Corona Lighting Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02560057 (England and Wales)

CORONA LIGHTING LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH JUNE 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr. M Day

REGISTERED OFFICE:

Unit 4c Palmersvale Business Centre

Palmerston

Barry

CF63 2XA

REGISTERED NUMBER:

02560057 (England and Wales)

ACCOUNTANTS:

Carston Chartered Accountants

Tudor House

16 Cathedral Road

Cardiff

CF11 9LJ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

7,092

8,292

Investment property

6

100,000

100,000

107,092

108,292

CURRENT ASSETS

Stocks

4,300

4,101

Debtors

7

11,886

13,232

Cash at bank

32,207

31,469

48,393

48,802

CREDITORS

Amounts falling due within one year

8

27,363

22,144

NET CURRENT ASSETS

21,030

26,658

TOTAL ASSETS LESS CURRENT LIABILITIES

128,122

134,950

CREDITORS

Amounts falling due after more than one year

9

(42,883

)

(60,925

)

PROVISIONS FOR LIABILITIES

(15,454

)

(16,012

)

NET ASSETS

69,785

58,013

CAPITAL AND RESERVES

Called up share capital

1,002

1,002

Retained earnings

68,783

57,011

69,785

58,013

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30th 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 30th March 2020 and were signed by:

Mr. M Day - Director

1.	STATUTORY INFORMATION

Corona Lighting Ltd 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 as modified by the revaluation of certain assets.

Turnover

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

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Improvements to property

-

Over 20 years

Plant and machinery

-

15% on cost

Fixtures and fittings

-

15% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Stocks

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

moving items.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st July 2018

and 30th June 2019

7,500

AMORTISATION

At 1st July 2018

and 30th June 2019

7,500

NET BOOK VALUE

At 30th June 2019

-

At 30th June 2018

-

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1st July 2018

and 30th June 2019

8,053

18,063

10,364

36,480

DEPRECIATION

At 1st July 2018

2,684

18,063

7,441

28,188

Charge for year

403

-

797

1,200

At 30th June 2019

3,087

18,063

8,238

29,388

NET BOOK VALUE

At 30th June 2019

4,966

-

2,126

7,092

At 30th June 2018

5,369

-

2,923

8,292

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st July 2018

and 30th June 2019

100,000

NET BOOK VALUE

At 30th June 2019

100,000

At 30th June 2018

100,000

The director valued the investment property for the purpose of these financial statements on the basis of his best

estimate of its open market value for existing use.

Fair value at 30th June 2019 is represented by:

£

Valuation in 2016

74,248

Cost

25,752

100,000

If the investment property had not been revalued it would have been included at the following historical cost:

2019

2018

as restated

£

£

Cost

25,752

25,752

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

as restated

£

£

Trade debtors

9,886

11,232

Other debtors

2,000

2,000

11,886

13,232

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

as restated

£

£

Bank loans and overdrafts

2,942

2,818

Trade creditors

8,604

4,534

Taxation and social security

6,883

4,341

Other creditors

8,934

10,451

27,363

22,144

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

as restated

£

£

Bank loans

42,883

60,925