Company No:
Contents
DIRECTORS | S Norcross-Webb |
G C Newall |
REGISTERED OFFICE | Osprey House |
Malpas Road | |
Truro | |
TR1 1UT | |
United Kingdom |
COMPANY NUMBER | 10935627 (England and Wales) |
Note | 2022 | 2021 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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1,936,661 | 89,720 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand | 6 |
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729,272 | 1,864,344 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 399,293 | 1,686,737 | ||
Total assets less current liabilities | 2,335,954 | 1,776,457 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Share premium account |
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Profit and loss account | (
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Cornish Tin Limited (registered number:
S Norcross-Webb
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Cornish Tin Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Osprey House, Malpas Road, Truro, TR1 1UT, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The company is still in the extraction and exploration stage of its development and is reliant on equity funding to finance its work, development plans and operations including capital expenditure required to contract any of its projects. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Development costs | not amortised |
Trademarks, patents and licences | not amortised |
Intangible extraction and exploration expenditure comprises costs directly attributable to:
• Researching and analysing existing exploration data;
• Conducting geological studies, exploratory drilling and sampling;
• Examining and testing extraction and treatment methods;
• Compiling pre-feasibility and feasibility studies; and
• Costs incurred in acquiring mineral rights.
Extraction and exploration assets are subsequently valued at cost less impairment. In circumstances where a project is abandoned, the cumulative capitalised costs related to the project are written off in the period when such decision is made. Intangible extraction and exploration assets are not amortised.
Vehicles |
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Office equipment |
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Computer equipment |
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Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Other financial liabilities
These financial liabilities include trade and other payables. Financial liabilities are initially recognised at fair value adjusted for any directly attributable transaction costs. A financial liability is derecognised only when the contractual obligation is extinguished, that is, when the obligation is discharged, cancelled or expires.
2022 | 2021 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Development costs | Trademarks, patents and licences |
Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 January 2022 |
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Additions |
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At 31 December 2022 |
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Accumulated amortisation | |||||
At 01 January 2022 |
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At 31 December 2022 |
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Net book value | |||||
At 31 December 2022 |
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At 31 December 2021 |
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The development costs above are Extraction and Exploration costs
Vehicles | Office equipment | Computer equipment | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 January 2022 |
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Additions |
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At 31 December 2022 |
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Accumulated depreciation | |||||||
At 01 January 2022 |
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Charge for the financial year |
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At 31 December 2022 |
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Net book value | |||||||
At 31 December 2022 |
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At 31 December 2021 |
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2022 | 2021 | ||
£ | £ | ||
Other debtors |
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2022 | 2021 | ||
£ | £ | ||
Cash at bank and in hand |
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2022 | 2021 | ||
£ | £ | ||
Trade creditors |
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Other creditors |
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