Corndale Estates Limited - Period Ending 2018-12-31

Registration number: 00307551

Corndale Estates Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2018

Roffe Swayne
Ashcombe Court
Woolsack Way
Godalming
Surrey
GU7 1LQ

Corndale Estates Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 7

Corndale Estates Limited

Company Information

Directors

C R Wood Mrs C D Harrison R M Harrison Mrs C A Wood

Company secretary

R M Harrison

Registered office

1 Moss Lane Godalming Surrey GU7 1EF

Accountants

Roffe Swayne Ashcombe Court Woolsack Way Godalming Surrey GU7 1LQ

Page 1

Corndale Estates Limited

(Registration number: 00307551)
Balance Sheet as at 31 December 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	790	690
Investment property	5	15,820,000	15,417,434
		15,820,790	15,418,124
Current assets
Debtors	6	70,661	71,241
Cash at bank and in hand		1,342,241	1,930,450
		1,412,902	2,001,691
Creditors: Amounts falling due within one year	7	(394,197)	(1,419,686)
Net current assets		1,018,705	582,005
Total assets less current liabilities		16,839,495	16,000,129
Provisions for liabilities		(1,415,016)	(1,344,000)
Net assets		15,424,479	14,656,129
Capital and reserves
Called up share capital	8	7,500	7,500
Other reserves		9,441,056	9,109,506
Profit and loss account		5,975,923	5,539,123
Total equity		15,424,479	14,656,129

For the financial year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 2

Corndale Estates Limited

(Registration number: 00307551)
Balance Sheet as at 31 December 2018

Approved and authorised by the Board on 17 June 2019 and signed on its behalf by:
 

C R Wood
Director

R M Harrison
Company secretary and director

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 3

Corndale Estates Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.
 

The address of its registered office is:
1 Moss Lane
Godalming
Surrey
GU7 1EF

The principal place of business is:
1 Moss Lane
Godalming
Surrey
GU7 1EF

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	15% on reducing balance
Computer equipment	15% on reducing balance

Page 4

Corndale Estates Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

Investment properties

Investment properties are shown at open market value with any aggregate surplus or deficit arising from changes in the market value being transferred to a non-distributable reserve.

Investment property is not depreciated. While this is in accordance with the Financial Reporting Standard 102 Section 1A, it does not comply with the requirements of the Companies Act 2006 that all
assets should be depreciated over their useful economic life. The directors consider that this departure from the requirements of the Companies Act is required in order to give a true and fair view.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2017 - 5).

Page 5

Corndale Estates Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

4	Tangible assets

	Fixtures and fittings  £	Computer equipment  £	Total £
Cost or valuation
At 1 January 2018	4,671	-	4,671
Additions	-	225	225
At 31 December 2018	4,671	225	4,896
Depreciation
At 1 January 2018	3,981	-	3,981
Charge for the year	103	22	125
At 31 December 2018	4,084	22	4,106
Carrying amount
At 31 December 2018	587	203	790
At 31 December 2017	690	-	690

5	Investment properties

	2018 £
At 1 January 2018	15,417,434
Revaluation movement	402,566
At 31 December 2018	15,820,000

The investment properties were valued on an open market basis on 31 December 2018 by C R Wood FRICS, a director. Had the investment properties been measured on a historical cost basis, the carrying amount would have been £5,091,038 (2017-£5,091,038).

6

Debtors

	2018 £	2017 £
Trade debtors	67,690	63,447
Other debtors	1,998	7,047
Prepayments and accrued income	973	747
Total current trade and other debtors	70,661	71,241

Page 6

Corndale Estates Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

7

Creditors

	Note	2018 £	2017 £
Due within one year
Taxation and social security		11,814	5,993
Other creditors		98,752	80,434
Accruals and deferred income		146,276	1,221,027
Tax		137,355	112,232
		394,197	1,419,686

8	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary shares of £1 each	7,500	7,500	7,500	7,500

9	Related party transactions

Summary of transactions with other related parties

A R Wood - Shareholder
 In the year ended 31 December 2014, the company made a loan of £20,000 to A R Wood.
 The loan is interest free and is repayable in instalments over 5 years.
 

Income and receivables from related parties

2018	Other related parties £
Transfers under finance arrangements (including loans and equity contributions)	3,996
Amounts receivable from related party	1,998

2017	Other related parties £
Transfers under finance arrangements (including loans and equity contributions)	3,986
Amounts receivable from related party	5,994

Page 7