Cornerstonelondon Ltd Filleted accounts for Companies House (small and micro)

CORNERSTONELONDON LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07541549

Cornerstonelondon Ltd

Filleted Unaudited Financial Statements

31 March 2019

Cornerstonelondon Ltd

Statement of Financial Position

31 March 2019

	2019		2018
Note	£	£	£

Fixed assets

Intangible assets	5	33,967	–
Tangible assets	6	1,512	1,147
		--------	-------
		35,479	1,147

Current assets

Stocks		–	3,960
Debtors	7	198,677	242,575
Cash at bank and in hand		34,126	24,811
		---------	---------
		232,803	271,346

Creditors: amounts falling due within one year	8	172,389		137,258
		---------		---------
Net current assets			60,414	134,088
			--------	---------
Total assets less current liabilities			95,893	135,235

Creditors: amounts falling due after more than one year	9	2,336	47,090
		--------	---------
Net assets		93,557	88,145
		--------	---------

Capital and reserves

Called up share capital	2	2
Profit and loss account	93,555	88,143
	--------	--------
Shareholders funds	93,557	88,145
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Cornerstonelondon Ltd

Statement of Financial Position (continued)

31 March 2019

These financial statements were approved by the board of directors and authorised for issue on 26 November 2019 , and are signed on behalf of the board by:

Mr J Waite
Director

Company registration number: 07541549

Cornerstonelondon Ltd

Notes to the Financial Statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 300 Vauxhall Bridge Road, London, SW1V 1AA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Deferred income

Deferred income is calculated to ensure that income is allocated to the period in which it is earned.

Deferred tax

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

Revenue recognition

The turnover shown in the profit and loss account represents amounts earned during the period, exclusive of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Intangibe Assets	-	Useful Economic Life - 3 Years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2018: 4 ).

5. Intangible assets

	Development costs
	£
Cost
At 1 April 2018	40,000
Additions	50,950
	--------
At 31 March 2019	90,950
	--------
Amortisation
At 1 April 2018	40,000
Charge for the year	16,983
	--------
At 31 March 2019	56,983
	--------
Carrying amount
At 31 March 2019	33,967
	--------
At 31 March 2018	–
	--------

6. Tangible assets

	Plant and machinery	Total
	£	£
Cost
At 1 April 2018	17,263	17,263
Additions	869	869
	--------	--------
At 31 March 2019	18,132	18,132
	--------	--------
Depreciation
At 1 April 2018	16,116	16,116
Charge for the year	504	504
	--------	--------
At 31 March 2019	16,620	16,620
	--------	--------
Carrying amount
At 31 March 2019	1,512	1,512
	--------	--------
At 31 March 2018	1,147	1,147
	--------	--------

7. Debtors

	2019	2018
	£	£
Trade debtors	30,873	9,886
Other debtors	167,804	232,689
	---------	---------
	198,677	242,575
	---------	---------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	15,743	17,627
Corporation tax	2,302	19,372
Social security and other taxes	121,455	79,937
Other creditors - desc in a/cs	32,889	20,322
	---------	---------
	172,389	137,258
	---------	---------

9. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Other creditors	2,336	47,090
	-------	--------

10. Related party transactions