Company registration number 09316423 (England and Wales)
CORNERSTONE TRAINING AND SUPPORT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CORNERSTONE TRAINING AND SUPPORT LIMITED
COMPANY INFORMATION
Director
Mr R A Dooner
Company number
09316423
Registered office
2nd Floor
122 Colmore Row
Birmingham
B3 3BD
Auditor
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
CORNERSTONE TRAINING AND SUPPORT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
3 - 10
CORNERSTONE TRAINING AND SUPPORT LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
435,287
283,120
Tangible assets
5
183,498
273,693
Investments
6
50
618,785
556,863
Current assets
Debtors
7
239,756
478,361
Cash at bank and in hand
611,489
90,882
851,245
569,243
Creditors: amounts falling due within one year
8
(805,930)
(1,198,693)
Net current assets/(liabilities)
45,315
(629,450)
Total assets less current liabilities
664,100
(72,587)
Provisions for liabilities
9
(45,507)
Net assets/(liabilities)
664,100
(118,094)
Capital and reserves
Called up share capital
1,500
1,500
Share premium account
499,500
Other reserves
603,005
Profit and loss reserves
59,595
(619,094)
Total equity
664,100
(118,094)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
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 15 October 2024 and are signed on its behalf by:
Mr R A Dooner
Director
Company registration number 09316423 (England and Wales)
CORNERSTONE TRAINING AND SUPPORT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Share premium account
Capital contribution reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2022
1,500
499,500
-
(761,746)
(260,746)
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
-
142,652
142,652
Balance at 31 March 2023
1,500
499,500
-
(619,094)
(118,094)
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
-
241,393
241,393
Dividends
-
-
-
(62,204)
(62,204)
Reduction of shares
(499,500)
-
499,500
Capital contribution received
-
-
603,005
603,005
Balance at 31 March 2024
1,500
603,005
59,595
664,100
CORNERSTONE TRAINING AND SUPPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Cornerstone Training and Support Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, 122 Colmore Row, Birmingham, England, B3 3BD.
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. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Project Blackwater Topco Limited. These consolidated financial statements are available from its registered office, 2nd Floor, 122 Colmore Row, Birmingham, B3 3BD.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
These financial statements have been drawn up on the going concern basis. The company is supported by its parent undertaking and the directors have confirmed that this support will continue enabling the entity to continue to trade for the foreseeable future. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
CORNERSTONE TRAINING AND SUPPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.
1.6
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Development costs
25% on cost
1.7
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:
Computer equipment
20% and 33% on cost
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.
1.8
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
CORNERSTONE TRAINING AND SUPPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.9
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.10
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.
1.11
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
CORNERSTONE TRAINING AND SUPPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.12
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.13
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
CORNERSTONE TRAINING AND SUPPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
10
6
The employees above employed in the prior period were employed by an immediate parent undertaking AHL Holdings 1 Limited (formerly Antser Holdings Limited) and recharged to the company. Substance over form was considered to be relevant and as the work undertaken by these employees related to this company, the associated costs and employee numbers were reflected in in this entity as opposed to the parent company.
With effect from 1 April 2023, the employees have been employed by the company
4
Intangible fixed assets
Goodwill
Development costs
Total
£
£
£
Cost
At 1 April 2023
646,251
646,251
Additions - separately acquired
52,184
52,184
Additions - business combinations
253,000
253,000
Disposals
(7,699)
(7,699)
At 31 March 2024
253,000
690,736
943,736
Amortisation and impairment
At 1 April 2023
363,131
363,131
Amortisation charged for the year
18,975
130,941
149,916
Disposals
(4,598)
(4,598)
At 31 March 2024
18,975
489,474
508,449
Carrying amount
At 31 March 2024
234,025
201,262
435,287
At 31 March 2023
283,120
283,120
CORNERSTONE TRAINING AND SUPPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
5
Tangible fixed assets
Computer equipment
£
Cost
At 1 April 2023
572,519
Additions
19,989
At 31 March 2024
592,508
Depreciation and impairment
At 1 April 2023
298,826
Depreciation charged in the year
110,184
At 31 March 2024
409,010
Carrying amount
At 31 March 2024
183,498
At 31 March 2023
273,693
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
50
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
50
Disposals
(50)
At 31 March 2024
-
Carrying amount
At 31 March 2024
-
At 31 March 2023
50
CORNERSTONE TRAINING AND SUPPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
195,493
164,538
Amounts owed by group undertakings
34,141
311,692
Other debtors
10,122
Prepayments and accrued income
2,131
239,756
478,361
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
45,190
11,839
Amounts owed to group undertakings
708,233
Taxation and social security
97,062
68,618
Deferred income
620,671
387,800
Other creditors
9,440
171
Accruals and deferred income
33,567
22,032
805,930
1,198,693
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
45,507
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Colm McGrory FCA
Statutory Auditor:
Ormerod Rutter Limited
Date of audit report:
15 October 2024
11
Financial commitments, guarantees and contingent liabilities
There are fixed and floating charges over the assets of the company in relation to bank loans advances to Project Blackwater Bidco Limited (an intermediate holding company) and Loan Notes advanced by a related party to Project Blackwater Bidco Limited.
CORNERSTONE TRAINING AND SUPPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
12
Parent company
At the year end, the immediate parent undertaking was Antser Group Limited whilst Project Blackwater Topco Limited was regarded by the directors as being the ultimate parent company. Project Blackwater Topco Limited prepared consolidated accounts in which the results of this entity were included.
The ultimate controlling party at the year end was YFM Equity Partners, by virtue of their controlling interest in the ultimate parent company.
2024-03-312023-04-01false15 October 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedMr M J S CockburnMr R A DoonerMrs A CockburnMr D Hartfalsefalse093164232023-04-012024-03-3109316423bus:Director22023-04-012024-03-3109316423bus:Director12023-04-012024-03-3109316423bus:Director32023-04-012024-03-3109316423bus:Director42023-04-012024-03-3109316423bus:RegisteredOffice2023-04-012024-03-31093164232024-03-31093164232023-03-3109316423core:Goodwill2024-03-3109316423core:DevelopmentCostsCapitalisedDevelopmentExpenditure2024-03-3109316423core:Goodwill2023-03-3109316423core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-03-3109316423core:ComputerEquipment2024-03-3109316423core:ComputerEquipment2023-03-3109316423core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3109316423core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3109316423core:CurrentFinancialInstruments2024-03-3109316423core:CurrentFinancialInstruments2023-03-3109316423core:ShareCapital2024-03-3109316423core:ShareCapital2023-03-3109316423core:SharePremium2024-03-3109316423core:SharePremium2023-03-3109316423core:OtherMiscellaneousReserve2024-03-3109316423core:OtherMiscellaneousReserve2023-03-3109316423core:RetainedEarningsAccumulatedLosses2024-03-3109316423core:RetainedEarningsAccumulatedLosses2023-03-3109316423core:ShareCapital2022-03-3109316423core:SharePremium2022-03-3109316423core:RetainedEarningsAccumulatedLosses2022-03-3109316423core:RetainedEarningsAccumulatedLosses2022-04-012023-03-31093164232022-04-012023-03-3109316423core:RetainedEarningsAccumulatedLosses2023-04-012024-03-3109316423core:ShareCapital2023-04-012024-03-3109316423core:SharePremium2023-04-012024-03-3109316423core:Goodwill2023-04-012024-03-3109316423core:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3109316423core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-04-012024-03-3109316423core:ComputerEquipment2023-04-012024-03-3109316423core:Goodwill2023-03-3109316423core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-03-31093164232023-03-3109316423core:Goodwillcore:ExternallyAcquiredIntangibleAssets2023-04-012024-03-3109316423core:DevelopmentCostsCapitalisedDevelopmentExpenditurecore:ExternallyAcquiredIntangibleAssets2023-04-012024-03-3109316423core:ExternallyAcquiredIntangibleAssets2023-04-012024-03-3109316423core:ComputerEquipment2023-03-3109316423bus:PrivateLimitedCompanyLtd2023-04-012024-03-3109316423bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3109316423bus:FRS1022023-04-012024-03-3109316423bus:Audited2023-04-012024-03-3109316423bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP