Company No: 11449942 (England and Wales)

Contents

• Company Information
• Accountant's Report
• Statement of Financial Position
• Notes to the Unaudited Financial Statements

DIRECTORS	Mr J Dennehy
	Mr E Nicholls
	Mr C Woodward
REGISTERED OFFICE	Chy Nyverow
	Newham Road
	Truro
	Cornwall
	TR1 2DP
	United Kingdom
COMPANY NUMBER	11449942(England and Wales)
CHARTERED ACCOUNTANTS	Bishop Fleming LLP
	Chy Nyverow
	Newham Road
	Truro
	TR1 2DP

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cornwall Manufacturers Group Limited for the financial year ended 31 July 2020 which comprises the Statement of Financial Position and the related notes 1 to 5 from the Company’s accounting records and from information and explanations you have given us.

We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at _http://www.icaew.com/en/members/regulations-standards-and-guidance/_.

It is your duty to ensure that Cornwall Manufacturers Group 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 Cornwall Manufacturers Group Limited. You consider that Cornwall Manufacturers Group Limited is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Cornwall Manufacturers Group 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.

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

Bishop Fleming LLP
Chartered Accountants

Chy Nyverow
Newham Road
Truro
TR1 2DP

29 April 2021

		31.07.2020		31.07.2019
	Note	£		£
Current assets
Debtors	3	59,827		3,177
Cash at bank and in hand		13,529		10,094
		73,356		13,271
Creditors
Amounts falling due within one year	4	( 55,928)		( 11,765)
Net current assets		17,428		1,506
Total assets less current liabilities		17,428		1,506
Net assets		17,428		1,506
Reserves
Profit and loss account		17,428		1,506
Total reserves		17,428		1,506

For the financial year ending 31 July 2020 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors’ responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Cornwall Manufacturers Group Limited (registered number: 11449942) were approved and authorised for issue by the Board of Directors on 29 April 2021. They were signed on its behalf by:

Mr E Nicholls Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period.

General information and basis of accounting

Cornwall Manufacturers Group Limited (the Company) is a private company, limited by guarantee, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Chy Nyverow, Newham Road, Truro, Cornwall, TR1 2DP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of Cornwall Manufacturers Group Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial in such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a 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 assets of the Company after deducting all of its liabilities.

2. Employees

	Year ended 31.07.2020	Period from 05.07.2018 to 31.07.2019
	Number	Number
Monthly average number of persons employed by the Company during the year, including directors	3	3

3. Debtors

	31.07.2020	31.07.2019
	£	£
Trade debtors	7,685	2,280
Prepayments	0	833
VAT recoverable	769	64
Other debtors	51,373	0
	59,827	3,177

4. Creditors: amounts falling due within one year

	31.07.2020	31.07.2019
	£	£
Other loans	47,367	0
Accruals and deferred income	4,826	11,410
Corporation tax	3,735	355
	55,928	11,765

5. Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.