Corinthian Plant Limited 31/12/2020 iXBRL

Corinthian Plant Limited 31/12/2020 iXBRL

CORINTHIAN PLANT LTD - Company Information

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Company registration number: 10391225
Corinthian Plant Limited
Unaudited filleted financial statements
31 December 2020
Corinthian Plant Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Corinthian Plant Limited
Directors and other information
Director Mr Simon Wright
Company number 10391225
Registered office Mulberry House
Pen Y Pound
Abergavenny
NP7 5UD
Business address Mulberry House
Pen Y Pound
Abergavenny
NP7 5UD
Accountants Morgan Hemp
103-104 Walter Road
Swansea
SA1 5QF
Corinthian Plant Limited
Report to the director on the preparation of the
unaudited statutory financial statements of Corinthian Plant Limited
Year ended 31 December 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Corinthian Plant Limited for the year ended 31 December 2020 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the director of Corinthian Plant 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 Corinthian Plant Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Corinthian Plant Limited and its director as a body for our work or for this report.
It is your duty to ensure that Corinthian Plant 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 Corinthian Plant Limited. You consider that Corinthian Plant 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 Corinthian Plant 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.
Morgan Hemp
103-104 Walter Road
Swansea
SA1 5QF
19 October 2021
Corinthian Plant Limited
Statement of financial position
31 December 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 4 1,009,904 537,411
_______ _______
1,009,904 537,411
Current assets
Debtors 5 688,927 223,086
Cash at bank and in hand 10,742 45,662
_______ _______
699,669 268,748
Creditors: amounts falling due
within one year 6 ( 786,705) ( 281,594)
_______ _______
Net current liabilities ( 87,036) ( 12,846)
_______ _______
Total assets less current liabilities 922,868 524,565
Creditors: amounts falling due
after more than one year 7 ( 623,615) ( 401,534)
Provisions for liabilities ( 56,897) ( 23,289)
_______ _______
Net assets 242,356 99,742
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 242,256 99,642
_______ _______
Shareholders funds 242,356 99,742
_______ _______
For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 October 2021 , and are signed on behalf of the board by:
Mr Simon Wright
Director
Company registration number: 10391225
Corinthian Plant Limited
Notes to the financial statements
Year ended 31 December 2020
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Mulberry House, Pen Y Pound, Abergavenny, NP7 5UD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The preparation of the accounts under the going concern basis remains appropriate as the directors have confirmed they will continue to give financial support to the company until such time as its position improves. The financial statements do not include any adjustments that would result if the financial support were withdrawn.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 15 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets .
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
4. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 January 2020 601,057 149,623 750,680
Additions 458,969 200,170 659,139
Disposals - ( 27,500) ( 27,500)
_______ _______ _______
At 31 December 2020 1,060,026 322,293 1,382,319
_______ _______ _______
Depreciation
At 1 January 2020 143,095 70,174 213,269
Charge for the year 121,956 54,378 176,334
Disposals - ( 17,188) ( 17,188)
_______ _______ _______
At 31 December 2020 265,051 107,364 372,415
_______ _______ _______
Carrying amount
At 31 December 2020 794,975 214,929 1,009,904
_______ _______ _______
At 31 December 2019 457,962 79,449 537,411
_______ _______ _______
5. Debtors
2020 2019
£ £
Trade debtors - 500
Other debtors 688,927 222,586
_______ _______
688,927 223,086
_______ _______
6. Creditors: amounts falling due within one year
2020 2019
£ £
Bank loans and overdrafts 58,053 -
Trade creditors 298,232 22,339
Amounts owed to group undertakings and undertakings in which the company has a participating interest 20,734 -
Social security and other taxes 94,645 21,396
Other creditors 315,041 237,859
_______ _______
786,705 281,594
_______ _______
7. Creditors: amounts falling due after more than one year
2020 2019
£ £
Bank loans and overdrafts 66,947 -
Other creditors 556,668 401,534
_______ _______
623,615 401,534
_______ _______
8. Related party transactions
Included in debtors is a balance owed from Corinthian Access Limited of £261,211 (2019: £135,466), the company is connected by the directors. Included in creditors is a balance owed by Hayle Harbour Authority Operations Limited of £20,734 (2019: £1500DR), the company is connected by the directors. Included in debtors is a balance owed from Sennybridge Limited of £142,596 (2019: £43,120 ), the company is connected by the directors. Included in debtors is a balance owed from Sennybridge Hayle Limited of £93,440 (2019: £35,200), the company is connected by the directors.Included in debtors is a balance owed from Hayle Harbour Operations Limited of £nil (2019: £7,200), the company is connected by the directors.