REGISTERED NUMBER:
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CORNET LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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REGISTERED NUMBER:
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CORNET LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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CORNET LIMITED (REGISTERED NUMBER: SC419655) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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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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Chartered Accountants' Report | 6 |
CORNET LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Citypoint 2 |
25 Tyndrum Street |
Glasgow |
G4 0JY |
CORNET LIMITED (REGISTERED NUMBER: SC419655) |
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BALANCE SHEET |
30 SEPTEMBER 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
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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 and authorised for issue on
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CORNET LIMITED (REGISTERED NUMBER: SC419655) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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1. | STATUTORY INFORMATION |
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Cornet Limited is a private company, limited by shares, registered in Scotland. The company's registered number |
is SC419655 and its registered office is Hillview Lucklawhill, Balmullo, St. Andrews, Scotland, KY16 0BQ. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
In his assessment of going concern the director has considered the current challenges caused by loss on contracts |
and the developing impact on the business as a result of the COVID19 virus. This has had a significant, |
immediate impact on the company's operations with the company being unable to obtain new contracts. Having |
regard to the above, the director believes that the company cannot continue as a going concern. |
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Revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable. |
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Turnover is recognised when consultancy services are delivered to the customer. |
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Tangible fixed assets |
Depreciation of fixed assets is calculated to write off their cost or valuation less any residual value over their |
estimated useful lives as follows: |
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Plant and machinery etc | - 33% on cost and 20% reducing balance |
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Financial instruments |
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Debtors |
Trade debtors and other debtors are recognised at the settlement amount due with appropriate allowances for any |
irrecoverable amounts when there is objective evidence that the asset is impaired. |
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Cash and cash equivalents |
Cash and cash equivalents in the balance sheet comprise of cash at bank with a short term of maturity, being |
twelve months or less, from the opening of the deposit or similar account. |
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Creditors |
Other creditors are all recognised where the company has a present obligation resulting from a past event and are |
recognised at the settlement amount due after allowing for any trade discounts due. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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CORNET LIMITED (REGISTERED NUMBER: SC419655) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 October 2018 |
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Additions |
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Disposals | ( |
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At 30 September 2019 |
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DEPRECIATION |
At 1 October 2018 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30 September 2019 |
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NET BOOK VALUE |
At 30 September 2019 |
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At 30 September 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | £1 | 2 | 2 |
CORNET LIMITED (REGISTERED NUMBER: SC419655) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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8. | SUBSEQUENT EVENTS |
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The Company has evaluated events and transactions occurring subsequent to 30 September 2019 for items that |
should have been recognised or disclosed in these financial statements. The evaluation was conducted through to |
the date of signing these financial statements, which is the date the financial statements were available to be |
issued. |
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The Company identified the following subsequent event: |
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In December 2019, a novel strain of coronavirus ("COVID-19") surfaced in Wuhan, China, and has spread |
around the world, with resulting business and social disruption around the world. COVID-19 was declared a |
Public Health Emergency of International Concern by the World Health Organization on 30 January 2020. |
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The COVID-19 pandemic has had a significant, immediate impact on the company's operations and the director |
believes the company cannot continue as a going concern. |
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
CORNET LIMITED |
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The following reproduces the text of the report prepared for the director in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the |
Report of the Director are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Cornet Limited for the year ended 30 September 2019 which comprise the Income Statement, |
Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's |
accounting records and from information and explanations you have given us. |
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As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance. |
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This report is made solely to the director of Cornet Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Cornet Limited and state those matters that we have agreed to state to the director of Cornet Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report. |
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It is your duty to ensure that Cornet Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Cornet Limited. You consider that Cornet Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Cornet Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Accountants |
Citypoint 2 |
25 Tyndrum Street |
Glasgow |
G4 0JY |
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