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REGISTERED NUMBER: 04157842 (England and Wales)












CORNELIUS DESIGN TO PRINT LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 JUNE 2023






CORNELIUS DESIGN TO PRINT LIMITED (REGISTERED NUMBER: 04157842)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CORNELIUS DESIGN TO PRINT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: D A Cornelius
J D Cornelius





REGISTERED OFFICE: Unit 22 Millers Avenue
Brynmenyn Industrial Estate
Brynmenyn
Bridgend
CF32 9TD





REGISTERED NUMBER: 04157842 (England and Wales)





AUDITORS: Bevan Buckland LLP
Chartered Accountants
And Statutory Auditors
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA

CORNELIUS DESIGN TO PRINT LIMITED (REGISTERED NUMBER: 04157842)

BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Property, plant and equipment 5 257,247 315,652
257,247 315,652

CURRENT ASSETS
Inventories 61,871 61,815
Debtors 6 466,009 468,869
Cash at bank and in hand 19,685 24,378
547,565 555,062
CREDITORS
Amounts falling due within one year 7 289,345 286,534
NET CURRENT ASSETS 258,220 268,528
TOTAL ASSETS LESS CURRENT
LIABILITIES

515,467

584,180

CREDITORS
Amounts falling due after more than one
year

8

(61,250

)

(139,709

)

PROVISIONS FOR LIABILITIES 10 (46,341 ) (57,103 )
NET ASSETS 407,876 387,368

CAPITAL AND RESERVES
Called up share capital 11 80 80
Capital redemption reserve 20 20
Retained earnings 407,776 387,268
SHAREHOLDERS' FUNDS 407,876 387,368

CORNELIUS DESIGN TO PRINT LIMITED (REGISTERED NUMBER: 04157842)

BALANCE SHEET - continued
30 JUNE 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 February 2024 and were signed on its behalf by:





J D Cornelius - Director


CORNELIUS DESIGN TO PRINT LIMITED (REGISTERED NUMBER: 04157842)

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

1. STATUTORY INFORMATION

Cornelius Design to Print 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 Company 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

On this basis the financial statements have been prepared on a going concern basis.

Related party exemption
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.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results in the future may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected.

Significant management judgements
The following are management judgements in applying the accounting policies of the company that have the most significant effect on the amounts recognised in the financial statements.

Useful lives of assets
Tangible fixed assets, other than investment properties, are depreciated over their useful economic lives based on various factors. The actual lives of the assets are re-assessed on a periodic basis and may vary depending on the standard of the asset.

Provisions and accruals
Management bases its judgements on the circumstances relating to each specific event and upon currently available information. However, given the inherent difficulties in the estimation of liabilities in these areas, it cannot be guaranteed that additional costs will not be incurred beyond the amounts accrued.

Turnover
Turnover, which excludes value added tax, represents the invoiced value of goods and services supplied and is recognised on despatch of goods to customers.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

CORNELIUS DESIGN TO PRINT LIMITED (REGISTERED NUMBER: 04157842)

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

2. ACCOUNTING POLICIES - continued

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.
Plant and Machinery - 33% reducing balance
Fixtures and fittings - 15% reducing balance
Motor vehicles - 25% reducing balance
Computer equipment - 15% reducing balance

Cost comprises the purchase price of the asset and expenditure directly attributable to the acquisition of the item.

A fixed asset is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the income statement.

Impairment of fixed assets
The company performs impairment testing where there are any indicators of impairment. Impairment is calculated as the difference between the carrying value and the recoverable value of the asset. Recoverable value is the higher of net realisable value and estimated value in use at the date the impairment loss is recognised. Value in use represents the present value of expected future discounted cash flows. If incurred, impairment is recognised immediately in the income statement.

Where an impairment loss subsequently reverses, the carrying value of the asset is increased to the revised estimate of the recoverable amount, but so that the increased carrying value does not exceed the carrying value that would have been determined if no impairment loss had been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately as a credit to the income statement.

Stocks
Stocks and work in progress are stated at the lower of cost and net realisable value. In general, cost is determined on a first in first out basis and includes all direct expenditure and production overheads based on the normal level of activity. Where necessary, provision is made for obsolescent, slow moving and defective stocks.

CORNELIUS DESIGN TO PRINT LIMITED (REGISTERED NUMBER: 04157842)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other receivables and payables, amounts due to and from related parties.

Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Debt instruments like loans and other receivables and payables are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying value and the present value of estimated cash flows discounted at the assets original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the group would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount recognised in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. At each reporting date non-financial assets not carried at fair value, such as property, plant and equipment are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less costs to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. 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.

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.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


CORNELIUS DESIGN TO PRINT LIMITED (REGISTERED NUMBER: 04157842)

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

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Debtors
Short term debtors are measured at transaction price, less any impairment.

The company has entered into a Sales Financing Agreement with Lloyds TSB Commercial Finance Ltd with recourse, for its trade debtors. In line with FRS 102, section 2, Concepts and Pervasive Principles, the company has reflected this by disclosing both the gross trade debtors and the corresponding liability to the finance company.

Creditors
Short term creditors are measured at the transaction price. Bank loans are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions for liabilities
Provisions are recognised when the company has a present obligation (legal or constructive) from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

Employee benefits
The company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans.

Short term benefits, including holiday pay and similar non-monetary benefits are recognised as an expense in the period in which the service is received.

Functional and presentation currency
The company's functional and presentational currency is pounds sterling.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2022 - 18 ) .

CORNELIUS DESIGN TO PRINT LIMITED (REGISTERED NUMBER: 04157842)

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

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 July 2022
and 30 June 2023 15,000
AMORTISATION
At 1 July 2022
and 30 June 2023 15,000
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 -

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Motor Computer
Machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 July 2022 866,830 85,187 55,335 1,060 1,008,412
Additions 29,000 25,043 - - 54,043
At 30 June 2023 895,830 110,230 55,335 1,060 1,062,455
DEPRECIATION
At 1 July 2022 591,546 72,127 28,027 1,060 692,760
Charge for year 101,314 4,307 6,827 - 112,448
At 30 June 2023 692,860 76,434 34,854 1,060 805,208
NET BOOK VALUE
At 30 June 2023 202,970 33,796 20,481 - 257,247
At 30 June 2022 275,284 13,060 27,308 - 315,652

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
Machinery
£   
COST
At 1 July 2022
and 30 June 2023 173,150
DEPRECIATION
At 1 July 2022 83,298
Charge for year 29,921
At 30 June 2023 113,219
NET BOOK VALUE
At 30 June 2023 59,931
At 30 June 2022 89,852

CORNELIUS DESIGN TO PRINT LIMITED (REGISTERED NUMBER: 04157842)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 266,690 362,511
Amounts owed by group undertakings 37,127 90,010
Other debtors 162,192 16,348
466,009 468,869

The company has entered into a Sales Financing Agreement with Lloyds TSB Commercial Finance Ltd with recourse, for its trade debtors. In line with FRS 102, section 2, Concepts and Pervasive Principles, the company has reflected this by disclosing both the gross trade debtors and the corresponding liability to the finance company.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 61,250 61,250
Hire purchase contracts 17,209 33,767
Trade creditors 91,878 94,664
Amounts owed to group undertakings 440 440
Taxation and social security 51,191 49,645
Other creditors 67,377 46,768
289,345 286,534

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 61,250 122,500
Hire purchase contracts - 17,209
61,250 139,709

The company previously received £245,000 through the Coronavrius Business Interruption Scheme. The loan is repayable by 48 equal installments which commenced in July 2021. The interest rate on the loan is Base Rate plus 1.83%.

CORNELIUS DESIGN TO PRINT LIMITED (REGISTERED NUMBER: 04157842)

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

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 122,500 183,750
Hire purchase contracts 17,209 50,976
Sales ledger financing - 849
Amounts to group undertakings 440 440
140,149 236,015

Bank Loans & Overdrafts

Lloyds TSB have a floating charge over all the property or undertaking of the company dated 26/06/20.

Lloyds have a cross group guarantee with a fixed charge dated 07/03/2022.

Sales Ledger Financing

An all assets debenture dated 08/12/2005 incorporating a fixed and floating charge.

Hire Purchase

Balances are secured on the assets to which they relate.

Amounts to group undertakings

Debenture in respect of all assets, meaning all undertaking, property and assets of the company whatsoever and wheresoever, present or future.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 46,341 57,103

Deferred
tax
£   
Balance at 1 July 2022 57,103
Credit to Income Statement during year (10,762 )
Balance at 30 June 2023 46,341

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
80 Ordinary 1 80 80

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Henry Lloyd Davies (Senior Statutory Auditor)
for and on behalf of Bevan Buckland LLP

13. ULTIMATE CONTROLLING PARTY

The director, Mr D A Cornelius, is the ultimate controlling party by virtue of his ownership of the majority of the issued share capital of Cornelius Holdings Limited.