Company registration number 05944245 (England and Wales)
CORNERSTONE ENTERPRISES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
CORNERSTONE ENTERPRISES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
CORNERSTONE ENTERPRISES LIMITED (REGISTERED NUMBER: 05944245)
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
24,211
28,270
Current assets
Stocks
9,448
6,225
Debtors
4
78,038
65,412
Cash at bank and in hand
39,362
114,715
126,848
186,352
Creditors: amounts falling due within one year
5
(110,208)
(69,336)
Net current assets
16,640
117,016
Total assets less current liabilities
40,851
145,286
Creditors: amounts falling due after more than one year
6
(25,003)
(39,698)
Provisions for liabilities
(4,863)
(4,846)
Net assets
10,985
100,742
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
10,983
100,740
Total equity
10,985
100,742
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CORNERSTONE ENTERPRISES LIMITED (REGISTERED NUMBER: 05944245)
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 December 2023 and are signed on its behalf by:
J P Reeves
T Wass
Director
Director
CORNERSTONE ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Cornerstone Enterprises Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19-21 Swan Street, West Malling, Kent, ME19 6JU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents net invoiced sales of goods, excluding value added tax.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Improvements to property
25% on reducing balance
Fixtures, fittings & equipment
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. 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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
CORNERSTONE ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
13
14
3
Tangible fixed assets
Improvements to property
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 April 2022
26,452
90,250
116,702
Additions
3,652
3,652
At 31 March 2023
26,452
93,902
120,354
Depreciation and impairment
At 1 April 2022
23,687
64,745
88,432
Depreciation charged in the year
691
7,020
7,711
At 31 March 2023
24,378
71,765
96,143
Carrying amount
At 31 March 2023
2,074
22,137
24,211
At 31 March 2022
2,765
25,505
28,270
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
78,038
65,412
CORNERSTONE ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
31,701
17,221
Trade creditors
41,082
26,079
Taxation and social security
34,274
23,014
Other creditors
3,151
3,022
110,208
69,336
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
25,003
39,698
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
Ordinary A of £1 each
1
1
1
1
2
2
2
2
8
Financial commitments, guarantees and contingent liabilities
During the 2021 accounting period, the company borrowed £50,000 from its bankers for a Bounce Back Loan. As part of this loan scheme, the UK government guaranteed the advance and paid the interest and fees due for the first 12 months.