. |
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Usually, turnover from the sale of goods is recognised when the goods have passed to the buyer (usually on the dispatch of the goods). |
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Rendering of services |
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract and when all of the following conditions are satisfied: |
- | the amount of turnover can be measured reliably; |
- | it is probable that the company will received the consideration due under the contract; |
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the stage of completion of the contract at the end of the reporting period can be measured
reliably; and |
- | the costs incurred and the costs to complete the contract can be measured reliably. |
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Usually, turnover from the sale of services is recognised by reference to the stage of completion, however where the outcome cannot be reliably estimated, revenue is recognised only to the extent of recoverable expenses. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Leasehold improvements | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. |
Core Fulfilment Limited (Registered number: 03439236) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete or slow moving items. The cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. |
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At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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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. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Core Fulfilment Limited (Registered number: 03439236) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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4. | INTANGIBLE FIXED ASSETS |
Computer |
software |
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COST |
At 1 January 2019 |
and 31 December 2019 |
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AMORTISATION |
At 1 January 2019 |
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Amortisation for year |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Leasehold | Plant and | and |
improvements | machinery | fittings |
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COST |
At 1 January 2019 |
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Additions |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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Core Fulfilment Limited (Registered number: 03439236) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2019 |
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Additions |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2019 |
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Additions |
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Transfer to ownership | (18,813 | ) | - | (18,813 | ) |
At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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Transfer to ownership | (10,347 | ) | - | (10,347 | ) |
At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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Core Fulfilment Limited (Registered number: 03439236) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts (see note 9) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Other creditors includes deferred income of £23,437, which will be recognised as income in the following year. |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts (see note 9) |
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Other creditors |
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Other creditors includes deferred income of £246,085, which will be recognised as income over the next 11 years. |
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9. | LEASING AGREEMENTS |
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Minimum lease payments under hire purchase fall due as follows: |
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2019 | 2018 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Core Fulfilment Limited (Registered number: 03439236) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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9. | LEASING AGREEMENTS - continued |
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Non-cancellable |
operating leases |
2019 | 2018 |
£ | £ |
Within one year | 628,969 | 345,000 |
Between one and five years | 1,738,534 | 948,750 |
In more than five years | 1,985,872 | - |
4,353,102 | 1,293,750 |
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Total lease payments recognised as an expense during the period amounted to £349,450 (2018 - | £342,457). |
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10. | POST BALANCE SHEET EVENTS |
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In March 2020 the UK was impacted by the outbreak of the Coronavirus. In order to manage the spread of the virus the Government has imposed significant restrictions on the movement of people and the ability of businesses to continue to trade. This event occurred after the company's reporting period and so is considered to be a non-adjusting event. |
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The company took advantage of the jobs retention scheme initially to help reduce costs. As one of the retail operations (storage and distribution) that was allowed to remain trading during the lockdown we worked closely with our e-commerce customers through an extraordinarily busy period with orders numbers in excess of those at the traditional peak periods. The increase in this side of the business has mitigated the effect felt by the reduction in trade sales, particularly to the gym sector, and the directors view the future with optimism. |
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The directors are not able to make a reliable estimate of the financial impact of the Coronavirus outbreak in the reporting period to 31 December 2020. |
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11. | PENSION COMMITMENTS |
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The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £22 (2018 - £3,444) were payable to the fund at the balance sheet date and are included in creditors. |