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REGISTERED NUMBER: 03560161 (England and Wales)









GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

CORNWALL GROUP LIMITED

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


CORNWALL GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: M J Mitchell
T S Julian
K E Bunt


SECRETARY: D P Mitchell


REGISTERED OFFICE: Old Mansion House
9 Quay Street
TRURO
Cornwall
TR1 2HE


REGISTERED NUMBER: 03560161 (England and Wales)


SENIOR STATUTORY AUDITOR: Mr J Pearce


AUDITORS: Lang Bennetts Audit Limited
The Old Carriage Works
Moresk Road
TRURO
Cornwall
TR1 1DG


BANKERS: Barclays Bank plc
14 King Street
TRURO
Cornwall
TR1 2RB


SOLICITORS: Carlyon & Son
78 Lemon Street
Truro
TR1 2PN

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023

The directors present their strategic report of the company and the group for the year ended 30 June 2023.

REVIEW OF BUSINESS
Reflecting on the last 12 trading months, it has been a year of two halves, the latter half witnessing a softening market, where prices have fallen back, demand weakened, this combined (as we commented on during last year's Report) with rising payroll, many establishment costs rising, stubbornly high inflation rates, frustrated by the frequent cost of borrowing increases. Energy costs and significant variations in rates throughout our wider industry remain a constant pressure and concern.

Throughout our Group we continue to balance a 5 - 10 year horizon regarding investment and strategic growth. Our uncomplicated ownership structure, ongoing family independence, and unrivalled Board stability and experience allows us to remain a formidable competitor, able to partner with global players. Much of our industry has seen consolidation since the Pandemic, a growing amount of private equity and venture capitalist money being spent and invested amongst several of our regional competitors.

Over our last trading year we have agreed and committed to £5m worth of machinery and vehicles purchases. We anticipate in the coming 12 months an additional £20m will be invested throughout the group in property transactions, business acquisitions and ongoing operational spend on logistics, IT and state of the art specialist glass processing machinery.

Our philanthropic endeavours continue with £86,000 of further donations into our very own Charitable Fund, during a 12 month period. A lasting legacy for our local communities, and a nice distraction from P&L, Balance Sheets, Projections and similar.

As we look forward to our next trading year, we are aware of the fragility of the economy, a looming general election, possible recession, the ongoing war in Ukraine, cost of borrowing pressures as inflation is being brought under control. We see opportunity for some organic growth in the coming trading year, but this will be modest compared to recent and previous trading results.

A shrinking talent pool of experienced and skilled employees within our industry continues to reinforce our consistent belief in Apprentices, and our Group aim of having at least 10% of our colleagues and team on our Apprenticeship Journey at any one time.

Our Group continues to look at investment diversity and believes strongly in bricks and mortar and freehold properties. At present all of our trading entities are owned within the Family and Groups control.

As we slowly approach the huge milestone of 50 years of trading in 2028 there is much to be optimistic about and we continue to remain alert and agile in matters of new opportunities, products, investments and training initiatives.

ON BEHALF OF THE BOARD:





M J Mitchell - Director


23 October 2023

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2023

The directors present their report with the financial statements of the company and the group for the year ended 30 June 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the processing and supply of glass and glazing products and the provision of glazing services.

DIVIDENDS
No dividends will be distributed for the year ended 30 June 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2022 to the date of this report.

M J Mitchell
T S Julian
K E Bunt

DONATIONS
The group made charitable donations to the Cornwall, Devon and Somerset Community Foundations in the combined sum of £86,000 and other charitable donations of £58 (2022: £9,969).

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2023


AUDITORS
The auditors, Lang Bennetts Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M J Mitchell - Director


23 October 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CORNWALL GROUP LIMITED

Opinion
We have audited the financial statements of Cornwall Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2023 which comprise the Consolidated Income statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CORNWALL GROUP LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and determined that the most significant are those that relate to health and safety, transport, employment matters and other laws and regulations.

We assessed the risks of material misstatement in respect of fraud as follows:

- we made enquiries of the directors and management of any non-compliance of laws and regulations, potential litigation and claims or any knowledge of actual, suspected or alleged fraud.
- we considered the risk of fraud through management override.

Based on the results of our risk assessment, we designed our audit procedures to identify and to address material misstatements in relation to fraud, as follows:

- we reviewed legal fees to identify any potential non-compliance with laws and regulations.
- we reviewed material manual journal entries for evidence of management override or fraud.
- we reviewed information in relation to key operating compliance matters including health and safety and transport.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CORNWALL GROUP LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mr J Pearce (Senior Statutory Auditor)
for and on behalf of Lang Bennetts Audit Limited
The Old Carriage Works
Moresk Road
TRURO
Cornwall
TR1 1DG

23 October 2023

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023

2023 2022
Notes £    £    £    £   

TURNOVER 25,830,000 25,657,799

Cost of sales 13,530,767 13,202,876
GROSS PROFIT 12,299,233 12,454,923

Distribution costs 1,792,584 1,828,734
Administrative expenses 7,625,571 6,664,607
9,418,155 8,493,341
2,881,078 3,961,582

Other operating income 217,757 170,812
OPERATING PROFIT 4 3,098,835 4,132,394


Interest payable and similar expenses 5 128,781 129,154
PROFIT BEFORE TAXATION 2,970,054 4,003,240

Tax on profit 6 615,861 759,608
PROFIT FOR THE FINANCIAL YEAR 2,354,193 3,243,632
Profit attributable to:
Owners of the parent 2,354,193 3,243,632

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 2,354,193 3,243,632


OTHER COMPREHENSIVE INCOME
Revaluation of freehold property 337,566 -
Income tax relating to other comprehensive
income

(63,750

)

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

273,816

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,628,009

3,243,632

Total comprehensive income attributable to:
Owners of the parent 2,628,009 3,243,632

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

CONSOLIDATED BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 7,939,956 7,296,680
Investments 9 - -
Investment property 10 1,559,574 1,048,599
9,499,530 8,345,279

CURRENT ASSETS
Stocks 11 1,797,415 1,434,536
Debtors 12 4,538,436 4,758,488
Cash at bank and in hand 3,014,536 2,114,843
9,350,387 8,307,867
CREDITORS
Amounts falling due within one year 13 4,746,181 4,902,872
NET CURRENT ASSETS 4,604,206 3,404,995
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,103,736

11,750,274

CREDITORS
Amounts falling due after more than one
year

14

(3,394,709

)

(3,887,832

)

PROVISIONS FOR LIABILITIES 18 (962,183 ) (743,607 )
NET ASSETS 9,746,844 7,118,835

CAPITAL AND RESERVES
Called up share capital 19 2,002 2,002
Revaluation reserve 20 812,519 538,703
Capital redemption reserve 20 1,001 1,001
Retained earnings 20 8,931,322 6,577,129
SHAREHOLDERS' FUNDS 9,746,844 7,118,835

The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2023 and were signed on its behalf by:





M J Mitchell - Director


CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

COMPANY BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 5,232,596 4,801,342
Investments 9 251,100 251,100
Investment property 10 1,559,574 1,048,599
7,043,270 6,101,041

CURRENT ASSETS
Debtors 12 1,271,788 1,173,757
Cash at bank and in hand 65,814 112,713
1,337,602 1,286,470
CREDITORS
Amounts falling due within one year 13 1,563,676 694,185
NET CURRENT (LIABILITIES)/ASSETS (226,074 ) 592,285
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,817,196

6,693,326

CREDITORS
Amounts falling due after more than one
year

14

(3,057,141

)

(3,361,949

)

PROVISIONS FOR LIABILITIES 18 (188,780 ) (116,850 )
NET ASSETS 3,571,275 3,214,527

CAPITAL AND RESERVES
Called up share capital 19 2,002 2,002
Revaluation reserve 812,519 538,703
Capital redemption reserve 1,001 1,001
Retained earnings 2,755,753 2,672,821
SHAREHOLDERS' FUNDS 3,571,275 3,214,527

Company's profit for the financial year 82,932 1,697,114

The financial statements have been prepared 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 23 October 2023 and were signed on its behalf by:





M J Mitchell - Director


CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023

Called up Capital
share Retained Revaluation redemption Total
capital earnings reserve reserve equity
£    £    £    £    £   

Balance at 1 July 2021 2,002 3,333,497 538,703 1,001 3,875,203

Changes in equity
Total comprehensive income - 3,243,632 - - 3,243,632
Balance at 30 June 2022 2,002 6,577,129 538,703 1,001 7,118,835

Changes in equity
Total comprehensive income - 2,354,193 273,816 - 2,628,009
Balance at 30 June 2023 2,002 8,931,322 812,519 1,001 9,746,844

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023

Called up Capital
share Retained Revaluation redemption Total
capital earnings reserve reserve equity
£    £    £    £    £   

Balance at 1 July 2021 2,002 975,707 538,703 1,001 1,517,413

Changes in equity
Total comprehensive income - 1,697,114 - - 1,697,114
Balance at 30 June 2022 2,002 2,672,821 538,703 1,001 3,214,527

Changes in equity
Total comprehensive income - 82,932 273,816 - 356,748
Balance at 30 June 2023 2,002 2,755,753 812,519 1,001 3,571,275

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,640,855 3,614,352
Interest paid (116,031 ) (99,538 )
Interest element of hire purchase payments
paid

(12,750

)

(29,616

)
Tax paid (620,403 ) (1,065,328 )
Taxation refund 5,659 -
Net cash from operating activities 2,897,330 2,419,870

Cash flows from investing activities
Purchase of tangible fixed assets (1,199,466 ) (1,814,746 )
Purchase of investment property (510,975 ) (748,951 )
Sale of tangible fixed assets 21,523 5,110
Net cash from investing activities (1,688,918 ) (2,558,587 )

Cash flows from financing activities
Bank loan repayments in year (184,630 ) (612,149 )
New bank loans in year - 1,100,000
Movement on proceeds of factored debts 93,120 653,138
Hire purchase repayments in year (223,265 ) (258,495 )
Amount introduced by directors 6,056 5,997
Amount withdrawn by directors - (17,847 )
Net cash from financing activities (308,719 ) 870,644

Increase in cash and cash equivalents 899,693 731,927
Cash and cash equivalents at beginning of
year

2

2,114,843

1,382,916

Cash and cash equivalents at end of year 2 3,014,536 2,114,843

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 2,970,054 4,003,240
Depreciation charges 578,822 537,035
Profit on disposal of fixed assets (14,263 ) (5,110 )
Movement on warranty provision 36,811 50,926
Finance costs 128,781 129,154
3,700,205 4,715,245
Increase in stocks (362,879 ) (365,591 )
Decrease/(increase) in trade and other debtors 430,171 (251,880 )
Decrease in trade and other creditors (126,642 ) (483,422 )
Cash generated from operations 3,640,855 3,614,352

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2023
30/6/23 1/7/22
£    £   
Cash and cash equivalents 3,014,536 2,114,843
Year ended 30 June 2022
30/6/22 1/7/21
£    £   
Cash and cash equivalents 2,114,843 1,382,916


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/7/22 Cash flow At 30/6/23
£    £    £   
Net cash
Cash at bank and in hand 2,114,843 899,693 3,014,536
2,114,843 899,693 3,014,536
Debt
Finance leases (747,022 ) 223,265 (523,757 )
Debts falling due within 1 year (186,782 ) (43,676 ) (230,458 )
Debts falling due after 1 year (3,200,447 ) 228,306 (2,972,141 )
(4,134,251 ) 407,895 (3,726,356 )
Total (2,019,408 ) 1,307,588 (711,820 )

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

Cornwall Group 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 General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised for the sale of goods when the entity has transferred the significant risks and rewards of ownership, it is probable that the economic benefit will flow to the entity and the revenue and associated costs can be reliably measured.

When the outcome of a contract can be measured reliably, the entity will recognise both income and costs by reference to the percentage of completion of the contract. If the outcome cannot be reliably measured, all costs are expensed and revenue is only recognised to the extent that it is probable that costs are recoverable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.


Buildings Freehold - 2% on cost less residual value
Leasehold- Amortised over the lease term

Plant and machinery etc- 8% - 33% on cost

Stocks
Stock and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income statement, 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.


CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Warranty provisions
Provisions in respect of warranty claims are made in accordance with FRS 102, in order to cover the likely costs of future claims, calculated by reference to historic experience and the duration of the warranty period.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 7,229,222 6,691,336
Social security costs 653,385 591,030
Other pension costs 536,334 525,129
8,418,941 7,807,495

The average number of employees during the year was as follows:
2023 2022

Management 19 19
Staff 252 248
271 267

2023 2022
£    £   
Directors' remuneration 140,642 100,492
Directors' pension contributions to money purchase schemes 7,395 4,546

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

3. EMPLOYEES AND DIRECTORS - continued

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 2

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 71,273 66,673
Other operating leases 128,874 206,361
Depreciation - owned assets 341,576 302,317
Depreciation - assets on hire purchase contracts 237,246 234,719
Profit on disposal of fixed assets (14,263 ) (5,110 )
Auditors' remuneration 39,439 37,635

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Loan interest 116,031 99,538
Hire purchase interest 12,750 29,616
128,781 129,154

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 497,846 660,516

Deferred tax 118,015 99,092
Tax on profit 615,861 759,608

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 2,970,054 4,003,240
Profit multiplied by the standard rate of corporation tax in the UK of
20.500 % (2022 - 19 %)

608,861

760,616

Effects of:
Expenses not deductible for tax purposes 4,844 125
Capital allowances in excess of depreciation (49,687 ) (109,771 )
Adjustments to tax charge in respect of previous periods (5,553 ) -
Deferred tax 118,015 99,092
Depreciation in excess of capital allowances (60,619 ) 9,546
Total tax charge 615,861 759,608

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Revaluation of freehold property 337,566 (63,750 ) 273,816

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income statement of the parent company is not presented as part of these financial statements.


CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

8. TANGIBLE FIXED ASSETS

Group
Freehold Leasehold Plant and
property property machinery
£    £    £   
COST OR VALUATION
At 1 July 2022 4,710,342 252,166 6,976,151
Additions 92,671 - 611,381
Disposals - (22,256 ) (2,320 )
Revaluations 255,000 - -
At 30 June 2023 5,058,013 229,910 7,585,212
DEPRECIATION
At 1 July 2022 60,154 146,057 5,051,884
Charge for year 22,413 11,958 395,762
Eliminated on disposal - (22,256 ) (2,320 )
Revaluation adjustments (82,567 ) - -
At 30 June 2023 - 135,759 5,445,326
NET BOOK VALUE
At 30 June 2023 5,058,013 94,151 2,139,886
At 30 June 2022 4,650,188 106,109 1,924,267

Fixtures
and Motor Office
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 July 2022 230,157 1,250,177 671,148 14,090,141
Additions - 121,140 66,599 891,791
Disposals - (75,072 ) (1,690 ) (101,338 )
Revaluations - - - 255,000
At 30 June 2023 230,157 1,296,245 736,057 15,135,594
DEPRECIATION
At 1 July 2022 191,415 821,224 522,727 6,793,461
Charge for year 7,834 106,426 34,429 578,822
Eliminated on disposal - (69,333 ) (169 ) (94,078 )
Revaluation adjustments - - - (82,567 )
At 30 June 2023 199,249 858,317 556,987 7,195,638
NET BOOK VALUE
At 30 June 2023 30,908 437,928 179,070 7,939,956
At 30 June 2022 38,742 428,953 148,421 7,296,680

Included in cost or valuation of land and buildings is freehold land of £480,000 (2022 - £470,000) which is not depreciated.

Freehold property having a carrying value of £5,058,013 (2022: £4,650,188) has been pledged as security to the bank.

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

8. TANGIBLE FIXED ASSETS - continued

Group

Cost or valuation at 30 June 2023 is represented by:

Freehold Leasehold Plant and
property property machinery
£    £    £   
Valuation in 2020 418,041 - -
Valuation in 2022 255,000 - -
Cost 4,384,972 229,910 7,585,212
5,058,013 229,910 7,585,212

Fixtures
and Motor Office
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2020 - - - 418,041
Valuation in 2022 - - - 255,000
Cost 230,157 1,296,245 736,057 14,462,553
230,157 1,296,245 736,057 15,135,594

If freehold property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 4,384,972 4,292,301
Aggregate depreciation 237,850 222,063

Value of land in freehold land and buildings 438,333 428,333

Freehold property was valued on an open market basis on 30 June 2023 by the directors .

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

8. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST OR VALUATION
At 1 July 2022 2,752,282 255,971 3,008,253
Transfer to ownership (266,949 ) - (266,949 )
At 30 June 2023 2,485,333 255,971 2,741,304
DEPRECIATION
At 1 July 2022 1,703,732 91,699 1,795,431
Charge for year 208,045 29,201 237,246
Transfer to ownership (203,059 ) - (203,059 )
At 30 June 2023 1,708,718 120,900 1,829,618
NET BOOK VALUE
At 30 June 2023 776,615 135,071 911,686
At 30 June 2022 1,048,550 164,272 1,212,822

Company
Fixtures
Freehold Leasehold and
property property fittings
£    £    £   
COST OR VALUATION
At 1 July 2022 4,710,342 16,784 23,054
Additions 92,671 - -
Revaluations 255,000 - -
At 30 June 2023 5,058,013 16,784 23,054
DEPRECIATION
At 1 July 2022 60,154 15,321 19,127
Charge for year 22,413 35 861
Revaluation adjustments (82,567 ) - -
At 30 June 2023 - 15,356 19,988
NET BOOK VALUE
At 30 June 2023 5,058,013 1,428 3,066
At 30 June 2022 4,650,188 1,463 3,927

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

8. TANGIBLE FIXED ASSETS - continued

Company

Motor Office
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 July 2022 21,496 468,633 5,240,309
Additions - 52,050 144,721
Revaluations - - 255,000
At 30 June 2023 21,496 520,683 5,640,030
DEPRECIATION
At 1 July 2022 2,000 342,365 438,967
Charge for year 2,333 25,392 51,034
Revaluation adjustments - - (82,567 )
At 30 June 2023 4,333 367,757 407,434
NET BOOK VALUE
At 30 June 2023 17,163 152,926 5,232,596
At 30 June 2022 19,496 126,268 4,801,342

Included in cost or valuation of land and buildings is freehold land of £ 480,000 (2022 - £ 470,000 ) which is not depreciated.

Freehold property having a carrying value of £5,058,013 (2022: £4,650,188) has been pledged as security to the bank.

Cost or valuation at 30 June 2023 is represented by:

Fixtures
Freehold Leasehold and
property property fittings
£    £    £   
Valuation in 2020 418,041 - -
Valuation in 2023 255,000 - -
Cost 4,384,972 16,784 23,054
5,058,013 16,784 23,054

Motor Office
vehicles equipment Totals
£    £    £   
Valuation in 2020 - - 418,041
Valuation in 2023 - - 255,000
Cost 21,496 520,683 4,966,989
21,496 520,683 5,640,030

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

8. TANGIBLE FIXED ASSETS - continued

Company

If freehold property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 4,384,972 4,292,301
Aggregate depreciation 237,850 222,063

Value of land in freehold land and buildings 438,333 428,333

Freehold property was valued on an open market basis on 30 June 2023 by the directors .

9. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 July 2022
and 30 June 2023 251,100
NET BOOK VALUE
At 30 June 2023 251,100
At 30 June 2022 251,100

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Mackenzie Glass Limited
Registered office: Old Mansion House, 9 Quay Street, Truro, Cornwall, England, TR1 2HE
Nature of business: Glass merchants
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 3,113,732 1,899,520
Profit for the year 1,214,212 1,443,838

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

9. FIXED ASSET INVESTMENTS - continued

Cornwall Glass (Manufacturing) Limited
Registered office: Old Mansion House, 9 Quay Street, Truro, Cornwall, England, TR1 2HE
Nature of business: Glass manufacturing services
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 2,330,713 1,568,244
Profit for the year 762,469 1,155,242

Cornwall Glass & Glazing Limited
Registered office: Old Mansion House, 9 Quay Street, Truro, Cornwall, England, TR1 2HE
Nature of business: Glass retailers
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 1,179,160 777,385
Profit for the year 401,775 532,517

Annie & Maude Limited
Registered office: Old Mansion House, 9 Quay Street, Truro, Cornwall, England, TR1 2HE
Nature of business: Retail sale of homeware
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves (173,387 ) (86,193 )
Loss for the year (87,194 ) (102,078 )


10. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 July 2022 1,048,599
Additions 510,975
At 30 June 2023 1,559,574
NET BOOK VALUE
At 30 June 2023 1,559,574
At 30 June 2022 1,048,599

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

10. INVESTMENT PROPERTY - continued

Company
Total
£   
FAIR VALUE
At 1 July 2022 1,048,599
Additions 510,975
At 30 June 2023 1,559,574
NET BOOK VALUE
At 30 June 2023 1,559,574
At 30 June 2022 1,048,599

11. STOCKS

Group
2023 2022
£    £   
Stocks 1,797,415 1,434,536

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 2,999,922 3,432,674 27,549 16,288
Amounts owed by group undertakings - - 356,879 334,164
Amounts recoverable on contracts 147,061 139,264 - -
Directors' current accounts 600,767 601,877 600,834 602,375
Directors' loan accounts 4,081 7,406 - -
Corporation tax 195,860 195,860 195,860 195,860
Other debtors 549,556 247,098 90,666 25,070
Proceeds of factored debts 41,189 134,309 - -
4,538,436 4,758,488 1,271,788 1,173,757

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 15) 230,458 186,782 230,458 186,782
Hire purchase contracts (see note 16) 186,189 221,139 - -
Trade creditors 2,451,908 2,522,936 133,564 124,605
Amounts owed to group undertakings - - 1,003,287 124,140
Corporation tax 261,909 378,807 1,471 5,167
Social security and other taxes 162,500 169,360 15,132 13,797
VAT 464,950 539,317 56,507 31,748
Other creditors 85,203 167,052 78,391 158,471
Directors' current accounts 4,381 2,760 - -
Accruals and deferred income 892,181 704,966 38,364 39,722
Deferred government grants 6,502 9,753 6,502 9,753
4,746,181 4,902,872 1,563,676 694,185

The company has entered into a confidential invoice discounting facility. At the year end the balance notified to the bank was £2,668,987 (2022: £3,076,545).

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 15) 2,972,141 3,200,447 2,972,141 3,200,447
Hire purchase contracts (see note 16) 337,568 525,883 - -
Other creditors 85,000 155,000 85,000 155,000
Deferred government grants - 6,502 - 6,502
3,394,709 3,887,832 3,057,141 3,361,949

Government grants included in creditors include grants for capital equipment. Capital grants are being released to the profit and loss account over the expected useful economic life of the related assets.

15. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 230,458 186,782 230,458 186,782
Amounts falling due between two and five years:
Bank loans 2,972,141 3,200,447 2,972,141 3,200,447

The main bank loan carries a fixed interest rate of 3.333% per annum for 10 years with capital interest paid quarterly over a 20 year amortisation profile.

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 186,189 221,139
Between one and five years 335,175 518,879
In more than five years 2,393 7,004
523,757 747,022

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 350,952 436,098
Between one and five years 1,207,560 658,210
In more than five years 391,788 240,000
1,950,300 1,334,308

Operating lease commitments relate to a number of the group's properties and vehicles. No amounts are given for properties occupied under a tenancy at will. In accordance with FRS 102, the figures are the total amounts committed to be paid over the entire lease agreements.

Company
Non-cancellable operating leases
2023 2022
£    £   
Within one year - 19,200

Operating lease commitments relate to a leased property. In accordance with FRS 102, the figures above are the total amounts committed to be paid over the entire lease agreement.

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

17. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans 3,202,599 3,387,229 3,202,599 3,387,229
Hire purchase contracts 523,757 747,022 - -
Company credit card 4,257 - 750 -
3,730,613 4,134,251 3,203,349 3,387,229

Bank loans, factoring proceeds and overdraft facilities are secured by way of a fixed and floating charge over various properties and other assets of the group.

Liabilities under hire purchase contracts are secured on the assets to which they relate.

18. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax
Accelerated capital allowances 574,475 482,136 - 31,074
Other timing differences 63,750 - - -
Balance brought forward - (25,676 ) 188,780 85,776
638,225 456,460 188,780 116,850
Other provisions
Warranty provision 323,958 287,147 - -

Aggregate amounts 962,183 743,607 188,780 116,850

Group
Deferred Other
tax provisions
£    £   
Balance at 1 July 2022 456,460 287,147
Charge to Income statement during year - 36,811
Accelerated capital allowances 118,015 -
Deferred tax on revaluation 63,750 -
Balance at 30 June 2023 638,225 323,958

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

18. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 1 July 2022 116,850
Accelerated capital allowances 8,180
Deferred tax on revaluation 63,750
Balance at 30 June 2023 188,780

The group provides warranties of between 5 and 10 years on certain products. The warranty provision is based on the historical experience of warranty claims and the number of units under warranty. The calculation is updated annually on a rolling basis.

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:


Number:


Class:

Nominal
value:


2023


2022
£    £   
2,000 'A' Ordinary £1.00 2,000 2,000
2 'C' Ordinary £0.50 1 1
2 'D' Ordinary £0.50 1 1
2,002 2,002

20. RESERVES

Group
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 July 2022 6,577,129 538,703 1,001 7,116,833
Profit for the year 2,354,193 2,354,193
Revaluation of tangible fixed
assets - 337,566 - 337,566
Deferred tax on revaluation
of tangible fixed assets - (63,750 ) - (63,750 )
At 30 June 2023 8,931,322 812,519 1,001 9,744,842

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

20. RESERVES - continued

Company
Revaluation
reserve
£   
At 1 July 2022 538,703
Revaluation of tangible fixed
assets 337,566
Deferred tax on revaluation
of tangible fixed assets (63,750 )

At 30 June 2023 812,519


21. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. Contributions charged to the profit and loss account during the year amounted to £536,335 (2022: £525,129). There were no outstanding contributions at the year end.

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2023 and 30 June 2022:

2023 2022
£    £   
A J Herdman
Balance outstanding at start of year - 3,250
Amounts repaid - (3,250 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

M J Mitchell
Balance outstanding at start of year 601,877 592,020
Amounts advanced - 9,857
Amounts repaid (1,110 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 600,767 601,877

23. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

CORNWALL GROUP LIMITED (REGISTERED NUMBER: 03560161)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

23. RELATED PARTY DISCLOSURES - continued

During the year the group rented various premises from a number of the group's directors, the pension scheme of these individuals, and a trust in which one of the directors and his spouse are trustees at combined rents of £267,983 (2022: £279,083).

A net amount of £300 (2022: £564) is outstanding in respect of loans made to the group by directors of subsidiary companies.

Certain property owned by directors have been provided as security to the bank.

The group considers its own directors and those of the subsidiary companies, comprising of twelve (2022: twelve) individuals to be the key management personnel and their combined remuneration including pension contributions is £782,818 (2022: £614,562).

24. ULTIMATE CONTROLLING PARTY

The group is controlled by M J Mitchell who, together with his spouse controls 100% of the issued share capital.