Corrwill Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC377963 (Scotland)

Unaudited Financial Statements for the Year Ended 31 August 2021

for

Corrwill Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A Williamson

M Corrigan

E Snedden

SES Williamson

SECRETARY:

B G Corrigan

REGISTERED OFFICE:

184 Howard Street

Glasgow

G1 4HW

REGISTERED NUMBER:

SC377963 (Scotland)

ACCOUNTANTS:

McLay McAlister & McGibbon LLP

Chartered Accountants

145 St Vincent Street

Glasgow

G2 5JF

FIXED ASSETS

Tangible assets

4

260,000

260,000

CURRENT ASSETS

Debtors

5

500

11,500

Cash at bank

16,175

12,398

16,675

23,898

CREDITORS

Amounts falling due within one year

6

53,402

82,002

NET CURRENT LIABILITIES

(36,727

)

(58,104

)

TOTAL ASSETS LESS CURRENT LIABILITIES

223,273

201,896

PROVISIONS FOR LIABILITIES

19,919

19,919

NET ASSETS

203,354

181,977

CAPITAL AND RESERVES

Called up share capital

12

12

Fair value reserve

7

88,466

88,466

Retained earnings

114,876

93,499

SHAREHOLDERS' FUNDS

203,354

181,977

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2021 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 and authorised for issue on 23 May 2022 and were signed on its behalf by:

E Snedden - Director

1.	STATUTORY INFORMATION

Corrwill Limited is a private company, limited by shares , registered in Scotland. 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 represents rents received, exclusive of value added tax.

Tangible fixed assets

Tangible assets are investment properties which are held at fair value.

Financial instruments

Debtors

Trade debtors and other debtors are recognised at the settlement amount due with appropriate allowances for any irrecoverable amounts when there is objective evidence the asset is impaired.

Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise cash in hand and bank overdrafts. In the balance sheet bank overdrafts are shown in creditors amounts falling due within one year.

Creditors

Trade creditors and other creditors are recognised where the company has a present obligation resulting from a past event and are recognised at the settlement amount due after allowing for any trade discounts due.

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 NIL (2020 - NIL).

4.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST

At 1 September 2020

and 31 August 2021

260,000

NET BOOK VALUE

At 31 August 2021

260,000

At 31 August 2020

260,000

Included in tangible assets are investments properties with a historical cost of £151,615 (2020: £151,615).

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.21

31.8.20

£

£

Other debtors

500

11,500

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.21

31.8.20

£

£

Taxation and social security

6,414

5,014

Other creditors

46,988

76,988

53,402

82,002

7.

RESERVES

Fair

value

reserve

£

At 1 September 2020

and 31 August 2021

88,466