IRIS Accounts Production v24.1.0.578 03273122 Board of Directors 1.12.22 30.11.23 30.11.23 0 0 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh032731222022-11-30032731222023-11-30032731222022-12-012023-11-30032731222021-11-30032731222021-12-012022-11-30032731222022-11-3003273122ns15:EnglandWales2022-12-012023-11-3003273122ns14:PoundSterling2022-12-012023-11-3003273122ns10:Director12022-12-012023-11-3003273122ns10:PrivateLimitedCompanyLtd2022-12-012023-11-3003273122ns10:SmallEntities2022-12-012023-11-3003273122ns10:AuditExempt-NoAccountantsReport2022-12-012023-11-3003273122ns10:SmallCompaniesRegimeForDirectorsReport2022-12-012023-11-3003273122ns10:SmallCompaniesRegimeForAccounts2022-12-012023-11-3003273122ns10:FullAccounts2022-12-012023-11-3003273122ns10:Director22022-12-012023-11-3003273122ns10:CompanySecretary12022-12-012023-11-3003273122ns10:RegisteredOffice2022-12-012023-11-3003273122ns5:CurrentFinancialInstruments2023-11-3003273122ns5:CurrentFinancialInstruments2022-11-3003273122ns5:Non-currentFinancialInstruments2023-11-3003273122ns5:Non-currentFinancialInstruments2022-11-3003273122ns5:ShareCapital2023-11-3003273122ns5:ShareCapital2022-11-3003273122ns5:RevaluationReserve2023-11-3003273122ns5:RevaluationReserve2022-11-3003273122ns5:RetainedEarningsAccumulatedLosses2023-11-3003273122ns5:RetainedEarningsAccumulatedLosses2022-11-3003273122ns5:PlantMachinery2022-12-012023-11-3003273122ns5:PlantMachinery2022-11-3003273122ns5:PlantMachinery2023-11-3003273122ns5:PlantMachinery2022-11-3003273122ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-11-3003273122ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-11-3003273122ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-11-3003273122ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2022-11-3003273122ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-11-3003273122ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-11-3003273122ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-11-3003273122ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-11-3003273122ns5:RevaluationReserve2022-11-30
REGISTERED NUMBER: 03273122 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

CORNVALLEY ESTATES LIMITED

CORNVALLEY ESTATES LIMITED (REGISTERED NUMBER: 03273122)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


CORNVALLEY ESTATES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: J W Raggett
N Foster





SECRETARY: I J Cattell





REGISTERED OFFICE: 34 Waterloo Road
Wolverhampton
West Midlands
WV1 4DG





REGISTERED NUMBER: 03273122 (England and Wales)





ACCOUNTANTS: Crombies Accountants Limited
Chartered Accountants
34 Waterloo Road
Wolverhampton
West Midlands
WV1 4DG

CORNVALLEY ESTATES LIMITED (REGISTERED NUMBER: 03273122)

STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 470 658
Investment property 5 11,900,000 13,700,000
11,900,470 13,700,658

CURRENT ASSETS
Debtors 6 106,963 303,431
Prepayments and accrued income 24,908 25,630
Cash at bank 2,035,761 1,707,352
2,167,632 2,036,413
CREDITORS
Amounts falling due within one year 7 627,667 756,289
NET CURRENT ASSETS 1,539,965 1,280,124
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,440,435

14,980,782

CREDITORS
Amounts falling due after more than one
year

8

4,028,238

6,276,767
NET ASSETS 9,412,197 8,704,015

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Revaluation reserve 10 599,867 755,305
Retained earnings 8,811,330 7,947,710
SHAREHOLDERS' FUNDS 9,412,197 8,704,015

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 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.

CORNVALLEY ESTATES LIMITED (REGISTERED NUMBER: 03273122)

STATEMENT OF FINANCIAL POSITION - continued
30 NOVEMBER 2023


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 26 March 2024 and were signed on its behalf by:





J W Raggett - Director


CORNVALLEY ESTATES LIMITED (REGISTERED NUMBER: 03273122)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1. STATUTORY INFORMATION

Cornvalley Estates Limited 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 as modified by the revaluation of certain assets.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on cost

Investment property
Investment property is shown at most recent valuation. The freehold property is being depreciated over a period of 50 years.

Financial instruments
Financial assets

Financial assets comprise cash at bank and in hand and trade debtors; these are initially recorded at cost on the date they originate and are subsequently recorded at cost less provisions for impairment. The company considers evidence of impairment for all individual trade, and any subsequent impairment is recognised in the statement of income and retained earnings.

Impairment of financial assets

Impairment provisions are recognised where there is objective evidence that a financial asset or group of financial assets is impaired. Objective evidence includes significant financial difficulties of the counterparty. default or significant delays in payment.

Impairment provisions represent the difference between the net carrying amount of a financial asset and the value of the expected future cash receipts from that asset.

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 statement of financial position date.


CORNVALLEY ESTATES LIMITED (REGISTERED NUMBER: 03273122)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 December 2022
and 30 November 2023 34,306
DEPRECIATION
At 1 December 2022 33,648
Charge for year 188
At 30 November 2023 33,836
NET BOOK VALUE
At 30 November 2023 470
At 30 November 2022 658

5. INVESTMENT PROPERTY
Total
£   
COST OR VALUATION
At 1 December 2022 13,700,000
Disposals (1,800,000 )
At 30 November 2023 11,900,000
NET BOOK VALUE
At 30 November 2023 11,900,000
At 30 November 2022 13,700,000

CORNVALLEY ESTATES LIMITED (REGISTERED NUMBER: 03273122)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

5. INVESTMENT PROPERTY - continued

Cost or valuation at 30 November 2023 is represented by:
£   
Valuation in 2012 (127,623 )
Valuation in 2016 (172,770 )
Valuation in 2017 210,261
Valuation in 2020 690,000
Cost 11,300,132
11,900,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 11,300,132 13,194,695

Investment property has been valued by the director at open market value as at 30th November 2020.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 21,923 94,392
Cash in hand of agent 85,040 209,039
106,963 303,431

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 9) 141,490 299,158
Trade creditors 53,463 34,312
Corporation tax payable 276,001 225,761
Social security and other taxes 6,289 27,721
Accrued expenses 150,424 169,337
627,667 756,289

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 9) 2,063,918 4,330,762
Other loans (see note 9) 1,373,989 1,373,989
Directors' loan accounts 590,331 572,016
4,028,238 6,276,767

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs non-inst 1,373,989 1,373,989

CORNVALLEY ESTATES LIMITED (REGISTERED NUMBER: 03273122)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

9. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 141,490 299,158

Amounts falling due between one and two years:
Bank loans - 1-2 years 134,697 215,720

Amounts falling due between two and five years:
Bank loans repayable between 2 - 5 years 1,929,221 4,115,042

Amounts falling due in more than five years:
Repayable otherwise than by instalments
Other loans more 5yrs non-inst 1,373,989 1,373,989

The bank loans are secured against Investment properties of the company. The loans are repayable as stated above. Interest is calculated at various rates.

Other loans have no fixed repayment terms but are repayable at some future date at the company's discretion.

10. RESERVES
Revaluation
reserve
£   
At 1 December 2022 755,305
Revaluation realised on sale (155,438 )

At 30 November 2023 599,867