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Company No: 13881159 (England and Wales)

KERNOWFORNIA 1 LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

KERNOWFORNIA 1 LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

KERNOWFORNIA 1 LIMITED

COMPANY INFORMATION

For the financial year ended 31 January 2024
KERNOWFORNIA 1 LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 January 2024
DIRECTORS Benjamin Jack Fullman
Timothy Seyfert
Lisa Anne Leilani Ms. Teufelberger
SECRETARY Benjamin Jack Fullman
REGISTERED OFFICE Lowin House
Tregolls Road
Truro
TR1 2NA
United Kingdom
COMPANY NUMBER 13881159 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall TR1 2NA
KERNOWFORNIA 1 LIMITED

BALANCE SHEET

As at 31 January 2024
KERNOWFORNIA 1 LIMITED

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,018 477
1,018 477
Current assets
Debtors 4 50 50
Cash at bank and in hand 1,371 191
1,421 241
Creditors: amounts falling due within one year 5 ( 57,967) ( 31,400)
Net current liabilities (56,546) (31,159)
Total assets less current liabilities (55,528) (30,682)
Net liabilities ( 55,528) ( 30,682)
Capital and reserves
Called-up share capital 6 150 150
Profit and loss account ( 55,678 ) ( 30,832 )
Total shareholders' deficit ( 55,528) ( 30,682)

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Kernowfornia 1 Limited (registered number: 13881159) were approved and authorised for issue by the Board of Directors on 21 October 2024. They were signed on its behalf by:

Benjamin Jack Fullman
Director
KERNOWFORNIA 1 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
KERNOWFORNIA 1 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Kernowfornia 1 Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 February 2023 599 599
Additions 745 745
At 31 January 2024 1,344 1,344
Accumulated depreciation
At 01 February 2023 122 122
Charge for the financial year 204 204
At 31 January 2024 326 326
Net book value
At 31 January 2024 1,018 1,018
At 31 January 2023 477 477

4. Debtors

2024 2023
£ £
Other debtors 50 50

5. Creditors: amounts falling due within one year

2024 2023
£ £
Other creditors 57,967 31,400

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
150 Ordinary shares of £ 1.00 each 150 150