Cornerstones Education Limited - Period Ending 2015-07-31

Registration number: 07228912

Cornerstones Education Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 July 2015
 

Landin Wilcock & Co
Chartered Accountants
68 Queen Street
Sheffield
S1 1WR

Cornerstones Education Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Cornerstones Education Limited
for the Year Ended 31 July 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Cornerstones Education Limited for the year ended 31 July 2015 set out on pages 4 to 12 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 at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Cornerstones Education Limited, as a body, in accordance with the terms of our engagement letter dated 6 August 2013. Our work has been undertaken solely to prepare for your approval the accounts of Cornerstones Education Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. 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 accounts 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 accounts 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 accounts.

......................................

Landin Wilcock & Co
Chartered Accountants
68 Queen Street
Sheffield
S1 1WR

11 December 2015

Page 1

Cornerstones Education Limited
(Registration number: 07228912)
Abbreviated Balance Sheet at 31 July 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets		2			125,127			79,435
Current assets
Stocks					29,934			-
Debtors					503,644			602,693
Cash at bank and in hand					589,516			929,129
					1,123,094			1,531,822
Creditors: Amounts falling due within one year					(288,134)			(615,367)
Net current assets					834,960			916,455
Total assets less current liabilities					960,087			995,890
Provisions for liabilities					(12,315)			(10,305)
Net assets					947,772			985,585
Capital and reserves
Called up share capital		3			3			3
Profit and loss account					947,769			985,582
Shareholders' funds					947,772			985,585

For the year ending 31 July 2015 the company was entitled to exemption 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 in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 2

Cornerstones Education Limited
(Registration number: 07228912)
Abbreviated Balance Sheet at 31 July 2015
......... continued

Approved by the Board on 10 December 2015 and signed on its behalf by:

.........................................
Mr S A Hickton
Director

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 3

Cornerstones Education Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods to customers for the provision of educational support activities. Revenue is recognised net of rebates and discounts on the transfer of significant risks and rewards of ownership to the buyer.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follow:

Asset class	Depreciation method and rate
Office equipment	25% straight line
Fixtures and fittings	25% straight line
Long leasehold land and buildings	10% straight line

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 4

Cornerstones Education Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 August 2014		116,308			116,308
Additions		125,752			125,752
Disposals		(49,463)			(49,463)
At 31 July 2015		192,597			192,597
Depreciation
At 1 August 2014		36,873			36,873
Charge for the year		36,106			36,106
Eliminated on disposals		(5,509)			(5,509)
At 31 July 2015		67,470			67,470
Net book value
At 31 July 2015		125,127			125,127
At 31 July 2014		79,435			79,435

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		3			3			3			3

Page 5