Cornerstone Clubs Limited - Period Ending 2022-05-31

Cornerstone Clubs Limited
(formerly Staton Young (Bars) Limited)

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Notes to the Unaudited Financial Statements	4 to 7

Cornerstone Clubs Limited
(formerly Staton Young (Bars) Limited)

Company Information

Directors

T Brough J Andrijauskaite A N Miley

Registered office

Derwent Business Centre Clarke Street Derby Derbyshire DE1 2BU

Accountants

Ashgates Corporate Services Limited 5 Prospect Place Millennium Way Pride Park Derby DE24 8HG

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Cornerstone Clubs Limited
for the Year Ended 31 May 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Cornerstone Clubs Limited for the year ended 31 May 2022 as set out on pages 3 to 7 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 Board of Directors of Cornerstone Clubs 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 accounts of Cornerstone Clubs Limited and state those matters that we have agreed to state to the Board of Directors of Cornerstone Clubs Limited, 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 Cornerstone Clubs Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Cornerstone Clubs Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Cornerstone Clubs Limited. You consider that Cornerstone Clubs 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 accounts of Cornerstone Clubs 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 accounts.

........................................................
Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG

22 September 2022

Cornerstone Clubs Limited
(formerly Staton Young (Bars) Limited)

(Registration number: 10164562)
Balance Sheet as at 31 May 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	4	27,273	139,151
Current assets
Stocks		4,514	4,514
Debtors	5	28,545	130,177
Cash at bank and in hand		3,350	32,443
		36,409	167,134
Creditors: Amounts falling due within one year	6	(224,292)	(341,750)
Net current liabilities		(187,883)	(174,616)
Net liabilities		(160,610)	(35,465)
Capital and reserves
Called up share capital		400	400
Profit and loss account		(161,010)	(35,865)
Total equity		(160,610)	(35,465)

For the financial year ending 31 May 2022 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges his 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 and 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 Board on 22 September 2022 and signed on its behalf by:
 

......................................... T Brough Director

Cornerstone Clubs Limited
(formerly Staton Young (Bars) Limited)

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

1	General information

The company is a private company limited by share capital, incorporated in England.

The company was formerly known as Staton Young (Bars) Limited.

The address of the registered office is given in the company information on page 1 of the financial statements.

The principal place of business is:
6 Friar Gate
Derby
DE1 1BU

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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.

The financial statements are presented in Sterling (£) and rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue to trade. The validity of this assumption is dependent business being able to improve its trading position following removal of lockdown restrictions.

If the company were unable to trade, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise, and to reclassify fixed assets and long-term liabilities as current assets and liabilities.

Cornerstone Clubs Limited
(formerly Staton Young (Bars) Limited)

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised in profit or loss on a systematic basis over the periods in which the entity recognises expenses for the related costs for which the grants are intended to compensate, which in the case of grants related to assets requires setting up the grant as deferred income.

Tax

The tax expense for the period comprises 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet 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.

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
Furniture, fittings and equipment	15% straight line basis

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.

Cornerstone Clubs Limited
(formerly Staton Young (Bars) Limited)

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2021 - 10).

4	Tangible assets

	fixtures and fittings  £	Total £
Cost or valuation
At 1 June 2021	201,654	201,654
Additions	218,621	218,621
Disposals	(325,691)	(325,691)
At 31 May 2022	94,584	94,584
Depreciation
At 1 June 2021	62,503	62,503
Charge for the year year	52,651	52,651
Eliminated on disposal	(47,843)	(47,843)
At 31 May 2022	67,311	67,311
Carrying amount
At 31 May 2022	27,273	27,273
At 31 May 2021	139,151	139,151

5

Debtors

	Note	2022 £	2021 £
Trade debtors		-	6,067
Amounts owed by group undertakings	8	-	24,207
Other debtors		28,545	99,903
		28,545	130,177

Cornerstone Clubs Limited
(formerly Staton Young (Bars) Limited)

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

6

Creditors

	2022 £	2021 £
Due within one year
Trade creditors	90,022	220,206
Taxation and social security	89,053	69,823
Other creditors	45,217	51,721
	224,292	341,750

7	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet, in respect of operating leases is £16,667 (2021 - £56,667).

8	Related party transactions

Summary of transactions with other related parties

During the year an amount of £194,197 (2021 - £nil) in respect of amounts owed to is parent company has been written off.