Company Registration No. 10672930 (England and Wales)
CORNER OAK HOMES LTD
Unaudited accounts
for the year ended 31 March 2023
CORNER OAK HOMES LTD
Unaudited accounts
Contents
CORNER OAK HOMES LTD
Company Information
for the year ended 31 March 2023
Directors
Andrew Sullivan
Jennifer Bundy
Company Number
10672930 (England and Wales)
Registered Office
Corner Oak, Old Wood
Skellingthorpe
Lincoln
Lincolnshire
LN6 0PL
United Kingdom
Accountants
M D Darby FCPA, CPAA, FIAB, ACCA/Cert:IFR, IFRS, IPSAS, IA
Templar Accounting & Business Support
Services Limited (Incorp: Blake and Co )
112 - 113 High Street,
Lincoln, Lincolnshire
LN5 7PY
CORNER OAK HOMES LTD
Statement of financial position
as at 31 March 2023
Tangible assets
23,647
24,283
Investment property
257,482
257,482
Cash at bank and in hand
1,581
888
Creditors: amounts falling due within one year
(59,318)
(59,505)
Net current liabilities
(22,737)
(58,617)
Total assets less current liabilities
258,392
223,148
Creditors: amounts falling due after more than one year
(173,067)
(172,979)
Provisions for liabilities
Called up share capital
2
2
Capital contribution reserve
50,000
50,000
Profit and loss account
28,643
167
Shareholders' funds
78,645
50,169
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 14 August 2023 and were signed on its behalf by
Andrew Sullivan
Director
Company Registration No. 10672930
CORNER OAK HOMES LTD
Notes to the Accounts
for the year ended 31 March 2023
CORNER OAK HOMES LTD is a private company, limited by shares, registered in England and Wales, registration number 10672930. The registered office is Corner Oak, Old Wood, Skellingthorpe, Lincoln, Lincolnshire, LN6 0PL, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Reducing balance
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
The accounts are presented in £ sterling.
CORNER OAK HOMES LTD
Notes to the Accounts
for the year ended 31 March 2023
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
4
Tangible fixed assets
Plant & machinery
Fair value at 1 April 2022
257,482
Tattershall Lakes - Away Resorts Static Home.
ABI TriBeCa (44x14x2) New Serial number: 1880033
WS25 Water Ski Lake, Tattershall Park, Sleaford Road, Tattershall, Lincolnshire
(Also known as: 4 Merlin Point)
Amounts falling due within one year
7
Creditors: amounts falling due within one year
2023
2022
Obligations under finance leases and hire purchase contracts
13,493
10,750
Loans from directors
45,231
48,161
CORNER OAK HOMES LTD
Notes to the Accounts
for the year ended 31 March 2023
8
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
15,017
25,979
Other creditors
158,050
147,000
9
Deferred taxation
2023
2022
Accelerated capital allowances
6,680
-
Charged to the profit and loss account
6,680
-
Provision at end of year
6,680
-
A deferred taxation reserve has been created of some £6,680 which will reverse in future periods creating a tax liability at the prevailing rate on the day.
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
11
Capital contribution reserve
The capital contribution reserve of £50,000 remains in place to support the company moving further forward
12
Average number of employees
During the year the average number of employees was 0 (2022: 0).
