Company Registration No. 10275250 (England and Wales)
CORNERSTONE CAPITAL LIMITED
Unaudited accounts
for the year ended 30 June 2023
CORNERSTONE CAPITAL LIMITED
Unaudited accounts
Contents
CORNERSTONE CAPITAL LIMITED
Company Information
for the year ended 30 June 2023
Directors
Mr Charles Simon Eric Romilly
Mr Timothy Andrew Wilkinson
Company Number
10275250 (England and Wales)
Registered Office
11 Old Jewry
7th Floor (North)
London
EC2R 8DU
Accountants
Yulia Tarasenka
7 Hever Croft
London
SE9 3HA
CORNERSTONE CAPITAL LIMITED
Statement of financial position
as at 30 June 2023
Cash at bank and in hand
305,287
370,864
Creditors: amounts falling due within one year
(11,483)
(11,771)
Net current assets
366,416
425,306
Net assets
367,409
427,200
Called up share capital
110
100
Profit and loss account
367,299
427,100
Shareholders' funds
367,409
427,200
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 8 February 2024 and were signed on its behalf by
Mr Timothy Andrew Wilkinson
Director
Company Registration No. 10275250
CORNERSTONE CAPITAL LIMITED
Notes to the Accounts
for the year ended 30 June 2023
CORNERSTONE CAPITAL LIMITED is a private company, limited by shares, registered in England and Wales, registration number 10275250. The registered office is 11 Old Jewry, 7th Floor (North), London, EC2R 8DU.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
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 accounts. 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.
Unrelieved tax losses and other deferred tax assets are recognised only to the extend that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax assets and liabilities are not discounted.
Government grants in relation to expenditure are credited to profit and loss account when the expenditure is charged to profit and loss.
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
CORNERSTONE CAPITAL LIMITED
Notes to the Accounts
for the year ended 30 June 2023
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Investments in ordinary shares or preference shares of other entities, which are not subsidiaries, are measured at fair value, unless fair value cannot be measured reliably.
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Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 July 2022
441
9,800
10,241
At 30 June 2023
441
9,800
10,241
At 1 July 2022
441
7,923
8,364
Charge for the year
-
901
901
At 30 June 2023
441
8,824
9,265
At 30 June 2022
-
1,877
1,877
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Investments
Other investments
Valuation at 1 July 2022
17
Valuation at 30 June 2023
17
Amounts falling due within one year
Deferred tax asset
17,466
10,941
Accrued income and prepayments
6,779
13,280
Other debtors
43,635
35,992
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Creditors: amounts falling due within one year
2023
2022
Trade creditors
8,381
2,040
Other creditors
1,826
2,239
Loans from directors
-
6,322
CORNERSTONE CAPITAL LIMITED
Notes to the Accounts
for the year ended 30 June 2023
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Deferred taxation
2023
2022
Accelerated capital allowances
185
356
Tax losses carried forward
(17,651)
(11,297)
Provision at start of year
(10,941)
313
Credited to the profit and loss account
(6,525)
(11,254)
Provision at end of year
(17,466)
(10,941)
Deferred tax assets (DTAs) have been provided at 19% on the unused tax losses carry-forwards.
These DTAs can be used to offset taxable income in future periods and reduce our income taxes payable in those future periods. At this time, we consider it more likely than not that we will have sufficient taxable income in the future that will allow us to realise these DTAs. However, it is possible that some or all of these carry-forwards could ultimately expire unused.
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Directors' Loan Account
25,444
5,582
475
30,551
During the year the company made interest free advances to a Director repayable on demand. The amount has been included under Other debtors.
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Transactions with related parties
As at 30 June 2023, a close member of the key management personnel, who is also a full time employee of the company, owed £9,928 (2022 - £9,928) to the company. The loan is interest free and repayable on demand. The amount has been included under Other debtors.
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Average number of employees
During the year the average number of employees was 4 (2022: 4).