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COMPANY REGISTRATION NUMBER: 00408803
W.H. CORNELIUS LIMITED
Filleted Unaudited Financial Statements
31 December 2023
W.H. CORNELIUS LIMITED
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Investments
4
819,584
851,084
Current assets
Investments
5
5,848
5,848
Cash at bank and in hand
49,804
2,606
--------
-------
55,652
8,454
Creditors: amounts falling due within one year
6
68,392
73,294
--------
--------
Net current liabilities
12,740
64,840
---------
---------
Total assets less current liabilities
806,844
786,244
---------
---------
Net assets
806,844
786,244
---------
---------
Capital and reserves
Called up share capital
66,670
66,670
Capital redemption reserve
33,330
33,330
Profit and loss account
706,844
686,244
---------
---------
Shareholders funds
806,844
786,244
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
W.H. CORNELIUS LIMITED
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 21 August 2024 , and are signed on behalf of the board by:
WH Cornelius
WD Cornelius
Director
Director
Company registration number: 00408803
Registered Office:
The Old Wheel House
Church Street
Reigate
Surrey
RH2 0AD
W.H. CORNELIUS LIMITED
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Wheel House, Church Street, Reigate, Surrey, RH2 0AD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the asse ts of the company after deducting all of its liabilities.
4. Investments
Shares in participating interests
Loans to participating interests
Other investments other than loans
Total
£
£
£
£
Cost
At 1 January 2023
165,066
686,016
2
851,084
Disposals
( 31,500)
(31,500)
---------
---------
----
---------
At 31 December 2023
165,066
654,516
2
819,584
---------
---------
----
---------
Impairment
At 1 January 2023 and 31 December 2023
---------
---------
----
---------
Carrying amount
At 31 December 2023
165,066
654,516
2
819,584
---------
---------
----
---------
At 31 December 2022
165,066
686,016
2
851,084
---------
---------
----
---------
The company owned 100% of the ordinary share capital of The Playwrite Group Plc. At 31 December 2023 the company had capital and reserves of £581,639 (2022: £557,245) and made a profit for the year of £24,394 (2022: Profit of £108,055).
5. Investments
2023
2022
£
£
Other investments
5,848
5,848
-------
-------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
5,302
Social security and other taxes
521
521
Other creditors
62,569
72,773
--------
--------
68,392
73,294
--------
--------
7. Directors' advances, credits and guarantees
At the year end the WH Cornelius was owed by the company £ 41,072 (2022: £46,072), and WD Cornelius was owed £19,088 (2022: £24,088).
8. Related party transactions
The reporting entity is ultimately controlled by W.H. and W.D. Cornelius, directors and principal shareholders of the company. The company was owed £686,016 (2021: £656,016) by The Playwrite Goup plc, which is a wholly owned subsidiary. No other related party information is relevant to disclosure under FRS 102.