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REGISTERED NUMBER: 06431899 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Cornerstone Property Group Ltd

Cornerstone Property Group Ltd (Registered number: 06431899)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Cornerstone Property Group Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: M N Carr
D H Ward





REGISTERED OFFICE: Carlton House
High Street
Higham Ferrers
Northamptonshire
NN10 8BW





REGISTERED NUMBER: 06431899 (England and Wales)





ACCOUNTANTS: Willsons
Chartered Accountants
Carlton House
High Street
Higham Ferrers
Northamptonshire
NN10 8BW

Cornerstone Property Group Ltd (Registered number: 06431899)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 52,458 69,944
Investments 5 3 3
Investment property 6 1,135,000 1,404,000
1,187,461 1,473,947

CURRENT ASSETS
Debtors 7 410,118 328,747
Cash at bank 50,046 21,643
460,164 350,390
CREDITORS
Amounts falling due within one year 8 317,883 342,066
NET CURRENT ASSETS 142,281 8,324
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,329,742

1,482,271

CREDITORS
Amounts falling due after more than one year 9 (527,483 ) (533,379 )

PROVISIONS FOR LIABILITIES (53,603 ) (88,153 )
NET ASSETS 748,656 860,739

CAPITAL AND RESERVES
Called up share capital 11 6 6
Non-distributable reserve 12 346,355 476,513
Retained earnings 12 402,295 384,220
SHAREHOLDERS' FUNDS 748,656 860,739

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Cornerstone Property Group Ltd (Registered number: 06431899)

Balance Sheet - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:





M N Carr - Director


Cornerstone Property Group Ltd (Registered number: 06431899)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Cornerstone Property Group Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Cornerstone Property Group Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents the rental income due to the company for the period.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
The Investment property is shown at fair value as valued by the directors at the balance sheet date. Any change in fair value is shown within the profit and loss account.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Cornerstone Property Group Ltd (Registered number: 06431899)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

The deferred tax liability on the balance sheet reflects the potential tax liability on the disposal of the investment properties at their fair value.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Motor
vehicles
£   
COST
At 1 April 2023
and 31 March 2024 72,985
DEPRECIATION
At 1 April 2023 3,041
Charge for year 17,486
At 31 March 2024 20,527
NET BOOK VALUE
At 31 March 2024 52,458
At 31 March 2023 69,944

Cornerstone Property Group Ltd (Registered number: 06431899)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 3
NET BOOK VALUE
At 31 March 2024 3
At 31 March 2023 3

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 1,404,000
Disposals (167,000 )
Revaluations (102,000 )
At 31 March 2024 1,135,000
NET BOOK VALUE
At 31 March 2024 1,135,000
At 31 March 2023 1,404,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2013 1,063,000
Valuation in 2014 259,000
Valuation in 2015 79,000
Valuation in 2016 75,000
Valuation in 2017 (196,000 )
Valuation in 2018 80,000
Valuation in 2021 260,000
Valuation in 2023 (216,000 )
Valuation in 2024 (269,000 )
1,135,000

If the investment property had not been revalued it would have been included at the following historical cost:

31.3.24 31.3.23
£    £   
Cost 730,043 834,334

The investment property was valued on an open market basis on 31 March 2024 by the directors .

Cornerstone Property Group Ltd (Registered number: 06431899)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 990 2,200
Amounts owed by group undertakings 12,702 17,871
Other debtors 390,006 300,006
Prepayments 6,270 8,420
Payments on account 150 250
410,118 328,747

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 5,465 4,692
Trade creditors 160 49
Amounts owed to group undertakings 661 660
Corporation Tax 1,586 2,322
Other creditors - 18,000
Sundry creditors - 3,036
Directors' current accounts 307,938 308,386
Accrued expenses 2,073 4,921
317,883 342,066

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans - 2-5 years 527,483 533,379

10. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 532,948 538,071

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
6 Ordinary £1 6 6

Cornerstone Property Group Ltd (Registered number: 06431899)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

12. RESERVES
Retained Non-distributable
earnings reserve Totals
£    £    £   

At 1 April 2023 384,220 476,513 860,733
Deficit for the year (112,083 ) - (112,083 )
Investment properties 130,158 (130,158 ) -
At 31 March 2024 402,295 346,355 748,650

The Non-distributable reserve reflects the fair value movements in investment properties, as adjusted for the deferred tax effect. The reserve is not available for distribution as dividends.

13. RELATED PARTY DISCLOSURES

At the balance sheet date, the company was owed £390,000 (2023 £300,000) by a company controlled by M N Carr and D H Ward. No interest has been charged on this loan.

At the balance sheet date, the company owed £0 (2023 £18,000) to a company controlled by M N Carr and D H Ward. No interest has been charged on this loan.

14. ULTIMATE CONTROLLING PARTY

The company was controlled by M N Carr and D H Ward at the balance sheet date.