REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MARCH 2021 TO 31 MARCH 2022 |
FOR |
CORNERSTONE GROUP (TURN) LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MARCH 2021 TO 31 MARCH 2022 |
FOR |
CORNERSTONE GROUP (TURN) LTD |
CORNERSTONE GROUP (TURN) LTD (REGISTERED NUMBER: 09979835) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Period 1 MARCH 2021 TO 31 MARCH 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
CORNERSTONE GROUP (TURN) LTD |
COMPANY INFORMATION |
for the Period 1 MARCH 2021 TO 31 MARCH 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
and Statutory Auditor |
61 Queen Square |
Bristol |
BS1 4JZ |
CORNERSTONE GROUP (TURN) LTD (REGISTERED NUMBER: 09979835) |
BALANCE SHEET |
31 MARCH 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The director acknowledges his 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. |
CORNERSTONE GROUP (TURN) LTD (REGISTERED NUMBER: 09979835) |
BALANCE SHEET - continued |
31 MARCH 2022 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
CORNERSTONE GROUP (TURN) LTD (REGISTERED NUMBER: 09979835) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Period 1 MARCH 2021 TO 31 MARCH 2022 |
1. | STATUTORY INFORMATION |
Cornerstone Group (Turn) Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Cornerstone Group (Turn) Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Financial instruments |
Financial assets and liabilities are recognised in the balance sheet when the company becomes party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and are measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company may not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of any direct issue costs. |
CORNERSTONE GROUP (TURN) LTD (REGISTERED NUMBER: 09979835) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 MARCH 2021 TO 31 MARCH 2022 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 period 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. |
Going concern |
The director has reviewed the going concern status of the business for the foreseeable future as best he can. The company is dependent upon the financial support of its subsidiary companies and the director now that it has commenced trading and this financial support will continue. The director fully expects that the company will remain a going concern and will have sufficient working capital to meet its requirements for the foreseeable future. The director has therefore adopted the going concern basis of accounting in preparing these financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL (2021 - NIL). |
CORNERSTONE GROUP (TURN) LTD (REGISTERED NUMBER: 09979835) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 MARCH 2021 TO 31 MARCH 2022 |
4. | TANGIBLE FIXED ASSETS |
Improvements |
to | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST |
Additions |
At 31 March 2022 |
DEPRECIATION |
Charge for period |
At 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 March 2021 |
Additions |
At 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 28 February 2021 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Unit 3, Milton End, Arlingham, Gloucester, Gloucestershire.GL2 7JH. |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
CORNERSTONE GROUP (TURN) LTD (REGISTERED NUMBER: 09979835) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 MARCH 2021 TO 31 MARCH 2022 |
5. | FIXED ASSET INVESTMENTS - continued |
Registered office: Unit 3, Milton End, Arlingham, Gloucester, Gloucestershire.GL2 7JH. |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Registered office: Unit 3, Milton End, Arlingham, Gloucester, Gloucestershire.GL2 7JH. |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
Registered office: Unit 3, Milton End, Arlingham, Gloucester, Gloucestershire.GL2 7JH. |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
Registered office: Unit 3, Milton End, Arlingham, Gloucester, Gloucestershire.GL2 7JH. |
Nature of business: |
% |
Class of shares: | holding |
£ |
Aggregate capital and reserves |
CORNERSTONE GROUP (TURN) LTD (REGISTERED NUMBER: 09979835) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 MARCH 2021 TO 31 MARCH 2022 |
5. | FIXED ASSET INVESTMENTS - continued |
Registered office: 61 Queen Square, Bristol, United Kingdom, BS1 4JZ |
Nature of business: |
% |
Class of shares: | holding |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Amounts owed to group undertakings |
Director's current account | 3,020 | - |
Accruals and deferred income |
7. | PROVISIONS FOR LIABILITIES |
Deferred |
tax |
£ |
Accelerated capital allowances | 106 |
Tax losses | (106 | ) |
Balance at 31 March 2022 |
In addition to the above, at 31 March 2022 the company had an unprovided deferred tax asset of £867 (2021 - £Nil) in respect of trading tax losses carried forward. |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
CORNERSTONE GROUP (TURN) LTD (REGISTERED NUMBER: 09979835) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 MARCH 2021 TO 31 MARCH 2022 |
9. | RELATED PARTY DISCLOSURES |
During the period, the company was lent £7,500 (2021 - £Nil) by Cornerstone Architecture Ltd, a subsidiary company in the form of an interest free loan. There are no set repayment terms. |
At 31 March 2022 the company owed £7,600 (2021 - £100) to Cornerstone Architecture Ltd, £100 (2021 - £100) to DPT Cornerstone Ltd, £100 (2021 - £100) to DPT (Glos) Ltd, £100 (2021 - £100) to DPT Demolitions Ltd, £50 (2021 - £Nil) to Cornerstone Structural Ltd and £25 (2021- £Nil) to Cornerstone Development Group Ltd. The company owns 100% of the issued share capital of Cornerstone Architecture Ltd, DPT Demolitions Ltd and DPT (Glos) Ltd, 50% of the issued share capital of DPT Cornerstone Ltd and Cornerstone Structural Ltd and 25% of the issued share capital of Cornerstone Development Group Ltd. |
During the period, the director lent the company £3,020 (2021 - £Nil) in the form of an interest free loan which remained outstanding at 31 March 2022. There are no set repayment terms. |
During the period, the company received management charges of £800 (2021 - £Nil) from its subsidiary Cornerstone Architecture Ltd and management charges of £200 (2021 - £Nil) from May Hill Group Limited, a company of which D P Turner is a director. |
10. | ULTIMATE CONTROLLING PARTY |
The controlling party is D P Turner. |