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Company No: 02211622 (England and Wales)

CORNSHIRE LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

CORNSHIRE LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

CORNSHIRE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 November 2023
CORNSHIRE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 7,778 0
Investment property 5 729,865 734,865
Investments 6 415,963 415,963
1,153,606 1,150,828
Current assets
Debtors 7 1,502,697 1,230,226
Cash at bank and in hand 14,283,418 14,504,354
15,786,115 15,734,580
Creditors: amounts falling due within one year 8 ( 3,742,069) ( 3,913,825)
Net current assets 12,044,046 11,820,755
Total assets less current liabilities 13,197,652 12,971,583
Net assets 13,197,652 12,971,583
Capital and reserves
Called-up share capital 9 20,000 20,000
Share premium account 37,809 37,809
Other reserves 3,800,000 3,800,000
Profit and loss account 9,339,843 9,113,774
Total shareholder's funds 13,197,652 12,971,583

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Cornshire Limited (registered number: 02211622) were approved and authorised for issue by the Director on 28 August 2024. They were signed on its behalf by:

Henry Charles Moreton
Director
CORNSHIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
CORNSHIRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 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

Cornshire Limited (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 Studio 5 Rowditch Business Centre, 282 Uttoxeter New Road, Derby, DE22 3LN, 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 £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Office equipment 25 % reducing balance

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.

Impairment of assets

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

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Prior year adjustment

Following the disposal of a subsidiary in the prior year, a portion of the proceeds were not accrued in the accounts. This adjustment ensures that the full disposal proceeds are recognised in the correct period.

As previously reported Adjustment As restated
Year ended 30 November 2022 £ £ £
Prepayments 26,198 61,795 87,993
Other non-operating income 3,518,064 61,795 3,579,859

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 1

4. Tangible assets

Office equipment Total
£ £
Cost
At 01 December 2022 0 0
Additions 8,086 8,086
At 30 November 2023 8,086 8,086
Accumulated depreciation
At 01 December 2022 0 0
Charge for the financial year 308 308
At 30 November 2023 308 308
Net book value
At 30 November 2023 7,778 7,778
At 30 November 2022 0 0

5. Investment property

Investment property
£
Valuation
As at 01 December 2022 734,865
Refund received against b/f balance (5,000)
As at 30 November 2023 729,865

6. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 December 2022 415,963
At 30 November 2023 415,963
Carrying value at 30 November 2023 415,963
Carrying value at 30 November 2022 415,963

7. Debtors

2023 2022
£ £
Amounts owed by Group undertakings 117,150 218,149
Amounts owed by own subsidiaries 578,531 878,531
Amounts owed by director 578,068 0
Prepayments 10,306 87,993
VAT recoverable 111 0
Other debtors 218,531 45,553
1,502,697 1,230,226

8. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 11,132 23,536
Amounts owed to Group undertakings 3,410,052 3,755,778
Taxation and social security 236,357 44,511
Other creditors 84,528 90,000
3,742,069 3,913,825

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
20,000 Ordinary shares of £ 1.00 each 20,000 20,000

10. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2023 2022
£ £
Amounts owed by ACM Leisure Limited, a subsidiary company 117,150 218,149

The company has taken the exemption in Section 1AC.35 of FRS 102 from disclosing related party transactions with 100% owed group companies.

Transactions with the entity's director

2023 2022
£ £
Owed by/(to) the directors 578,068 0

Interest has been charged on these balances at HMRC's official rate and there are no fixed dates for repayments.