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COMPANY REGISTRATION NUMBER: 02010515
CORNERSTONE SYSTEMS LTD.
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
CORNERSTONE SYSTEMS LTD.
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
10,745
9,959
CURRENT ASSETS
Stocks
29,097
51,131
Debtors
6
63,624
174,443
Cash at bank and in hand
19,368
7
---------
---------
112,089
225,581
CREDITORS: amounts falling due within one year
7
77,917
204,883
---------
---------
NET CURRENT ASSETS
34,172
20,698
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
44,917
30,657
CREDITORS: amounts falling due after more than one year
8
17,518
27,710
PROVISIONS
Taxation including deferred tax
2,686
2,490
--------
--------
NET ASSETS
24,713
457
--------
--------
CAPITAL AND RESERVES
Called up share capital
9
400
400
Profit and loss account
24,313
57
--------
----
SHAREHOLDERS FUNDS
24,713
457
--------
----
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 income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
CORNERSTONE SYSTEMS LTD.
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 10 October 2024 , and are signed on behalf of the board by:
L D REDMOND
R W PRIESTLEY
Company registration number: 02010515
CORNERSTONE SYSTEMS LTD.
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 March 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Whitebridge Way, Stone, Staffordshire, ST15 8LQ.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Turnover
Turnover in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. Turnover is recognised on delivery of the goods or services to the site.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss 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 is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Operating leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Fixed assets
Fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and equipment
-
Computer equipment - 50% SL. Other assets between 15 and 25% RB
Motor vehicles
-
25% straight line
Research and development Research expenditure is written off in the period in which it is incurred.
Stocks
Stocks are valued at the lower of cost and net realiseable value, after making due allowance for obsolete and slow moving items. Work in progress Work in progress value includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Pension costs
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held seperately from those of the company. The annual contributions payable are charged to the profit and loss account.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 7 (2023: 7 ).
5. TANGIBLE ASSETS
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
COST
At 1 April 2023
34,153
7,675
41,828
Additions
7,963
7,963
Disposals
( 10,991)
( 10,991)
--------
-------
--------
At 31 March 2024
31,125
7,675
38,800
--------
-------
--------
DEPRECIATION
At 1 April 2023
26,113
5,756
31,869
Charge for the year
4,512
1,919
6,431
Disposals
( 10,245)
( 10,245)
--------
-------
--------
At 31 March 2024
20,380
7,675
28,055
--------
-------
--------
Carrying amount
At 31 March 2024
10,745
10,745
--------
-------
--------
At 31 March 2023
8,040
1,919
9,959
--------
-------
--------
6. DEBTORS
2024
2023
£
£
Trade debtors
62,656
174,443
Other debtors
968
--------
---------
63,624
174,443
--------
---------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,270
30,546
Trade creditors
12,645
12,196
Corporation tax
30,958
11,161
Social security and other taxes
20,440
40,827
Other creditors
3,604
110,153
--------
---------
77,917
204,883
--------
---------
Included in creditors due within one year is an amount of £Nil (2023 : £20,518) in respect of a bank overdraft secured by a fixed and floating charge over the assets of the company.
8. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
17,518
27,710
--------
--------
9. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
400
400
400
400
----
----
----
----
10. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
10,831
38,067
Later than 1 year and not later than 5 years
10,831
--------
--------
10,831
48,898
--------
--------