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REGISTERED NUMBER: 07252152




Financial Statements for the Year Ended 31 July 2023

for


Corner Enterprises Limited



Corner Enterprises Limited (Registered number: 07252152)



Contents of the Financial Statements

for the Year Ended 31 July 2023











Page




Company Information  

1




Statement of Financial Position  

2




Notes to the Financial Statements  

4





Corner Enterprises Limited



Company Information

for the Year Ended 31 July 2023









DIRECTOR:

Mr S Jagatheepan







REGISTERED OFFICE:

Western Garage


172 Bristol Road


Bristol


Somerset


BS36 2AX







REGISTERED NUMBER:

07252152







ACCOUNTANTS:

BBK Partnership


Chartered Accountants


& Statutory Auditors


1 Beauchamp Court


10 Victors Way


Barnet


Hertfordshire


EN5 5TZ



Corner Enterprises Limited (Registered number: 07252152)



Statement of Financial Position

31 July 2023



31.7.23


31.7.22


Notes

£   

£   


FIXED ASSETS

Property, plant and equipment

4

1,657,061


1,648,521




CURRENT ASSETS

Inventories

5

43,871


37,315



Cash at bank and in hand

422,914


317,012



466,785


354,327



CREDITORS

Amounts falling due within one year

6

(663,315

)

(558,640

)


NET CURRENT LIABILITIES

(196,530

)

(204,313

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

1,460,531


1,444,208




CREDITORS

Amounts falling due after more than one

year

7

(455,749

)

(521,074

)



PROVISIONS FOR LIABILITIES

9

(68,810

)

(68,810

)


NET ASSETS

935,972


854,324




CAPITAL AND RESERVES

Called up share capital

10

1


1



Fair value reserve

11

275,239


275,239



Retained earnings

11

660,732


579,084



SHAREHOLDERS' FUNDS

935,972


854,324




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


The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.



Corner Enterprises Limited (Registered number: 07252152)



Statement of Financial Position - continued

31 July 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 Comprehensive Income has not been delivered.  


The financial statements were approved by the director and authorised for issue on 22 April 2024 and were signed by:






Mr S Jagatheepan - Director




Corner Enterprises Limited (Registered number: 07252152)



Notes to the Financial Statements

for the Year Ended 31 July 2023



1.

STATUTORY INFORMATION



Corner Enterprises Limited is a private company, limited by shares , registered in Not specified/Other. 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

Revenue 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.  



Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


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.

3.

EMPLOYEES AND DIRECTORS



The average number of employees during the year was 6 (2022 - 6 ) .


4.

PROPERTY, PLANT AND EQUIPMENT


Fixtures



Freehold


and



property


fittings


Totals

£   

£   

£   



COST OR VALUATION


At 1 August 2022

1,647,205


10,000


1,657,205




Additions

-


11,825


11,825




At 31 July 2023

1,647,205


21,825


1,669,030




DEPRECIATION


At 1 August 2022

-


8,684


8,684




Charge for year

-


3,285


3,285




At 31 July 2023

-


11,969


11,969




NET BOOK VALUE


At 31 July 2023

1,647,205


9,856


1,657,061




At 31 July 2022

1,647,205


1,316


1,648,521





Corner Enterprises Limited (Registered number: 07252152)



Notes to the Financial Statements - continued

for the Year Ended 31 July 2023



4.

PROPERTY, PLANT AND EQUIPMENT - continued



Cost or valuation at 31 July 2023 is represented by:



Fixtures



Freehold


and



property


fittings


Totals

£   

£   

£   



Valuation in 2017

1,647,205


10,000


1,657,205




Cost

-


11,825


11,825



1,647,205


21,825


1,669,030




5.

INVENTORIES


31.7.23


31.7.22

£   

£   



Finished goods

43,871


37,315




6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31.7.23


31.7.22

£   

£   



Bank loans and overdrafts (see note 8)

28,333


38,130




Trade creditors

132,653


147,546




Tax

46,652


35,614




Social security and other taxes

6,858


3,312




Pension Liability

270


102




VAT

8,501


3,279




Wages Control

-


1,575




Directors' current accounts

420,715


309,749




Accruals and deferred income

19,333


19,333



663,315


558,640




7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR



31.7.23


31.7.22

£   

£   



Bank loans (see note 8)

300,749


349,074




Accruals and deferred income

155,000


172,000



455,749


521,074




8.

LOANS



An analysis of the maturity of loans is given below:



31.7.23


31.7.22

£   

£   



Amounts falling due within one year or on demand:


Bank loans

28,333


38,130





Corner Enterprises Limited (Registered number: 07252152)



Notes to the Financial Statements - continued

for the Year Ended 31 July 2023



8.

LOANS - continued


31.7.23


31.7.22

£   

£   



Amounts falling due between two and five years:


Bank Loan 175K - 01049468

89,444


97,505




Bank Loan 60K - 01053368

19,443


25,666




Bank Loan 175K - 01037249

26,073


42,119




Bank Loan 300K - 01051683

165,789


183,784



300,749


349,074




9.

PROVISIONS FOR LIABILITIES


31.7.23


31.7.22

£   

£   



Deferred tax

68,810


68,810





Deferred



tax


£   



Balance at 1 August 2022

68,810




Balance at 31 July 2023

68,810




10.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

31.7.23


31.7.22


value:

£   

£   



1

Ordinary Share

£1

1


1




11.

RESERVES


Fair



Retained


value



earnings


reserve


Totals

£   

£   

£   




At 1 August 2022

579,084


275,239


854,323




Profit for the year

96,648


96,648




Dividends

(15,000

)

(15,000

)



At 31 July 2023

660,732


275,239


935,971