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REGISTERED NUMBER: 05132353 (England and Wales)
















Unaudited Financial Statements for the Year Ended 31 May 2023

for


CORNERSTONE PROJECTS LIMITED


CORNERSTONE PROJECTS LIMITED (REGISTERED NUMBER: 05132353)








Contents of the Financial Statements

for the Year Ended 31 May 2023





Page




Company Information  

1




Balance Sheet  

2




Notes to the Financial Statements  

4





CORNERSTONE PROJECTS LIMITED



Company Information

for the Year Ended 31 May 2023









DIRECTOR:

Mr D R Phillips







SECRETARY:

Mr D R Phillips







REGISTERED OFFICE:

91 Market Street


Hoylake


Wirral


Merseyside


CH47 5AA







REGISTERED NUMBER:

05132353 (England and Wales)







ACCOUNTANTS:

LBW Chartered Accountants


Enterprise House


The Courtyard


Old Courthouse Road


Bromborough


Merseyside


CH62 4UE


CORNERSTONE PROJECTS LIMITED (REGISTERED NUMBER: 05132353)



Balance Sheet

31 May 2023



31.5.23

31.5.22



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

4

183


244



Tangible assets

5

224,040


227,039



Investment property

6

1,147,420


1,147,420



1,371,643


1,374,703




CURRENT ASSETS

Debtors

7

653,440


561,728



Cash at bank

846,509


588,147



1,499,949


1,149,875



CREDITORS

Amounts falling due within one year

8

285,543


288,740



NET CURRENT ASSETS

1,214,406


861,135



TOTAL ASSETS LESS CURRENT LIABILITIES

2,586,049


2,235,838




CREDITORS

Amounts falling due after more than one year

9

-


(42,344

)



PROVISIONS FOR LIABILITIES

(9,767

)

(7,998

)


NET ASSETS

2,576,282


2,185,496




CAPITAL AND RESERVES

Called up share capital

10

100


100



Fair value reserve

11

25,304


25,304



Retained earnings

11

2,550,878


2,160,092



SHAREHOLDERS' FUNDS

2,576,282


2,185,496




The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.  


The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.


CORNERSTONE PROJECTS LIMITED (REGISTERED NUMBER: 05132353)



Balance Sheet - continued

31 May 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 Statement of Income and Retained Earnings has not been delivered.  


The financial statements were approved by the director and authorised for issue on 23 February 2024 and were signed by:






Mr D R Phillips - Director



CORNERSTONE PROJECTS LIMITED (REGISTERED NUMBER: 05132353)



Notes to the Financial Statements

for the Year Ended 31 May 2023


1.

STATUTORY INFORMATION



Cornerstone Projects 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 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.


Goodwill


Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten years.  



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.


Patents and licences are being amortised evenly over their estimated useful life of ten years.



Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Freehold property

-

2% on cost


Plant and machinery

-

15% on reducing balance


Fixtures and fittings

-

15% on reducing balance


Office equipment

-

20% on reducing balance



Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.


Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


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.

CORNERSTONE PROJECTS LIMITED (REGISTERED NUMBER: 05132353)



Notes to the Financial Statements - continued

for the Year Ended 31 May 2023


3.

EMPLOYEES AND DIRECTORS



The average number of employees during the year was 13 (2022 - 13 ) .


4.

INTANGIBLE FIXED ASSETS


Other



intangible



Goodwill


assets


Totals

£   

£   

£   



COST


At 1 June 2022


and 31 May 2023

110,000


610


110,610




AMORTISATION


At 1 June 2022

110,000


366


110,366




Charge for year

-


61


61




At 31 May 2023

110,000


427


110,427




NET BOOK VALUE


At 31 May 2023

-


183


183




At 31 May 2022

-


244


244




5.

TANGIBLE FIXED ASSETS


Plant and



Land and


machinery



buildings


etc


Totals

£   

£   

£   



COST


At 1 June 2022

212,553


93,037


305,590




Additions

-


11,034


11,034




At 31 May 2023

212,553


104,071


316,624




DEPRECIATION


At 1 June 2022

29,757


48,794


78,551




Charge for year

4,252


9,781


14,033




At 31 May 2023

34,009


58,575


92,584




NET BOOK VALUE


At 31 May 2023

178,544


45,496


224,040




At 31 May 2022

182,796


44,243


227,039




6.

INVESTMENT PROPERTY


Total

£   



FAIR VALUE


At 1 June 2022


and 31 May 2023

1,147,420




NET BOOK VALUE


At 31 May 2023

1,147,420




At 31 May 2022

1,147,420




CORNERSTONE PROJECTS LIMITED (REGISTERED NUMBER: 05132353)



Notes to the Financial Statements - continued

for the Year Ended 31 May 2023


6.

INVESTMENT PROPERTY - continued



Fair value at 31 May 2023 is represented by:

£   



Valuation in 2020

1,147,420




7.

DEBTORS


31.5.23


31.5.22

£   

£   



Amounts falling due within one year:


Trade debtors

376,095


284,899




Other debtors

12,345


11,829



388,440


296,728





Amounts falling due after more than one year:


Other debtors

265,000


265,000





Aggregate amounts

653,440


561,728




8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31.5.23


31.5.22

£   

£   



Bank loans and overdrafts

-


8,333




Trade creditors

17,697


30,531




Taxation and social security

252,771


233,913




Other creditors

15,075


15,963



285,543


288,740




9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR



31.5.23


31.5.22

£   

£   



Bank loans

-


40,278




Other creditors

-


2,066



-


42,344





Amounts falling due in more than five years:



Repayable by instalments


Bank loans more 5 yr by instal

-


6,945




10.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

31.5.23


31.5.22


value:

£   

£   



100

Ordinary

£1

100


100




CORNERSTONE PROJECTS LIMITED (REGISTERED NUMBER: 05132353)



Notes to the Financial Statements - continued

for the Year Ended 31 May 2023


11.

RESERVES


Fair



Retained


value



earnings


reserve


Totals

£   

£   

£   




At 1 June 2022

2,160,092


25,304


2,185,396




Profit for the year

660,786


660,786




Dividends

(270,000

)

(270,000

)



At 31 May 2023

2,550,878


25,304


2,576,182




12.

DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES


Included in other creditors is amount of £457 (2022 - £457) relating to Mr DR Phillips directors loan account.

13.

RELATED PARTY DISCLOSURES



During the year total dividends of £270,000 (2022 - £825,000) were paid to Sheer Horizon Ltd.



Included in other debtors is an amount of £110,000 (2022 - £110,000) which is owing from Sheer Horizon Ltd of which Mr DR Phillips is a shareholder.



Included in other debtors is an amount of £155,000 (2022- £155,000) which is owing from Wirral Coast Property Ltd of which Mr DR Phillips is a shareholder.


14.

ULTIMATE CONTROLLING PARTY



The Ultimate controlling party is the holding company Sheer Horizon Limited.