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REGISTERED NUMBER: 08458702 (England and Wales)















Cornerstone Finance Group Ltd

Unaudited Financial Statements

for the Year Ended 31 December 2023






Cornerstone Finance Group Ltd (Registered number: 08458702)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Cornerstone Finance Group Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J L Jones
G T Morgan
M I Wayman





REGISTERED OFFICE: Unit E Copse Walk
Pontprennau
Cardiff
CF23 8RB





REGISTERED NUMBER: 08458702 (England and Wales)





ACCOUNTANTS: Griffiths Green Arnold
Accountants & Business Advisors
11 New Street
Pontnewydd
Cwmbran
NP44 1EE

Cornerstone Finance Group Ltd (Registered number: 08458702)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 9,838 13,320

CURRENT ASSETS
Debtors 5 528,353 148,028
Cash at bank 68,461 111
596,814 148,139
CREDITORS
Amounts falling due within one year 6 445,205 314,576
NET CURRENT ASSETS/(LIABILITIES) 151,609 (166,437 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

161,447

(153,117

)

CREDITORS
Amounts falling due after more than one year 7 41,576 457,754
NET ASSETS/(LIABILITIES) 119,871 (610,871 )

CAPITAL AND RESERVES
Called up share capital 944,831 444,179
Retained earnings (824,960 ) (1,055,050 )
119,871 (610,871 )

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

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

The directors acknowledge their 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.

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 7 March 2024 and were signed on its behalf by:





J L Jones - Director


Cornerstone Finance Group Ltd (Registered number: 08458702)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Cornerstone Finance Group Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The financial statements have been prepared on a going concern basis. The directors have considered the assets and liabilities of the company and are of the opinion that the company will continue to meet its liabilities as they fall due, with the financial support of the directors. The directors are satisfied that the company is a going concern.

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.

Turnover
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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost

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.

Hire purchase and leasing commitments
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.

Cornerstone Finance Group Ltd (Registered number: 08458702)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2022 - 16 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 January 2023 64,607
Additions 4,906
At 31 December 2023 69,513
DEPRECIATION
At 1 January 2023 51,287
Charge for year 8,388
At 31 December 2023 59,675
NET BOOK VALUE
At 31 December 2023 9,838
At 31 December 2022 13,320

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 14,293 15,178
Other debtors 514,060 132,850
528,353 148,028

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 29,106 39,234
Trade creditors 164,693 235,231
Taxation and social security 34,008 16,057
Other creditors 217,398 24,054
445,205 314,576

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 41,576 82,121
Other creditors - 375,633
41,576 457,754