Cornerstones Education Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07228912 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 July 2019

for

Cornerstones Education Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Mr S A Hickton

Ms M Moore

REGISTERED OFFICE:

Queen Street Chambers

68 Queen Street

Sheffield

South Yorkshire

S1 1WR

BUSINESS ADDRESS:

Unit 6

Fields End Business Park

Goldthorpe

South Yorkshire

S63 0JF

REGISTERED NUMBER:

07228912 (England and Wales)

ACCOUNTANTS:

Landin Wilcock & Co

Chartered Accountants

68 Queen Street

Sheffield

South Yorkshire

S1 1WR

BANKERS:

HSBC

37 High Street

Meadowhall Shopping Centre

Sheffield

South Yorkshire

S9 1EN

The following reproduces the text of the report prepared for the directors 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 Directors' Report are not required to be

filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of Cornerstones Education Limited for the year ended

31 July 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.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Cornerstones Education Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Cornerstones Education Limited and state those matters that we have agreed to state to the Board of Directors of Cornerstones Education Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cornerstones Education Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Cornerstones Education 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 profit of Cornerstones Education Limited. You consider that Cornerstones Education Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Cornerstones Education 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.

Landin Wilcock & Co

Chartered Accountants

68 Queen Street

Sheffield

South Yorkshire

S1 1WR

21 February 2020

FIXED ASSETS

Tangible assets

4

64,758

72,528

CURRENT ASSETS

Stocks

5,765

9,007

Debtors

5

246,482

315,314

Cash at bank and in hand

1,212,478

1,170,041

1,464,725

1,494,362

CREDITORS

Amounts falling due within one year

6

(592,388

)

(520,115

)

NET CURRENT ASSETS

872,337

974,247

TOTAL ASSETS LESS CURRENT LIABILITIES

937,095

1,046,775

PROVISIONS FOR LIABILITIES

(4,582

)

(4,766

)

NET ASSETS

932,513

1,042,009

CAPITAL AND RESERVES

Called up share capital

4

4

Share premium

149,999

149,999

Capital redemption reserve

1

1

Retained earnings

782,509

892,005

SHAREHOLDERS' FUNDS

932,513

1,042,009

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

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

The directors acknowledge their 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 Board of Directors on 14 February 2020 and were signed on its behalf by:

Mr S A Hickton - Director

1.	STATUTORY INFORMATION

Cornerstones Education 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.

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

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

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.

Long leasehold

-

10% on cost

Fixtures and fittings

-

25% on cost

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes party to

the contractual provisions of the instrument. Financial liabilities and equity instruments are

classified according to the substance of the contractual arrangements entered into. An

equity instrument is any contract that evidences a residual interest in the asset of the

company after deducting all of its liabilities.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to

the company's pension scheme are charged to profit or loss in the period to which they

relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2018 - 32 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

and

Computer

leasehold

fittings

equipment

Totals

£

£

£

£

COST

At 1 August 2018

71,824

52,140

131,509

255,473

Additions

-

841

14,791

15,632

At 31 July 2019

71,824

52,981

146,300

271,105

DEPRECIATION

At 1 August 2018

28,730

49,716

104,499

182,945

Charge for year

7,182

1,421

14,799

23,402

At 31 July 2019

35,912

51,137

119,298

206,347

NET BOOK VALUE

At 31 July 2019

35,912

1,844

27,002

64,758

At 31 July 2018

43,094

2,424

27,010

72,528

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

199,248

271,574

Other debtors

47,234

43,740

246,482

315,314

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

37,259

1,278

Taxation and social security

210,463

200,630

Other creditors

344,666

318,207

592,388

520,115

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2018

£

£

Within one year

42,513

29,070

Between one and five years

124,439

141,212

In more than five years

13,750

52,500

180,702

222,782

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2019

and 31 July 2018:

2019

2018

£

£

Mr S A Hickton and Ms M Moore

Balance outstanding at start of year

7,190

-

Amounts advanced

-

7,190

Amounts repaid

(7,190

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

7,190