Company No:
Contents
Note | 30.11.2023 | 31.05.2022 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
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0 | 1,195,316 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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290,827 | 14,219 | |||
Creditors: amounts falling due within one year | 5 | (
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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 |
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Net assets/(liabilities) |
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Capital and reserves | ||||
Called-up share capital | 7 |
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Profit and loss account |
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Total shareholders' funds/(deficit) |
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Directors' responsibilities:
The financial statements of Corngabbie Limited (registered number:
D Yorke
Director |
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.
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 £.
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.
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.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise.
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.
The fair value is determined annually by the directors, on an open market value for existing use basis.
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.
Period from 01.06.2022 to 30.11.2023 |
Year ended 31.05.2022 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the period, including directors |
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Investment property | |
£ | |
Valuation | |
As at 01 June 2022 |
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Disposals | (1,195,316) |
As at 30 November 2023 |
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30.11.2023 | 31.05.2022 | ||
£ | £ | ||
Other debtors |
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30.11.2023 | 31.05.2022 | ||
£ | £ | ||
Taxation and social security |
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Other creditors |
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30.11.2023 | 31.05.2022 | ||
£ | £ | ||
Other creditors |
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30.11.2023 | 31.05.2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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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).