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REGISTERED NUMBER: SC213988 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Cornerstone Scotland Limited

Cornerstone Scotland Limited (Registered number: SC213988)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Cornerstone Scotland Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: Mr G J Reid





REGISTERED OFFICE: North Balnoon Farm
Forgue
Huntly
Aberdeenshire
AB54 6DN





REGISTERED NUMBER: SC213988 (Scotland)





ACCOUNTANTS: SBP
Accountants
9 Carmelite Street
Banff
Aberdeenshire
AB45 1AF

Cornerstone Scotland Limited (Registered number: SC213988)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 601,777 602,596

CURRENT ASSETS
Debtors 5 15,415 13,387
Cash at bank 145 2,755
15,560 16,142
CREDITORS
Amounts falling due within one year 6 29,769 27,422
NET CURRENT LIABILITIES (14,209 ) (11,280 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

587,568

591,316

CREDITORS
Amounts falling due after more than one
year

7

(33,414

)

(33,710

)

PROVISIONS FOR LIABILITIES (108,930 ) (82,989 )
NET ASSETS 445,224 474,617

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 8 445,222 474,615
SHAREHOLDERS' FUNDS 445,224 474,617

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Cornerstone Scotland Limited (Registered number: SC213988)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 November 2024 and were signed by:





Mr G J Reid - Director


Cornerstone Scotland Limited (Registered number: SC213988)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Cornerstone Scotland Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

Cornerstone Scotland Limited (Registered number: SC213988)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Freehold Plant and
property machinery Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 598,500 10,000 608,500
DEPRECIATION
At 1 January 2023 - 5,904 5,904
Charge for year - 819 819
At 31 December 2023 - 6,723 6,723
NET BOOK VALUE
At 31 December 2023 598,500 3,277 601,777
At 31 December 2022 598,500 4,096 602,596

The property was revalued during 2017 and the market value at at 31.12.2017 is the recorded value of the Freehold Property for the year to 31 December 2017 and onwards. No further valuations are available as at 31 December 2023. The increase in the value of the property included in the accounts is £436,147.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 15,415 13,387

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 2,228 5,872
Mortgage 4,706 4,442
Hire purchase contracts - 750
Payments on account 1,927 2,610
Trade creditors 1,664 2,173
Tax 17,148 8,950
Directors' current accounts 112 1,322
Accrued expenses 1,984 1,303
29,769 27,422

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans - 1-2 years 2,259 1,214
Bank loans - 2-5 years 3,676 1,879
Mortgage 1-2 years 4,706 4,442
Mortgage 2-5 years 9,412 13,326
Mortgage 13,361 12,849
33,414 33,710

Cornerstone Scotland Limited (Registered number: SC213988)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.12.23 31.12.22
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Mortgage 13,361 12,849

8. RESERVES

The retained earnings include a revaluation reserve for property of £436,150.