Registered number |
for the year ended |
ARA (Bristol) Ltd t/a Adams Root & Associates |
Chartered Certified Accountants |
Bristol |
Cornelsen Limited | |
Filleted Accounts | |
Contents | |
Page | |
Balance sheet | 1 |
Notes to the financial statements | 2 - 6 |
Registered number: | |||||||
Directors' Report | |||||||
The directors present their report and the financial statements for the year ended |
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Principal activities | |||||||
Directors | |||||||
The following persons served as directors during the year: | |||||||
Results and dividends The loss after tax for the year ended 31 March 2024, amounted to £102,608 (2023: Profit of £193,588). The directors do not recommend payment of dividend for the year ended 31 March 2024 (2023: £Nil) Post balance sheet events There were no events that have occurred since the reporting date that need to be disclosed or adjusted in these financial statements Going concern As at 31 March 2024, Cornelsen Limited had net assets of £1,009,755 (2023: £1,112,363) and incurred a loss of £102,608 in the year (2023: Profit of £193,588). The directors have considered the financing facilities available to the company which consist of parent company support and continued support from Mr Peter, ultimate controlling party. Mr Peter has confirmed that he will continue to support the company by not withdrawing funds and providing additional support as required. On reviewing the company’s future cash flow requirements in conjunction with this support, the directors believe that it is appropriate to prepare the accounts on the going concern basis. |
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Auditor The auditor, Mushambi and Associates Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. |
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Disclosure of information to auditors |
Each person who was a director at the time this report was approved confirms that: | |||||||
● | so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and | ||||||
● | he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information. |
Small company provisions | |||||||
This report was approved by the board on |
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M Ingram | |||||||
Director | |||||||
Cornelsen Limited | ||
Independent auditor's report | ||
to the members of Cornelsen Limited | ||
Opinion | ||
We have audited the financial statements of Cornelsen Limited (the “Company”) for the year ended 31 March 2024, which comprise the profit and loss account, the balance sheet, the statement of changes in equity, and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: | ||
● | give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its loss for the year then ended; | |
● | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; | |
● | have been prepared in accordance with the requirements of the Companies Act 2006. | |
Independence | ||
We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. | ||
Basis for opinion | ||
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. | ||
Conclusions relating to going concern | ||
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. | ||
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. | ||
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. | ||
Independence | ||
The corresponding figures for the year ended 31 March 2023 are unaudited. | ||
Other information | ||
The directors are responsible for the other information. The other information comprises the information included in the Directors’ Report and Audited Financial Statements, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. |
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We have nothing to report in this regard. | ||
Opinions on other matters prescribed by the Companies Act 2006 | ||
In our opinion, based on the work undertaken in the course of the audit: | ||
● | the information given in the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and | |
● | the directors’ report has been prepared in accordance with applicable legal requirements. | |
Matters on which we are required to report by exception | ||
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report. | ||
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: | ||
● | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or | |
● | the financial statements are not in agreement with the accounting records and returns; or | |
● | certain disclosures of directors’ remuneration specified by law are not made; or | |
● | we have not received all the information and explanations we require for our audit; or | |
● | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report. | |
Responsibilities of directors | ||
As explained more fully in the directors’ responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. | ||
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
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Auditor’s responsibilities for the audit of the financial statements | ||
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. | ||
Extent to which the audit was considered capable of detecting irregularities, including fraud | ||
The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management. Our approach was as follows: • We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations; • We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK; • We considered the nature of the industry, the control environment and business performance, including the key drivers for management's remuneration; • We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit; • We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls. |
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Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included, but were not limited to: Enquiry of management and performing analytical review procedures to identify any unusual relationships that may indicate a material misstatement; agreement of the financial statement disclosures to underlying supporting documentation; considering and challenging assumptions and judgements made by management in their significant accounting estimates and judgements, in particular we considered assumptions made in assessing the valuation of the company's investments and receivables; we tested the appropriateness of journals to address the risk of fraud through management override of controls; and we held discussions with management, including enquiring of management as to any actual or suspected non-compliance with laws and regulations or fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report. | ||
Use of our report | ||
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed. | ||
Tafadzwa George Mushambi BSc (Hons) FCCA | ||
(Senior Statutory Auditor) | ||
For and on behalf of | ||
Mushambi and Associates Limited | ||
Statutory Auditor | ||
North London Business Park | ||
Oakleigh Road South | ||
London | ||
N11 1GN | ||
United Kingdom | ||
31 August 2024 | ||
Profit and Loss Account | ||||||||
for the year ended |
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2024 | 2023 | |||||||
£ | £ | |||||||
Turnover | ||||||||
Cost of sales | ( |
( |
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Gross profit | ||||||||
Administrative expenses | ( |
( |
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Other operating income | ||||||||
Operating (loss)/profit | ( |
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Loss on the disposal of tangible fixed assets | ( |
( |
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Interest receivable | ||||||||
Interest payable | ( |
( |
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(Loss)/profit before taxation | ( |
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Tax on (loss)/profit | ( |
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(Loss)/profit for the financial year | ( |
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There was no other comprehensive income for 2024 and 2023. | ||||||||
These results are from continuing activities. | ||||||||
The notes on pages 11 to 15 form part of these financial statements. | ||||||||
Cornelsen Limited | |||||||
Registered number: | 04890834 | ||||||
Balance Sheet | |||||||
as at 31 March 2024 | |||||||
Notes | 2024 | 2023 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 4 | 946,024 | 926,408 | ||||
Current assets | |||||||
Stocks | 61,446 | 110,753 | |||||
Debtors | 5 | 495,927 | 741,875 | ||||
Cash at bank and in hand | 376,746 | 158,544 | |||||
934,119 | 1,011,172 | ||||||
Creditors: amounts falling due within one year | 6 | (527,353) | (475,733) | ||||
Net current assets | 406,766 | 535,439 | |||||
Total assets less current liabilities | 1,352,790 | 1,461,847 | |||||
Creditors: amounts falling due after more than one year | 7 | (261,335) | (275,884) | ||||
Provisions for liabilities | (81,700) | (73,600) | |||||
Net assets | 1,009,755 | 1,112,363 | |||||
Capital and reserves | |||||||
Called up share capital | 1,000 | 1,000 | |||||
Profit and loss account | 1,008,755 | 1,111,363 | |||||
Shareholders' funds | 1,009,755 | 1,112,363 | |||||
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime and in accordance with Section 1A of FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’. In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. These financial statements were approved by the board of directors and authorised for issue |
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on 30 August 2024 | |||||||
M G Cornelsen | M Ingram | ||||||
Director | Director | ||||||
Approved by the board on |
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The notes on pages 3 to 6 form part of these financial statements. | |||||||
Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Basis of preparation | ||||||||
Cornelsen Limited is a private limited company, incorporated and domiciled in England and Wales. The address of its registered office and principal place of business is Unit 26, Southfield Road Trading Estate, Nailsea, Bristol BS48 1JJ. The financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest £. |
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Going Concern | ||||||||
As at 31 March 2024, Cornelsen Limited had net assets of £1,009,755 (2023: £1,112,363). The directors have considered the financing facilities available to the company which consist of parent company support and continued support from Mr Peter, ultimate controlling party. Mr Peter has confirmed that he will continue to support the company by not withdrawing funds and providing additional support as required. On reviewing the company’s future cash flow requirements in conjunction with this support, the directors believe that it is appropriate to prepare the accounts on the going concern basis. |
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Turnover | ||||||||
Tangible fixed assets | ||||||||
Freehold buildings | 2% straight line | |||||||
Plant and machinery | 25% straight line | |||||||
Fixtures, fittings, tools and equipment | 25% straight line | |||||||
Motor vehicles | 25% straight line | |||||||
Investments | ||||||||
Stocks | ||||||||
Debtors | ||||||||
Creditors | ||||||||
Taxation | ||||||||
Provisions | ||||||||
Foreign currency translation | ||||||||
Leased assets | ||||||||
Pensions | ||||||||
2 | Audit information | |||||||
Senior statutory auditor: | ||||||||
Firm: | ||||||||
Date of audit report: | ||||||||
3 | Employees | 2024 | 2023 | |||||
Number | Number | |||||||
Average number of persons employed by the company | ||||||||
4 | Tangible fixed assets | |||||||
Land and buildings | Plant and machinery | Motor vehicles | Total | |||||
£ | £ | £ | £ | |||||
Cost | ||||||||
At 1 April 2023 | ||||||||
Additions | - | |||||||
Disposals | - | ( |
- | ( |
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At 31 March 2024 | ||||||||
Depreciation | ||||||||
At 1 April 2023 | ||||||||
Charge for the year | ||||||||
On disposals | - | ( |
- | ( |
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At 31 March 2024 | ||||||||
Net book value | ||||||||
At 31 March 2024 | ||||||||
At 31 March 2023 | ||||||||
5 | Debtors | 2024 | 2023 | |||||
£ | £ | |||||||
Trade debtors | ||||||||
Other debtors | ||||||||
6 | Creditors: amounts falling due within one year | 2024 | 2023 | |||||
£ | £ | |||||||
Bank loans and overdrafts | ||||||||
Obligations under finance lease and hire purchase contracts | ||||||||
Trade creditors | ||||||||
Taxation and social security costs | ||||||||
Other creditors | ||||||||
7 | Creditors: amounts falling due after one year | 2024 | 2023 | |||||
£ | £ | |||||||
Bank loans | ||||||||
Obligations under finance lease and hire purchase contracts | ||||||||
8 | Loans | 2024 | 2023 | |||||
£ | £ | |||||||
Creditors include: | ||||||||
Instalments falling due for payment after more than five years | 91,194 | 126,258 | ||||||
Secured bank loans | 266,119 | 298,998 | ||||||
9 | Other financial commitments | 2024 | 2023 | |||||
£ | £ | |||||||
Total future minimum payments under non-cancellable operating leases | ||||||||
10 | Related party transactions | |||||||
During the year the company entered into, in the normal course of its business, various contracts for purchase from the parent company. The total net of VAT was £96,465 (2023 £89,783). During the year Cornelsen did not enter into any sales contracts (2023 £nil) with the parent company. |
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11 | Controlling party | |||||||
Mr M Peter is the ultimate controlling party by virtue of his shareholding in Cornelsen Umwelttechnologie Gmbh. |
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12 | Other information | |||||||
Cornelsen Limited is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
Unit 26, Southfield Road Trading Estate | ||||||||
Southfield Road | ||||||||
Nailsea | ||||||||
Bristol | ||||||||
BS48 1JJ |