Company registration number 08264488 (England and Wales)
CORNERSTONE CARE PARTNERSHIP LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
CORNERSTONE CARE PARTNERSHIP LTD
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 5
CORNERSTONE CARE PARTNERSHIP LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CORNERSTONE CARE PARTNERSHIP LTD FOR THE PERIOD ENDED 30 JUNE 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cornerstone Care Partnership Ltd for the Period ended 30 June 2024 which comprise, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Cornerstone Care Partnership Ltd, as a body, in accordance with the terms of our engagement letter dated 29 September 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Cornerstone Care Partnership Ltd and state those matters that we have agreed to state to the board of directors of Cornerstone Care Partnership Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cornerstone Care Partnership Ltd and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Cornerstone Care Partnership Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Cornerstone Care Partnership Ltd. You consider that Cornerstone Care Partnership Ltd is exempt from the statutory audit requirement for the Period.

We have not been instructed to carry out an audit or a review of the financial statements of Cornerstone Care Partnership Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Caton Fry & Co Ltd
11 October 2024
Chartered Accountants
Essex House
7-8 The Shrubberies
George Lane
South Woodford
London
E18 1BD
CORNERSTONE CARE PARTNERSHIP LTD
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 2 -
30 June 2024
31 December 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
27,753
29,995
Current assets
Debtors
4
6,238
6,237
Cash at bank and in hand
1,434
1,613
7,672
7,850
Creditors: amounts falling due within one year
5
(188,993)
(155,069)
Net current liabilities
(181,321)
(147,219)
Net liabilities
(153,568)
(117,224)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(153,668)
(117,324)
Total equity
(153,568)
(117,224)

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 period ended 30 June 2024 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 period 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 11 October 2024 and are signed on its behalf by:
Mr George Oliver
Director
Company registration number 08264488 (England and Wales)
CORNERSTONE CARE PARTNERSHIP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information

Cornerstone Care Partnership Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Essex House, 8 The Shrubberies, George Lane, South Woodford, London, United Kingdom, E18 1BD.

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
Going concern

At 30 June 2024 the company stopped trading and so the accounting period was extended from 31 December 202true3 to cover the period to cessation. It is the intention for the company to be wound-up in due course and so the accounts have been prepared on a break-up basis.

1.3
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 the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Not depreciated
Computers
25% reducing balance
CORNERSTONE CARE PARTNERSHIP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

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

2024
2022
Number
Number
Total
2
2
CORNERSTONE CARE PARTNERSHIP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023 and 30 June 2024
27,753
16,034
43,787
Depreciation and impairment
At 1 January 2023
-
0
13,792
13,792
Depreciation charged in the Period
-
0
2,242
2,242
At 30 June 2024
-
0
16,034
16,034
Carrying amount
At 30 June 2024
27,753
-
0
27,753
At 31 December 2022
27,753
2,242
29,995
4
Debtors
2024
2022
Amounts falling due within one year:
£
£
Other debtors
6,238
6,238
5
Creditors: amounts falling due within one year
2022
£
£
Other creditors
188,993
155,069
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