Registered number
12175435
Corotana Limited
Filleted Accounts
31 August 2022
Corotana Limited
Registered number: 12175435
Balance Sheet
as at 31 August 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 28,204 33,781
Current assets
Debtors 4 34,103 13,643
Investments held as current assets 5 6,334 17,810
Cash at bank and in hand 16,393 19,963
56,830 51,416
Creditors: amounts falling due within one year 6 (90,661) (36,384)
Net current (liabilities)/assets (33,831) 15,032
Total assets less current liabilities (5,627) 48,813
Creditors: amounts falling due after more than one year 7 (49,957) (42,604)
Net (liabilities)/assets (55,584) 6,209
Capital and reserves
Called up share capital 100 100
Profit and loss account (55,684) 6,109
Shareholders' funds (55,584) 6,209
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Surinder Pall Corotana
Director
Approved by the board on 31 August 2023
Corotana Limited
Notes to the Accounts
for the year ended 31 August 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Vehicle 20% Reducing Balance
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 September 2021 7,719 30,129 37,848
Additions 2,326 - 2,326
At 31 August 2022 10,045 30,129 40,174
Depreciation
At 1 September 2021 1,556 2,511 4,067
Charge for the year 1,877 6,026 7,903
At 31 August 2022 3,433 8,537 11,970
Net book value
At 31 August 2022 6,612 21,592 28,204
At 31 August 2021 6,163 27,618 33,781
4 Debtors 2022 2021
£ £
Trade debtors - 4,490
Deferred tax asset 22 -
Other debtors 34,081 9,153
34,103 13,643
5 Investments held as current assets 2022 2021
£ £
Fair value
Unlisted investments 6,334 17,810
6 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 36,495 13,822
Trade creditors 12,676 20,972
Taxation and social security costs 2,043 796
Directors account 39,447 794
90,661 36,384
7 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 49,957 42,604
8 Controlling party
The ultimate controlling party during the period: Surinder Corotana
Surinder Corotana holds 100% of the issued share capital and is deemed the ultimate controlling
party.
9 Other information
Corotana Limited is a private company limited by shares and incorporated in England. Its registered office is:
128 City Road
London
EC1V 2NX
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