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REGISTERED NUMBER: 09421778 (England and Wales)





















Financial Statements

for the Year Ended 28 February 2023

for

Cornerstone Residential Limited

Cornerstone Residential Limited (Registered number: 09421778)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Cornerstone Residential Limited

Company Information
for the Year Ended 28 February 2023







DIRECTORS: E Atkinson
D Farrow
S Farrow





REGISTERED OFFICE: 42 Market Hill
Woodbridge
Suffolk
IP12 4LU





REGISTERED NUMBER: 09421778 (England and Wales)





ACCOUNTANTS: Pinfold & Co
8 Deben Mill Business Centre
Old Maltings Approach
Woodbridge
Suffolk
IP12 1BL

Cornerstone Residential Limited (Registered number: 09421778)

Abridged Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,997 3,997

CURRENT ASSETS
Debtors 20,050 17,962
Cash at bank 9,253 13,058
29,303 31,020
CREDITORS
Amounts falling due within one year 31,877 34,333
NET CURRENT LIABILITIES (2,574 ) (3,313 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

423

684

PROVISIONS FOR LIABILITIES 6 312 445
NET ASSETS 111 239

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 11 139
SHAREHOLDERS' FUNDS 111 239

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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.

Cornerstone Residential Limited (Registered number: 09421778)

Abridged Balance Sheet - continued
28 February 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Income and Retained Earnings and an abridged Balance Sheet for the year ended 28 February 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 January 2024 and were signed on its behalf by:





D Farrow - Director


Cornerstone Residential Limited (Registered number: 09421778)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Cornerstone Residential Limited 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.

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.

Turnover
The turnover represents net invoiced sales of services, excluding value added tax, arising from property sales and commission on rental income.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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 5 (2022 - 4 ) .

Cornerstone Residential Limited (Registered number: 09421778)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 March 2022
and 28 February 2023 21,911
DEPRECIATION
At 1 March 2022 17,914
Charge for year 1,000
At 28 February 2023 18,914
NET BOOK VALUE
At 28 February 2023 2,997
At 28 February 2022 3,997

5. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
28.2.23 28.2.22
£    £   
Within one year 2,149 -

6. PROVISIONS FOR LIABILITIES
28.2.23 28.2.22
£    £   
Deferred tax 312 445

Deferred
tax
£   
Balance at 1 March 2022 445
Provided during year (133 )
Balance at 28 February 2023 312

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 28.2.23 28.2.22
value: £    £   
100 Ordinary £1 100 100

Cornerstone Residential Limited (Registered number: 09421778)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

8. SUMMARY OF TRANSACTIONS WITH DIRECTORS

The following advances by and repayments to directors subsisted during the years ended 28 February 2023 and 28 February 2022:

28.2.23 28.2.22
£    £   
D Farrow and E Atkinson
Balance outstanding at start of year 21,950 47,239
Amounts advanced 7,300 9,500
Amounts repaid (21,262 ) (34,789 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 7,988 21,950

9. ULTIMATE CONTROLLING PARTY

The controlling party is D Farrow.