Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
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Investment property | 5 |
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Investments | 6 |
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1,153,606 | 1,150,828 | |||
Current assets | ||||
Debtors | 7 |
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Cash at bank and in hand |
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15,786,115 | 15,734,580 | |||
Creditors: amounts falling due within one year | 8 | (
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Net current assets | 12,044,046 | 11,820,755 | ||
Total assets less current liabilities | 13,197,652 | 12,971,583 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Share premium account |
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Other reserves |
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Profit and loss account |
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Total shareholder's funds |
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Director's responsibilities:
The financial statements of Cornshire Limited (registered number:
Henry Charles Moreton
Director |
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.
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 £.
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.
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.
Office equipment |
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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.
The fair value is determined annually by the director, on an open market value for existing use basis.
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.
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.
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.
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 |
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Office equipment | Total | ||
£ | £ | ||
Cost | |||
At 01 December 2022 |
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Additions |
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At 30 November 2023 |
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Accumulated depreciation | |||
At 01 December 2022 |
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Charge for the financial year |
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At 30 November 2023 |
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Net book value | |||
At 30 November 2023 |
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At 30 November 2022 |
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Investment property | |
£ | |
Valuation | |
As at 01 December 2022 |
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Refund received against b/f balance | (5,000) |
As at 30 November 2023 |
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Investments in subsidiaries
2023 | |
£ | |
Cost | |
At 01 December 2022 |
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At 30 November 2023 |
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Carrying value at 30 November 2023 |
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Carrying value at 30 November 2022 |
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2023 | 2022 | ||
£ | £ | ||
Amounts owed by Group undertakings |
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Amounts owed by own subsidiaries |
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Amounts owed by director |
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Prepayments |
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VAT recoverable |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to Group undertakings |
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Taxation and social security |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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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.