Company Registration No. 00582991 (England and Wales)
CORNER PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CORNER PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
CORNER PROPERTIES LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
489
611
Investment properties
4
775,000
775,000
775,489
775,611
Current assets
Debtors
5
-
0
32,282
Cash at bank and in hand
97,455
40,734
97,455
73,016
Creditors: amounts falling due within one year
6
(27,525)
(16,253)
Net current assets
69,930
56,763
Total assets less current liabilities
845,419
832,374
Provisions for liabilities
(66,248)
(66,248)
Net assets
779,171
766,126
Capital and reserves
Called up share capital
7
1,000
1,000
Revaluation reserve
212,325
212,325
Capital redemption reserve
920
920
Profit and loss reserves
564,926
551,881
Total equity
779,171
766,126

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 23 July 2024 and are signed on its behalf by:
Mr S T J Airey
Director
Company Registration No. 00582991
CORNER PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Corner Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 67A Mardol, Shrewsbury, Shropshire, SY1 1PZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Computer equipment
20% reducing balance
1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

CORNER PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
3
Tangible fixed assets
Computer equipment
£
Cost
At 1 January 2023 and 31 December 2023
764
Depreciation and impairment
At 1 January 2023
153
Depreciation charged in the year
122
At 31 December 2023
275
Carrying amount
At 31 December 2023
489
At 31 December 2022
611
4
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
775,000

Investment property comprises an end of terrace mixed retail and residential investment block. The directors have valued the property at £775,000 taking into account a valuation carried out at 29 September 2021 by Allied Surveyors & Valuers RICS no. 0101935, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

CORNER PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
-
0
32,282
6
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
8,717
11,163
Other creditors
13,718
-
0
Accruals and deferred income
5,090
5,090
27,525
16,253
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
500
500
500
500
'A' Ordinary shares of £1 each
45
45
45
45
'B' Ordinary shares of £1 each
200
200
200
200
'C' Ordinary shares of £1 each
255
255
255
255
1,000
1,000
1,000
1,000
8
Directors' transactions

Dividends totalling £24,000 (2022 - £6,000) were paid in the year in respect of shares held by the company's directors.

At the balance sheet date the directors Mr J W Airey and Mr S Airey were owed £1,625 and £12,093 respectively by the company.

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