Company Registration No. 01972640 (England and Wales)
CORKTOWN DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 22 SEPTEMBER 2021
PAGES FOR FILING WITH REGISTRAR
CORKTOWN DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
CORKTOWN DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
22 SEPTEMBER 2021
22 September 2021
- 1 -
2021
2020
Notes
£
£
£
£
Current assets
Cash at bank and in hand
163,716
167,823
Creditors: amounts falling due within one year
3
(193,266)
(195,740)
Net current liabilities
(29,550)
(27,917)
Creditors: amounts falling due after more than one year
4
(1,129,244)
(1,129,244)
Net liabilities
(1,158,794)
(1,157,161)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(1,158,894)
(1,157,261)
Total equity
(1,158,794)
(1,157,161)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 22 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 12 September 2022 and are signed on its behalf by:
M.J. O' Flynn
Director
Company Registration No. 01972640
CORKTOWN DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 22 SEPTEMBER 2021
- 2 -
1
Accounting policies
Company information

Corktown Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

1.3
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

1.4
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

CORKTOWN DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 22 SEPTEMBER 2021
- 3 -
2
Employees

There were no employees during the current and previous year.

3
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
-
0
1,140
Other creditors
192,037
193,460
Accruals and deferred income
1,229
1,140
193,266
195,740
4
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
1,129,244
1,129,244
5
Related party transactions

At 22 September 2021, the company owed £147,037 (2020: £148,460) to a company under common control.

 

At 22 September 2021, the company owed £1,129,244 (2020: £1,129,244) to a company under common control.

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