Company registration number:
09553909
Corner Flag Property Solutions Limited
Trading as
Corner Flag Property Solutions Limited
Unaudited filleted financial statements
30 June 2023
CORNER FLAG PROPERTY SOLUTIONS LIMITED
STATEMENT OF FINANCIAL POSITION
30 JUNE 2023
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2023 |
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2022 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Tangible assets |
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5 |
722,249 |
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722,462 |
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_______ |
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_______ |
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722,249 |
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722,462 |
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Current assets |
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Debtors |
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6 |
3,575 |
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3,145 |
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Cash at bank and in hand |
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16,799 |
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3,205 |
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_______ |
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_______ |
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20,374 |
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6,350 |
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Creditors: amounts falling due |
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within one year |
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7 |
(
111,190) |
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(
105,144) |
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_______ |
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_______ |
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Net current liabilities |
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(
90,816) |
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(
98,794) |
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_______ |
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_______ |
Total assets less current liabilities |
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631,433 |
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623,668 |
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Creditors: amounts falling due |
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after more than one year |
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8 |
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(
601,639) |
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(
619,637) |
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_______ |
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_______ |
Net assets |
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29,794 |
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4,031 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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100 |
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100 |
Profit and loss account |
|
9 |
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29,694 |
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3,931 |
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_______ |
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_______ |
Shareholders funds |
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29,794 |
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4,031 |
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_______ |
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_______ |
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For the year ending 30 June 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
28 November 2023
, and are signed on behalf of the board by:
Mr P D Stapleton
Director
Company registration number:
09553909
CORNER FLAG PROPERTY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 3A, Lynher House, Bush Park, Plymouth, Pl6 7RG.
Principal activity
The principal activity of the company is to provide specialist housing to those with disabilities.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
4
(2022:
4
).
5.
Tangible assets
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Freehold property |
Fixtures, fittings and equipment |
Total |
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£ |
£ |
£ |
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Cost |
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At 1 July 2022 |
718,442 |
8,006 |
726,448 |
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Additions |
- |
459 |
459 |
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_______ |
_______ |
_______ |
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At 30 June 2023 |
718,442 |
8,465 |
726,907 |
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_______ |
_______ |
_______ |
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Depreciation |
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At 1 July 2022 |
- |
3,986 |
3,986 |
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Charge for the year |
- |
672 |
672 |
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_______ |
_______ |
_______ |
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At 30 June 2023 |
- |
4,658 |
4,658 |
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_______ |
_______ |
_______ |
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Carrying amount |
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At 30 June 2023 |
718,442 |
3,807 |
722,249 |
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_______ |
_______ |
_______ |
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At 30 June 2022 |
718,442 |
4,020 |
722,462 |
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_______ |
_______ |
_______ |
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6.
Debtors
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2023 |
2022 |
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£ |
£ |
|
Other debtors |
|
3,575 |
3,145 |
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_______ |
_______ |
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7.
Creditors: amounts falling due within one year
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|
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2023 |
2022 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
2,000 |
2,000 |
|
Accruals and deferred income |
|
3,137 |
2,914 |
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Social security and other taxes |
|
6,053 |
230 |
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Other creditors |
|
100,000 |
100,000 |
|
|
|
_______ |
_______ |
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111,190 |
105,144 |
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_______ |
_______ |
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8.
Creditors: amounts falling due after more than one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
601,639 |
619,637 |
|
|
|
_______ |
_______ |
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|
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9.
Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
10.
Directors advances, credits and guarantees
|
|
Balance brought forward and o/standing |
Balance brought forward and o/standing |
|
|
2023 |
2022 |
|
|
£ |
£ |
|
Director |
100,000
|
100,000
|
|
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_______ |
_______ |
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