Cornerstones Education Limited - Accounts to registrar (filleted) - small 23.2.5
Cornerstones Education Limited - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 July 2023 |
| for |
| Cornerstones Education Limited |
| Cornerstones Education Limited (Registered number: 07228912) |
| Contents of the Financial Statements |
| for the Year Ended 31 July 2023 |
| Page |
| Company Information | 1 |
| Chartered Accountants' Report | 2 |
| Balance Sheet | 3 |
| Notes to the Financial Statements | 4 |
| Cornerstones Education Limited |
| Company Information |
| for the Year Ended 31 July 2023 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 68 Queen Street |
| Sheffield |
| South Yorkshire |
| S1 1WR |
| BANKERS: |
| 37 High Street |
| Meadowhall Shopping Centre |
| Sheffield |
| South Yorkshire |
| S9 1EN |
| Chartered Accountants' Report to the Board of Directors |
| on the Unaudited Financial Statements of |
| Cornerstones Education Limited |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Directors' Report are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cornerstones Education Limited for the year ended 31 July 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the Board of Directors of Cornerstones Education Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Cornerstones Education Limited and state those matters that we have agreed to state to the Board of Directors of Cornerstones Education Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cornerstones Education Limited and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Cornerstones Education 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 Cornerstones Education Limited. You consider that Cornerstones Education 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 Cornerstones Education 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. |
| Chartered Accountants |
| 68 Queen Street |
| Sheffield |
| South Yorkshire |
| S1 1WR |
| Cornerstones Education Limited (Registered number: 07228912) |
| Balance Sheet |
| 31 July 2023 |
| 31/7/23 | 31/7/22 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Capital redemption reserve |
| Retained earnings | ( |
) | ( |
) |
| 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 |
| Cornerstones Education Limited (Registered number: 07228912) |
| Notes to the Financial Statements |
| for the Year Ended 31 July 2023 |
| 1. | STATUTORY INFORMATION |
| Cornerstones Education Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The company has reported a loss for the year and now has a deficit in shareholders funds of £622,952. |
| The directors have considered the above and their plans going forward, the company is expected to return to profit and therefore the directors believe it appropriate to prepare the accounts on a going concern basis. |
| The directors withdrew dividends during the previous accounting period when there were insufficient reserves resulting in illegal dividends. The directors acknowledge that illegal dividends have arisen and have made plans to make good this situation. Since this the directors have stopped taking dividends and no further dividend distribution will be made until sufficient reserves are available. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Short leasehold | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| Tangible fixed assets are initially measured at cost. Subsequently, they are measured at cost less accumulated depreciation and impairment losses. |
| Financial instruments |
| Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities. |
| 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. |
| Cornerstones Education Limited (Registered number: 07228912) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2023 |
| 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. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Short | and | Computer |
| leasehold | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 August 2022 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 July 2023 |
| DEPRECIATION |
| At 1 August 2022 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 July 2023 |
| NET BOOK VALUE |
| At 31 July 2023 |
| At 31 July 2022 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/7/23 | 31/7/22 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Cornerstones Education Limited (Registered number: 07228912) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2023 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/7/23 | 31/7/22 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 31/7/23 | 31/7/22 |
| £ | £ |
| Within one year |
| Between one and five years |