Registered number
03222323
Cornell Books Limited
Filleted Accounts
31 July 2023
Cornell Books Limited
Company Information
Directors
G T Cornell
D W Hall
Accountants
Anderson Griffin
Rotunda Buildings
Montpellier Exchange
Cheltenham
Glos
Registered office
The Wheatsheaf
132 High Street
Tewkesbury
Glos
Registered number
03222323
Cornell Books Limited
Registered number: 03222323
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Current assets
Stocks 40,075 41,585
Debtors 4 547 575
Cash at bank and in hand 17,101 52,408
57,723 94,568
Creditors: amounts falling due within one year 5 (1,289) (2,305)
Net current assets 56,434 92,263
Total assets less current liabilities 56,434 92,263
Creditors: amounts falling due after more than one year 6 (40,542) (70,670)
Net assets 15,892 21,593
Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account 5,892 11,593
Shareholders' funds 15,892 21,593
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
G T Cornell
Director
Approved by the board on 31 March 2024
Cornell Books Limited
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures and fittings 25% straight line
Office equipment 25% straight line
Computer equipment 25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Fixtures and fittings Office equipment Computer equipment Total
£ £ £ £
Cost
At 1 August 2022 13,276 1,875 3,089 18,240
At 31 July 2023 13,276 1,875 3,089 18,240
Depreciation
At 1 August 2022 13,276 1,875 3,089 18,240
At 31 July 2023 13,276 1,875 3,089 18,240
Net book value
At 31 July 2023 - - - -
4 Debtors 2023 2022
£ £
Other debtors 547 575
5 Creditors: amounts falling due within one year 2023 2022
£ £
Other taxes and social security 69 1,085
Other creditors 1,220 1,220
1,289 2,305
6 Creditors: amounts falling due after one year 2023 2022
£ £
Directors loans 40,542 70,670
7 Controlling party
The company is controlled by Mr and Mrs G T Cornell and Mr D W Hall.
8 Other information
Cornell Books Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Wheatsheaf
132 High Street
Tewkesbury
Glos
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