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REGISTERED NUMBER: 05197580 (England and Wales)















Cornwall Shed Company Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2024






Cornwall Shed Company Ltd (Registered number: 05197580)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Cornwall Shed Company Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr CRB Dunstan
Mr TA Pellow



REGISTERED OFFICE: Lakeside Offices
The Old Cattle Market
Coronation Park
Helston
Cornwall
TR13 0SR



REGISTERED NUMBER: 05197580 (England and Wales)



ACCOUNTANTS: BK Plus Limited
Lakeside Offices
The Old Cattle Market
Coronation Park
Helston
Cornwall
TR13 0SR



BANKERS: Barclays Bank Plc
Truro Branch
14 King Street
Truro
Conrwall
TR1 2RB

Cornwall Shed Company Ltd (Registered number: 05197580)

Balance Sheet
31 March 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 78,661 86,257
78,661 86,257

CURRENT ASSETS
Stocks 80,123 95,801
Debtors 6 25,281 27,915
Cash at bank and in hand 60,306 68,432
165,710 192,148
CREDITORS
Amounts falling due within one year 7 68,440 91,999
NET CURRENT ASSETS 97,270 100,149
TOTAL ASSETS LESS CURRENT LIABILITIES 175,931 186,406

PROVISIONS FOR LIABILITIES 14,946 16,389
NET ASSETS 160,985 170,017

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 160,885 169,917
SHAREHOLDERS' FUNDS 160,985 170,017

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

Cornwall Shed Company Ltd (Registered number: 05197580)

Balance Sheet - continued
31 March 2024


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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 April 2024 and were signed on its behalf by:




Mr CRB Dunstan - Director



Mr TA Pellow - Director


Cornwall Shed Company Ltd (Registered number: 05197580)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Cornwall Shed Company 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Tools and equipment - 20% on reducing balance
Office equipment - 15% on reducing balance
Motor vehicles - 25% on cost and 25% on reducing balance
Computer equipment - 25% on reducing balance

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

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Cornwall Shed Company Ltd (Registered number: 05197580)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

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 9 (2023 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 April 2023
and 31 March 2024 135,000
AMORTISATION
At 1 April 2023
and 31 March 2024 135,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Tools and Office Motor Computer
equipment equipment vehicles equipment Totals
£ £ £ £ £
COST
At 1 April 2023 18,260 6,511 121,616 3,966 150,353
Additions - - 27,045 1,153 28,198
Disposals - - (22,995 ) - (22,995 )
At 31 March 2024 18,260 6,511 125,666 5,119 155,556
DEPRECIATION
At 1 April 2023 17,192 5,959 37,949 2,996 64,096
Charge for year 213 96 25,253 531 26,093
Eliminated on disposal - - (13,294 ) - (13,294 )
At 31 March 2024 17,405 6,055 49,908 3,527 76,895
NET BOOK VALUE
At 31 March 2024 855 456 75,758 1,592 78,661
At 31 March 2023 1,068 552 83,667 970 86,257

Cornwall Shed Company Ltd (Registered number: 05197580)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£
COST
At 1 April 2023 22,995
Transfer to ownership (22,995 )
At 31 March 2024 -
DEPRECIATION
At 1 April 2023 13,294
Transfer to ownership (13,294 )
At 31 March 2024 -
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 9,701

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 6,598 12,111
Other debtors 18,683 15,804
25,281 27,915

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Hire purchase contracts - 2,917
Trade creditors 5,457 18,842
Taxation and social security 47,408 34,601
Other creditors 15,575 35,639
68,440 91,999