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Registered number: 04496637
CORWOOD & CO. LTD.
Unaudited Financial Statements
For The Year Ended 31 July 2023
Silverstone Business Consulting Ltd
Salisbury House
29 Finsbury Circus
London
United Kingdom
EC2M 5SQ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 04496637
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 19,949 24,796
19,949 24,796
CURRENT ASSETS
Stocks 6 10,000 10,000
Debtors 7 308,355 139,225
Cash at bank and in hand 13,460 173,103
331,815 322,328
Creditors: Amounts Falling Due Within One Year 8 (74,421 ) (59,417 )
NET CURRENT ASSETS (LIABILITIES) 257,394 262,911
TOTAL ASSETS LESS CURRENT LIABILITIES 277,343 287,707
Creditors: Amounts Falling Due After More Than One Year 9 (27,244 ) (37,078 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (3,790 ) (4,711 )
NET ASSETS 246,309 245,918
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account 246,308 245,917
SHAREHOLDERS' FUNDS 246,309 245,918
Page 1
Page 2
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Paul Mccarthy
Director
22/07/2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
CORWOOD & CO. LTD. is a private company, limited by shares, incorporated in England & Wales, registered number 04496637 . The registered office is 36 Queen Street, Northwich, Cheshire, CW9 5JN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill being the amount paid in connection with the acquisition  of a business in 0, is being  amortised  evenly over its estimated useful life of nil years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 10% on cost
Leasehold 0
Plant & Machinery 25% RBM
Motor Vehicles 25% RBM
Fixtures & Fittings 25% RBM
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions payable to the company's pension scheme are charged to the profit or loss in the period to which they relate.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2022: 7)
9 7
4. Intangible Assets
Goodwill
£
Cost
As at 1 August 2022 53,500
As at 31 July 2023 53,500
Amortisation
As at 1 August 2022 53,500
As at 31 July 2023 53,500
5. Tangible Assets
Land & Property
Freehold Leasehold Plant & Machinery Motor Vehicles
£ £ £ £
Cost
As at 1 August 2022 33,115 - 45,378 98,390
Additions - - - -
As at 31 July 2023 33,115 - 45,378 98,390
...CONTINUED
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Page 5
Depreciation
As at 1 August 2022 31,472 - 44,239 87,498
Provided during the period 178 1,575 286 1,150
As at 31 July 2023 31,650 1,575 44,525 88,648
Net Book Value
As at 31 July 2023 1,465 (1,575 ) 853 9,742
As at 1 August 2022 1,643 - 1,139 10,892
Fixtures & Fittings Total
£ £
Cost
As at 1 August 2022 48,190 225,073
Additions 1,124 1,124
As at 31 July 2023 49,314 226,197
Depreciation
As at 1 August 2022 37,068 200,277
Provided during the period 2,782 5,971
As at 31 July 2023 39,850 206,248
Net Book Value
As at 31 July 2023 9,464 19,949
As at 1 August 2022 11,122 24,796
6. Stocks
2023 2022
£ £
Finished goods 10,000 10,000
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 103,460 95,066
Other debtors 33,122 -
Other taxes and social security - 18,357
Director's loan account 171,773 25,802
308,355 139,225
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8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 9,239 7,145
Bank loans and overdrafts 9,834 9,591
Corporation tax 29,736 16,857
Other taxes and social security 1,723 -
VAT 23,889 24,624
Accruals and deferred income - 1,200
74,421 59,417
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 27,244 37,078
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 August 2022 Amounts advanced Amounts repaid Amounts written off As at 31 July 2023
£ £ £ £ £
Mr Paul Mccarthy 25,802 145,971 - - 171,773
The above loan is unsecured, interest free and repayable on demand.
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