Cornhill Building Services Limited - Accounts to registrar (filleted) - small 18.2
Cornhill Building Services Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 October 2021 |
| for |
| Cornhill Building Services Limited |
| Cornhill Building Services Limited (Registered number: SC153618) |
| Contents of the Financial Statements |
| for the Year Ended 31 October 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Cornhill Building Services Limited |
| Company Information |
| for the Year Ended 31 October 2021 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 6 Logie Mill |
| Edinburgh |
| Lothian |
| EH7 4HG |
| BANKERS: |
| Gemini Building |
| 24 St. Andrew Square |
| Edinburgh |
| EH2 1AF |
| SOLICITORS: |
| 26 George Square |
| Edinburgh |
| EH8 9LD |
| Cornhill Building Services Limited (Registered number: SC153618) |
| Balance Sheet |
| 31 October 2021 |
| 31.10.21 | 31.10.20 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 10 | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Capital redemption reserve | 12 |
| Retained earnings | 12 |
| SHAREHOLDERS' FUNDS |
| 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. |
| 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 |
| Cornhill Building Services Limited (Registered number: SC153618) |
| Notes to the Financial Statements |
| for the Year Ended 31 October 2021 |
| 1. | STATUTORY INFORMATION |
| Cornhill Building Services Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is stated net of VAT and trade discounts.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 balance sheet date turnover represents the fair value of the service provided based on the stage of completion of the contract activity at the balance sheet 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. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows: |
| Freehold property - 2% per annum |
| Plant and machinery - 20% per annum |
| Motor vehicles - 25% per annum |
| Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life. |
| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Work in progress and finished goods include materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate. |
| Financial instruments |
| The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. |
| 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. |
| Cornhill Building Services Limited (Registered number: SC153618) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Hire purchase and leasing commitments |
| Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the profit and loss account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability. |
| Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Provisions |
| Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. |
| The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. |
| Exemption from preparing a cash flow statement |
| Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Computer |
| software |
| £ |
| COST |
| Additions |
| At 31 October 2021 |
| AMORTISATION |
| Amortisation for year |
| At 31 October 2021 |
| NET BOOK VALUE |
| At 31 October 2021 |
| Cornhill Building Services Limited (Registered number: SC153618) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2021 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | Plant and | and | Motor |
| property | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 November 2020 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
| At 31 October 2021 |
| DEPRECIATION |
| At 1 November 2020 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
| At 31 October 2021 |
| NET BOOK VALUE |
| At 31 October 2021 |
| At 31 October 2020 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.21 | 31.10.20 |
| £ | £ |
| Trade debtors |
| Amounts recoverable on contract |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.21 | 31.10.20 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.10.21 | 31.10.20 |
| £ | £ |
| Bank loans |
| Hire purchase contracts |
| Cornhill Building Services Limited (Registered number: SC153618) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2021 |
| 9. | LEASING AGREEMENTS |
| Non-cancellable operating leases |
| 31.10.21 | 31.10.20 |
| £ | £ |
| Within one year | 30,293 | 31,028 |
| Between one and five years | 53,431 | 83,724 |
| 83,724 | 114.752 |
| 10. | PROVISIONS FOR LIABILITIES |
| 31.10.20 |
| £ |
| Deferred tax | 18,888 |
| Deferred |
| tax |
| £ |
| Balance at 1 November 2020 |
| Provided during year | ( |
) |
| Balance at 31 October 2021 | ( |
) |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.10.21 | 31.10.20 |
| value: | £ | £ |
| Ordinary | £1 | 492 | 912 |
| During the year, the company bought back 420 shares of £1 from a former director for £130,000. The 420 shares were cancelled and a capital redemption reserve of £420 was created. Further information of the reserves is given in note 15. |
| 12. | RESERVES |
| Capital |
| Retained | redemption |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 November 2020 | 822,349 |
| Profit for the year |
| Purchase of own shares | (130,000 | ) | 420 | (129,580 | ) |
| At 31 October 2021 | 781,275 |
| 13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| There were no loans advanced to the directors as at 31 October 2021 (2020: a director owed the company £10,000). |
| 14. | RELATED PARTY DISCLOSURES |
Related Party |
Transaction |
Amount in 31.10.2021 |
Amount in 31.10.2020 |
Balance receivable / (payable) as at 31.10.2021 |
Balance receivable / (payable) as at 31.10.2020 |
| £ | £ | £ | £ |
| 1. Clachan Properties Limited | Loan | (165,605) | (110,000) | - | 165,605 |
| (1) A director of Cornhill Building Services Limited is also a director of Clachan Properties Limited. |
| Cornhill Building Services Limited (Registered number: SC153618) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2021 |
| 15. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is |