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30/04/2020
2020-04-30
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No description of principal activities is disclosed
2019-05-01
Sage Accounts Production 2020 Update 1 - FRS102_2019
xbrli:pure
xbrli:shares
iso4217:GBP
11578250
2019-05-01
2020-04-30
11578250
2020-04-30
11578250
2019-04-30
11578250
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2019-05-01
2020-04-30
11578250
bus:LeadAgentIfApplicable
2019-05-01
2020-04-30
11578250
bus:Director1
2019-05-01
2020-04-30
11578250
bus:Director2
2019-05-01
2020-04-30
11578250
bus:Director3
2019-05-01
2020-04-30
11578250
bus:Director4
2019-05-01
2020-04-30
11578250
core:LandBuildings
core:OwnedOrFreeholdAssets
2020-04-30
11578250
core:WithinOneYear
2020-04-30
11578250
core:AfterOneYear
2020-04-30
11578250
core:ShareCapital
2020-04-30
11578250
core:ShareCapital
2019-04-30
11578250
core:RetainedEarningsAccumulatedLosses
2020-04-30
11578250
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core:OwnedOrFreeholdAssets
2019-05-01
2020-04-30
11578250
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2019-05-01
2020-04-30
11578250
bus:Audited
2019-05-01
2020-04-30
11578250
bus:FullAccounts
2019-05-01
2020-04-30
11578250
bus:SmallCompaniesRegimeForAccounts
2019-05-01
2020-04-30
11578250
bus:PrivateLimitedCompanyLtd
2019-05-01
2020-04-30
Company registration number:
11578250
CORNELIUS ASSET MANAGEMENT LIMITED
Filleted financial statements
30 April 2020
Robinson Sterling
Chartered Accountants
Taxation, Business & Strategic Planning Consultants
616D Green Lane
Ilford
Essex IG3 9SE
Tel. No. 020 8598 4130
Fax No. 020 8598 4140
Email: post@robinsonsterling.com
Web: www.robinsonsterling.com
CORNELIUS ASSET MANAGEMENT LIMITED
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
CORNELIUS ASSET MANAGEMENT LIMITED
Directors and other information
|
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Directors
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Mr Ion Mereacre
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Mr Ion Bouaru
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Mrs Carmen Florentina Bouaru
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Mrs Zinaida Mereacre
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Company number
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11578250
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Registered office
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Unit 21 Dagenham Business Centre
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123 Rainham Road North
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Dagenham
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England
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RM10 7FD
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Business address
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Unit 21 Dagenham Business Centre
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123 Rainham Road North
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Dagenham
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England
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RM10 7FD
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Auditor
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Robinson Sterling
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616D Green Lane
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Ilford
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Essex
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IG3 9SE
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Accountants
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BBK Accountants Limited
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4A Roman Road
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East Ham
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London
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E6 3RX
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CORNELIUS ASSET MANAGEMENT LIMITED
Directors responsibilities statement
Year ended 30 April 2020
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgments and accounting estimates that are reasonable and prudent; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
CORNELIUS ASSET MANAGEMENT LIMITED
Statement of financial position
30 April 2020
|
|
|
30/04/20
|
|
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|
30/04/19
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|
Note
|
£
|
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
|
Fixed assets
|
|
|
|
|
|
|
|
|
|
Tangible assets
|
|
4
|
5,113,708
|
|
|
|
-
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
5,113,708
|
|
|
|
-
|
|
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|
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|
|
|
|
|
|
Current assets
|
|
|
|
|
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Debtors
|
|
5
|
2,600
|
|
|
|
-
|
|
|
Cash at bank and in hand
|
|
|
20,905
|
|
|
|
100
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
23,505
|
|
|
|
100
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
within one year
|
|
6
|
(
149,355)
|
|
|
|
-
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
Net current (liabilities)/assets
|
|
|
|
|
(
125,850)
|
|
|
|
100
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Total assets less current liabilities
|
|
|
|
|
4,987,858
|
|
|
|
100
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
after more than one year
|
|
7
|
|
|
(
4,930,794)
|
|
|
|
-
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Net assets
|
|
|
|
|
57,064
|
|
|
|
100
|
|
|
|
|
|
_______
|
|
|
|
_______
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|
|
|
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|
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Capital and reserves
|
|
|
|
|
|
|
|
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|
Called up share capital
|
|
|
|
|
100
|
|
|
|
100
|
Profit and loss account
|
|
|
|
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56,964
|
|
|
|
-
|
|
|
|
|
|
_______
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|
|
|
_______
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Shareholders funds
|
|
|
|
|
57,064
|
|
|
|
100
|
|
|
|
|
|
_______
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_______
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
28 April 2021
, and are signed on behalf of the board by:
Mr Ion Mereacre
Director
Company registration number:
11578250
CORNELIUS ASSET MANAGEMENT LIMITED
Notes to the financial statements
Year ended 30 April 2020
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit 21 Dagenham Business Centre, 123 Rainham Road North, Dagenham, England, RM10 7FD.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At 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 even though the company's current liabilities exceeded its current assets by £125,850. The directors do not consider the current Corona Virus pandemic will have a negative impact on the company. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover represents rents receivable from tenants. Turnover is recognised in the profit and loss account in the period relates to.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4.
Tangible assets
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Freehold properties
|
Total
|
|
|
|
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|
£
|
£
|
|
|
|
|
|
|
Cost
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|
|
|
|
|
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|
|
At 1 May 2019
|
-
|
-
|
|
|
|
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|
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Additions
|
5,113,708
|
5,113,708
|
|
|
|
|
|
|
|
_______
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_______
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At 30 April 2020
|
5,113,708
|
5,113,708
|
|
|
|
|
|
|
|
_______
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_______
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|
|
|
|
|
|
Depreciation
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|
|
|
|
|
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|
|
At 1 May 2019 and 30 April 2020
|
-
|
-
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|
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|
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|
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|
_______
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_______
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|
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|
Carrying amount
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|
|
|
|
|
|
|
|
At 30 April 2020
|
5,113,708
|
5,113,708
|
|
|
|
|
|
|
|
_______
|
_______
|
|
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|
|
|
|
At 30 April 2019
|
-
|
-
|
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
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Investment properties
Included above are investment properties measured at fair value as follows:
|
|
£
|
|
Additions
|
5,113,708
|
|
|
_______
|
|
|
_______
|
|
|
|
Investment properties comprise commercially let residential units . The valuation was undertaken by Lloyds bank Plc on the date of transfer 22 July 2019 to the company . As per directors there was no significant change in the valuation between 22 July 2019 to the year end date 30 April 2020.
5.
Debtors
|
|
|
30/04/20
|
30/04/19
|
|
|
|
£
|
£
|
|
Other debtors
|
|
2,600
|
-
|
|
|
|
_______
|
_______
|
|
|
|
|
|
6.
Creditors: amounts falling due within one year
|
|
|
30/04/20
|
30/04/19
|
|
|
|
£
|
£
|
|
Bank loans and overdrafts
|
|
108,468
|
-
|
|
Trade creditors
|
|
975
|
-
|
|
Corporation tax
|
|
13,362
|
-
|
|
Other creditors
|
|
26,550
|
-
|
|
|
|
_______
|
_______
|
|
|
|
149,355
|
-
|
|
|
|
_______
|
_______
|
|
|
|
|
|
7.
Creditors: amounts falling due after more than one year
|
|
|
30/04/20
|
30/04/19
|
|
|
|
£
|
£
|
|
Bank loans and overdrafts
|
|
2,585,794
|
-
|
|
Other loans owed to parent company
|
|
2,345,000
|
-
|
|
|
|
_______
|
_______
|
|
|
|
4,930,794
|
-
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Bank loans are secured by fixed charge on the freehold properties.
Included in the other loans £2,345,000 owed to Cornelius H Group Limited . It is proposed to convert this amount into ordinary shares in due course.
Included within creditors: amounts falling due after more than one year is an amount of £ 2,585,794
(2019 £ - ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
8.
Summary audit opinion
The auditor's report for the year dated
28 April 2021
was unqualified.
The senior statutory auditor was
Mukesh Pandit
for and on behalf of
Robinson Sterling
9.
Directors advances, credits and guarantees
There were no advance or credit during the year ended 30 April 2020.
10.
Related party transactions
Included within creditors amounts falling due after more than one year is an amount of £2,345,000 (2019- Nil) owed to Cornelius H Group Limited . Freehold properties were transferred at market value of £5,045,000 from Cornelius H Group Limited. Cornelius Asset Management Limited is a wholly owned subsidiary of Cornelius H Group Limited.
Mr Ion Bouaru
and Mr Ion Mereacre
are directors and shareholders of Cornelius H Group Limited.