Corndale Estates Limited - Period Ending 2019-12-31
Corndale Estates Limited - Period Ending 2019-12-31
Registration number:
Corndale Estates Limited
for the Year Ended 31 December 2019
Corndale Estates Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Corndale Estates Limited
Company Information
Directors |
C R Wood Mrs C A Wood Mrs C D Harrison R M Harrison |
Company secretary |
R M Harrison |
Registered office |
|
Accountants |
|
Corndale Estates Limited
(Registration number: 00307551)
Balance Sheet as at 31 December 2019
Note |
2019 |
2018 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investment property |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
7,500 |
7,500 |
|
Other reserves |
9,418,989 |
9,441,056 |
|
Profit and loss account |
6,455,033 |
5,975,923 |
|
Total equity |
15,881,522 |
15,424,479 |
For the financial year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Director
Corndale Estates Limited
(Registration number: 00307551)
Balance Sheet as at 31 December 2019
Company secretary and director
Corndale Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
1 Moss Lane
Godalming
Surrey
GU7 1EF
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
We have paid particular attention to the likely effects on the business of the current Covid-19 outbreak
and the directors remain confident that sufficient funding is in place and that the company has adequate
resources to enable the company to continue as a going concern for the foreseeable future.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Corndale Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
2 |
Accounting policies (continued) |
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
15% on reducing balance |
Computer equipment |
15% on reducing balance |
Investment properties
Investment properties are shown at open market value with any aggregate surplus or deficit arising from changes in the market value being transferred to a non-distributable reserve.
Investment property is not depreciated. While this is in accordance with the Financial Reporting Standard 102 Section 1A, it does not comply with the requirements of the Companies Act 2006 that all
assets should be depreciated over their useful economic life. The directors consider that this departure from the requirements of the Companies Act is required in order to give a true and fair view.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Corndale Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
Tangible assets |
Fixtures and fittings |
Computer equipment |
Total |
|
Cost or valuation |
|||
At 1 January 2019 |
|
|
|
At 31 December 2019 |
|
|
|
Depreciation |
|||
At 1 January 2019 |
|
|
|
Charge for the year |
|
|
|
At 31 December 2019 |
|
|
|
Carrying amount |
|||
At 31 December 2019 |
|
|
|
At 31 December 2018 |
|
|
|
Investment properties |
2019 |
|
At 1 January 2019 |
|
Additions |
|
Revaluation movement |
( |
At 31 December 2019 |
|
The investment properties were valued on an open market basis on 31 December 2019 by C R Wood FRICS, a director. Had the investment properties been measured on a historical cost basis, the carrying amount would have been £6,374,786 (2018-£5,091,038).
Debtors |
2019 |
2018 |
|
Trade debtors |
|
|
Other debtors |
- |
|
Prepayments and accrued income |
|
|
Total current trade and other debtors |
|
|
Corndale Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
Creditors |
Note |
2019 |
2018 |
|
Due within one year |
|||
Taxation and social security |
|
|
|
Other creditors |
|
|
|
Accruals and deferred income |
|
|
|
Tax |
|
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
|||
No. |
£ |
No. |
£ |
|
Ordinary shares of £1 each |
7,500 |
7,500 |
7,500 |
7,500 |
Corndale Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
Related party transactions |
Summary of transactions with other related parties
The loan is interest free and is repayable in instalments over 5 years.
Income and receivables from related parties
2019 |
Other related parties |
Transfers under finance arrangements (including loans and equity contributions) |
|
2018 |
Other related parties |
Transfers under finance arrangements (including loans and equity contributions) |
|
Amounts receivable from related party |
|