Silverfin false false 30/11/2023 01/06/2022 30/11/2023 J P Moss 01/03/2017 D Yorke 09/05/2014 04 March 2024 The principal activity of the Company during the financial year was that of property investment. 09032213 2023-11-30 09032213 bus:Director1 2023-11-30 09032213 bus:Director2 2023-11-30 09032213 2022-05-31 09032213 core:CurrentFinancialInstruments 2023-11-30 09032213 core:CurrentFinancialInstruments 2022-05-31 09032213 core:Non-currentFinancialInstruments 2023-11-30 09032213 core:Non-currentFinancialInstruments 2022-05-31 09032213 core:ShareCapital 2023-11-30 09032213 core:ShareCapital 2022-05-31 09032213 core:RetainedEarningsAccumulatedLosses 2023-11-30 09032213 core:RetainedEarningsAccumulatedLosses 2022-05-31 09032213 bus:OrdinaryShareClass1 2023-11-30 09032213 2022-06-01 2023-11-30 09032213 bus:FilletedAccounts 2022-06-01 2023-11-30 09032213 bus:SmallEntities 2022-06-01 2023-11-30 09032213 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-11-30 09032213 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-11-30 09032213 bus:Director1 2022-06-01 2023-11-30 09032213 bus:Director2 2022-06-01 2023-11-30 09032213 2021-06-01 2022-05-31 09032213 bus:OrdinaryShareClass1 2022-06-01 2023-11-30 09032213 bus:OrdinaryShareClass1 2021-06-01 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 09032213 (England and Wales)

CORNGABBIE LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD FROM 01 JUNE 2022 TO 30 NOVEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

CORNGABBIE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 JUNE 2022 TO 30 NOVEMBER 2023

Contents

CORNGABBIE LIMITED

BALANCE SHEET

AS AT 30 NOVEMBER 2023
CORNGABBIE LIMITED

BALANCE SHEET (continued)

AS AT 30 NOVEMBER 2023
Note 30.11.2023 31.05.2022
£ £
Fixed assets
Investment property 3 0 1,195,316
0 1,195,316
Current assets
Debtors 4 200,000 4,972
Cash at bank and in hand 90,827 9,247
290,827 14,219
Creditors: amounts falling due within one year 5 ( 26,768) ( 1,824)
Net current assets 264,059 12,395
Total assets less current liabilities 264,059 1,207,711
Creditors: amounts falling due after more than one year 6 0 ( 1,250,498)
Net assets/(liabilities) 264,059 ( 42,787)
Capital and reserves
Called-up share capital 7 2 2
Profit and loss account 264,057 ( 42,789 )
Total shareholders' funds/(deficit) 264,059 ( 42,787)

For the financial period ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Corngabbie Limited (registered number: 09032213) were approved and authorised for issue by the Board of Directors on 04 March 2024. They were signed on its behalf by:

D Yorke
Director
CORNGABBIE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 JUNE 2022 TO 30 NOVEMBER 2023
CORNGABBIE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 JUNE 2022 TO 30 NOVEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Corngabbie Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Johnston Carmichael Llp Birchin Court, 20 Birchin Lane, London, EC3V 9DU, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

As a result of the sale of the property, the Company has ceased activity and accordingly, the financial statements have been prepared on a basis other than going concern.

The Directors intend to liquidate the company in due course, once all remaining balances have been settled.

The Directors consider there to be no difference between the valuation on a going concern basis and valuation on liquidation.

Reporting period length

The year-end was extended from 31st May 2023 to 30th November 2023 due to the investment property sale on 27th September 2023. The current reporting period covers an 18 month period from 1st June 2022 to 30th November 2023. The comparison period was for 12 months to 31st May 2022 and therefore comparative financial statement amounts and related notes are not entirely comparable.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life.

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

2. Employees

Period from
01.06.2022 to
30.11.2023
Year ended
31.05.2022
Number Number
Monthly average number of persons employed by the Company during the period, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 June 2022 1,195,316
Disposals (1,195,316)
As at 30 November 2023 0

4. Debtors

30.11.2023 31.05.2022
£ £
Other debtors 200,000 4,972

5. Creditors: amounts falling due within one year

30.11.2023 31.05.2022
£ £
Taxation and social security 11,469 0
Other creditors 15,299 1,824
26,768 1,824

6. Creditors: amounts falling due after more than one year

30.11.2023 31.05.2022
£ £
Other creditors 0 1,250,498

7. Called-up share capital

30.11.2023 31.05.2022
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

8. Related party transactions

Transactions with owners holding a participating interest in the entity

30.11.2023 31.05.2022
£ £
Amounts owed (from) / to other related parties (200,000) 1,206,900

Transactions with the entity's directors

30.11.2023 31.05.2022
£ £
Amounts owed to key management personnel 0 43,598

During the year key management personnel introduced funds of £12,217 (2022: £12,732) and withdrew funds of £55,815 (2022: £6,632).