Registered number
07536698
CORNICES CENTRE LIMITED
Filleted Accounts
29 February 2024
CORNICES CENTRE LIMITED
Registered number: 07536698
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 65,595 75,232
Current assets
Stocks 6,309 7,746
Debtors 4 151,490 149,291
Cash at bank and in hand 284,068 358,174
441,867 515,211
Creditors: amounts falling due within one year 5 (321,583) (271,922)
Net current assets 120,284 243,289
Net assets 185,879 318,521
Capital and reserves
Called up share capital 4 3
Profit and loss account 185,875 318,518
Shareholders' funds 185,879 318,521
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Z A SLEDZIEWSKI
Director
Approved by the board on 29 August 2024
CORNICES CENTRE LIMITED
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 25% reduced balance
Fixtures, fittings, tools and equipment 25% reduced balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2023 160,903 96,117 257,020
Additions 10,808 - 10,808
At 29 February 2024 171,711 96,117 267,828
Depreciation
At 1 March 2023 112,066 69,722 181,788
Charge for the year 13,846 6,599 20,445
At 29 February 2024 125,912 76,321 202,233
Net book value
At 29 February 2024 45,799 19,796 65,595
At 28 February 2023 48,837 26,395 75,232
4 Debtors 2024 2023
£ £
Trade debtors 101,490 74,291
Other debtors 50,000 75,000
151,490 149,291
Amounts due after more than one year included above 50,000 75,000
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,261 1,352
Taxation and social security costs 58,232 74,503
Other creditors 262,090 196,067
321,583 271,922
6 Other information
CORNICES CENTRE LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Unit J
Field Way
Greenford
Middlesex
UB6 8UN
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