Cornerstone Plumbing and Heating Limited 13978899 false 2022-03-15 2023-03-31 2023-03-31 The principal activity of the company is plumbing and heating engineers. Digita Accounts Production Advanced 6.30.9574.0 true true 13978899 2022-03-15 2023-03-31 13978899 2023-03-31 13978899 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 13978899 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 13978899 core:CurrentFinancialInstruments 2023-03-31 13978899 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 13978899 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 13978899 core:FurnitureFittingsToolsEquipment 2023-03-31 13978899 core:MotorVehicles 2023-03-31 13978899 core:OtherPropertyPlantEquipment 2023-03-31 13978899 bus:SmallEntities 2022-03-15 2023-03-31 13978899 bus:AuditExemptWithAccountantsReport 2022-03-15 2023-03-31 13978899 bus:FullAccounts 2022-03-15 2023-03-31 13978899 bus:SmallCompaniesRegimeForAccounts 2022-03-15 2023-03-31 13978899 bus:RegisteredOffice 2022-03-15 2023-03-31 13978899 bus:Director1 2022-03-15 2023-03-31 13978899 bus:PrivateLimitedCompanyLtd 2022-03-15 2023-03-31 13978899 core:FurnitureFittingsToolsEquipment 2022-03-15 2023-03-31 13978899 core:MotorVehicles 2022-03-15 2023-03-31 13978899 core:OtherPropertyPlantEquipment 2022-03-15 2023-03-31 13978899 countries:AllCountries 2022-03-15 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 13978899

Cornerstone Plumbing and Heating Limited

Annual Report and Unaudited Financial Statements

for the period from 15 March 2022 to 31 March 2023

 

Cornerstone Plumbing and Heating Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Cornerstone Plumbing and Heating Limited

(Registration number: 13978899)
Statement of Financial Position
31 March 2023

Note

2023
£

Fixed assets

 

Tangible assets

4

23,226

Current assets

 

Debtors

5

12,615

Cash at bank and in hand

 

4,093

 

16,708

Creditors: Amounts falling due within one year

6

(18,820)

Net current liabilities

 

(2,112)

Total assets less current liabilities

 

21,114

Creditors: Amounts falling due after more than one year

6

(9,297)

Net assets

 

11,817

Capital and reserves

 

Called up share capital

100

Retained earnings

11,717

Shareholders' funds

 

11,817

For the financial period ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Cornerstone Plumbing and Heating Limited

(Registration number: 13978899)
Statement of Financial Position
31 March 2023

Approved and authorised by the director on 13 October 2023
 

.........................................
C A Johnson
Director

 

Cornerstone Plumbing and Heating Limited

Notes to the Unaudited Financial Statements
for the period from 15 March 2022 to 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Wiston House
1 Wiston Avenue
Worthing
West Sussex
BN14 7QL

These financial statements were authorised for issue by the director on 13 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Cornerstone Plumbing and Heating Limited

Notes to the Unaudited Financial Statements
for the period from 15 March 2022 to 31 March 2023

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Cornerstone Plumbing and Heating Limited

Notes to the Unaudited Financial Statements
for the period from 15 March 2022 to 31 March 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Cornerstone Plumbing and Heating Limited

Notes to the Unaudited Financial Statements
for the period from 15 March 2022 to 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 2.

 

Cornerstone Plumbing and Heating Limited

Notes to the Unaudited Financial Statements
for the period from 15 March 2022 to 31 March 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

Additions

708

35,153

2,263

38,124

Disposals

-

(10,728)

-

(10,728)

At 31 March 2023

708

24,425

2,263

27,396

Depreciation

Charge for the period

133

3,471

566

4,170

At 31 March 2023

133

3,471

566

4,170

Carrying amount

At 31 March 2023

575

20,954

1,697

23,226

5

Debtors

Current

2023
£

Trade debtors

1,754

Prepayments

936

Other debtors

9,925

 

12,615

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

Due within one year

 

Loans and borrowings

7

4,845

Other creditors

 

13,975

 

18,820

 

Cornerstone Plumbing and Heating Limited

Notes to the Unaudited Financial Statements
for the period from 15 March 2022 to 31 March 2023

Creditors: amounts falling due after more than one year

Note

2023
£

Due after one year

 

Loans and borrowings

7

9,297

7

Loans and borrowings

2023
£

Non-current loans and borrowings

Hire purchase contracts

9,297

2023
£

Current loans and borrowings

Hire purchase contracts

4,845