Cornlark Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01156597 (England and Wales)

CORNLARK LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

517

1,033

Investment property

5

275,000

275,000

275,517

276,033

CURRENT ASSETS

Stocks

3,667

3,667

Debtors

6

225,758

200

Cash at bank

363,632

547,603

593,057

551,470

CREDITORS

Amounts falling due within one year

7

64,234

23,665

NET CURRENT ASSETS

528,823

527,805

TOTAL ASSETS LESS CURRENT LIABILITIES

804,340

803,838

CAPITAL AND RESERVES

Called up share capital

100

100

Profit and loss account

804,240

803,738

SHAREHOLDERS' FUNDS

804,340

803,838

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 Profit & Loss Account has not been delivered.

The financial statements were approved by the director on 13 December 2019 and were signed by:

Mrs M M Rose - Director

1.	STATUTORY INFORMATION

Cornlark Limited is a private company, limited by shares, registered in England. The company's registered office is 8

Caroline Place, London, W2 4AW.

The presentation currency of the financial statements is Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of the

Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and

the Companies Act 2006. There were no material departures from this standard. The financial statements have been

prepared under the historical cost convention as modified by the revaluation of certain assets.

Judgements

The company considers on an annual basis the judgements that are made by management when applying its significant

accounting policies that would have the most significant effect on amounts that are recognised in the financial statements.

The director considers there are no such significant judgements.

Turnover

Turnover represents the aggregate proceeds receivable by the company on sales completed during the accounting period.

The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the sale have

been passed to the buyer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

33.3% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like plant, property and equipment, are reviewed to

determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the

recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with

the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable

amount and an impairment loss is recognised immediately in profit and loss.

Investment property

All of the company's properties are held for long term investment. Investment properties are accounted for as follows:-

(i) Investment properties are initially recorded at cost which includes purchase cost and any directly attributable

expenditure.

(ii) Thereafter, investment properties are revalued at each balance sheet date to their fair value, where this can be measured

reliably.

(iii) The surplus or deficit arising on revaluation in the financial year is recognised in the profit and loss account for that

year. Revaluation gains and losses are accumulated in the profit and loss account reserve, unless the revaluation amount

exceeds original cost in which case, a transfer is made of the surplus to a non-distributable reserve in the balance sheet.

(iv) Deferred taxation is provided on any gains at the rate expected to apply when a property is sold.

Stocks

Stock which comprises of properties for resale are valued at the lower of cost and estimated selling price less costs to sell.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and

liabilities like trade and other accounts receivable and payable and loans to related parties.

Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured,

initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of

impairment and if found, an impairment loss is recognised in profit or loss.

Taxation

Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated

using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of

certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing

differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised

only to the extent that the director considers that it is more likely than not that there will be suitable taxable profits from

which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a

non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based

on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented

either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that

resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past

event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be

reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the

reporting date.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2018

and 31 March 2019

1,549

DEPRECIATION

At 1 April 2018

516

Charge for year

516

At 31 March 2019

1,032

NET BOOK VALUE

At 31 March 2019

517

At 31 March 2018

1,033

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2018

and 31 March 2019

275,000

NET BOOK VALUE

At 31 March 2019

275,000

At 31 March 2018

275,000

The company's investment property is held for use under an operating lease. The fair value of the investment property at 31

March 2019, has been arrived at on the basis of a valuation carried out at that date by the company directors, who are not

professionally qualified valuers. The valuation was arrived at by reference to market evidence of transaction prices for

similar properties in its location and takes into account the current state of the rental market in the area where the property

is situated.

6.

DEBTORS

2019

2018

£

£

Amounts falling due within one year:

Trade debtors

1,450

200

Other debtors

169,289

-

170,739

200

2019

2018

£

£

Amounts falling due after more than one year:

Other debtors

55,019

-

Aggregate amounts

225,758

200

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Taxation and social security

57,207

15,998

Other creditors

7,027

7,667

64,234

23,665

8.	DIRECTORS' ACCOUNTS

The following advances and credits to a director subsisted during the years ended 31 March 2019 and 31 March 2018:

2019

2018

£

£

Mrs M M Rose

Balance outstanding at start of year

(1,250

)

43,129

Amounts advanced

177,736

36,724

Amounts repaid

(7,197

)

(81,103

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

169,289

(1,250

)

The above unsecured, temporary loan is repayable on demand. Interest at the rate of 2.5% per annum was paid by the

Director on her temporary borrowing.