REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
CORNERSTONE GROUP (TURN) LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
CORNERSTONE GROUP (TURN) LTD |
CORNERSTONE GROUP (TURN) LTD (REGISTERED NUMBER: 09979835) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 MARCH 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
CORNERSTONE GROUP (TURN) LTD |
COMPANY INFORMATION |
for the Year Ended 31 MARCH 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
and Statutory Auditor |
61 Queen Square |
Bristol |
BS1 4JZ |
CORNERSTONE GROUP (TURN) LTD (REGISTERED NUMBER: 09979835) |
BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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. |
CORNERSTONE GROUP (TURN) LTD (REGISTERED NUMBER: 09979835) |
BALANCE SHEET - continued |
31 MARCH 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
CORNERSTONE GROUP (TURN) LTD (REGISTERED NUMBER: 09979835) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Cornerstone Group (Turn) Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Cornerstone Group (Turn) Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Financial assets and liabilities are recognised in the balance sheet when the company becomes party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and are measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company may not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of any direct issue costs. |
CORNERSTONE GROUP (TURN) LTD (REGISTERED NUMBER: 09979835) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Going concern |
The director has reviewed the going concern status of the company for the foreseeable future as best he can. The company is dependent upon the financial support of its subsidiary companies and the director now that it has commenced trading and this financial support will continue. The director fully expects that the company will remain a going concern and will have sufficient working capital to meet its requirements for the foreseeable future. The director therefore continues to adopt the going concern basis of accounting in preparing these financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
CORNERSTONE GROUP (TURN) LTD (REGISTERED NUMBER: 09979835) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2023 |
4. | TANGIBLE FIXED ASSETS |
Improvements |
to | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2022 |
Disposals | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
CORNERSTONE GROUP (TURN) LTD (REGISTERED NUMBER: 09979835) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2023 |
5. | FIXED ASSET INVESTMENTS - continued |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Unit 3, Milton End, Arlingham, Gloucester, Gloucestershire.GL2 7JH. |
Nature of business: |
% |
Class of shares: | holding |
2023 |
£ | £ |
Aggregate capital and reserves | ( |
) |
Registered office: Unit 3, Milton End, Arlingham, Gloucester, Gloucestershire.GL2 7JH. |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Registered office: Unit 3, Milton End, Arlingham, Gloucester, Gloucestershire.GL2 7JH. |
Nature of business: |
% |
Class of shares: | holding |
2023 |
£ | £ |
Aggregate capital and reserves |
Registered office: Unit 3, Milton End, Arlingham, Gloucester, Gloucestershire.GL2 7JH. |
Nature of business: |
% |
Class of shares: | holding |
2023 |
£ |
Aggregate capital and reserves |
CORNERSTONE GROUP (TURN) LTD (REGISTERED NUMBER: 09979835) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2023 |
5. | FIXED ASSET INVESTMENTS - continued |
Registered office: 61 Queen Square, Bristol, United Kingdom, BS1 4JZ |
Nature of business: |
% |
Class of shares: | holding |
2023 |
£ |
Aggregate capital and reserves |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed by group undertakings |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed to group undertakings |
Director's current account | - | 3,020 |
Accruals and deferred income |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
CORNERSTONE GROUP (TURN) LTD (REGISTERED NUMBER: 09979835) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2023 |
9. | RELATED PARTY DISCLOSURES |
During the year, the company was lent £63,665 (2022 - £7,500) by Cornerstone Architecture Ltd, a subsidiary company in the form of an interest free loan. There are no set repayment terms. The company lent £2,000 to DPT Cornerstone Ltd, a subsidiary company in the form of an interest free loan. There are no set repayment terms. The company lent £222 (2022 - £Nil) to Cornerstone Structural Ltd, a subsidiary company in the form of an interest free loan. There are no set repayment terms. |
At 31 March 2023 the company owed £71,265 (2022 - £7,600) to Cornerstone Architecture Ltd, £Nil (2022 - £100) to DPT (Glos) Ltd, £100 (2022 - £100) to DPT Demolitions Ltd, £25 (2022 - £25) to Cornerstone Development Group Ltd, £100.00 (2022 - £100) to DPT Cornerstone Ltd and £50 (2022 - £50) to Cornerstone Structural Ltd. |
At 31 March 2023 the company was owed £2,000 (2022 - £Nil) by DPT Cornerstone Ltd and £222 (2022 - £Nil) from Cornerstone Structural Ltd. |
The company owns 100% of the issued share capital of Cornerstone Architecture Ltd and DPT Demolitions Ltd, 50% of the issued share capital of DPT Cornerstone Ltd and Cornerstone Structural Ltd and 25% of the issued share capital of Cornerstone Development Group Ltd. |
During the year the director was repaid £3,020 by the company. .At 31 March 2023 there was a balance owing to the director of £Nil (2022 - £3,020 owed by the company.. There are no set repayment terms. |
During the year, the company received management charges of £12,500 (2022 - £800) from its subsidiary Cornerstone Architecture Ltd and management charges of £3,450 (2022 - £200) from May Hill Group Limited, a company of which D P Turner is a director. |
10. | ULTIMATE CONTROLLING PARTY |
The controlling party is D P Turner. |