2023-04-012024-03-312024-03-31false11067054CORNERS WARMERS 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CORNERS WARMERS LIMITED

Registered Number
11067054
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

CORNERS WARMERS LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

CORNER, Andrew
CORNER, Susan Barbara

Registered Address

Baldrence Farm North Moor Road
Easingwold
York
YO61 3QE

Registered Number

11067054 (England and Wales)
CORNERS WARMERS LIMITED
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3158,782150,953
158,782150,953
Current assets
Stocks82,032152,404
Debtors448,79984,994
Cash at bank and on hand258,679140,432
389,510377,830
Creditors amounts falling due within one year5(233,078)(251,097)
Net current assets (liabilities)156,432126,733
Total assets less current liabilities315,214277,686
Provisions for liabilities6(39,600)(37,700)
Net assets275,614239,986
Capital and reserves
Called up share capital1,0001,000
Profit and loss account274,614238,986
Shareholders' funds275,614239,986
The financial statements were approved and authorised for issue by the Board of Directors on 9 September 2024, and are signed on its behalf by:
CORNER, Andrew
Director
Registered Company No. 11067054
CORNERS WARMERS LIMITED
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis 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.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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 obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in other creditors in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Current taxation
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
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery15
Vehicles25
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, 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 the Income Statement.
Trade and other 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.
Trade and other 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.Average number of employees

20242023
Average number of employees during the year55
3.Tangible fixed assets

Plant & machinery

Vehicles

Total

£££
Cost or valuation
At 01 April 23190,89437,745228,639
Additions11,28028,20039,480
At 31 March 24202,17465,945268,119
Depreciation and impairment
At 01 April 2358,43519,25177,686
Charge for year21,13410,51731,651
At 31 March 2479,56929,768109,337
Net book value
At 31 March 24122,60536,177158,782
At 31 March 23132,45918,494150,953
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables48,50584,686
Prepayments and accrued income294308
Total48,79984,994
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables59,60860,330
Taxation and social security19,50312,681
Other creditors145,521176,213
Accrued liabilities and deferred income8,4461,873
Total233,078251,097
6.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)39,60037,700
Total39,60037,700