Registered number
08350514
CORWINS LIMITED
Filleted Accounts
31 March 2023
CORWINS LIMITED
Registered number: 08350514
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Investment property 4 1,109,432 1,446,705
Current assets
Cash at bank and in hand 462,054 142,244
Creditors: amounts falling due within one year 5 (705,842) (936,497)
Net current liabilities (243,788) (794,253)
Net assets 865,644 652,452
Capital and reserves
Called up share capital 100 100
Profit and loss account 865,544 652,352
Shareholders' funds 865,644 652,452
The director is 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 director acknowledges his 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.
S Changela
Director
Approved by the board on 27 October 2023
CORWINS LIMITED
Notes to the Accounts
for the year ended 31 March 2023
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).
Rental income
Rental income represents rent receivable, excluding value-added tax.
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:
Plant and machinery 25% straight line
Investment property
Investment properties are included at fair values. Any surplus or deficit is dealt with through profit and loss. No depreciation is provided in respect of investment properties.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 3,410
At 31 March 2023 3,410
Depreciation
At 1 April 2022 3,410
At 31 March 2023 3,410
Net book value
At 31 March 2023 -
4 Investment property
Other
investments
£
Fair value
At 1 April 2022 1,446,705
Disposals (337,273)
At 31 March 2023 1,109,432
Above fair value was estimated by company directors at 31 March 2023
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 2,475 1,950
Taxation and social security 45,467 26,647
Directors and family loans 657,900 907,900
705,842 936,497
6 Other information
CORWINS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
14 Greenhill
Wembley Park
Middlesex
HA9 9HF
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