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Cornwallis Group Limited

Annual Report and Unaudited Financial Statements
Year Ended 5 April 2023

Registration number: 11537873

 

Cornwallis Group Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Cornwallis Group Limited

Company Information

Directors

Mr K Raichura

Ms K Cawkwell

Registered office

Sigma House
Oak View Close
Edginswell Park
Torquay
Devon
TQ2 7FF

Accountants

Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
Devon
TQ2 7FF

 

Cornwallis Group Limited

Balance Sheet

5 April 2023

Note

2023
£

2022
£

Fixed assets

 

Other financial assets

4

2,266,503

1,865,202

Current assets

 

Debtors

5

4,563

3,701

Cash at bank and in hand

 

467,523

943,615

 

472,086

947,316

Creditors: Amounts falling due within one year

6

(3,312)

(1,220)

Net current assets

 

468,774

946,096

Total assets less current liabilities

 

2,735,277

2,811,298

Provisions for liabilities

(30,909)

(62,043)

Net assets

 

2,704,368

2,749,255

Capital and reserves

 

Called up share capital

7

2,520,000

2,520,000

Investment revaluation reserve

92,728

186,130

Profit and loss account

91,640

43,125

Shareholders' funds

 

2,704,368

2,749,255

 

Cornwallis Group Limited

Balance Sheet

5 April 2023

For the financial year ending 5 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The directors acknowledge their 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 10 October 2023 and signed on its behalf by:
 

.........................................
Mr K Raichura
Director

Company Registration Number: 11537873

 

Cornwallis Group Limited

Notes to the Unaudited Financial Statements

Year Ended 5 April 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:
Sigma House
Oak View Close
Edginswell Park
Torquay
Devon
TQ2 7FF

These financial statements were authorised for issue by the Board on 10 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. The company recognises revenue based on it's value of the services provided to date.

 

Cornwallis Group Limited

Notes to the Unaudited Financial Statements

Year Ended 5 April 2023

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Financial instruments

Classification
The company holds the following financial instruments:

• Listed investments
• Short term other creditors
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged,

Such instruments except for listed investments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking into account of impairment adjustments.

Listed investments are initially measured at transaction price, including transaction costs, and are subsequently carried at fair value. Fair value has been measured at the quoted market price at the balance sheet date.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 2).

 

Cornwallis Group Limited

Notes to the Unaudited Financial Statements

Year Ended 5 April 2023

4

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 6 April 2022

1,865,202

1,865,202

Additions

525,835

525,835

Fair value adjustments

(124,534)

(124,534)

At 5 April 2023

2,266,503

2,266,503

Carrying amount

At 5 April 2023

2,266,503

2,266,503

5

Debtors

2023
£

2022
£

Other debtors

4,563

3,701

4,563

3,701

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Corporation tax

1,812

410

Accruals and deferred income

1,500

810

3,312

1,220

 

Cornwallis Group Limited

Notes to the Unaudited Financial Statements

Year Ended 5 April 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

1,890,000

1,890,000

1,890,000

1,890,000

Ordinary B shares of £1 each

630,000

630,000

630,000

630,000

 

2,520,000

2,520,000

2,520,000

2,520,000