2023-02-272024-02-262024-02-26false10138246CORNERSTONES HOLDINGS 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CORNERSTONES HOLDINGS LIMITED

Registered Number
10138246
(England and Wales)

Unaudited Financial Statements for the Year ended
26 February 2024

CORNERSTONES HOLDINGS LIMITED
Company Information
for the year from 27 February 2023 to 26 February 2024

Directors

TAPSELL, Andrew Alfred
TAPSELL, Elizabeth Townsley
TAPSELL, Rebby Robert

Registered Address

Cornerstones House Church Street
Addingham
Ilkley
LS29 0QS

Registered Number

10138246 (England and Wales)
CORNERSTONES HOLDINGS LIMITED
Statement of Financial Position
26 February 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3478,848477,972
Investments41,686,1731,686,173
2,165,0212,164,145
Current assets
Debtors51,658,1411,954,598
Cash at bank and on hand31884
1,658,4591,954,682
Creditors amounts falling due within one year6(2,047,176)(2,157,522)
Net current assets (liabilities)(388,717)(202,840)
Total assets less current liabilities1,776,3041,961,305
Creditors amounts falling due after one year7(1,852,409)(1,961,708)
Net assets(76,105)(403)
Capital and reserves
Called up share capital1,5001,500
Profit and loss account(77,605)(1,903)
Shareholders' funds(76,105)(403)
The financial statements were approved and authorised for issue by the Board of Directors on 19 November 2024, and are signed on its behalf by:
TAPSELL, Rebby Robert
Director
Registered Company No. 10138246
CORNERSTONES HOLDINGS LIMITED
Notes to the Financial Statements
for the year ended 26 February 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The directors believe that the company has adequate resources to continue in operational existence for the foreseeable future. The company continues to have the support of the directors, shareholders and creditors and therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Current taxation
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Land and buildings are not depreciated.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.
Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year33
3.Tangible fixed assets

Land & buildings

Total

££
Cost or valuation
At 27 February 23477,972477,972
Additions876876
At 26 February 24478,848478,848
Net book value
At 26 February 24478,848478,848
At 26 February 23477,972477,972
Land totalling £478,848 is included in Land & Buildings and is not depreciated.
4.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 27 February 231,686,1731,686,173
At 26 February 241,686,1731,686,173
Net book value
At 26 February 241,686,1731,686,173
At 26 February 231,686,1731,686,173

Notes

1Investments in group undertakings and participating interests
5.Debtors: amounts due within one year

2024

2023

££
Amounts owed by group undertakings1,658,1411,954,598
Total1,658,1411,954,598
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
6.Creditors: amounts due within one year

2024

2023

££
Bank borrowings and overdrafts181,540181,540
Taxation and social security1,8731,900
Other creditors1,781,7621,892,082
Accrued liabilities and deferred income82,00182,000
Total2,047,1762,157,522
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. The following liabilities disclosed under creditors falling due within one year are secured by the company:- Bank loans £181,540 (2023 - £181,540)
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts1,852,4091,961,708
Total1,852,4091,961,708
The following bank loans disclosed under creditors falling due after more than one year are secured by the company:- Due 2 - 5 years - £726,160 (2023 - £726,160) Due over 5 years - £1,126,249 (2023 - £1,235,548)
8.Related party transactions
The company has taken advantage of the exemption contained in Section 33 of Financial Reporting Standard 102 'Related Party Disclosures' from disclosing transactions with entities which are part of the group, since 100% of the voting rights in the company are controlled within the group. Included in other creditors is a loan due to AA Tapsell from the company of £1,781,762 (2023 - £1,892,802). This loan is interest free and is repayable on demand.
9.Parent-subsidiary relationships
The company, and the group headed by it, qualify as a small group as such the parent and the group are exempt from producing group accounts.