Registered number
07536698
CORNICES CENTRE LIMITED
Filleted Accounts
28 February 2023
CORNICES CENTRE LIMITED
Registered number: 07536698
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 75,232 85,341
Current assets
Stocks 7,746 13,019
Debtors 4 149,291 149,352
Cash at bank and in hand 358,174 344,746
515,211 507,117
Creditors: amounts falling due within one year 5 (271,922) (248,019)
Net current assets 243,289 259,098
Net assets 318,521 344,439
Capital and reserves
Called up share capital 3 3
Profit and loss account 318,518 344,436
Shareholders' funds 318,521 344,439
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.
Mr Z A SLEDZIEWSKI
Director
Approved by the board on 16 November 2023
CORNICES CENTRE LIMITED
Notes to the Accounts
for the year ended 28 February 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).
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 25% reduced balance
Fixtures, fittings, tools and equipment over 25% reduced balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
2 Employees 2023 2022
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 March 2022 148,210 96,117 244,327
Additions 12,693 - 12,693
At 28 February 2023 160,903 96,117 257,020
Depreciation
At 1 March 2022 98,062 60,924 158,986
Charge for the year 14,004 8,798 22,802
At 28 February 2023 112,066 69,722 181,788
Net book value
At 28 February 2023 48,837 26,395 75,232
At 28 February 2022 50,148 35,193 85,341
4 Debtors 2023 2022
£ £
Trade debtors 74,291 94,352
Other debtors 75,000 55,000
149,291 149,352
Amounts due after more than one year included above 75,000 55,000
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 1,352 13,804
Taxation and social security costs 74,503 64,926
Other creditors 196,067 169,289
271,922 248,019
6 Other information
CORNICES CENTRE LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Unit J
Field Way
Greenford
Middlesex
UB6 8UN
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