Registered number
04890834
Cornelsen Limited
Filleted Accounts
for the year ended
31 March 2024
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
Cornelsen Limited
Registered number: 04890834
Directors' Report
The directors present their report and the financial statements for the year ended 31 March 2024.
Principal activities
The company's principal activity during the year continued to be the provision of remediation activities and other waste management services.
Directors
The following persons served as directors during the year:
Q J R Hulm (Resigned 2 April 2024)
J Buhl (Resigned 8 February 2024)
M G Cornelsen
M Ingram (Appointed 22 February 2024)
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.
Auditor

The auditor, Mushambi and Associates Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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
In preparing this report, the directors have taken advantage of the small companies exemptions provided by Section 415A of the Companies Act 2006.
This report was approved by the board on 30 August 2024 and signed on its behalf.
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).
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.
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.
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.
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.
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
Cornelsen Limited
Profit and Loss Account
for the year ended 31 March 2024
2024 2023
£ £
Turnover 2,522,000 3,267,868
Cost of sales (1,211,435) (1,694,800)
Gross profit 1,310,565 1,573,068
Administrative expenses (1,420,081) (1,295,969)
Other operating income 500 1,500
Operating (loss)/profit (109,016) 278,599
Loss on the disposal of tangible fixed assets (2,613) (974)
Interest receivable 518 66
Interest payable (21,724) (15,136)
(Loss)/profit before taxation (132,835) 262,555
Tax on (loss)/profit 30,227 (68,967)
(Loss)/profit for the financial year (102,608) 193,588
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

on 30 August 2024
M G Cornelsen M Ingram
Director Director
Approved by the board on 30 August 2024
The notes on pages 3 to 6 form part of these financial statements.
Cornelsen Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The financial statements 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).
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 £.
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.
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 2% straight line
Plant and machinery 25% straight line
Fixtures, fittings, tools and equipment 25% straight line
Motor vehicles 25% straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: Tafadzwa George Mushambi BSc (Hons) FCCA
Firm: Mushambi and Associates Limited
Date of audit report: 31 August 2024
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 15 15
4 Tangible fixed assets
Land and buildings Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 888,993 1,309,427 114,932 2,313,352
Additions - 112,413 39,885 152,298
Disposals - (359,481) - (359,481)
At 31 March 2024 888,993 1,062,359 154,817 2,106,169
Depreciation
At 1 April 2023 107,806 1,177,396 101,742 1,386,944
Charge for the year 13,664 99,840 16,565 130,069
On disposals - (356,868) - (356,868)
At 31 March 2024 121,470 920,368 118,307 1,160,145
Net book value
At 31 March 2024 767,523 141,991 36,510 946,024
At 31 March 2023 781,187 132,031 13,190 926,408
5 Debtors 2024 2023
£ £
Trade debtors 212,755 311,946
Other debtors 283,172 429,929
495,927 741,875
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 34,985 34,548
Obligations under finance lease and hire purchase contracts 21,009 9,647
Trade creditors 187,215 240,610
Taxation and social security costs 36,800 124,697
Other creditors 247,344 66,231
527,353 475,733
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 231,134 264,450
Obligations under finance lease and hire purchase contracts 30,201 11,434
261,335 275,884
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
The bank loan of £266,119 (2023 £298,998) is secured on freehold property and is repayable over 15 years. As detailed above £91,194 (2023 £126,258) of this bank loan is repayable by instalments falling due after more than five years. The loan is due to be repaid by May 2030, the rate of interest charged on the loan is 2.35% above the Bank of England Base Rate.
9 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 30,928 12,060
10 Related party transactions
There was a balance due to the parent, Cornelsen Umwelttechnologie Gmbh, at the year end of £15,184 (2023 £33,714 ). There was a balance owing from the parent company of £nil (2023 £nil).
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.
11 Controlling party
The Cornelsen Limited's parent company is Cornelsen Umwelttechnologie Gmbh, a company registered in Germany. The parent company's registered office address is Graf-Beust-Allee 33, 45141 Essen Germany.

Mr M Peter is the ultimate controlling party by virtue of his shareholding in Cornelsen Umwelttechnologie Gmbh.
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
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