Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31No description of principal activitytrue2023-04-01false33falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08076002 2023-04-01 2024-03-31 08076002 2022-04-01 2023-03-31 08076002 2024-03-31 08076002 2023-03-31 08076002 c:Director1 2023-04-01 2024-03-31 08076002 d:MotorVehicles 2023-04-01 2024-03-31 08076002 d:MotorVehicles 2024-03-31 08076002 d:MotorVehicles 2023-03-31 08076002 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08076002 d:FurnitureFittings 2023-04-01 2024-03-31 08076002 d:OfficeEquipment 2023-04-01 2024-03-31 08076002 d:OfficeEquipment 2024-03-31 08076002 d:OfficeEquipment 2023-03-31 08076002 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08076002 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08076002 d:CurrentFinancialInstruments 2024-03-31 08076002 d:CurrentFinancialInstruments 2023-03-31 08076002 d:Non-currentFinancialInstruments 2024-03-31 08076002 d:Non-currentFinancialInstruments 2023-03-31 08076002 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 08076002 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 08076002 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 08076002 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 08076002 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 08076002 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 08076002 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 08076002 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 08076002 d:ShareCapital 2024-03-31 08076002 d:ShareCapital 2023-03-31 08076002 d:RetainedEarningsAccumulatedLosses 2024-03-31 08076002 d:RetainedEarningsAccumulatedLosses 2023-03-31 08076002 c:FRS102 2023-04-01 2024-03-31 08076002 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 08076002 c:FullAccounts 2023-04-01 2024-03-31 08076002 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08076002 2 2023-04-01 2024-03-31 08076002 6 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 08076002









CORNELL GROUP LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
CORNELL GROUP LIMITED
REGISTERED NUMBER: 08076002

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
34,301
7,930

Investments
 5 
70,550
60,500

  
104,851
68,430

Current assets
  

Stocks
  
189,046
77,621

Debtors: amounts falling due within one year
 6 
23,172
41,173

Cash at bank and in hand
 7 
98,500
467,046

  
310,718
585,840

Creditors: amounts falling due within one year
 8 
(91,743)
(184,437)

Net current assets
  
 
 
218,975
 
 
401,403

Total assets less current liabilities
  
323,826
469,833

Creditors: amounts falling due after more than one year
  
(12,963)
(12,963)

Provisions for liabilities
  

Deferred tax
  
(6,138)
(1,044)

  
 
 
(6,138)
 
 
(1,044)

Net assets
  
304,725
455,826


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
304,625
455,726

  
304,725
455,826


Page 1

 
CORNELL GROUP LIMITED
REGISTERED NUMBER: 08076002
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Jamie Unsworth
Director

Date: 15 July 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
CORNELL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The principal activity of the business is that of the development of business property.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 April 2022 to continue to be charged over the period to the first market rent review rather than the term of the lease.

Page 3

 
CORNELL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.5

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
2.6

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
CORNELL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
Fixtures and fittings
-
33%
Straight line
Office equipment
-
33%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

Page 5

 
CORNELL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each Balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
CORNELL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.16

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. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 7

 
CORNELL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Motor vehicles
Office equipment
Total

£
£
£



Cost or valuation


At 1 April 2023
-
17,605
17,605


Additions
32,251
5,748
37,999



At 31 March 2024

32,251
23,353
55,604



Depreciation


At 1 April 2023
-
9,675
9,675


Charge for the year on owned assets
5,913
5,715
11,628



At 31 March 2024

5,913
15,390
21,303



Net book value



At 31 March 2024
26,338
7,963
34,301



At 31 March 2023
-
7,930
7,930


5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 April 2023
60,500


Additions
10,050



At 31 March 2024
70,550





6.


Debtors

2024
2023
£
£


Other debtors
23,172
41,173
Page 8

 
CORNELL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.Debtors (continued)


23,172
41,173



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
98,500
467,046

98,500
467,046



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
6,389
6,389

Trade creditors
23,373
124,286

Corporation tax
12,617
41,426

Other taxation and social security
4,546
7,160

Other creditors
43,019
810

Accruals and deferred income
1,799
4,366

91,743
184,437



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
12,963
12,963

12,963
12,963


Page 9

 
CORNELL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
6,389
6,389


6,389
6,389

Amounts falling due 1-2 years

Bank loans
6,389
6,389


6,389
6,389

Amounts falling due 2-5 years

Bank loans
6,574
6,574


6,574
6,574


19,352
19,352



11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £Nil (2023 - £57) . 


12.


Transactions with directors

During the year the directors loan account amounted to £43,019. This was made up of an opening credit balance of £810, advances totalling £7,791 and credits totalling £Nil and dividend of £50,000. This is represented within other creditors.

 
Page 10