Cornwall Resources Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08078812 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

FOR

CORNWALL RESOURCES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

P V Wale

REGISTERED OFFICE:

10 John Street

London

WC1N 2EB

REGISTERED NUMBER:

08078812 (England and Wales)

ACCOUNTANTS:

Oury Clark Chartered Accountants

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

FIXED ASSETS

Intangible assets

4

2,759,979

1,619,461

Tangible assets

5

2,235

4,816

2,762,214

1,624,277

CURRENT ASSETS

Debtors

6

267,428

304,964

Cash at bank

34,106

99,204

301,534

404,168

CREDITORS

Amounts falling due within one year

7

18,110

84,702

NET CURRENT ASSETS

283,424

319,466

TOTAL ASSETS LESS CURRENT LIABILITIES

3,045,638

1,943,743

CAPITAL AND RESERVES

Called up share capital

8

1,065,992

783,690

Share premium

1,807,211

1,132,509

Retained earnings

172,435

27,544

SHAREHOLDERS' FUNDS

3,045,638

1,943,743

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2019 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 1 November 2019 and were signed by:

P V Wale - Director

1.	STATUTORY INFORMATION

Cornwall Resources Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to

continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period

of at least twelve months from the date these financial statements were approved. Accordingly they continue to

adopt the going concern basis in preparing the financial statements.

Intangible assets

Exploration and evaluation expenditure incurred is accumulated in respect of each identifiable area of interest.

These costs are carried forward as an asset only if they relate to an area of interest for which rights of tenure are

current and in respect of which such costs are expected to be recovered through successful development and

exploitation, or from sale of the area; or exploration and evaluation activities in the the area of interest have not,

at reporting date, resulted in booking economically recoverable reserves, and active operations in, or relating to,

this area of interest are continuing.

Exploration and evaluation assets are initially measured at cost and include acquisition of rights to explore,

studies, exploratory drilling, trenching and sampling and associated activities and an allocation of depreciation

and amortisation of assets used in exploration and evaluation activities. General and administrative costs are only

included in the measurement of exploration and evaluation costs where they relate directly to operational

activities in a particular area of interest. Exploration and evaluation assets are assessed for impairment when

facts and circumstances suggest that the carrying amount of an exploration and evaluation asset may exceed its

recoverable amount. The recoverable amount of the exploration and evaluation asset (for the cash generating

unit(s) to which it has been allocated being no larger than the relevant area of interest) is estimated to determine

the extent of the impairment loss (if any). Where an impairment loss subsequently reverses, the carrying amount

of the asset is increased to the revised estimate of its recoverable amount, but only to the extent that the increased

carrying amount does not exceed the carrying amount that would have been determined had no impairment loss

been recognised for the asset in previous years.

Where a decision has been made to proceed with development in respect of a particular area of interest, the

relevant exploration and evaluation asset is tested for impairment and the balance is then reclassified to

development. Development expenditure is recognised at cost less accumulated amortisation and any impairment

losses. Exploration and evaluation expenditure is reclassified to development expenditure once the technical

feasibility and commercial viability of extracting the related mineral resource is demonstrable. Where

commercial production in an area of interest has commenced, the associated costs together with any forecast

future capital expenditure necessary to develop proved and probable reserves are amortised over the estimated

economic life according to rate of depletion of the economically recoverable reserves. Changes in factors such as

estimates of proved and probable reserves that affect the calculations are dealt with on a prospective basis.

Accumulated costs in respect of areas of interest which are abandoned are written off in full against profit or loss

in the year in which the decision to abandon the area is made. A regular review is undertaken of each area of

interest to determine the appropriateness of continuing to carry forward costs in relation to that area of interest.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

life.

Computer equipment- 12 years straight line

Financial instruments

Basic Financial Instruments as covered by Section 11 of FRS102 are measured at amortised cost. The company

does not have any Other Financial Instruments as covered by Section 12 of FRS102.

Taxation

Taxation for the year 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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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 year end and that are expected to apply to the reversal of the

timing difference.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - 4 ).

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 July 2018

1,619,461

Additions

1,140,518

At 30 June 2019

2,759,979

NET BOOK VALUE

At 30 June 2019

2,759,979

At 30 June 2018

1,619,461

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2018

and 30 June 2019

5,677

DEPRECIATION

At 1 July 2018

861

Charge for year

2,581

At 30 June 2019

3,442

NET BOOK VALUE

At 30 June 2019

2,235

At 30 June 2018

4,816

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.19

30.6.18

£

£

Other debtors

267,428

304,964

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.19

30.6.18

£

£

Trade creditors

7,273

3,155

Amounts owed to group undertakings

2,583

9,869

Taxation and social security

4,397

4,678

Other creditors & accruals

3,857

67,000

18,110

84,702

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.19

30.6.18

value:

£

£

619,674

Ordinary

£1

1,065,992

783,690

282,302 Ordinary shares of £1 each were allotted as fully paid at a premium of 2.39 per share during the year.

9.	ULTIMATE CONTROLLING PARTY

The directors consider there to be no ultimate controlling party.