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REGISTERED NUMBER:
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CORBALLY GROUP (GARNETT ROAD) LIMITED |
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Financial Statements for the Period 31 March 2017 to 31 March 2018 |
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REGISTERED NUMBER:
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CORBALLY GROUP (GARNETT ROAD) LIMITED |
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Financial Statements for the Period 31 March 2017 to 31 March 2018 |
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CORBALLY GROUP (GARNETT ROAD) LIMITED (REGISTERED NUMBER: 10508042) |
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Contents of the Financial Statements |
for the Period 31 March 2017 to 31 March 2018 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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CORBALLY GROUP (GARNETT ROAD) LIMITED |
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Company Information |
for the Period 31 March 2017 to 31 March 2018 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Granville House |
2 Tettenhall Road |
Wolverhampton |
West Midlands |
WV1 4SB |
CORBALLY GROUP (GARNETT ROAD) LIMITED (REGISTERED NUMBER: 10508042) |
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Balance Sheet |
31 March 2018 |
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31.3.18 | 30.3.17 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
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Debtors | 3 |
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CREDITORS |
Amounts falling due within one year | 4 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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CORBALLY GROUP (GARNETT ROAD) LIMITED (REGISTERED NUMBER: 10508042) |
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Notes to the Financial Statements |
for the Period 31 March 2017 to 31 March 2018 |
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1. | STATUTORY INFORMATION |
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Corbally Group (Garnett Road) Limited is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in |
bringing stocks to their present location and condition. |
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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. |
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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 balance sheet 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 balance |
sheet 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 period 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. |
CORBALLY GROUP (GARNETT ROAD) LIMITED (REGISTERED NUMBER: 10508042) |
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Notes to the Financial Statements - continued |
for the Period 31 March 2017 to 31 March 2018 |
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3. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.18 | 30.3.17 |
£ | £ |
VAT |
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Prepayments and accrued income |
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4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.18 | 30.3.17 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Accruals and deferred income |
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5. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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6. | ULTIMATE CONTROLLING PARTY |
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The controlling party is P J Kelly. |
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The ultimate controlling party is
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7. | GOING CONCERN |
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The directors have considered the period ending 12 months after approving these financial statements. |
The holding company is prepared to fully support the company financially, and the loan will not be withdrawn to |
the detriment of other creditors. For these reasons, the directors continue to adopt the going concern basis of |
accounting in preparing these financial statements. |
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8. | SIGNIFICANT JUDGEMENTS AND ESTIMATES |
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Management is required to make judgements, estimates and assumptions about the carrying values of assets and |
liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based |
on historical experience and other factors that are considered to be relevant. Actual results may differ from these |
estimates. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates |
are recognised in the period in which the estimate is revised if the revision affects only that period, or in the |
period of the revision and future periods if the revision affects both current and future periods. |
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There are no key sources of estimation uncertainty that have a significant effect on the amounts recognised in the |
financial statements. |
CORBALLY GROUP (GARNETT ROAD) LIMITED (REGISTERED NUMBER: 10508042) |
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Notes to the Financial Statements - continued |
for the Period 31 March 2017 to 31 March 2018 |
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9. | FINANCIAL RISK MANAGEMENT |
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The company has exposures to two main areas of risk; liquidity risk and interest rate risk. |
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Liquidity risk |
The objective of the company in managing liquidity risk is to ensure that it can meet its financial obligations as |
and when they fall due. The company expects to meet its financial obligations through operating cash flows. In |
the event that the operating cash flows would not cover all the financial obligations the company has credit |
facilities available. |
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Interest rate risk |
The company may borrows from its bankers using either overdrafts or term loans whose tenure depends on the |
nature of the asset and management's view of the future direction of interest rates. |