Silverfin false false 31/12/2023 01/01/2023 31/12/2023 W J C Dunstan 01/09/2007 G T Kertland-Peake 10/04/2024 08/09/2014 R A Mckellar 01/11/2019 M Rodd 25/03/2020 R E Synnott 25/03/2020 26 July 2024 The principal activity of the company is the provision of legal services. 05270901 2023-12-31 05270901 bus:Director1 2023-12-31 05270901 bus:Director2 2023-12-31 05270901 bus:Director3 2023-12-31 05270901 bus:Director4 2023-12-31 05270901 bus:Director5 2023-12-31 05270901 2022-12-31 05270901 core:CurrentFinancialInstruments 2023-12-31 05270901 core:CurrentFinancialInstruments 2022-12-31 05270901 core:Non-currentFinancialInstruments 2023-12-31 05270901 core:Non-currentFinancialInstruments 2022-12-31 05270901 core:ShareCapital 2023-12-31 05270901 core:ShareCapital 2022-12-31 05270901 core:SharePremium 2023-12-31 05270901 core:SharePremium 2022-12-31 05270901 core:RetainedEarningsAccumulatedLosses 2023-12-31 05270901 core:RetainedEarningsAccumulatedLosses 2022-12-31 05270901 core:LandBuildings 2022-12-31 05270901 core:OtherPropertyPlantEquipment 2022-12-31 05270901 core:LandBuildings 2023-12-31 05270901 core:OtherPropertyPlantEquipment 2023-12-31 05270901 core:CurrentFinancialInstruments core:Secured 2023-12-31 05270901 2023-01-01 2023-12-31 05270901 bus:FilletedAccounts 2023-01-01 2023-12-31 05270901 bus:SmallEntities 2023-01-01 2023-12-31 05270901 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 05270901 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05270901 bus:Director1 2023-01-01 2023-12-31 05270901 bus:Director2 2023-01-01 2023-12-31 05270901 bus:Director3 2023-01-01 2023-12-31 05270901 bus:Director4 2023-01-01 2023-12-31 05270901 bus:Director5 2023-01-01 2023-12-31 05270901 core:LandBuildings core:TopRangeValue 2023-01-01 2023-12-31 05270901 core:OtherPropertyPlantEquipment core:BottomRangeValue 2023-01-01 2023-12-31 05270901 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-01-01 2023-12-31 05270901 2022-01-01 2022-12-31 05270901 core:LandBuildings 2023-01-01 2023-12-31 05270901 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 05270901 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 05270901 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Company No: 05270901 (England and Wales)

CORNISH VENNING LTD TRADING AS CVC SOLICITORS

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

CORNISH VENNING LTD TRADING AS CVC SOLICITORS

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

CORNISH VENNING LTD TRADING AS CVC SOLICITORS

COMPANY INFORMATION

For the financial year ended 31 December 2023
CORNISH VENNING LTD TRADING AS CVC SOLICITORS

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS W J C Dunstan
G T Kertland-Peake (Resigned 10 April 2024)
R A Mckellar
M Rodd
R E Synnott
REGISTERED OFFICE Unit N Questmap Business Park
Long Rock Industrial Estate
Penzance
TR20 8AS
England
United Kingdom
COMPANY NUMBER 05270901 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall TR1 2NA
CORNISH VENNING LTD TRADING AS CVC SOLICITORS

BALANCE SHEET

As at 31 December 2023
CORNISH VENNING LTD TRADING AS CVC SOLICITORS

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 37,240 41,587
37,240 41,587
Current assets
Debtors 5 813,096 754,998
Cash at bank and in hand 519,563 469,038
1,332,659 1,224,036
Creditors: amounts falling due within one year 6 ( 326,798) ( 321,351)
Net current assets 1,005,861 902,685
Total assets less current liabilities 1,043,101 944,272
Creditors: amounts falling due after more than one year 7 ( 35,002) ( 55,002)
Provision for liabilities ( 5,976) ( 5,878)
Net assets 1,002,123 883,392
Capital and reserves
Called-up share capital 5 5
Share premium account 139,998 139,998
Profit and loss account 862,120 743,389
Total shareholder's funds 1,002,123 883,392

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Cornish Venning Ltd trading as CVC Solicitors (registered number: 05270901) were approved and authorised for issue by the Board of Directors on 26 July 2024. They were signed on its behalf by:

W J C Dunstan
Director
R A Mckellar
Director
CORNISH VENNING LTD TRADING AS CVC SOLICITORS

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
CORNISH VENNING LTD TRADING AS CVC SOLICITORS

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Cornish Venning Ltd trading as CVC Solicitors (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit N Questmap Business Park, Long Rock Industrial Estate, Penzance, TR20 8AS, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover in respect of client service contracts represents the right to consideration earned for the provision of legal services excluding VAT. All turnover derives from activities in the UK.

Services provided to clients during the period which, at the balance sheet date, have not been invoiced to clients have been recognised in turnover as accrued income.

Turnover is based on an assessment of the fair value of the services provided by the balance sheet date as a proportion of the total value of the engagement. Revenue is not recognised on those engagements where the right to receive payment is contingent on factors outside the control of the company. Unbilled revenue is included within debtors.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery etc. 3 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 30 24

3. Dividends on equity shares

2023 2022
£ £
Amounts recognised as distributions to equity holders in the financial year:
Interim dividend for the financial year ended 31 December 2023 of £3,600 (2022: £3,400) per ordinary share 36,000 34,000

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 January 2023 80,401 82,788 163,189
Additions 0 9,743 9,743
At 31 December 2023 80,401 92,531 172,932
Accumulated depreciation
At 01 January 2023 49,941 71,661 121,602
Charge for the financial year 8,040 6,050 14,090
At 31 December 2023 57,981 77,711 135,692
Net book value
At 31 December 2023 22,420 14,820 37,240
At 31 December 2022 30,460 11,127 41,587

Included within the net book value of land and buildings above is £22,420 (2022 - £30,460) in respect of short leasehold land and buildings.

5. Debtors

2023 2022
£ £
Trade debtors 135,417 123,140
Amounts owed by Group undertakings 261,744 261,743
Other debtors 415,935 370,115
813,096 754,998

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 19,998 19,998
Trade creditors 13,717 7,872
Taxation and social security 117,801 119,209
Other creditors 175,282 174,272
326,798 321,351

The bank borrowings are secured by a debenture charge over all current and future assets.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 35,002 55,002

The bank borrowings are secured by a debenture charge over all current and future assets.

8. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 52,228 70,628

9. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
At start of period 261,743 261,734
Addition 0 9
At end of period 261,743 261,743

10. Ultimate controlling party

Parent Company:

CVC Cornwall 2013 Limited
Unit N Questmap Business Park, Long Rock, Penzance, Cornwall, England, TR20 8AS