Cornerstone Estates (UK) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04602435 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2018

for

CORNERSTONE ESTATES (UK) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Director:

Mr D Less

Registered office:

305 Regents Park Road

Finchley

London

N3 1DP

Registered number:

04602435 (England and Wales)

Accountants:

Haines Watts

Chartered Accountants

305 Regents Park Road

Finchley

London

N3 1DP

Fixed assets

Tangible assets

4

1,882

2,525

Current assets

Debtors

5

1,986,092

1,746,326

Cash at bank

17,939

23,288

2,004,031

1,769,614

Creditors

Amounts falling due within one year

6

404,413

261,616

Net current assets

1,599,618

1,507,998

Total assets less current liabilities

1,601,500

1,510,523

Provisions for liabilities

7

358

-

Net assets

1,601,142

1,510,523

Capital and reserves

Called up share capital

8

1

1

Retained earnings

1,601,141

1,510,522

Shareholders' funds

1,601,142

1,510,523

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director on 20 December 2018 and were signed by:

Mr D Less - Director

1.	Statutory information

Cornerstone Estates (UK) Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information

page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Key source of estimation, uncertainty and judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires

management to make estimates and judgement that affect the reported amounts of assets and liabilities as well

as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of

revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out

by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as

possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out

by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as

possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is

carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are

as accurate as possible, there remains a risk that the provisions do not match the level of debts which

ultimately prove to be uncollectable.

Turnover

Turnover represents sale of development properties, and consultancy income. Purchases of properties are

included in the accounts on exchange of contract and sales on completion.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

35% on reducing balance

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a

party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial

recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the

effective interest rate method. A provision is established when there is objective evidence that the company will

not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank

and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the

substance of the contractual arrangements entered into and the definitions of a financial liability and an equity

instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company

after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds

received, net of direct issue costs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

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.

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.

Joint ventures

Investments in joint ventures are carried at cost less accumulated impairment losses in the company’s balance

sheet. On the disposal of investments in joint ventures, the difference between the disposal proceeds and the

carrying amounts of the investments are recognised in the profit & loss account.

3.	Employees and directors

The average number of employees during the year was 1 (2017 - 1 ) .

4.	Tangible fixed assets

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

Cost

At 1 April 2017

and 31 March 2018

6,389

3,038

9,427

Depreciation

At 1 April 2017

4,011

2,891

6,902

Charge for year

594

49

643

At 31 March 2018

4,605

2,940

7,545

Net book value

At 31 March 2018

1,784

98

1,882

At 31 March 2017

2,378

147

2,525

5.

Debtors: amounts falling due within one year

2018

2017

£

£

Trade debtors

114,822

25,226

Amounts owed by related undertakings

1,834,554

1,678,767

Other debtors

36,716

42,333

1,986,092

1,746,326

6.

Creditors: amounts falling due within one year

2018

2017

£

£

Trade creditors

(6,407

)

406

Taxation and social security

118,593

42,363

Other creditors

292,227

218,847

404,413

261,616

7.	Provisions for liabilities

2018

2017

£

£

Deferred tax

358

-

Deferred tax

£

Provided during year

358

Balance at 31 March 2018

358

8.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

1

Ordinary

£1

1

1